A compilation of important news from the startup world:
Fund of Funds for Startups: SIDBI ramps up its startup funding operations
With the Centre approving Rs 10,000 crore ‘Fund of Funds for Startups’, the Small Industries Development Bank of India (SIDBI) has ramped up its start-up funding operations to boost the sector. “SIDBI has ramped up the start-up funding operations to boost ‘Start-up India’ initiative with the launch of funds like unique India Aspiration Fund and Fund of Funds operations,” SIDBI Chairman and Managing Director Kshatrapati Shivaji said. The lender has so far supported 95 funds, including 11 regional funds, with an aggregate commitment of Rs 2,576 crore. “The Cabinet’s approval for establishing FFS will help enhance the scale of operations under its Fund of Funds activities with a deeper engagement with Startup ecosystem and boost ambitious Startup India initiative.
Govin Capital to set up Pune chapter of Startup Accelerator
Singapore headquartered Govin Capital has entered into an agreement with Pune-based Seed Infotech to launch the Pune chapter of its Startup Accelerator India. Govin Capital also announced an investment in two healthcare companies, Palash IVF Solutions and CEllBeans Healthcare. Anand Govindaluri, CEO, Govin Capital said, “The focus will be on investing in companies in the biomedical space and in digital healthcare.” Govind Academy, a sister concern of Govin Capital will also collaborate with Seed Infotech to set up the International Centre for Entrepreneurship and offer training programmes in innovation and entrepreneurship, primarily in the field of biomedical entrepreneurship. Narendra Barhate, founder, Seed Infotech, said, “Govin Academy will be the knowledge partner for Seed Infotech to help promote entrepreneurship and innovation programmes and will raise and contribute Rs 10 crore towards these investments.”
Nexus Venture backs self-publishing platform Pratilipi
Bangalore-based self-publishing platform Pratilipi has secured about Rs 6.3 crore ($925,000) in seed funding from Nexus Venture Partners and other investors, a person privy to the development told Techcircle. The round also saw participation from Contrarian Opportunities Fund I and Times Internet Ltd. Equity Crest founders Deepak Gupta and Amit Wadhwa, and Amit Banka, director at Voler Car Private Limited, put in money as well. Wadhwa is also a former executive at UTV and Unilazer Ventures. When contacted, Ranjeet Pratap Singh, co-founder, Pratilipi, declined to comment. A separate email query sent to Nexus Venture Partners did not immediately elicit any response. Pratilipi, run by Nasadiya Technologies Pvt. Ltd, allows writers to e-publish their poems, stories and other literary works, and readers can read them on the platform for free. The startup offers content in eight Indian languages – Hindi, Tamil, Malayalam, Oriya, Bengali, Gujarati, Marathi and Kannada.
A look at 12 exciting Indian startups that applied to Microsoft’s Accelerator Demo in Bangalore
Microsoft Accelerator’s Bangalore Demo Day was held on Wednesday June 22 nd . The program is a three- to six-month intense boot-camp that’s aimed at helping entrepreneurs get through the challenges of building a company, finding customers and scaling to global markets. Seven accelerators have been located around the world. These programs have a focus on enterprise startups. Imagine a single place for everything to study overseas – university short listing, admission counseling, scholarships and financing, and tutoring for SAT/ GRE/ GMAT/ TOEFL/ IELTS – all on your mobile in real-time. Altizon is the world’s first Industrial Internet Platform Company focused on making Enterprises IoT (Internet of Things) ready. BabyChakra is the fastest growing online platform that connects expecting mothers and new parents to services and products that makes parenting a less tedious affair. Strides enables safe, better quality, and high availability of blood components. Their product ‘Safetrans’ facilitates blood transfusion rules to support good transfusion practices, tracks, and records. It also acts on each step of the blood transfusion process – right from the donor selection to the blood component being transfused into the patient.
Indo-French Start-up Collaboration Touches A New High
The Indo-French Chamber of Commerce organised a conference on the start-up sector in India, the conference was held in Mumbai on 23rd June. The event witnessed participation of delegates from France and India and included names such as Ludivine Noirel, CEO, Bridgeeastern, Capital Investment and Strategy Advisory, Marita Maier, Head of French and German Desk, EY, Sylvain Biard, Managing Director, Business France, Karthik Mahalingam, National Practice Head of Venture Capital-Shardul Amarchand Mangaldas, Murali Vaidhyanathan, EVP Privy Business Banking, Kotak Mahindra Bank, Prakash Agarwal, Founder, Virtual CFO and Amitabh Sinha, Director, SME Chamber of India. Ludivine Noirel, CEO, Bridgeeastern, Capital Investment and Strategy Advisory said, “Over the years the Indian start-up ecosystem has evolved on many fronts. The ease of doing business has considerably improved, which in turn has given boost to potential entrepreneurs to start new ventures. India’s diversity is reflected in its start-up culture too, and as many used to think earlier, the start-ups are not just limited to the technology industry, but cater to a whole range of business requirements and this diversity is helping the Indian start-up ecosystem scale new heights.”
Funding Galore: Startup Fundings Of The Week [June 20 – June 25]
This week, 16 startups raised about $10 Mn in funding altogether (the funding amount is based on the startups that disclosed their funding amounts). An Artificial Intelligence (AI) focused research startup Staqu raised an undisclosed amount in funding from IAN. Bikky Khosla, Neeraj Singal and Ajay Gupta led the round on behalf of IAN. With this, Bikky Khosla will join the Staqu board. A fintech product and services startup Celerix Tech raised $400K in seed funding from Bitkemy Ventures. The funds raised from this round will be used for expanding the team. An online lingerie platform Prettysecrets raised $6 Mn (INR 40 Crore) from RB investments. Existing investor Orios Venture Partners also participated in the round. An event-brand partnership platform Onspon raised $150K (INR 1 Cr) in angel funding from Indore’s Swan Angel Network. Procurement marketplace for office products ProcMart raised an undisclosed amount on Pre Series A funding from IndiaMART.
India Dealbook: Startups Kabadiexpress, Drivify raise funding
Kabadiexpress, run by Green Warriors Pvt. Ltd, has got Rs 1 crore ($148k) in seed funding from an affluent individual in the real estate segment. The Delhi-based company, which collects waste from door to door, will use the money for expanding its footprint to Noida, Ghaziabad and other NCR areas (national capital region), a Kabadiexpress spokesperson confirmed to DEALSTREETASIA. Founded in May last year by Kapil Bajaj and Sandeep Sethi, Kabadiexpress collects waste items like old newspapers, magazines, furniture, electronic products and metal objects and sells these to recycling plants and mills. The startup competes with the likes of EnCashea, Karma Recycling, Pom Pom and Attero Recycling.