Week Wrap: Things That You Want to Know about the Indian Startup World
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Here is all the action in the Indian start-up ecosystem from last week.
CBDT Announces Assessment Plans for Start-ups
The Central Board of Direct Taxes (CBDT) has announced three categories for assessing start-ups. According to the circular, if a start-up is recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), then no enquiry will be initiated by the assessing officer. These start-ups will come under the category of “limited scrutiny cases with single application of Section 56(2)(viib)" of the first category. The second category will consist of start-ups that are “under limited scrutiny with multiple issues or under complete scrutiny including the issue under Section 56(2)(viib)." Lastly, the third category will include the ones that have not been registered under DPIIT will find themselves under the scanner of tax officials.
Flipkart-Amazon Battle Flares Up
Very soon, Amazon Prime Videos will have another rival on the OTT video streaming market in India. Walmart-owned e-commerce company, Flipkart has decided to launch its own Indian content video streaming service for free of cost, giving a head on battle to its global giant competitor, Amazon. India’s OTT market is getting interesting by the day with several homegrown players enjoying popularity among Indian millennials. Flipkart’s move to launch a video streaming service platform could have the same effect in the OTT market that Ola and Uber had in the ride-hailing market. Flipkart's video streaming service will be rolling out a mix of content including short films, full-length movies, episodic series, etc.
Mergers, Acquisitions & Partnerships
Co-living start-up, Grexter has acquihired Bengaluru-based, i2Stay. According to the announcement, which came a week ago, this move is intended to expand Grexter’s geographical reach and grow its team. Through this deal, Grexter Living will be adding 2,000 new beds to its inventory. It has also taken over some built-to-suit projects which i2stay has been working on.
Bengaluru-based financial advisory startup, Upwardly has announced its merger with online investment service, Scripbox. According to Sanjiv Singhal, Founder and COO of Scripbox, the merger will “strengthen both platforms resulting in a superior experience for customers.”
Mumbai headquartered premium fashion house, Purple Style Labs has acquired e-commerce platform, Pernia’s Pop-Up Shop, for an undisclosed amount. The company announced that the move is in line with its strategy to build a comprehensive omnichannel fashion platform.
Fintech platform, Razorpay has announced its first acquisition with Gurugram-based artificial intelligence-driven start-up, Thirdwatch. This acquisition will help Razorpay to make transactions more seamless and secure with the integration of AI technology.
AI-based SaaS startup Spyne raises Seed funding led by SMile group.
Delhi-based co-working space, Awfis raised US$30 million in a Series D round of funding led by Chrys Capital.
Gurgaon-based co-working firm, GoWork, raised $53 million in debt funding from lackRock’s Private Credit team.
Delhi-based Career Counselling EdTech Start-up, iDream has raised an undisclosed amount in a Pre-series A round of funding led by Gray Matters Capital.
Vernacular edtech platform Pariksha raised INR 4 crore during a pre-Series A round led by Venture Catalysts.
Online tutoring start-up, vedantu raised INR 9.42 cr in debt and preference funding from Trifecta Capital.
Agri-tech startup Gramophone raised US$ 3.5 million from Info Edge, Asha Impact and Better Capital.
AppViewX, a Seattle-based automation company raised US$30 mn in a Series A round of funding from Connecticut-based equity capital firm, Brighton Park Capital.
Paytm's gaming arm, Paytm First Games, is reportedly in discussion with investors to raise as much as US$25 million.
Gaming platform, BalleBaazi raised $4 million in a Series A round of funding led by Snap Angel Tech and a Singapore-based investor.
Fintech firm, Lendingkart Technologies raised a fresh equity round US$30 Million led by Fullerton Financial Holdings Pte Ltd. `
SME financing platform, Indifi raised INR 145 Crore in a Series C funding round led by CDC Group.
Live sports engagement app, Rooter raised INR3.5 crore in its ongoing Series A round of funding led by leAD Sports.