Startup news and updates: daily roundup (April 30, 2021)
Walmart, the global retail giant, and its companies in India – Flipkart and PhonePe, and the Walmart Foundation are making their contributions to fight the severe second wave of COVID-19 pandemic with the supply of much need oxygen and other relief materials. Walmart will donate up to 20 oxygen-generating plants and 20 cryogenic containers for oxygen storage and transportation, as well as more than 3,000 oxygen concentrators and 500 oxygen cylinders.
Ride-sharing platform Quick Ride has launched a COVID care feature on its app, which can be used to connect people who have the medical resources to those who are in need of them. These resources include oximeter, oxygen concentrator, oxygen cylinder, medical beds, plasma, ambulance, and food to the patient.
B2B ecommerce firm Udaan has announced an employee stock ownership plan (ESOP) liquidity programme worth about Rs 175 crore. Udaan co-founders Amod Malviya, Sujeet Kumar and Vaibhav Gupta said leading investors have shown interest in taking part in Udaan's organisational journey ahead, through a secondary stock buyout programme.
Pune-based kirana commerce platform for rural areas ElasticRun on Thursday said it has raised $75 million (about Rs 550 crore) in a Series D round led by Avataar Ventures, Prosus Ventures, and Kalaari Capital. The startup said the new investment round will help expand its reach further into rural markets, enabling access for big consumer brands, food brands, and ecommerce platforms to kirana shops.
Phalgun, Ronnie & Mayank of upGrad
Online up-skilling platform Upgrad has concluded another funding round of $40 million (about Rs 290 crore) from the World Bank arm IFC, bringing down the promoters' holding in the firm to 75 percent. The equity infusion of $160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at $850 million.
In memory of an employee who succumbed to COVID-19, Urban Company has set up Mohit Agrawal COVID-19 Relief Fund in partnership with the charitable trust Srinidhi Foundation, which will provide medical assistance and bereavement support to the company's service partners and their families amid these unprecedented times.