|Stories you shouldn’t miss
A highly placed source in Ola has exclusively confirmed to YourStory that it is raising $2 billion in funding at a valuation of $6 billion from existing and new investors. Ola has already raised $74 million, led by Steadview Capital, as a part of this round. The other tranches will be announced in the coming quarters. The source confirmed that Ola will focus on Foodpanda, EVs and international markets.
Wealth management startup Scripbox has raised Rs 151 crore as a part of its Series C funding led by existing investor Accel Partners, along with participation from Omidyar Network, and NLI Investment Fund, according to filings from Registrar of Companies. Started by veterans in the finance space, Scripbox is a solution that helps working professionals invest in mutual funds through its online platform. Further, the platform has a variety of investment plans focussing on tax returns and future returns.
Satellite television channel Tata Sky ShortsTV on Friday acquired 18 short movies from Terribly Tiny Tales (TTT), a narrative platform. ShortsTV, operated by Shorts International, is dedicated to short films from India and around the world, including Academy Award nominations. The movie entertainment company has over 5,000 titles and is the world’s largest library of shorts available on TV, online and in theatres. Co-founded by Anuj Gosalia, Terribly Tiny Tales is a narration platform, that allows writers to narrate a story in 140 characters.
Ecommerce major Amazon pumped in an additional Rs 300 crore into its Indian digital payments arm Amazon Pay (India) Private Ltd, documents filed with Registrar of Companies (RoC) show. The funding comes through Singapore and Mauritius-based group entities – Amazon Corporate Holdings Private Ltd and Amazon.com.Incs Limited. The recent fund infusion by the parent into its Indian payments arm is the fourth in the current financial year, taking the total infusion to Rs 1,340 crore till date.
The Reserve Bank of India’s latest directive on tokenisation of card payments will result in a level playing field for global players like Apple Pay and Google Pay that offer digital payments services. While this may mean an entry into the Indian market for companies like Apple Pay, others like Google Pay, which have so far been riding on Unified Payments Interface (UPI), can look at adding additional features like card payments to their offerings in India.
In India, about half a million people suffer from deafblindness, states the Rehabilitation Council of India. To help these individuals, Good Vibes, an app was conceptualised and developed by Cheil WW India. This is a first-of-its-kind offering that enables two-way communication among the deaf-blind through a simple smartphone. Launched in April 2018, Good Vibes went on to win four Abby Awards at the Goa Fest.
Indian startups raked in close to $230.38 million in funding this week, up by 68 percent from the previous week. Foodtech, healthtech, accommodation and edtech saw strong investor interest this week. Venture capital firms, too, were in focus this week with early-stage venture fund Matrix Partners India raising its third fund of over $300 million. Flipkart Co-founder Binny Bansal made a strong impression, raising close to $32 million for a venture capital fund – 021 – where he is the anchor investor. Homegrown private equity firm ChrysCapital completed the fundraising process for its eighth fund, overshooting its hard cap of $850 million, according to media reports.