Startup news and updates: Daily roundup (November 23, 2021)
Gurugram-based fintech startupcould push its initial public offering by two to three months, or to the next financial year as investor scepticism around the valuation and business models of fintech firms grow, the Economic Times reported on Tuesday, citing people familiar with the matter.
The startup has been advised not to go ahead with its IPO because it might be hard to find enough demand from foreign and domestic institutional investors, the ET report said, adding MobiKwik's IPO valuation has declined by as much as 30-40 percent.
Student housing marketplace Homversity has raised $1,55,000 to expand its operations. The round was led by Shuru-Up. Other investors who participated in the round include a consortium of their syndicates including Growth-Sense, ValCreators, BeyPar Innovations, and angel investors like Asit Oberoi.
Homversity, which was started in 2017 as a college project in a hostel room in Dehradun by Saurav Kumar Sinha, will be utilising the funds for upgrading technology on all ends, hiring new talent, and expanding services nationwide to over 100 cities.
SoftBank Vision Fund has elevated Sumer Juneja to the role of managing partner in the midst of increasing interest in building a portfolio in the country. The year 2021 has been the busiest in terms of number of deals in India for the fund, which has deployed a little over $3 billion across Indian startups.
The $100 billion fund had appointed Sumer to the role of partner and head of India at SoftBank Investment Advisers in 2018.
Test prep startupon Monday announced that it has raised $1 million in a seed round led by Inflection Point Ventures. The round also saw participation from LetsVenture, PlanB Capital, Pulkit Agrawal (CEO - ), Ashish Sharma, (MD - Innoven capital) and other notable angels.
The fund raised will be used to acquire talent, boost technology, and expand the presence across multiple exams.
The government is encouraging the adoption of electric vehicles and the use of alternative fuels like ethanol, bio-LNG, green hydrogen, but it will not stop the registration of internal combustion engine (ICE) vehicles, Union Minister Nitin Gadkari said on Monday.
Addressing virtually an event organised by industry body Indian Chamber of Commerce(ICC), Gadkari further said he is also trying to encourage the use of 50 percent ethanol in aviation fuel.
Canvaloop raises $200K from Theia Ventures and Social Alpha [Funding]
Canvaloop Fibre, a startup that develops technology for environmentally sustainable fabric, has raised a Pre-Seed investment of $200K from Theia Ventures and Social Alpha.
ICICI Bank has launched an online platform 'Trade Emerge' for companies involved in import and export. It is a single platform offering end-to-end digital banking and value-added services to make cross-border trade convenient and comfortable.
Proptech startupsaid it has raised $210 million in its Series E funding round, with its valuation crossing $1 billion and making it the latest entrant to the coveted unicorn club.
The funding round was led by General Atlantic, Tiger Global, and Moore Strategic Ventures.
, India's biggest fashion marketplace, has forayed into social commerce at scale amid the ecommerce boom in India and the rise of online shopping.
The digital fashion retailer, which was experimenting with creating more user engagement "since the first lockdown", has launched M-Live for live shopping.
Pune-based Haber has closed its Series B round taking its total funding raised to date to $27 million. Ascent Capital is the lead investor in the round and was joined by Accel, Elevation Capital, Beenext, Temasek partner Mukul Chawla and the founders of GreyOrange - SamayKohli and Akash Gupta. Accel had led their Series A funding which took place in 2019.
, an NBFC and an affiliate of an RBI-authorised lending company, True Balance, operated by Balancehero India Private Limited, the wholly-owned subsidiary of Balancehero Co Ltd Korea, on Tuesday announced a debt fundraise of $30 million from investors across India and Korea. The third round took the total debt raised to $55 million in FY2021.
Vishal Bhatia, Chief Financial Officer, True Balance
Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments, and the Goods and Services Tax (GST) Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 percent from January saying it will adversely impact 85 percent of the sector.
Recordent, a fintech startup in the non-banking payment bureau sector, has announced that it has raised $400,000 in angel funding from the Family Office of Kantamaneni and IIM Calcutta Innovation Park and other angel investors from India and the US.
Ecommerce gianthad asked Kishore Biyani-led Future Group to withdraw its complaint in CCI as the two discussed a possible end to bitter tussle over investments, according to sources.
Officials of Amazon and Future Group had a meeting a couple of weeks back but the US firm maintained that any suggestion of it seeking compensation to end the tussle with Future is "misplaced and motivated".
In a creative move to attract and retain talent, direct-to-consumer meat and meat products brandhas announced daily vesting of Employee Stock Ownership Plan (ESOPs) for employees after the mandatory period of one year is over for the employee holding the shares.
, a sustainable home and personal hygiene D2C brand, on Tuesday raised a seed funding of Rs 5.7 crore from Saama Capital, Titan Capital, and DSG Consumer Partners.
Prominent angel investors like Uday Shankar, former Disney APAC chairman; Rohit Kapoor, OYO India CEO; Ashish Goel, Founder of Urban Ladder; and Anand Chandrasekaran, Product Head of Five9 also participated in the round.
The Competition Commission of India (CCI) on Tuesday approved FedEx India's acquisition of a minority stake in Delhivery.
It has also given nod to the acquisition of certain operating assets of FedEx India and TNT India by Delhivery.
The government on Tuesday listed a new bill for the upcoming Winter Session of Parliament that seeks to ban all private cryptocurrencies in the country, while allowing an official digital currency to be issued by the Reserve Bank of India.