Startup news and updates: Daily roundup (September 28, 2021)

IPO-eyeing MyGlamm, now Good Glamm Group, targets $250M revenue run rate

After closing its Series C funding of Rs 355 crore from Accel Partners in July this year, MyGlamm, which has consolidated all its entities and acquisitions under one umbrella brand as the Good Glamm Group, has raised another Rs 255 crore from Trifecta Capital.

Including the Rs 610 crore raised in the latest series, Good Glamm Group has budgeted an outlay of Rs 750 crore for strategic initiatives. The group is looking to deploy these funds into its consolidated business — MyGlamm, POPxo, Plixxo, and the recently acquired BabyChakra.

Facebook is investing $50M to 'responsibly' build the metaverse

In an announcement yesterday, Facebook said it is investing $50 million to partner with organisations to "responsibly" build the metaverse - a digital world that users can access through a range of devices and move around and communicate in its virtual environment.

Facebook explained that its new XR Programs and Research Fund will invest the money globally over two years to ensure metaverse technologies are "built in a way that's inclusive and empowering".

B2B startup bijnis raises $30M in Series B round led by Westbridge Capital (Funding)

B2B factories platform Bijnis (Shoekonnect)has raised $30 million in Series B funding round. The round was led by Westbridge Capital, with participation from existing investors — InfoEdge, Matrix Partners India, Sequoia India, and Waterbridge Ventures.

Myntra adds warehouse in Kolkata, expands overall storage capacity ahead of festive season

Fashion e-tailer Myntra on Monday said it has set up a fulfilment centre in Kolkata and strengthened its supply chain network across the country ahead of the upcoming festive season.

Myntra has added one FC, three mother hubs, 12 satellite hubs, and 171 distribution centres to enhance capacity significantly for higher storage volumes and optimise last-mile deliveries further, a statement said.

Fintech startup Capital Float raises $50M from Lightrock India (Funding)

Fintech major Capital Float on Tuesday said it has raised $50 million in an equity funding round led by Lightrock India. New investors such as David Velez, Founder of Nubank, Latin America's largest fintech firm; Cred founder Kunal Shah; and Amrish Rau, CEO of Pine Labs, also invested in the startup's latest round.

Capital Float said it will use the funds to scale its BNPL platform, and expand its partner ecosystem.

Manch Technologies secures $1.1M pre-Series A round led by Bharat Inclusion Seed Fund

Bengaluru-based Manch Technologies, a SaaS-based zero-coding digital transformation platform on Tuesday closed a $ 1.1 million pre-Series A round led by Bharat Inclusion Seed Fund with participation from Pentathlon Ventures.

The 2017-founded startup had raised earlier rounds of funding from lead angel investor Asvini Kumar and his associates. Asvini was the co-founder and CEO of NSE listed Thinksoft Global Services Ltd (now Expleo Solutions Ltd).

Audio content creator and distributor Sochcast raises angel round from Vinners and HNIs (Funding)

Bengaluru-based Sochcast Media has raised an undisclosed amount in angel funding from Vinners, Media maven Raj Nayak, Ex COO Viacom18, and Amritaanshu Agrawal, ED Mirabaud Group, Dubai.

The funding will be used to expand its original audio content library by setting up an integrated tech stack to help monetisation for content creators.

Maytree School of Entrepreneurship raises funding from Rachit Poddar, Abhimanyu Pratap Singh Tyagi (Funding)

Bihar-based Maytree School of Entrepreneurship has raised undisclosed funding from angel investors Rachit Poddar and Abhimanyu Pratap Singh Tyagi. Maytree School of Entrepreneurship is a virtual academy started by Rohit Kashyap in 2020, which mentors startup founders and those looking to set up their businesses in rural and semi-urban areas.

Commenting on this announcement, Rohit Kashyap, CEO and Founder, Maytree School of Entrepreneurship, said, “The company has seen good growth in recent times, and our number is doubling every quarter. Maytree School is also planning to start a corpus fund of $2.5 million to help early-stage entrepreneurs. Maytree School is seeking to raise the next fund at the valuation of Rs 100 crore in 2022."

Places with better healthcare infrastructure will attract more tourists: PM Modi

Asserting that healthcare has a very strong relationship with tourism, Prime Minister Narendra Modi on Monday said places where more people have been vaccinated against COVID-19 and which have better healthcare infrastructure will attract more tourists, especially in the wake of the pandemic.