Our weekly column summarizes the tech financing highlights in India this week.
E-commerce is booming in China due to the prevailing nature of the Internet and smartphones. Development of e-commerce-related infrastructure provides many opportunities for other services, logistic are among those. Logistics will continue to be the infrastructure for several industries, including e-commerce, cargo trading and so on. This week, logistics service provider, Rivigo raised USD 50 million in a Series-D financing round led by existing investor SAIF Partners. Rivigo mainly offers delivery services to e-commerce, pharma, automobiles, cold-chain, and FMCG industries. The capital will be allocated towards further market expansion.
1. On January 15th, online payment startup Razorpay raised USD 20 million for Series B led by Tiger Global, Y Combinator and Matrix Partners. The startup will use the funds to scale up products, as well as to improve technological capabilities and offerings. The funds will also be used to expand its team.
2. On January 16th, HR services startup PeopleStrong received an undisclosed amount in funding in a financing round led by Zeta. PeopleStrong will improve its operational efficiency with the help of the capital, as well as strive to expand its market influence.
4. On January 18th, ShareChat, a vernacular social networking platform that allows users to create, discover and share content such as videos, songs and images, raised USD 18 million for Series B led by Chinese smartphone manufacturer Xiaomi. The capital will be used to further invest in the R&D of its social networking products.