Startup news and updates: daily roundup (June 22, 2021)

Skillmatics raises $6M in Series A round led by Sequoia India (Funding)

Skillmatics, a Mumbai-headquartered full-stack direct-to-consumer brand for educational products and games for children, has raised $6 million in Series A funding led by Sequoia Capital India. 

The round also includes participation from Jalaj Dani Family Office and existing angel investors. 

Govt proposes ban on mis-selling, fraudulent flash sales on ecommerce platforms; seeks public comments

The Centre on Monday proposed amendments to the Consumer Protection (Ecommerce) Rules, 2020, and sought public comments on banning fraudulent flash sales and mis-selling of goods and services on ecommerce platforms, and also on making registration of these entities mandatory with DPIIT.

Micro-insurance startup Bimaplan raises $2.5M in pre-Series A round (Funding)

Mumbai-based insurance platform Bimaplan has announced that it has raised $2.5 million as part of its pre-Series A round, taking the total funding raised by the startup to $3 million. The round saw participation from global VC funds Amino Capital, Goodwater Capital, Acequia Capital, and EMVC, and angel investors Gokul Rajaram of Doordash, Arjun Sethi of Tribe Capital, Ashish Dave of Mirae Asset Venture Investments, and others.

The record-breaking vaccination numbers gladdening; vaccine strongest weapon to fight Covid: PM

With a record number of Covid vaccine doses administered on Monday, Prime Minister Narendra Modi lauded the feat as "gladdening" and asserted that vaccine remains the strongest weapon to fight the disease.

The prime minister had earlier appealed to people to get vaccinated to strengthen the fight against the pandemic as the central government has made free Covid vaccination available to all adults.

Muthoot Fincorp acquires 54pc stake in Paymatrix

Gold loan company Muthoot Fincorp has picked up a 54 percent stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment.

Bueno Finance raises $3M in seed round led by Goat Capital and JAM Fund (Funding)

Y Combinator-backed fintech startup Bueno Finance has announced that it has raised $3 million in its seed round from a slew of investors such as Goat Capital, JAM Fund, Olive Tree Capital, Good Water Capital and others from Silicon Valley. The marquee Indian Angel investors Kunal Shah, Anupam Mittal have also participated in the round, the company announced.

The Gurugram-based fintech startup plans to use the funds to expand the product offerings and strengthen its team across engineering, product, sales, credit and operations, to support its accelerated growth plans.

CityMall raises $22.5M in Series B round led by General Catalyst and Jungle Ventures (Funding)

CityMall, a social commerce startup focused on Tier II and beyond locations in India, has raised $22.5 million in Series B round of funding led by General Catalyst and Jungle Ventures, with participation from existing investors Accel, Elevation Capital, and WaterBridge Ventures. The latest funding round takes the total capital raised by the startup to $36.5 million.

BYJU’S raises $50M led by India Infoline and Maitri Edtech (Funding)

Edtech unicorn BYJU’S, India’s most valuable startup at $16.5 billion, continues to attract investor interest, raising another $50 million from India Infoline Finance (IIFL Finance) and Maitri Edtech.

According to regulatory filings, BYJU’S raised this amount in a Series F round. Following this round, the edtech unicorn has till now raised over $1.5 billion in 2021.

IT Ministry may issue FAQs on new social media rules in 1-2 weeks

The IT Ministry is likely to issue FAQs pertaining to the new intermediary rules in the next one to two weeks, a source said. The Frequently Asked Questions (FAQs) would touch upon various aspects of the new rules, including the measures, how the norms would benefit users of social media platforms, and any other clarification that stakeholders may have.

Govt eases listing norms for companies having over Rs 1 lakh cr market capitalisation

Companies that have a market capitalisation of more than Rs 1 lakh crore at the time of listing can now sell just five percent of their shares, with the latest amendment in rules, a move that will be beneficial for the government during the proposed initial public offer of LIC.

Such entities will be required to increase their public shareholding to 10 percent in two years and raise the same to at least 25 percent within five years.

India Quotient raises $64 million in ongoing fourth fund

India Quotient, the early-stage venture capital fund, has announced that it has raised $64 million as the first close of its fourth fund, primarily from domestic investors which included leading family offices and institutions. India Quotient had announced the launch of its fourth fund in February this year with a target corpus of $80 million.

Venture Catalysts and 9Unicorns invest in clean personal care brand The Switch Fix (Funding)

Gurugram-based The Switch Fix, which offers specialised plant-based products that are sustainable, has raised a seed round led by Venture Catalysts, 9Unicorns, and Kushal Khandwala, Director of KIFS Group. According to the press statement, Venture Catalysts has made an investment of $145,000 in this round.

The startup stated that the clean and conscious personal care brand will utilise the funding to expand its product range.

Anvidha Technologies raises $1.5M to launch its eyewear platform EyeMyEye (Funding)

Anvidha Technologies Private Limited has raised over $1.5 million in seed funding from its founders and selected HNIs to launch its eyewear platform EyeMyEye in India. The company said the capital received will be utilised to expand the business and build a powerful and reliable omnichannel platform in India. 

India to share its CoWIN success story with countries showing interest

India will share the development story of Co-WIN, the digital platform that helped it launch and implement a nationwide COVID-19 vaccination programme, with more than 20 countries that have shown interest in adopting the portal to run their own inoculation drives.

In a joint initiative by the Union ministries of health, external affairs, and the National Health Authority, a virtual Co-WIN Global Conclave will be organised on June 30, which will see participation from health and technology experts representing countries across the globe.

OaaS company Quantela raises $40M from digital infra focused fund Digital Alpha (Funding)

Quantela Inc, a Silicon Valley-headquartered and Hyderabad-based outcomes-as-a-service (OaaS) company working in the space of urban infrastructure digitisation, smart cities, and IoT, has closed approximately $40 million in growth capital from Digital Alpha, a digital infrastructure investment firm.

The funding is aimed at helping Quantela grow inorganically through acquisitions, as well as help city governments finance ‘outcomes-driven’ infrastructure digitisation projects globally.