A lot of startups raised funds in the last five days. The week also saw the parent entity of Walmart-owned fashion ecommerce portal Myntra infusing fresh capital into the company ahead of the festive season. Online retail giant Amazon too ploughed Rs 700 crore into its Indian digital payments business, Amazon Pay, as it plans to dole out large cashbacks in order to grow its customer base.
Flipkart-owned fashion retailer Myntra has received a fresh capital infusion of $103 million from its Singapore-based parent entity – FK Myntra Holdings – ahead of its seven-day-long festive sale.
Why is it significant?
The investment comes just days before Myntra’s Big Fashion Festival sale that kicks off on October 16, during which it expects to double sales compared to the same period last year. Read More.
US-based online retailer Amazon has pumped in a further Rs 700 crore into its Indian digital payments business Amazon Pay, ahead of the festive season when it expects to dole out large cashbacks in order to grow its customer base.
Why does it matter?
The fresh funding also marks Amazon’s second investment into Amazon Pay this year, after the company pumped in Rs 1,355 crore in January. So far, the company has raised a little over Rs 5,000 crore since inception in 2016 and has been making a couple of investments each year. Read More.
Chargebee has landed Rs 403 crore ($55 million) in its Series F funding round, led by Insight Partners. The current round, the biggest so far by the subscription billing startup, comes at a time when brick and mortar companies are adopting subscription models in their businesses, following the Covid-19 pandemic. Read More.
Fintech startup Uni picked up $18.5 million (about Rs 136 crore) in seed funding — its largest in calendar year 2020 — from marquee venture capital firms Lightspeed Ventures India and Accel Partners India. The company, which is still in stealth mode, has been founded by Nitin Gupta, who was formerly a senior executive at Naspers-owned fintech major PayU India and at Ola Financial Services.
Why is it significant?
The large seed round marks the latest example of a second- or third-time entrepreneur raising substantial capital while still in stealth mode. Ashish Kashyap, founder and chief executive of IndWealth; Kunal Shah, CEO of Cred and Jitendra Gupta of new age banking startup Jupiter are three other examples of entrepreneurs that have raised $25 million and upwards for their latest ventures. Read More.
Other key deals