IndiaMART Raises Series C Funding to Help Indian MSMEs Get Online and Improve Ease of Doing Business
eCommerce company, IndiaMART has raised Series C round of funding led by Amadeus Capital with participation from Westbridge Capital, the Accion Frontier Inclusion Fund, managed by Quona Capital in addition to Intel Capital, the existing investor in the company.
The company will use the raised capital to further strengthen its leadership position in the B2B segment by scaling up Indiamart.com along with Tolexo.com and ultimately assist more of India’s entrepreneurs to launch businesses, restock their shelves, and connect with more business opportunities.
The company in the current round is said to have raised Rs.130-140 crore, according to sources, as reported by LiveMInt.
IndiaMART was founded in 1996 by Dinesh Agarwal. In June 2014, IndiaMART launched Tolexo, an eCommerce platform for SMEs.
Fin Tech Startup Finomena Bags Investment from Matrix Partners
Fin tech startup Finomena, has raised an undisclosed amount in funding led by Matrix Partners with participation from Kaushal Aggarwal (co-founder and MD of Avendus Capital) and Harshvardhan Chamria (head – SME unsecured loans of Magma Fincorp Ltd).
Finomena, run by 8Finatics Pvt Ltd, uses alternate data sources and proprietary algorithms to evaluate credit worthiness of college students and young working professionals. The platform allows individuals to buy aspirational goods online by subscribing to various financing options.
The startup was founded by Riddhi Mittal and Abhishek Garg in 2015.
VR Technology Developer SmartVizX Bags $500k from IAN and Stanford Angels and Entrepreneurs India
Virtual reality solutions, SmartVizX has raised over $500K from the Indian Angel Network and Stanford Angels & Entrepreneurs India. According to the deal, Ajay Lavakare who is the Co-President of Stanford Angels and Entrepreneurs India, will join the board of SmartVizX.
SmartVizX was founded in February 2015 by Gautam Tewari and Tithi Tewari. The company is focused on developing ‘Immersive Technology’ solutions using VR for the real estate and other industries.
The freshly raised capital will be used to expand R&D, increase the team strength and to launch a new Bangalore centre within a few months.
Food Delivery Startup Cookaroo Secures Angel Investment
Founded by Darshan Subhash, Eraj Hassan and Nikhil Karanjkar in 2015, the company aims to provide wholesome meals to consumers everyday by utilising the underutilised commercial kitchens.
The funds will be used to enhance its technology and to scale up operations across Bangalore and Hyderabad.