Deals RoundUp : T-Hub, WeddingWishlist, Facebook, Ray Business, QuickEdmin, Stitchwood, OneAssist Consumer Solutions, Trifecta Capital, Texas University, DIPP, Snapdeal & nexGTV

T-Hub Plans To Invest In Startups From Their Accelerator Programme

State government backed incubator T-Hub in HYDERABAD plans to invest in startups from their accelerator programme through its venture capital fund starting October, according to T-Hub CEO Jay Krishnan. Though the state government is going to be the anchor investor in the Rs 100-crore fund, they are in talks with private investors from across the globe.

This capital, says Krishnan, would be invested in startups in their incubator, with a not-for-profit motive. "As of now we are an independent incubator, but we are in talks for a tie-up with the central government," said Krishnan.

During the current year, they plan to focus on sectors like health technology, financial technology, agricultural technology, renewable energy, smart cities, social impact and aviation. THub currently has 12 startups in their incubator and over 200 housed in their co-working space as quoted by ET.

WeddingWishlist Raises $300K From Facebook India MD

Forty-five-year old Kanika Subbiah, who is married to Vellayan Subbiah of Murugappa group, has started a new venture, WeddingWishlist that allows you to give and receive wedding gifts.

The company has raised Rs 2 crore (around $300,000) led by former Facebook India Managing Director Kirthiga Reddy, Multiples Equity founder Renuka Ramanath and CherryTin, among others, according to a Business Standard report.

The four-month old startup plans to use the funds to scale its operations pan–India and to launch its mobile app in the next few months. The company also has plans to raise the next set of funding later this year. The startup, which offers wedding gifts registry services, currently operates cities like Pune, Chandigarh, Ahmedabad, Mumbai.

Ray Business Enters Education Tech Sector With QuickEdmin

Information technology (IT) Services provider Ray Business Technologies Pvt. Ltd has bought QuickEdmin from software development firm LastMile IT Systems Pvt. Ltd for an undisclosed amount.

QuickEdmin is a cloud-based enterprise resource planning (ERP) tool , the platform allows educational institutions to manage all back-office operations seamlessly. The deal will improve Ray Business’s competency in the education technology sector, boost its presence in the US and Australia, and help the company enter India.

Ajay Ray, managing director of Ray Business, did not disclose the terms of the deal, but revealed that the product is funded from the company's cash reserves as quoted by DealStreetAsia.

This is the company’s maiden acquisition in the ed-tech sector, giving it a chance to do business with 100 schools and colleges in the US and Australia. The Hyderabad-based company currently services 15 clients in the education sector in US and Australia currently.

Furniture Platform Stitchwood Receives $200K From Angel Investors

Stitchwood, an online customised furniture store, has raised $200,000 (around Rs 1.3 crore) in its third round of funding from Deepak Gupta, co-founder, Equity Crest and a bunch of unnamed angel investors.

“We plan to raise about $400,000 in the third round of funding and have already raised $200,000. We have also got a commitment of another $100,000,” Ajit Shegaonkar, co-founder, Stitchwood told VCCircle.

The startup aims to utilise the funds for operations, marketing initiatives and enhancing customer experience.

Equity Crest is a platform that helps early-stage ventures connect with angel investors and VC firms.

Stitchwood, founded in 2014 by IIT Bombay alumni Shegaonkar and Vikas Nair. Shegaonkar is an alumnus of University of Illinois and was working as vice president at Deutsche Bank before starting this venture. Nair, an IIM Ahmedabad alumnus, was the chief financial officer at Steadview Capital. 

The firm has so far tied up with more than 200 micro, small medium enterprises (MSMEs) to manufacture the furniture.

OneAssist Consumer Solutions Raises Funding From Trifecta Capital

OneAssist Consumer Solutions Pvt. Ltd, which provides protection for credit card, smartphones and payment cards in case of loss or theft, has raised an undisclosed amount of funds from venture-debt provider Trifecta Capital.

The transaction was routed through Trifecta Venture Debt Fund, a $48 million fund managed by Trifecta Capital Advisors LLP, according to VCCEdge, the data research platform of VCCircle .

OneAssist and Trifecta didn’t respond to email queries seeking details of the transaction. Trifecta normally invests between $0.8 million and $4 million in its portfolio companies.

Founded in 2011, by Gagan Maini and Subrat Pani, OneAssist offers solutions to individual customers in the event of the loss of critical ‘everyday’ products such as wallets, payment cards and smartphones. The company’s offerings target over 300 million debit and credit card holders in the country as well as the growing base of over 150 million smartphone users.

The VC debt firm has made the first close of its debut fund at Rs 200 crore (around $30 million then) in September 2015 and is looking to raise a total corpus of $75 million.

Texas University To Set Up Tech Accelerator In Tirupati

Andhra Pradesh government, in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI) and IC2 Institute of The University of Texas, is going to launch a technology accelerator in Tirupati next month. While they expect the technology that would come in through the accelerator to address state-specific challenges like water management, waste management, cyber security and agricultural technology among others, the broader issue it is trying to solve is unemployment.

This accelerator is trying to create more jobs by encouraging entrepreneurship, technology and innovation," said Glenn Robinson, director of the accelerator, who will move to Tirupati from Austin, Texas, to head the program.

The program is receiving application and will select 33 technology startups for a four-month session. After four months, these companies would be filtered down to eight, and then four, who would receive further mentorship to approach potential investors, as reported by ET.

DIPP Plans to Organise Startup Fest in Hyderabad

The Commerce and Industry Ministry will organise a 'Startup Fest' in Hyderabad in September, with a view to showcase innovation and provide a collaboration platform.

The Department of Industrial Policy and Promotion (DIPP) has requested Prime Minister Narendra Modi to inaugurate the programme, as quoted by ET.

The main objective of this fest is to galvanise the startup ecosystem and to provide national and international visibility to the budding entrepreneurs in India.

"We have planned several sessions. Venture capital funds are also expected to participate in this," the official said adding the event is important part of strengthening the startup ecosystem.

Commerce and Industry Minister Nirmala Sitharaman has asked the Finance Ministry to consider raising tax holiday for startups to seven years to encourage budding entrepreneurs.

Snapdeal Launches Back to College Store

Snapdeal, Indian online marketplace, announced the launch of its exciting Back to College store, coinciding with the beginning of college terms, this season.

Ranging from affordable to premium products, the dedicated store offers an exciting variety of over 1 lakh merchandise that includes choicest laptops, must-have storage devices, trendy computing accessories and bags, to essential lifestyle gadgets.   

Students making their debut into the college life can grab great offers at the store on notebooks, free extended warranty services on certain gadgets and special discounts on brands like Micromax, Acer, Lenovo, Asus and iBall.

nexGTV Augments its Content Diversity by Partnering with SAI Entertainment

In a development that will delight Bollywood buffs around the globe, nexGTv, Indian subscription-led video entertainment, has announced its partnership with SAI Entertainment. The partnership will see nexGTv acquire worldwide digital rights for popular Bollywood movies owned by SAI Entertainment. Nearly 1000 movies will be made available for nexGTv users under the first phase of the agreement, with more expected to be added later to augment the entertainment options available to them.

The movies, which will be available as a part of nexGTv’s paid packages, will be available on its web and app platform.