#StartupWrap: These Start-ups are Not Satisfied with Just Being Unicorns
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Here is all you need to know about what happened in the Indian start-up ecosystem last week.
Regulation for Ola and Uber?
The Motor Vehicles Bill (MVB) could give government the authority to roll out several amendments for Ola and Uber, according to media reports. The bill now needs to get the approval of the President before officially making it as it has been passed by both the houses of the parliament. A government official told Mint, “Once the new law (motor vehicles act) is in place, the government will have the power to frame rules to regulate cab aggregators. We can keep an eye on surge or arbitrary pricing, make them offer better services for passengers, such as well trained drivers. We will also keep in mind the crucial aspect of women’s safety,”
Not Satisfied with Just being Unicorns
Swiggy and Urban Clap are not satisfied with mere unicorn tags. The foodtech unicorn is, reportedly, in talks to raise a whopping $700-$750 mn in a funding round led by its existing and staunch investor, Naspers. Swiggy is also looking at gaining an edge over its arch rival, Zomato, which has become an equally popular choice in the market. While Zomato is mired in an ideological controversy, Swiggy is upping its game.
Another well-known unicorn, Urban Clap has raised $75 mn in a funding round led by Tiger Global Management. The funding round also saw participation from existing investors including Steadview Capital and Vy Capital. Urban Clap was founded by Abhiraj Bahl, Raghav Chandra and Varun Khaitan. It has become a popular choice for providing services such as plumbing, beauty treatments and spa etc.
CCI’s Dismisses Allegations Against OYO
In a case, that took the Indian start-up ecosystem by storm, the conclusion is here and it gives OYO supporters many reasons to rejoice. Competition Commission of India has dismissed a case against OYO’s parent company Oravel Stays which stated that the company is misusing its dominant status in the hospitality market to override ethical business practices. The regulatory body said that the relevant market for this particular case was “market for franchising services for budget hotels in India”. CCI didn’t find any violation of Section 4 by OYO and therefore, dismissal of the case was the only fair thing to do.
Mergers and Acquisitions
Robotic process automation software company, Automation Anywhere, announced an acquisition with Klevops, a Paris-based company.
Here is a report of all those start-ups that cracked a deal with investors this week.
Urban Clap has raised $75 mn in a funding round led by Tiger Global Management. The funding round also saw participation from existing investors including Steadview Capital and Vy Capital.
Bengaluru-based Ninjacart has secured an investment commitment of $50 million from US retail behemoth Walmart.
SaaS start-up Vyomo raised $18 mn is Series B round of funding led by Emergence Capital.
SaaS platform MindTickle raised $40 mn in Series C round of funding led by Norwest Venture Partners along with participation from existing investors including Accel Partners, Canaan, NewView Capital and Qualcomm Ventures.
Bengaluru-based Veri5Digital raised $2 mn in Series A funding led by California-based Khosla Ventures.
Community platform for home-hosted experiences, MyScoot, raised $1.7 mn in seed funding round led by Lightspeed India Partners, Venture Highway, and Mayfield India.
Delhi-based GoHive raised INR 2.5 crore in Pre-Series A round of funding from a series of angel investors.
Mumbai-based start-up Leap raised $31.77 mn in Series C round of funding led by TVS Capital firm.
Mumbai-based Pocket Aces raised $14.34 mn in a fresh round of funding from Sequoia India, DSP Group, 3one4 Capital and other investors.
Gurugram-based Indiffi Technologies raised $21 mn in Series C round of funding led by CDC Group.