News, Startups

#Marketwire: Fashalot to Raise $5M; Autorickshaw Hailing App AUTOnCAB Shuts Down & More

#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include AUTOnCAB, Fashalot, Creador Capital, Dream World Digital, Rocket Internet & Jabong

Fashalot Is Raising $5M in Fresh Funding

Fashalot, an O2O location-based fashion and store discovery mobile platform, is in talks with venture capital firms to raise up to $5 million Series A funding. The Gurgaon-based firm had raised an undisclosed amount of funding in April from YourNest Angel Fund and angel investor Rajul Garg. The funds raised will be used for technology scalability, product advancement, growth in the existing markets, opening new markets and team. Read More

Autorickshaw Hailing App AUTOnCAB Shuts Down

Autorickshaw hailing app AUTOnCAB has shut down its operations as it couldn’t sustain its business due to stiff competition from its heavily funded rivals. AUTOnCAB, operated by New Delhi based NGA Technologies Pvt. Ltd, laid off 40 employees in the process. The company was running operations in six cities—Noida, Ghaziabad, Gurgaon, Kota, Chandigarh and Jaipur. Read More

Creador Capital Group to Back 3 Companies By Next Quarter

Southeast Asia and India focused private equity Creador Capital Group is in the process of investing into three companies, one each in India, Indonesia and Malaysia.

The PE firm whose recent bets include healthcare and banking sector, is now looking to invest in a hospital chain in Indonesia, and lending businesses in India and Malaysia. All the three investments will be done through its new fund Creador III which market sources indicated that it intends to close at $450 million. Read More

Dreamworld Digital in Talks With Private Equity Companies

ecommerce startup Dreamworld Digital, which runs online retail store focused on Bollywood fashion and trends, is in talks with three leading private equity players to raise $5-6 million. The company wants to use the funding to expand from apparels business to Bollywood locations tourism. Read More

Internal Audit Finds Lapses By Ex Jabong Executives

A forensic audit commissioned by German ecommerce investor Rocket Internet has unearthed several apparent corporate governance violations by former top executives at its fashion portal Jabong. The preliminary findings by forensic auditor Pricewaterhouse Coopers in Sweden were communicated to Rocket Internet-backed Global Fashion Group unit (Jabong is part of this group along with four other emerging-markets companies) on January 15. Read More

Image Source: AUTOnCAB

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