Last Week's Start-up Week Wrap & the Great Indian Budget Story
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This week turned out to be sensational for the Indian start-up ecosystem. Over and above everything, the Union Budget had a lot to offer for start-ups.
The Great Indian Budget Story
The Finance Minister gave out an elaborate plan to foster entrepreneurship, accelerate the growth of start-ups and ace technological advancement and innovation. The biggest hit of the #UnionBudget2019 was when Nirmala Sitharaman announced that the government aims to make India a “global hub of manufacturing electric vehicles” inclusive of solar batteries and charging stations. She also emphasized that EV purchasers will get incentives as well. This move comes at a time when the world at large is struggling with environmental issues. Promoting and advocating the use of EVs will enable people to choose a more sustainable, affordable and environment-friendly alternative.
Indian start-ups were in for a pleasant surprise which gave them an enormous sigh of relief when the Finance Minister announced that Indian start-ups will escape the scrutiny (of Angel Tax) of the income tax department if they submit all the documents.
Mergers, Acquisitions & Partnerships
Singapore-based Affle International Pte. Ltd acquired the mobile advertising platform, RevX Inc in an all-cash deal. The company is also yet to announce its IPO timelines, according to a media report.
Edtech company upGrad acquired Bengaluru-based online community platform CohortPlus for an undisclosed amount.
OYO Expands to Vietnam
OYO is on a roll. The hospitality start-up made its foray into yet another territory of the South Asian subcontinent with Vietnam. The unicorn has also pledged $50 Mn to transform the hospitality ecosystem of the country.
This week saw many start-ups raising funds. Notable ones included:
Independent power producer (IPP) start-up ReNew Power raised $300 million through a rights issue.
Ola Electric Mobility has raised $250 million from SoftBank as part of its Series B round and clinched the unicorn tag according to media reports.
Speech analytics start-up Uniphore has raised around $38 Mn as part of its Series C round of funding led by California-based venture capital firm March Capital Partners, according to reports
Gurugram-based insurance tech startup RenewBuy raised $19 millionin funding from Lok Capital, IIFL AMC and existing investors including Amicus Capital in a Series B round.
Bengaluru-based cab-hailing unicorn Ola raised $11.37 million in fresh funding as part of its ongoing Series J round.
B2B logistics technology start-up, Freight Tiger, raised $8 Mn led by Lightspeed Venture Partners with participation from Alsthom Industries (one of the Dalmia Group Companies) and Pawan Munjal Family Trust.