Startup News – 27th October 2017

The startup updates for the day:

• Fintech startup Olly Credit has raised an undisclosed amount in seed funding led by Japan’s Incubate Fund.
• Matrix Partners backed SME lending platform OfBusiness has raised $3.8M (Rs 25 Cr) in debt funding from Kotak Mahindra Bank Ltd.
•  Amazon India plans to double down on its investments in India, especially in key areas such as digital payments and the Prime membership programme, Amazon India chief Amit Agarwal said on Thursday.
• Original4Sure, technology-based anti-counterfeiting and original product identification solution for consumer products, has raised $400,000 led by Venture Highway, Startup Buddy and Nirav Chokshi. The funds were raised through the funding platforms Mumbai Angels and LetsVenture.
  
• Grofers India, has raised Rs 96 crore from its Singapore-based parent company Grofers International.
  
• E-commerce firm Paytm Mall has told its sellers not to use services of Snapdeal-owned e-commerce management firm Unicommerce eSolutions and warned that any breach in this could result in either termination of contract or legal action for infringement of its legal rights, reported ETTech.
• Paytm has alleged unauthorised usage of Paytm’s trade name by Unicommerce and that the latter wrongly told sellers that it has an integration with Paytm.
• Media incubator Espacio has acquired TheTechPanda.com, a Bangalore-based media publication dedicated to startup and tech news in India.

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