Xiaomi’s investment in Indian social platform ShareChat, MyGate’s fundraising of $2.5 million, South Asian cab hailing giant Grab’s acquisition of Indian fintech startup, After Mastercard this startups raises from Tiger Global and YCombinator and SAIF Partners’ investment in Rivigo
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 Xiaomi’s investment in Indian social platform ShareChat, MyGate’s fundraising of $2.5 million, South Asian cab hailing giant Grab’s acquisition of Indian fintech startup, After Mastercard this startups raises from Tiger Global and YCombinator and SAIF Partners’ investment in Rivigo
Xiaomi, LVP, SAIF Partners and others pump USD 18.2 million in ShareChat
Bengaluru-based regional language social platform, ShareChat, has raised $18.2 million in a round led by Xiaomi Singapore and its other firm Shunwei Capital. The round also saw participation from Lightspeed Venture Partners, Saif Partners, India Quotient and VH Capital.
This new round of investment will enable the company to strengthen the technology of the company, with a major focus on Machine Learning and AI. The startup had earlier raised $100,000 from India Quotient in 2015, later in 2016 they raised another $1.35 million in seed funding from SAIF Partners.
myGate raises USD 2.5 million from Prime Venture Partners
Security systems company myGate has raised $2.5 million in investment led by early on stage venture capital firm Prime Venture Partners. The Bengaluru-based startup myGate, which provides mobile based security management solution for private societies, plans to utilise the money to expand functions to seven towns in the nation and reinforce its technology system to have the ability to handle an increased level of inflow.
The startup has a registration-based revenue model, under which the society management pays a monthly fees which depends upon the society’s population and the amount of gates that are to be managed.
Uber competitor Grab acquires Bengaluru based fintech startup
Grab, Singapore-based cab hailing service, has acquired bengaluru based payments startup iKaaz. The company plans to use the amount raised to integrate iKaaz to its payments platform GrabPay, more or less like Ola Money.
Grab, on wednesday, stated that the team at iKaaz will join Grab’s Bengaluru research centre to work on developing partner relations for GrabPay. The cab hailing service does not offer services in India.
iKaaz’ clientele includes Café Coffee Day, Domino’s, Subway, More, Chai Point, among many others. iKaaz was founded by Soma Sundaram in 2012, who held senior engineering roles at Nokia Money and Obopay, a California-based mobile payments start-up firm.
Razorpay raises $20 million from Tiger Global, Y Combinator and others
Online payments solutions company Razorpay Software has raised $20 million in Series B round of investment led by Tiger Global and Y Combinator. The round also saw participation from Matrix Partners.
The company plans to use the funds to scale up Razorpay 2.0. Also, it’s looking at growing its technological capabilities and expanding its payments products to clients in a new market and hiring.
Warburg Pinus and SAIF Partners infuse USD 50 million in Rivigo
Gurgaon based logistics startup Rivigo Services has raised close to $50 million in Series D round of investment led by two of its existing investors Warburg Pinus and SAIF Partners.
Prior to the latest round, the company had raised raised more than $100 million in equity and debt financing, and had been valued at about $440 million, when it closed its previous funding round in November last year.
The latest round comes within months of speculation that Softbank was looking to invest $200 million in Rivigo, which would likely take Rivigo’s valuation to about $1 billion, crowning it a unicorn.