Mukul Singhal and Rohit Jain Lead $1.5M Seed Round in Agri Marketplace CrofarmMukul Singhal and Rohit Jain, former SAIF Partners principals, along with a couple of angels have invested about $1.5 million seed fund in Crofarm, as per YourStory report.
Launched in April this year, Crofarm is changing the way businesses procure the agricultural produce by essentially weeding out intermediaries. Currently, it works with Metro, Jubilant Foodworks, Bigbazaar, Grofers and Big Basket among others.
Crofarm was founded by serial entrepreneurs Varun Khurana and Prashant Jain. The duo previously sold MyGreenbox to Softbank-funded Grofers. In February this year, the duo moved on from Grofers after a year-long stint at the Gurgaon-based company.
Former Housing.com CFO Ritesh Jain Launches Online Lending Startup ‘FlexiLoans’Ritesh Jain, a former chief financial officer at Housing.com, has quit the real estate portal to launch an online lending platform along with two others.
FlexiLoans, the new venture, disburses working capital loans to small and medium-sized companies, co-founder Manish Lunia told VCCircle.
The third co-founder is Deepak Jain, a former investment banker at Axis Capital. Ritesh Jain, Deepak Jain and Lunia are chartered accountants and alumni of the Indian School of Business. The trio is joined by Abhishek Kothari, an IIT Bombay alumnus, as an adviser.
FlexiLoans, operated by FlexiLoans Technologies Pvt. Ltd, was incorporated in January and began operations in April. The online platform manages customer sourcing and underwriting. Since starting operations, the firm has disbursed 100 loans.
Overcart Raises $3M from JSW Ventures, Omidyar and OthersOvercart, a startup providing returns management and liquidation services to eCommerce firms, has raised $3 million (about Rs 20 crore) from JSW Ventures, Omidyar Network, Sattva Capital and Venture Works.
The company plans to invest in hardware and software innovations to diagnose, refurbish and quality check products across more categories and locations, as per BusinessStandard report.
"The capital will help us continue to place strategic bets on building out further hardware and software innovations which enable us to diagnose, refurbish and quality check products across more categories and locations," Overcart Managing Director and co-founder Alexander Souter said.
Paytm to Pump Rs 350 Cr into Payments Bank Paytm is infusing Rs 350 crore in its payments bank arm, which is looking to start operations by Diwali this year, as ET reported. The capital will be primarily utilised to build the platform's technology infrastructure and physical branch presence in rural areas.
"Our plans show this initial capital is adequate for rolling out a payments bank as we are not looking to open too many branches in one go. We have got separate solutions to address urban and rural consumers as both have different sets of challenges," chief executive of Paytm's payments bank Shinjini Kumar said.
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