Ahmedabad Based Nimish Finance Picks 50% Stake in Avity Agrotech Ahmedabad-based Nimish Finance Pvt Ltd, has picked up 50 per cent stake in Avity Agrotech Pvt Ltd. As part of the investment, Miten Manchanda, partner at Nimit Finance, has joined Avity Agrotech’s board. “We have been using the money for expanding our infrastructure, add some machines to increase our production,” said Amit Pandya, director, Avity Agrotech. The deal was done through SMERGERS, a private market network for businesses, investors, acquirers, lenders, M&A advisors and boutique investment banks.
AI Startup Mad Street Den Gets Funding from Sequoia, Existing InvestorsArtificial intelligence startup Mad Street Den Systems Pvt. Ltd has raised an undisclosed amount in a Series A funding round from Sequoia Capital and its existing investors Exfinity Venture Partners LLP and GrowX Venture Management Pvt. Ltd. Founded in 2013 by husband-wife duo Anand Chandrasekaran, a neuroscientist and a Stanford alumni, and Ashwani Asokan, a former Intel Corp. executive, the startup plans to deploy the funds to expand further into global markets.
The Chennai-based startup had earlier raised $1.5 million in January 2015 from Exfinity Ventures and growX Ventures.
Inclov, Matchmaking App For Differently Abled, Raises Seed Round of FundingInclov, a matchmaking app for the differently-abled, has raised an undisclosed amount of funding from Sarbvir Singh, former MD of Capital 18, Raghav Bahl of digital news venture Quintillion Media Pvt. Ltd. The other investors who participated in the round include Rohan Gogari, director of Kesar Group; Apparswamy Subramanian, Corporate Banking Head, RBL Bank; Praveen Visesh, Director at Deutsche Bank; and Narayanan Venkatraman, former MD at investment firm Mount Kellett, Intellecap Impact Investment Network.
The startup aims to utilise the raised funding to redesign its Android app and to launch an iOS version. The funding will also be utilised for R&D on accessible technology as per founder Kalyani, as Inc42 reported.
Accel Partners Picks Up Around 20% Stake in Mihup Comm for $6.7MVenture capital firm Accel Partners, is in the process of acquiring around 20% stake in Kolkata-based Mihup Communications for Rs 45 crore ($6.7 million), as reported by TOI. Accel Partners, Pankaj Gupta, chief technology officer of Stayzilla has also picked up 0.99% stake in the company, which works on speech recognition system and man-machine interface, Mihup co-founder Tapan Burman said. Mihup is working on both software and hardware part of speech recognition system and man machine interface. “Our product will be ready after Diwali,” he added.
Gaming Platform Startup Nova Gaming Ventures Plans to Raise $5MGurgaon-based gaming platform startup Nova Gaming Ventures is in talks with investors to raise $5 million funding, reported ET. “We are in talks with Indian as well as Chinese, German, Swedish and Russian venture capital and investment firms to raise close to $5 million. We are looking at firms from countries where gaming is already a big business and they under stand the opportunity. Ideally firms with an exposure to gaming or internet,“ chief executive officer Amitesh Rao said.
Uber Co-Founder Invests In Healthcare Startup RxAdvanceRxAdvance, a full service Pharmacy Benefits Management company, announced Oscar Salazar, co-founder of Uber, and Walter Jin, founder of Carlyle Healthcare Group, have invested in Series-A funding round and join the RxAdvance board. The company did not disclose the amount.
A noted Indian-origin entrepreneur, Ravi Ika founded RxAdvance in 2013 and serves as president and chief executive officer of the company. He launched RxAdvance to lower pharmacy, specialty and avoidable drug-impacted medical costs and achieve better outcomes, quality and compliance in the new era of value-based health care.
US Based Decor Startup Houzz Sets Up Shop in India, Hires BabyOye's Sanjay Nadkarni to Head OpsPalo Alto-based design and decor company Houzz has now launched operations in India by appointing Babyoye’s former CEO Sanjay Nadkarni as country head. The company, founded by husband-wife duo Alon Cohen and Adi Tatarko in 2009, is valued over $2.3 billion with its list of backers including Sequoia Capital and Yuri Milner's DST Global, reported ET.
"This is one of the key geographies identified given the fact that the internet market is largely English speaking, and not vernacular,"said Nadkarni while confirming his appointment.
Home Services Startup Renowala Raises Second Round of Seed Funding Hyderabad-based on-demand marketplace for home improvement services Renowala.com secured a second round of seed funding from FMCG veteran Pradeep Dhobale, as reported by TechCircle. The capital will be used for talent acquisition, Renowala CEO Joshua Kumar said. Springforth Capital Advisors acted as adviser for Renowala.
“We are also looking at raising one more round of seed funding worth Rs 2 crore for our expansion plan,” Kumar said.
