For any startup funding is the essential part. They raise money to build their product and scale it to next level. And with the emerging startups, every now and then we hear one or the other startup raising funds. If you have missed your daily update on the startup funding scenario, not to worry! I have compiled the funding details for my readers so that they remain updated:
Jagatjit Industries receives funding from KKR
Set up in 1944, Jagatjit Industries Limited, known as one of the largest IMFL companies has secured funding from leading global investment firm KKR.
Venture will use the proceeds to build the brand appeal of the company's liquor portfolio - spanning whisky, rum, gin and vodka products across premium labels including Aristocrat – streamline its portfolio, increase manufacturing capacity, strengthen the management team, and expand its distribution reach.
“We will use these funds as growth capital to take the group to the next level. The funds will support Jagatjit Industries’ restructuring and modernization efforts,” said Roshini Sanah Jaiswal, Promoter and Chief Restructuring Officer (CRO), Jagatjit Industries.
Commenting on the investment, Sanjay Nayar, CEO of KKR India, said, “KKR aims to provide financial solutions to strong partners in India like Jagatjit Industries. We have been impressed with the momentum, focus and execution capabilities of the Jagatjit Industries team throughout the company’s restructuring process, and are pleased for the opportunity to contribute to the company’s ongoing growth and success.”
Cuemath raises $4 million in a Series A
Cuemaths, a Bangalore-based startup which operates under Cuelearn Private Limited has secured $4 million (Rs 26.7 crore) in a Series A round led by Sequoia Capital with participation from existing investor Unitus Seed Fund. Founded by father son duo, Jagjit and Manan Khurma in year 2013, Cuemath ties up with homemakers to run home-based learning centres for students.
The venture plans to utilize the funds to expand its math learning programmes within India and other international markets. Prior to this round of funding, startup has raised an undisclosed amount in its seed around from Unitus Seed Fund in 2014.
Gurgaon-based real estate developer raises Rs 1,250 Cr
M3M India, a Gurgaon-based real estate developer has recently raised Rs 1,250 crore from Indiabulls Housing Finance. As per the industry sources, company has used Rs 700 crore of this money to pay the final instalment to Sahara group, concluding a deal to acquire 185 acres of land in Gurgaon for 1,211 crore.
People from the industry stated that the company will use the rest Rs 550 crore to repay existing debt and for other general corporate purposes including buying new land.