Tekion, ShopUp, Dukaan, and Signzy were among the startups that raised funds this week. Meanwhile, Walmart-owned ecommerce marketplace Flipkart
said it will acquire 7.8% stake in Aditya Birla Fashion & Retail (ABFRL) for Rs 1,500 crore.

Aditya Birla Fashion & Retail

ET reported on Thursday that Flipkart Group and US-based e-commerce company Amazon had held separate talks with ABFRL for a potential investment, and that Flipkart was likely to nudge ahead in acquiring a minority stake in the offline retailer.

Why is it significant? Flipkart’s investment gives ABFRL — which operates brands like Pantaloons, Allen Solly and Peter England — capital to stay afloat amid a tough period for fashion and apparel retailers hurt by the Covid-19 led lockdown. It also strengthens Flipkart and subsidiary Myntra’s lead in fashion e-commerce, which has become the fastest growing channel for apparel brands.
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Automotive retail software provider Tekion Corp, founded by former Tesla chief information officer Jay Vijayan,
raised $140 million at a $1 billion valuation from investors led by private equity firm Advent International.


Illustration: Rahul Awasthi

The funding is expected to aid Tekion accelerate product rollouts, enter newer markets outside its core US market and invest in its centre in Bengaluru to support global sales.
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ShopUp, a Bangladesh-based B2B platform for neighbourhood shops,
picked up $22.5 million in funding, marking the largest Series A round in the country.

The round was co-led by Sequoia Capital India and Flourish Ventures, with additional participation through VEON Ventures, Speedinvest, and Lonsdale Capital.
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Dukaan, a platform that enables small merchants to set up an online store, landed $6 million co-led by Matrix Partners India and Lightspeed India Partners.

The fundraise comes at a time when the company is embroiled in a court battle with Sequoia India-backed Khatabook for alleged copyright violation.
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Signzy raised $5.4 million from Arkam Ventures and Mastercard, the artificial intelligence platform said on Wednesday. Existing investors Kalaari Capital and Stellaris Venture Partners also participated in the funding round.

The company, which offers a ‘no code AI platform’ that helps financial services automate risk and compliance processes, said it was currently dealing with a massive surge in global demand for its solutions on account of the Covid-19 pandemic.
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