JSW Ventures Gets Sebi Nod To Invest $15M In Tech StartupsJSW Ventures, the venture capital arm of the JSW Group, has announced that the Securities and Exchange Board of India (Sebi) has approved its Rs.100 crore fund that will invest in early-stage companies in education, healthcare, financial services, SaaS and enterprise software over a three-year period.
Parth Jindal, son of group chairman Sajjan Jindal, will supervise the fund. The fund has also appointed Gaurav Sachdeva, a former executive of Brand Capital, as managing partner, as per DealStreetAsia report. The fund has been over the past year evaluating partnering start-up companies, which make innovative products, services or technology. The $11 billion JSW Group has interests in steel, energy, infrastructure and cement.
Kabadiexpress Raises $148k in Seed Round of FundingKabadiexpress, Delhi-based company, which collects waste from door to door, has raised Rs 1 crore ($148k) in seed funding from an affluent individual in the real estate segment. The company which is backed by Green Warriors Pvt. Ltd, will use the money for expanding its footprint to Noida, Ghaziabad and other NCR areas (national capital region). Founded in May 2015 by Kapil Bajaj and Sandeep Sethi, Kabadiexpress collects waste items like old newspapers, magazines, furniture, electronic products and metal objects and sells these to recycling plants and mills. It competes with the likes of EnCashea, Karma Recycling, Pom Pom and Attero Recycling.
On Demand Driver App Drivify Bags $50k in Seed FundingOn-demand driver app Drivify, owned and operated by Mumbai-based startup DR Mobility Solutions Pvt. Ltd, has raised $50,000 (Rs 33.75 lakh) in seed funding from Citrus Pay founder Jitendra Gupta and a high net-worth individual Pankaj Tripathi. The startup will use the funds to improve and expand the platform, acquire customers and give incentives to drivers, as per VCCircle report. Drivify was founded in May 2015 by Prasad Shriyan and Jatin Kamdar, lets car owners search and book drivers instantly. The app scans for a driver within a 10 km radius of the user. Users get drivers’ details on the app and can also track the selected driver on a map within the app. They can also pay through the app.
SAP Launches Incubation Centre At Bangalore, Selects 7 Startups for Its Initial ProgrammeSAP, a global leader in business management software, has launched its incubation centre in Bangalore to incubate early stage startups. It will be a 12-month accelerator programme under which, apart from providing financial support to startups, it will also provide space, access to technology infrastructure, mentoring and business consulting.
The programme will primarily scout for startups in the Internet of Things, cloud computing, big data domains, retail and healthcare segments. The company has selected seven startups for its initial programme including CloudKare, Blubirch, Niki.ai, Sellerworx, Rapportworx, Ecolibrium Energy and Moglix.
Nokia Promotes Sandeep Girotra as Head of APAC and Japan Market, Sanjay Malik to Take OverFinnish telecom gear maker Nokia has promoted India head Sandeep Girotra as the head of Asia-Pacific and Japan market, and named Sanjay Malik as the new head of the country, as reported by ET
Malik, who is currently serving Nokia as the vice president and head of global network implementation services, which is a part of the company's Global Services business, will assume the responsibility from August 1, 2016, the person added.
TA Associates in Talks to Buy Minority Stake in Fashion Brand WPrivate equity investor TA Associates Management Lp is in talks to acquire a minority stake of about 30-35% in TCNS Clothing Co. Pvt. Ltd, which owns the ‘W’ brand of clothing for women. Existing investor Matrix Partners India selling its almost 20% stake and promoters 10-15% to raise fresh capital for funding expansion as well as four-five other private equity investors are also in the running to purchase the stake, as per LiveMint report.
TCNS is seeking a valuation of Rs.3,000 crore. The company is in talks to raise around $100 million to fund its growth plans and provide an exit to Matrix. Matrix has invested about Rs.100 crore in TCNS since 2011.
