Author: Kanishk Jain

The Mukesh-Ambani led Reliance Jio is planning to enter the cryptocurrency business by introducing JioCoin. The shortcomings of the project will be led by Ambani’s elder son Akash Ambani and the company is planning to build a team of around 50 professionals to work on a number of blockchain-centric products including JioCoin. As we all know, blockchain technology is the driving force behind all the popular cryptocurrencies like Bitcoin, Litecoin, Ripple, and Ethereum amongst the rest. Apart from JioCoin, Reliance Jio is planning to use the blockchain technology for various other sectors like supply chain and logistics. It will also help them…

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Moneytor

Mumbai-based software startup Moneytor, that automates the process of debt retrieval, has raised an undisclosed amount from 500 startups and some other investors including es Bank-backed accelerator ISME ACE. With the newly acquired funding, Moneytor will try to automate all the debt collection processes.  Moneytor was incorporated in June 2017 by Ayush Srivastava and Anubhav Singh with a view to making it easier for financial institutions to collect loans from defaulters. If any person fails to pay any of his installments, the software starts a settlement process which gives a debtor number of terms to comply with his or her obligation.…

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Just 2 weeks after raising $3.8  million in debt from State Bank of India, the Ahmedabad based Fintech startup Lendingkart finances has raised $4.7 million in the first ever foreign debt funding from a Dutch development bank (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden 0r NV FMO. The recently acquired funding will be used by the company to grow their loan book and reach more number of Small and Medium-sized Enterprises. Lendingkart was founded by  Harshvardhan Lunia and Mukul Sachan in 2014. It provides collateral-free loans to small businesses ranging from ranging from Rs 1 lakh to Rs 40 lakh. Till date, Lendingkart has…

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PhonePe, the payments subdivision of Flipkart has decided to become an independent Fintech solutions provider predominantly dealing in insurance and mutual products. The company announced that it is entering into a strategic partnership with one of the leading digital wallet startups FreeCharge which will enable their 45 million customers to link their existing Freecharge wallets with the Phonepe app. Once the accounts are linked, users can pay at online as well as offline stores using their Freecharge wallet balance via the PhonePe payments container. They will also be able to recharge and pay their bills using the PhonePe app. More…

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In order to increase the customers of Paytm Payments Bank,  it has tied up with IndusInd bank to offer linked Fixed Deposit. Paytm, in its official blog has said that it will give an exceeding priority to convenience and flexibility. If the balance of any customer exceeds Rs 1 lakh at the end of the day, the company will automatically mop and start a fixed deposit out of it. With this,  customers will get a hassle-free, easy and paperless saving facility. Also, they may get up to 6.85 percent annual interest. Since most of the Indians prefer safe investments that offer…

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Paisabazaar has raised $31.58 million (Rs 200 crore) from EtechAces Marketing and Consulting Private Limited, the parent firm of both Paisabazaar and Policybazaar. The funding comes as a part of $78.9 million raised by EtechAces from existing and new investors, which include True North and IDG Venture Partners in October 2017. Since its commencement, the business of Paisabazaar has tripled every year. The recently acquired financing will be used by the company to revamp its consumer experience with the help of improved technology like machine learning and Artificial Intelligence as well as increase Paisabazaar’s reach. Though Paisabazaar has acquired market leadership…

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Quick Heal Security Labs today reported of finding an Android malware named ‘Android.banker.A9480’ that has victimized over 232 banks from all over the world including a few from India. This Trojan malware is devised to steal personal information from users. Once activated, this malware gains an unauthorized access login data, SMS, contact lists and uploads them to a malicious server. Also, apart from banking apps, the trojan has also affected a number of cryptocurrency apps installed on a user’s phone. Some of the Indian banks that were affected by the malware are Axis mobile, HDFC Bank MobileBanking, SBI Anywhere Personal, HDFC Bank…

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WP Engine

WP Engine, a company that regulates Wordpress websites for businesses has raised $250 million in funding led by private equity giant Silver Lake. It is one of the largest WordPress hosts available in the market. The company intends to use the recently acquired financing to accelerate its international growth and continue to develop its Digital Experience Platform, the product that forms the formation of its primary line of business. The company did not comment anything about its valuation but it estimated that it would be somewhere around $444 million post this round of funding. WP Engine has over 75,000 customers now which…

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Pune based Fintech startup EarlySalary has raised $15.7 million in a Series B funding round led by Eight Roads Ventures India along with the participation of existing investors including IDG Ventures India, Dewan Housing Finance Corp Ltd (DHFL) and seed investor Ashok Agarwal. In 2015, Ashok Agarwal invested around $1.5 million in the Fintech startup. In May 2017, DHFL (Dewan Housing Finance Corporation Limited) and IDG invested $4 million in the firm. EarlySalary also raised around $800k (Rs 5 crore) in its first round of debt financing from IFMR Capital. Founded by Akshay Mehrotra and Ashish Goyal and managed by Pune-based Social Worth…

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Ekart

India’s e-commerce giant Flipkart has infused $257 million (Rs 1632 crore) in its logistics arm Ekart, which is operated by Instakart Services. The amount was invested in three tranches through Singapore-based group company Klick2Shop Logistics Services International Pte from October and November. On October 9, 2017, Klick2Shop invested $50.8 million followed by 2 more rounds of investment in November. On November 7, 2017, Klick2Shop infused another $50.8 million and then $154 million more on November 27, 2017. The filings also revealed that Flipkart has allocated $460 million to Ekart for executing all the investment deals. Also, in September 2017, Flipkart invested…

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Wixen Music Publishing, the famous publisher that represents eminent artists like Tom Petty, Missy Elliot, Stevie Nicks and Neil Young has filed a $1.6 billion lawsuit against Spotify. The lawsuit alleges Spotify of copyright infringement stating that thousands of songs on the platform do not have a proper license and seeks around $1.6 billion in damages along with injunctive relief. According to Wixen, Spotify is streaming a lot of songs including some popular tracks like “Free Fallin’” and The Doors’ “Light My Fire” in its library without acquiring proper licensing rights. As a result, Wixen is expecting some serious financial reimbursements…

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The promoter of MedPlus Health Services Pvt. Ltd, has raised $117.67 million in debt financing from Goldman Sachs to buyout current private equity investors. Hyderabad-based MedPlus Health Services Pvt. Ltd is the second largest pharmacy retail chain in India after Apollo. It was founded by Madhukar Gangadi in the year 2006. The company’s existing private equity investors were US-based Mount Kellett Capital Management LP, TVS Capital Funds Ltd, and Ajay Piramal’s India Venture Advisors Pvt. Ltd. These t.hree firms together held around 69% of the firm whereas the rest belonged to the CEO Madhukar Gangadi. Mount Kellett Capital Management LP held around 49% stake…

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