Qwikcilver Raises $10M From Sistema, Accel India & Others Gifting card solutions provider Qwikcilver has raised a new round of funding, pegged at $10 million (Rs 67 crore), led by Sistema Asia Fund, the proprietary fund of Russian conglomerate Sistema.
Other existing backers of the Bengaluru-based company, which include Amazon Asia-Pacific, Accel India and Helion Venture Partners, have also participated in the new round of funding.
Qwikcilver will use the funding to double the value of gift cards it sells to Rs 4,000 crore in the current fiscal year. The company is also eyeing international expansion to markets in Middle East, Southeast Asia and Australia, where it is currently tying up with brands and merchants as reported by ET.
Verizon To Announce $5B Deal To Buy Yahoo Verizon Communications will announce an agreement on Monday to buy Yahoo for about $5 billion, as reported by ET.
The announcement will come before the start of New York trading hours, the source added.
The deal will end months of uncertainty about Yahoo's future after the company announced plans to review strategic alternatives in February.
Jabong Parent GFG Raises $33M Additional FundingGlobal Fashion Group (GFG), the umbrella group of online fashion store Jabong and five other Rocket Internet's emerging markets-focused online fashion stores, has added EUR 30 million ($33.1 million) to its EUR 300 million ($330.9 million) round announced in April to close the round at EUR 330 million ($364 million).
The company said it increased the round size "due to high demand", although it has retained the same $1.1 billion valuation from April, which was a steep fall from $3.4 billion valuation from July last year when it had raised $167 million.
Investors in this round include existing ones like Kinnevik, Rocket Internet and Rocket Internet Capital Partners fund, the company said in a statement quoted ET.
Naspers Floats Stradia Through OLX to Re-enter Indian Online Used Car SpaceLess than two years after selling second-hand cars business Gaadi.com to Google Capital-backed CarDekho, South African internet and digital media firm Naspers has re-entered the used car business in the country with the launch of Stradia.in under its multi-country classifieds venture OLX.
At present, OLX sells cars through its P2P lending platform. Users post ads on the website, and can chat with the buyers directly, similar to the QuikrCars model.
Stradia too follows the same model. The Stradia app is available on all major operating systems such as Android, Windows and iOS, as per VCCircle report.
Cyber Security Startup Lucideus Raises Funding From Flipkart CFO Sanjay BawejaCyber security startup Lucideus has raised an undisclosed amount of funding from Flipkart CFO, Sanjay Baweja. Prior to this, the firm had raised an undisclosed amount of funding from Snapdeal’s former CPO Anand Chandrasekaran.
Founded in 2012 by Saket Modi, Delhi-based Lucideus is a cybersecurity company that offers consultancy, training and solutions to counteract cyber attacks.
Talking about the investment, CEO Saket Modi, said, “ The funding has importance from a strategic advisory point of view. As we are moving towards creating a new product, we are getting offers from VCs and other investors looking to be a part on Lucideus’ journey. More than the money, it’s the mentorship we will get from our new investor that make this crucial.”
Nandan Nilekani Invests Undisclosed Amount in eCommerce Startup 10i Commerce ServicesBangalore-based eCommerce startup 10i Commerce Services has raised an undisclosed amount of funding from Infosys co-founder Nandan Nilekani. Founded in 2015 by Amit Sharma and Apoorva Jois, 10i plans to expand quickly across hundreds of towns and cities in India and empower traditional small retail stores with its technology platform, ShopX, as per ET report.
The company provides the same level of technology, logistics, sophistication and supply to traditional small retailer, which ecommerce or organised retail gives. Apart from the founding members the startup includes big names under its management team including former L’Oreal executive Jagdish Kini and Aadhaar project architect Pramod Varma.
Apart from 10i Commerce, Nilekani has also backed startups like Rail Yatri, Systemantics, Fortigo,Team Indus, Mubble, Juggernaut, and Power2SME.
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This is Chitrakshi Suneja currently pursuing graduation and diploma in journalism and mass communication. She is crazy about Writing stuff on Startups, Entrepreneurs and reading as well.
