Startup News – 20th October 2017
The startup updates for the day:
- Snapdeal is looking for a buyer to sell off its logistics arm Vulcan Express, according to the media report.
- Flipkart is reportedly considering to relaunch its loyalty programme ‘Flipkart First’ to take on Amazon Prime. The company has also begun exploratory discussions with Kishore
- Biyani to pick up an 8%-10% stake in Future Lifestyle Fashions Ltd (FLF).
Logistics firm BlackBuck has raised $23.05M (Rs 50 Cr) in a venture debt funding from InnoVen Capital.
- Myntra Jabong India Pvt. Ltd, the business-to-business retail arm of Flipkart-owned fashion e-tailer Myntra, has secured a working capital credit of Rs 50 crore ($7.7 million) from Kotak Mahindra Bank, reported VCCircle.
- Kolkata-based Goodricke Group Ltd has entered into an agreement to acquire Godfrey Phillips India Ltd’s packaged tea business for Rs 20 crore ($3 million).
- Online peer-to-peer lending platform LenDen Club has raised $500,000 from an undisclosed Mumbai-based venture capital fund.
- Punjab-based small finance bank Capital Small Finance Bank Limitedhas raised Rs 24.35 crore (about $4 million) from Small Industries Development Bank of India (SIDBI) and existing investors in its latest round of fund-raising.
- Realty-focused private equity firm Milestone Capital is planning to raise a Rs 1,000 crore ($154 million) logistics fund, according to a daily financial newspaper.
- Global investment advisory firm Signal Hill has roped in Prashant Jain as director of its India operations.
- Noida-based lingerie and sleepwear brand Clovia, backed by Ivy Cap Ventures and Mountain Partners AG, is ready to officially launch its overseas operations next month, reported DealStreetAsia.
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