What Did You Miss During the Week in the Indian Start-up Ecosystem?
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This week turned out to be an action-packed for the Indian start-up ecosystem.
Curefit Expands to Dubai
Fitness start-ups are carving a niche of their own. Curefit, particularly, has been scaling great business growth. The health and wellness app forayed into the international arena with Dubai. Co-founder Ankit Nagori, confirmed the launch of its fitness centre in the Gulf continent, Cult.fit.
IndiaMart’s Successful IPO Story
IndiaMart, had a successful run with the investors in its IPO on July 24. According to NSE, the IPO was oversubscribed almost 36 times on the third day and received bits of 9,66,86,235 equity shares on the final day. The total issue size was 26,92,824 equity shares.
Tough Days are Far From Over for Ola
Ola’s tryst with the Karnataka government is far from over. Cab aggregators Ola and Uber have been asked to stop the pool services immediately in Bengaluru. The conflicts between the government and the Indian unicorn have been under the scanner for sometime now. A few months ago, Ola was banned from continuing services in Bangalore. The ban was lifted three days later. The government’s recent move will pose a problem to many commuters for whom pooling chalked out to be an easy and convenient option
Acquisitions and Partnerships
Audio on-demand and podcasting platform Hubhopper has announced a new partnership with Indus OS, a homegrown system apps company, to take localized audio content to Indian audiences across the country.
Bengaluru-based car-rental start-up Zoomcar has partnered with German automobile company Volkswagen. This partnership will help potential customers to onboard polo cars under a particular subscription model.
702 Start-ups off the Angel Tax Radar
While a lot of entrepreneurs are looking at the budget with baited breath with the expectation that the government announces some respite for start-up entrepreneurs by completely doing away with Angel Tax, the numbers exempted from this tax is going up as the months are going by. In a major move to bolster start-ups, the Central Board of Direct Taxes has exempted 702 startups under Section 56 (2) (vii) of the Income Tax Act, 1961. From 342 in February to 541 and now to 702 in June, the Indian start-up ecosystem has a lot to rejoice.
Grofers to Adopt the Brick and Mortar Format
Online grocery-delivery start-up and soon-to-be unicorn, Grofers is now planning to convert kirana stores to its own branded outlets. According to a media report, this move will broaden Grofers distribution network and help the soon-to-be unicorn push its own labels to earn better margins.
The biggest funding of this week was raised by health and wellness start-up, Curefit, which raised $120 million in Series D round of funding.
1MG has closed its Series D with $70 million in its kitty round led by Corisol Holdings, along with the World Bank’s investment vertical IFC.
Bengaluru-based edtech startup Unacademy raised $50 million in a fresh funding round.
Fintech startup Open raises $30 million from Tiger Global in Series B round of funding.
Mumbai-based beauty marketplace MyGlamm raised $14.47 million in a funding round led by Bessemer Venture Partners and the Mankekar family office.
Among the smaller funding rounds:
Celebrity led Beauty Company Scentials has raised $3.6 million in Series-A funding led by Unilever Ventures.
Gurugram-based intellectual property (IP) focused technology startup Clairvolex raised $3.5 million in its Series B round led by California-based Walden Riverwood Capital
Dockabl, a leading employee experience platform, has closed its Pre-Series A funding round at USD 1.26 million.
The Celeb Wave Hitting Start-ups
Wizcounsel, an online market network that helps people hire and manage freelance Legal, Tax and Accounting experts raised Rs. 1 crore in an angel round led by cricketer Kapil Dev.
Mumbai-based wearable tech startup, GOQii, raised an undisclosed amount from Akshay Kumar.