Fin-tech Startup SwitchMe Raises Funds From Mohandas Pai, Hiro Mashita and Singapore Angel Network
Mumbai: SwitchMe, fin-tech startup, has raised an undisclosed amount of funding from Mohandas Pai, Hiro Mashita and Singapore Angel Network. The round just being an extension, the funds raised will be added to the previous round led by 500 startups with participation from Rajan Anandan and Ajay Sarupria.
SwitchMe was founded by Aditya Mishra and Sourasis Roy and this Mumbai-based startup helps customers switch their home loan to a lower rate of interest. The services of the startup are live in four major cities: Mumbai, Delhi, Bangalore and Pune
Y Combinator’s Sam Altman Invests $50M in Asana
San Francisco: San Francisco based startup Asana has announced raising $50 million in Series C round of funding. The round was led by Y Combinator’s Sam Altman, which values the company at $600 million now.
Founded by Facebook’s co founder Dustin Moskovitz and one of the early employees at Facebook Justin Rosenstein, the startup is an enterprise app that lets people set and track projects and other goals.
Spotify Raises $1B in Convertible Debt From TPG, Dragoneer, and clients of Goldman Sachs
Stockholm: Music Streaming startup Spotify has raised $1 billion in convertible debt from TPG, Dragoneer, and clients of Goldman Sachs. TPG and Dragoneer will get to convert the debt to equity at a discount of 20% of whatever the share price Spotify sets for an eventual IPO. The interesting point here is, if Spotify fails to go IPO within next year, the discount will go up by 2.5% every 6 months. Further Spotify stated that the funds will be used in growth and marketing.
Founded by Daniel Ek and Martin Lorentzon, the company has raised a total of $1.56 billion in eight rounds of funding with five acquisitions on the go.