Startup news and updates: daily roundup (March 23, 2021)
Sequoia Capital, others; makes partial exit with 22X returns (Funding) raises $45M from
Mumbai-based D2C e-beauty brand Purplle on Monday said it raised $45 million in a funding round from Sequoia Capital India, along with existing investors Verlinvest, Blume Ventures, and JSW Ventures. The D2C brand also saw its early investor IvyCap Ventures partially exiting the company at an exit value of $45 million with 22X returns. IvyCap’s Fund 1 had invested $2 million (Rs 15 crore) in 2015, and the VC will continue to be a stakeholder in Purplle through its Fund 2 investment.
Tech giant IBM on Monday announced the launch of 2021`Call for Code Global Challenge', inviting global software developers and innovators to combat climate change with open source-powered technology. Now in its fourth year, the Call for Code initiative has grown to over 400,000 developers and problem solvers across 179 nations and has generated more than fifteen thousand applications.
Tech startup FloBiz, which offers a billing and accounting app targeted at small and medium businesses (SMB), has raised $10 million in a Series A round led by Elevation Capital. The round also saw participation from existing investors Greenoaks Capital and Beenext. FloBiz had earlier raised $3 million in a seed round in 2019.
(Picture courtesy: ISRO's Twitter handle)
The Indian Space Research Organisation (ISRO) said on Monday it has successfully demonstrated free-space Quantum Communication over a distance of 300 metres, for the first time in the country. A number of key technologies were developed indigenously to accomplish this major feat, which included the use of indigenously developed 'NAVIC' receiver for time synchronisation between the transmitter and receiver modules, and gimbal mechanism systems instead of bulky large-aperture telescopes for optical alignment, it said.
Delhi-based Jeevam Health raises $150K from Y Combinator(Funding)
Healthtech startup Jeevam Health, which targets the telemedicine space for autoimmune and metabolic health issues in India, on Tuesday announced it has raised $150,000 from Y Combinator in a pre-seed round. Founded amid the pandemic in 2020 by Piyush Vishwakarma, Kamran Alam, and Anish Musa MD, the Delhi-based startup aims to change the perception of chronic healthcare treatment in India by utilising advanced diagnostics and functional medicine treatment.
No compound or penal interest be charged from borrowers during loan moratorium period, says Supreme Court
In a relief to borrowers, the Supreme Court on Tuesday directed that no compound or penal interest will be charged during the six-month loan moratorium period announced last year amidst the COVID-19 pandemic, and the amount already charged shall be refunded, credited, or adjusted.