BCCL’s investment in FinREQ, Flipkart’s in its logistics arm e-Kart, Alibaba’s $100 million investment, FutureGroup in talks to buy Vulcan Express and EarlySalary raises $15.7 million
We round up the most important and recent funding, acquisition, mergers announcements every week for you. FundGram is a short-quick dose of notable investments in the startup ecosystem. This week’s FundGram includes BCCL’s investment in FinREQ, Flipkart’s in its logistics arm e-Kart, Alibaba’s $100 million investment, FutureGroup in talks to buy Vulcan Express and EarlySalary raises $15.7 million.
BCCL acquires undisclosed stake in FinTech startup FinREQ
Bennett Coleman and Co Ltd (BCCL), publisher of The Times of India, has acquired an undisclosed amount of stake in Pune-based Fintech startup FinREQ. The investment was made through its private treaty arm Brand Capital, through which the company has previously made investments in Quickr, Haptik, etc.
FinREQ, founded by Bhavik Mehta in 2011, provides end-to-end loan products for businesses and retail customers. The startup claims to have a ‘one-of-a-kind’ matchmaking algorithm that connects right borrowers with the perfect lenders.
Flipkart pumps over $400 million in logistics arm Ekart
In a bid to strengthen the logistics of the company, Flipkart has pumped over $400 million in its logistics arm, operated by Instakart Services. According to the regulatory filings, the investment was made in three tranches over the past two months.
Supply chain management and logistics are resource-intensive functions, that take a considerable amount of effort to manage. According to experts, this strategic investment could help enable faster in-house deliveries, and perhaps even an independent, in-house logistics in the future.
Alibaba to invest over $100 million in Xpressbees
Jack Ma-led Alibaba is in advanced talks to pick up a minority stake in Pune-based logistics startup Xpressbees, making an investment of over $100 million, media reports from China and India said this week. After this investment, Alibaba’s total investment in India will reach over a whopping $1.7 billion.
The Indian logistics company is currently handling over 60,000 shipments daily. They had previously raised $12.5 million in series A from SAIF Partners, IDG Ventures, Vertex Ventures and Valiant Capital
FutureGroup in talks to acquire Snapdeal’s logistics arm Vulcan Express
FutureGroup, led by Kishore Biyani, is in talks with Snapdeal for an all-in cash deal of $7.8M to buy it’s logistics arm Vulcan Express, PTI reported this week, citing unidentified sources. Vulcan Express is handling almost half of the deliveries in Snapdeal. It replaced GoJavas as the primary logistics partner when it was formed. The company is currently operational in over 100 cities.
Fintech Startup EarlySalary raises $15.7M in Series B
Pune based fintech startup, EarlySalary, has raised $15.7 million in series B led by Eight Road Ventures. The round also saw participation from IDG Ventures India, Dewan Housing Finance Corp. Ltd. (DHFL) and seed investor Ashok Agarwal.
Founded by Akshay Mehrotra and Ashish Goyal in 2015, the startup enables salary advances, instant cash loans using a smart risk scoring system