Our weekly column summarizes the tech financing highlights in India this week.
This week, logistics platforms in India drew major investment, illustrating the rapid development and popularization of online and delivery-oriented consumerism in India. Logistics platform Xpressbees secured USD 100 million from Chinese tech titan Alibaba while Ekart, the logistics subsidiary of Indian ecommerce giant Flipkart, received capital infusions totalling more than USD 257 million. Background-verification and human resources analytics solution provider IDfy and peer-2-peer lending platform AnyTimeLoan also drew substantial funding with USD 3 million and USD 1.95 million, respectively.
Pune-based logistics startup Xpressbees to secure USD 100M investment from Chinese tech giant Alibaba
Founders: Amitava Saha and Supam Maheshwari
Financing status: USD 100 million in upcoming investment
P2P-lending startup AnyTimeLoan lands USD 1.95M from Spice Mobility
Founder: Keerthi Kumar Jain
Financing status: USD 1.95 million (cash deal)
Financial services & HR analytics platform IDfy lands USD 3M from NEA & others
Founders: Ashok Hariharan and Vineet Jawa
Financing status: USD 3 million
Mumbai-based background identification and human resources analytics firm IDfy has landed USD 3 million in a fresh funding round led by New Enterprise Associates (NEA). The recent funding round marks the second with participation from NEA, which invested a similar amount in August 2015. The round also saw participation from NB Ventures and Tokyo-based Dream Incubator.
Indian ecommerce giant Flipkart infuses logistics subsidiary EKART with USD 257M
Founders: Binny Bansal
Financing status: USD 257 million
Flipkart has infused USD 257 million in Ekart Logistics, its own logistics subsidiary operated by Instakart Services Pvt. Ltd. This news is according to records recently submitted to the Indian Corporate Affairs Ministry regarding the transaction, as per Indian business law.
(Top photo from 699pic.com)