The Nudge Foundation launches an incubator for non-profit venture
Nudge Foundation has launched an incubator called N Core for non-profit start-ups working to solve poverty-related problems. The Bangalore-based foundation will spend over Rs50 crore to support more than 100 non-profit start-ups through the incubator over the next five years. The initiative, called N/Core, intends to build a ‘Collective’ of 100 leaders, with very rich and diverse experiences, to spend time mentoring and guiding the individuals that the programme will select. Already, over 30 senior leaders have agreed to be part of the `Collective’.These include those who have either worked in or are working in companies and institutions like Twitter, Flipkart, SAIF Partners, InMobi, Practo, HelpAge,MagicBus, Goonj, GiveIndia, Azim Premji Philanthropy Initiatives, Deshpande Foundation, Wadhwani Foundation, Nilekani Philanthropies, and Aspiring Minds.
Travelyaari’s Rao Joins Hands with Former Ventureast Exec to Back Startups
A co-founder of travel portal Travelyaari and a former executive at venture capital firm Ventureast are set to launch a seed fund to invest in tech startups. The domestic fund to be floated by Arjun Rao, who quit Travelyaari in 2015, and Vishesh Rajaram will have initial capital of $15 million (around Rs 100 crore). The fund will make seed investments of Rs 1-2 crore ticket size. It has received funding commitments for almost the entire amount and that the fund will be formally launched in March.
BookMyShow Acquires Hyderabad-based Onlineticketing Platform MastiTickets
Online ticketing portal BookMyShow has acquired Hyderabad-based online ticketing platform Masti Tickets in an undisclosed, all-cash deal. The acquisition is largely targeting regional markets, specifically Andhra Pradesh and Telangana. Started in 2014, MastiTickets is an online ticket booking platform that covers over 120 cinemas in Andhra Pradesh and Telangana. Its eight-member team runs a website and a mobile app. As part of the takeover, all existing cinema partnerships and key assets including the workforce will be transferred to Bookmyshow, which will ultimately replace MastiTickets. BookMyShow already has partnerships with 4,000 screens across India,with 530 screens being prevalent in the Andhra Pradesh and Telangana market.
Waste Management Organisation Hasiru Dala Buys Scrap Collector Startup EnCashea
Bangalore-based scrap collection and recycling startup EnCashea has signed an all-cash deal to sell its technology and customer base to Hasiru Dala, a non-profit organisation for waste pickers and other informal waste workers. Hasiru Dala employs the services of waster pickers, scrap dealers, sorters and others for total waste management for bulk generators, dry waste collection and aggregation, operation of bio-gas plants, and composting services, the non-profit’s website states. Founded in 2013 by the wife-husband duo of Nalini Shekar and Shekar Prabhakar, Bangalore-based Hasiru Dala Innovations Private Limited currently has over 7,500 waste pickers as members.
Logistics Co LetsTransport Raises Rs 27 cr from Japan’s GMO
Last-mile logistics provider LetsTransport has raised Rs 27 crore in Series-A round of funding from Japan’s payment gateway company GMO and Neelesh Bhatnagar, former CEO of Landmark Arabia. Founded in April 2015, LetsTransport operates in seven cities—Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Vijaywada and Tiruchirapalli. The firm plans to use the funds to build technology and expand the team. Earlier, in August 2015, the startup had raised $1.3Mn in a Seed round of funding which was led by Rebright Partners, a Singapore-based Japanese venture capital firm. Prior to that, it had acquired another Bengaluru-based logistics startup, Shifter.
Crowdfunding Platform Wishberry Raises Pre-Series A Funding
Crowdfunding platform Wishberry has reportedly secured an undisclosed amount in its Pre-Series A round of funding led by iSPIRTco-founder Sharad Sharma. Rajan Anandan (vice president, South East Asia and India, Google), Amit Ranjan (co-founder, SlideShare), Alok Mittal (founder, Indifi Technologies) and Venkat S Raju (chief executive, Kyron Global) also participated in the round. Wisberry was founded by McKinsey alumnus Priyanka Agarwal and Anshulika Dubey in 2012. Until date, the company has raised over Rs 10 crore from more than 350 crowdfunding projects, pinning it as the largest platform for creative artists in India.
UVC Backs SaaS Venture Loyalty Prime
Software-as-a-Service (SaaS) platform Loyalty Prime has secured a Series A round of funding from a consortium of investors, including Munich-based early stage fund Senovo. The company currently has an international team of 60 employees located in Munich (head office), London and New Delhi (delivery centre). The company will use the funds to expand its business across Europe, the US and Asia in a phased manner. It was founded in 2014 by Christoph Straub (based in Munich) and Kunal Mohiuddin (based in New Delhi).
East Ventures Invests in Betaout
Betaout Inc, a customer intelligence and marketing automation platform for e-commerce companies, has raised an undisclosed amount of funding from East Ventures and other South East Asia-based angel investors. The funds will be used by Betaout to enhance its operations in Indonesia and other parts of South East Asia, expand clientele, and to focus on product development. Founded in October 2014 by Maheshwari, Raghubir Thakur, Arjun Maheshwari, Nandini Rathi and Mayank Dhingra, Betaout allows customers to build user intelligence databases and provides tools to engage with users through email, live chat and SMS, among other channels. In April 2016, Betaout raised $1.5 million (around Rs 9.9 crore) in a pre-Series A round of funding from Stanford Angels, LetsVenture, Chennai Angels, Hyderabad Angels and Mumbai Angels.
RML AgTech Raises $4 Million in Series B Funding from IvyCap Ventures
Agriculture tech solutions provider RML AgTech has raised about $4 million (Rs 26 crore) from venture capital firm IvyCap Ventures. The company, which provides agriculture-related decisions and support to farmers on mobile phones, would utilise the funds to strengthen its IT infrastructure and to bring in new products and features on its current offerings. RML AgTech was launched by Ravi Tevtiya with the aim of providing end-to-end agriculture solutions to farmers using its smartphone app or an SMS on their mobile phones. The company helps modern day progressive farmers take critical decisions with the use of advanced technology, analytics, tools and helps farmers decide what to grow, how to grow, where and when to sell using their smart phones.