Startup news and updates: daily roundup (June 18, 2021)
— the Indian language social media platform under parent company Mohalla Tech, which also houses short video app Moj — announced its first Employee Stock Ownership Plans (ESOP) buyback of up to $19.1 million worth of vested stock options held by both its existing and former employees.
Samaaro, the Bengaluru-based tech startup that provides an innovative virtual event platform, has raised $125,000 in angel round of funding. The angel investors who participated in the round include Richa Kar, Founder of Zivame; Naman Gupta, AVP of Swiggy; and Kedar Gavane, Senior VP of Comscore, along with senior executives from Google, Swiggy, Flipkart, High Radius, and Adda52.
Financial technology firmhas seen its revenue and transaction volume jump manifold in FY21, as the pandemic has forced people and businesses adopt digital transactions and led fund-starved small businesses to seek more credit avenues. The company gives small-ticket fully unsecured loans averaging at Rs 75,000 to merchant members. It disbursed Rs 1,600 crore in 2020-21 to 1.8 lakh merchant customers, rising from Rs 150 crore in 2019-20, BharatPe Group President Suhail Sameer told PTI on Thursday.
(From L-R) BharatPe Co-founders Shashvat Nakrani and Ashneer Grover
Contentstack — the US and Mumbai-based content experience platform (CXP) — has recently raised $57.5 million in Series B financing. The oversubscribed round was led by Insight Partners, who also led the startup's Series A round. Existing investors, including Illuminate Ventures and GingerBread Capital, also participated along with new investor Georgian. To date, Contentstack has raised $89 million in funding.
Imagimake Play Solutions, which makes a range of innovative toys and games under the brand Imagimake, has raised Rs 4.4 crore in pre-Series A round from Roha Investment Managers, and angel investor Saumil Shah. The startup plans to use the funding to expand its manufacturing capacity, launch new products, scale up its existing product volumes and to acquire talent.
MSME edtech startup MSMEx on Friday said it raised $1 million in a pre-Series A round co-led by Razorpay and TNF Investments. The edtech startup will use the funds to develop new intuitive technologies, including a deep learning-based recommender system, an intelligent LIVE chat system, and an AI-based behaviour analytics system. It will also use it to scale its operations.
Prime Minister Narendra Modi on Friday launched a customised crash course programme, which aims to skill and upskill over one lakh "Covid warriors" across the country. Speaking on the occasion, the PM urged the people to remain cautious, stressing that the virus is "still amongst us," and there is also the possibility of it mutating.