FundingWire: PinkBlue Bags Seed Fund; Jolly Food Fellow Raises Pre Series A Round and More

Clinical Supplies Startup PinkBlue Raises Rs.1.5 Crore from

Bengaluru-based clinical supplies provider PinkBlue Supply Solutions Pvt. Ltd has secured Rs. 1.5 crore in a seed round of funding from, a transaction-focused service provider for start-ups and investors, with participation from a group of angel investors.

PinkBlue, founded in 2014 by Valliappan Kumarappan and Varun Singh, will use the funds to ramp up technology, focus on customer experience, improve operational capabilities, put in place smart supply chain management across hospitals and clinics, and hire larger teams. The startup is also working on bringing in analytics and automation at hospitals.

Food-tech Startup Jolly Food Fellow Raises Pre-Series A Round of Funding

Ahmedabad-based food tech startup Jolly Food Fellow, has raised pre-series A round of funding from angel investor Janak Parikh, MD of Malibu Group. The financial numbers of the deal have not been disclosed by the company.

Founded in 2015 by Rajiv Sharma and Niraj Harlalka, Jolly Food Fellow partners with food tech entrepreneurs and helps them to know more about their customers through analytics. It lets vendors understand their customers well by providing them complete details including – who is coming, what they eat and how many times they visit.

The startup has developed a SaaS based marketing and branding platform for food retail vendors addressing fast growing food services market.

Paytm Borrows $44.7M from ICICI Bank

Online payments and commerce platform Paytm has taken a loan of $44.7 million (Rs 300 crore) from ICICI Bank in two tranches, a move that analysts say reflects the slowdown in venture capital (VC) investing.

Just last week, Flipkart disclosed that it had secured a credit line of Rs 450 crore from HDFC Bank by pledging fixed deposits. In the last few months of 2015 too, Flipkart had pledged assets to access credit facilities worth Rs 1,400 crore from Kotak Mahindra Bank and Deutsche Bank.

Commenting on the development, Vijay Shekhar Sharma, Founder, Paytm said, “This is a treasury management move for working capital. While adequate funds are there, it is advised by our finance teams to get these credit lines for working capital on the back of security, such as FDs (fixed deposits), mutual funds, etc., in order to conserve cash.”

Flipkart Looks Forward to Raise $1B to Expand its Business

According to a TechCrunch report, Flipkart is looking to raise about $1 billion as it aims to expand its business and take on the competition. Investors, according to the report, are interested to pump in more money but valuation below $15 billion. “The funding is now delayed and should take another 3-4 months. A down round is certain,” TechCrunch quotes a source as saying. The report says the valuation could be between $11 billion and $14 billion.

A couple of weeks ago, Morgan Stanley, the American financial services firm trimmed down Flipkart’s valuation by $4 billion in their recent valuation report bringing the company at $11 billion, down from $15 billion which was the valuation last June, when it received $700 million from Tiger Global Management, Qatar Investment Authority and other investors.

However, even after this devaluation, Flipkart is still India’s biggest eCommerce company beating its arch-rival, Snapdeal which is valued at $6.5-7 billion as per recent valuations.

Icertis Raises $15M in Series B Round Led by Ignition Partners

Seattle-based ERP solutions startup, Icertis has raised about $15 million in a Series-B round of funding led by Ignition Partners with participation from existing investors Greycroft Partners and Fidelity Growth Partners India. The company has offices in Pune and Mumbai in India. The firm claims that its flagship product, Icertis Contract Management (ICM) Platform is designed to make managing contracts easy, improve compliance, gain efficiencies and increase the velocity of business.

Founded in 2009 by Monish Darda and Samir Bodas, Icertis will use the raised funds to increase its physical presence globally, marketing and towards further investment in the Icertis contract management platform to strengthen its leadership position.

Logistics Provider Trucking Cube Raises $15M from Agarwal Movers Group

Delhi based Trucking Cube, a logistics provider which offers metal containers according to volume to transport consignments, has raised around $14.9 million from a packing and moving company, Agarwal Movers Group. The raised capital will be used to grow its cubes to 8,000 from the current 2,000 cubes.

The company offers delivery of goods by transporting it through cubes of 4, 6, 8, 12, 16 and 20 feet assigned to users and provides GPS-tracking for the same. Agarwal Movers Group will move its entire service to Trucking Cube by July 2016.

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