Startup news and updates: daily roundup (June 14, 2021)

SimpliContract raises $1.8M in seed round led by Kalaari Capital (Funding)

Bengaluru-based SimpliContract, an AI and SaaS-based contract lifecycle management (CLM) platform, has raised $1.8 million in a seed funding round led by Kalaari Capital with participation from Picus Capital, Arka Ventures, and Digital Sparrow Capital. This funding will drive the startup’s efforts in engineering, AI research, and marketing.

Glance to acquire social commerce startup Shop101

Glance, a content discovery platform and owner of video-platform Roposo, today announced it is acquiring full-stack ecommerce platform Shop101 in an undisclosed value through a combination of cash and equity.

According to a statement, with Shop101, Glance and Roposo will have access to an ecommerce technology platform, a comprehensive supply chain infrastructure and the talent base required to build the celebrity and influencer-driven commerce platform.

BYJU'S surpasses Paytm to be India's most valuable startup after raising $350M

Edtech unicorn BYJU'S has surpassed fintech major Paytm to become India's most valuable startup after its latest round of funding.

Regulatory filings reveal that BYJU'S has raised $350 million from UBS Group, Blackstone, Zoom founder Eric Yuan, Abu Dhabi state fund ADQ, and Phoenix Rising, among others, at a post-money valuation of $16.5 billion.

Sharpening income inequalities telling story of 'uneven' economic recovery amid pandemic: Ex-RBI Guv Subbarao

Former RBI Governor D Subbarao has expressed concerns over "extreme unevenness" in economic recovery and "sharpening inequalities" between upper-income segments and lower-income households in the country, cautioning that the trend will hit growth prospects going forward.

B2B marketplace Jumbotail raises Rs 35 Cr in Debt from Alteria Capital

Jumbotail, a Bengaluru-based new retail platform and B2B marketplace for food and grocery products, has raised Rs 35 crore from Alteria Capital. This venture debt round comes after a $25 million equity round concluded in January 2021.

The company said it plans to use the funds to expand its operations across the entire country, fund its working capital requirements, and scale its SME focused fintech business.

India natural ally of G7 in defending democracy, freedom of thought, and liberty: PM Modi

Prime Minister Narendra Modi on Sunday said India is a natural ally for the G7 and its partners in defending democracy, freedom of thought, and liberty from a host of threats stemming from authoritarianism, terrorism, violent extremism and economic coercion. The prime minister made the remarks during a virtual address at an outreach session of a summit of the Group of Seven (G7) richest democracies, which was held in the British seaside resort of Cornwall.

Fintech startup Nuclei issues stock appreciation rights for employees worth 25 pc of its valuation

Bengaluru-based fintech startup Nucleihas issued Stock Appreciation Rights (SARs) for its employees. With this, 25 percent of the company will now be owned by its employees. Distributed among 60 of its employees (of the total 85), these stocks are worth Rs 25 crore considering the current valuation for the company stands at Rs 100 crore, founder Ankur Joshi tells YourStory Media in an exclusive interaction.

Delhi unlock: Restaurants to reopen with 50 pc capacity; malls, markets to open daily, says Kejriwal

Restaurants with 50 percent capacity, weekly markets and religious places will reopen in Delhi from June 14, Chief Minister Arvind Kejriwal announced on Sunday, saying the COVID-19 situation has significantly come under control in the city. Salons, beauty parlours and barber shops closed since the imposition of lockdown on April 19, will also reopen from Monday, officials said.

Paytm launches vaccine appointment booking feature on app

Fintech major Paytm on Monday said its users will now be able to book vaccination appointment on the app apart from finding available slots.

"Paytm users can now search, discover, and also book their vaccination slots for both Covaxin and Covishield at the nearest centre through the Paytm app. The service would help Indians seamlessly book vaccination slots and gain immunity, helping in fighting the ongoing pandemic," Paytm said in a statement.

FMCG distribution platform Dropshop raises Rs 9.3 Cr in pre-Series A led by Inflection Point Ventures (Funding)

Bengaluru-based one-stop distribution platform for FMCG brands Dropshop on Monday announced that it has raised Rs 9.3 crore in a pre-Series A round led by Inflection Point Ventures. Existing investors Axilor Ventures and The Chennai Angels also participated in the round, with 42.vc joining the round via AngelList.

Govt invites bids for delivery of COVID-19 vaccines to remote areas by drones

The Indian government has invited bids for the use of drones to deliver COVID-19 vaccines and drugs to remote and difficult-to-reach areas to ensure last-mile coverage in select locations of the country.

ICMR conducted a successful feasibility study in collaboration with IIT Kanpur and has developed an SOP for the delivery of vaccines using Unmanned Aerial Vehicles (UAV).

Private equity and venture capital investments fall in May to $3.6B: Report

Private equity and venture capital investments more than halved to $3.6 billion in May 2021 when compared to the preceding April's $7.5 billion and a third lower than the year-ago period's $5.4 billion, a report said on Monday.

Blockchain startup Instadapp raises $10M led by Standard Crypto (Funding)

Hyderabad-based blockchain startup Instadapp on Monday said it raised $10 million in a new funding round led by Standard Crypto, along with Yearn Founder Andre Cronje, DeFi Alliance, and Longhash Ventures.

Instadapp builds a middleware layer in the decentralised finance (DeFi) space — a blockchain-based form of finance that does not have central financial intermediaries.

Nutraceutical startup Power Gummies raises $1M led by 9Unicorns (Funding)

Nutraceutical startup Power Gummies raised its second bridge round funding of approximately $1 million at an undisclosed valuation led by 9Unicorns, with participation from DSG and Pivot Ventures.

Founded in 2018, Power Gummies had raised its first round of seed funding in 2019, led by venture capital firm Alfa Ventures.

By early 2020, the brand had extended a Pre-Series A round from DSG Consumer Partners, and in a few months, raised an undisclosed amount from Venture Catalysts in an extension of its pre-Series A round of funding. 

Community creator monetisation platform Convosight raises $9M in Series A round (Funding)

Delhi-based Convosight, a community creator monetisation platform, on Monday, said it raised $9 million in a Series A round led by Singapore-based VC firm Qualgro.

Unilever Ventures and Ajay Gupta (ex-McKinsey), along with existing investors IvyCap Ventures and Sequoia Capital India’s Surge also participated in the fundraising.