You are currently viewing Startup news and updates: daily roundup (May 17, 2021)

Startup news and updates: daily roundup (May 17, 2021)

B2B ecommerce startup Moglix joins unicorn club after raising $120M in Series E round

Moglix, a Noida-based B2B industrial goods ecommerce marketplace, on Monday announced that it has raised $120 million in Series E round led by Falcon Edge Capital and Harvard Management Company (HMC). Existing investors including Tiger Global, Sequoia Capital India and Venture Highway also participated in this round.

KKR invests $95M in Lenskart through secondary stake acquisition

Delhi-based omnichannel eyewear startup Lenskart has raised $95 million investment from global investment firm KKR via a secondary stake acquisition. A press note by KKR said as a part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the Company.

Smart parking platform ParkSmart raises seed capital from Campus Fund and industry veterans

Delhi-based smart parking management platform ParkSmart has raised an undisclosed amount of funding from Campus Fund and angels like Dilesh Gathani, Shireen Rangaswamy amongst others.

The funds would be deployed to expand across geographies and add senior members to the core team.

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Health education platform Virohan raises $3M in Series A round led by Rebright Partners

Gurugram-based health education startup Virohan on Monday announced that it has raised additional funding from Rebright Partners summing up its Series A round at $3 million.

Earlier in August 2020, the startup had raised $2.8 million across seed and Series A round from elea Foundation for Ethics in Globalisation, the Singh Family Trusts, advised by Artha Impact, Yunus Social Business, Better Capital and Keiretsu Forum.

84 percent MSMEs believe COVID-19 2.0 has escalated business uncertainty: Survey

As many as 84 percent of respondents in a survey said the deadly second wave of COVID-19 has escalated business uncertainty, according to credit rating agency Care Ratings.

The survey was conducted between April 27 and May 11 with a set of 305 respondents, which included small and medium businesses. The results derived from the survey indicated some grim trends and low expectations in the sector. 

Shilpa Medicare unit inks pact with Dr Reddy’s to manufacture Sputnik V vaccine

Drug firm Shilpa Medicare on Monday said one of its subsidiaries had entered into a definitive agreement with Dr Reddy’s Laboratories for manufacturing of Russian COVID-19 vaccine Sputnik V. “The company, via its wholly owned subsidiary Shilpa Biologicals Pvt Ltd (SBPL), has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for production-supply of the Sputnik V vaccine from its integrated biologics R&D cum manufacturing centre at Dharwad, Karnataka,” Shilpa Medicare said in a regulatory filing.

Sputnik V COVID-19 vaccine

Pine Labs raises $285M at $3B valuation

Fintech unicorn Pine Labs has raised $285 million in a new round of funding, which saw participation from a fresh set of investors. This round of fundraising saw investors which including Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management. Existing investors Temasek, Lone Pine Capital and Sunley House Capital also participated in this funding round.

Amazon helps sellers procure oxygen concentrators for customers in India

Ecommerce major Amazon is working with sellers on its marketplace in India to help them procure about 9,000 oxygen concentrators in the country. The first batch of 1,000 oxygen concentrators have already landed in India and are now available for purchase for consumers and business customers. The rest are expected to come through in the second half of the month.

Indonesian superapp startup Gojek to merge with ecomm firm Tokopedia

Ride-hailing and payments giant Gojek will be merging with ecommerce major Tokopedia. The deal is expected to boost both firms’ profitability and help make Gojek’s vision of becoming an A to Z superapp a reality. The deal — pegged at around $18 billion according to sources cited by Reuters — is the biggest in Indonesia, so far, and is expected to eventually lead the combined company, called GoTo, closer to an initial public offering.

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Image by Ken Kobayashi.

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Image by Ken Kobayashi.

Edited by Anju Narayanan

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