RESHAMANDI
Impact of GCC boom; Infosys staffers cling to WFH in FY24
Happy Thursday! The explosive growth in India's global capability centres (GCC) has benefited the real estate, staffing, and infra sectors. This and more in today’s ETtech Morning Dispatch.
B2B marketplace ReshaMandi fires 80% of workforce amid fund crunch
The B2B marketplace focused on silk products failed to secure Series B funding. Laden with over Rs 300 crore debt, it is facing court cases and may also be taken to insolvency court.
AbleCredit raises $1.25 million in funding round led by Merak Ventures
AbleCredit raised $1.25 million in a seed round led by Merak Ventures to address the credit gap in emerging nations using innovative AI solutions, aiming to process one million loan applications for small businesses.
CapFort Ventures launches Rs 200 cr India tech fund; plans to invest in 40 startups in next 2 years
The VC fund will invest in startups in India with a valuation within Rs 100 crores.
India's cotton exports crash to 19-year low, production and yield plummets
India’s cotton production is at a historic low. Not just cotton yield, but the country’s cotton exports are also facing unprecedented pressure amidst a highly volatile global market.
Omnivore raises $150 million for third fund; will invest in 30 startups
With this, Bengaluru-based Omnivore Agritech & Climate Sustainability Fund expects to make 25-30 new investments in seed and series A rounds of agritech startups and micro, small and medium enterprises, with initial cheque sizes ranging between $1 million and $5 million.
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Textile firms in China and Pakistan are in deep distress. Can India be the beneficiary?
The Indian textile and apparel market is looking at an unlikely and short-lived opportunity to gain global dominance. It remains to be seen if the stakeholders can come together and do what is required.
ReshaMandi expects over 5-fold growth in revenue to Rs 2,000 cr this fiscal
In India, ReshMandi claims to have onboarded over 41,000 farmers, 5,500 reelers, over 7,000 weavers and 3,300 retailers and mutually connects them for business through its app.
B2B agritech marketplace Vegrow raises $25 million in funding
The Bengaluru-based company’s existing investors Matrix Partners India, Elevation Capital, Lightspeed Venture Partners and Ankur Capital also participated in this round.
Agritech startup Gramophone aims to clock Rs 1,000-crore GMV in FY23
Gramophone to use the capital to expand its offline retail network to 10,000 stores
Absolute raises $100 million in funding led by Sequoia Capital, Alpha Wave, Tiger Global
Last year, Absolute Foods had raised $2 million from Sequoia Capital’s incubation programme, Surge, and two angel investors: Nadir Godrej and Sanjiv Rangrass.
Agritech VC firm Omnivore sets up new $130 million fund
This is the third fund by the investor and is expected to close the new fund by September 2022. With this fund the investment firm expects to fund 25-30 new start-ups in the next four years. The venture capital firm generally makes investments in seed rounds, pre-series A, and series A rounds with follow-on capital for future growth.
B2B food supply startup FarMart raises $32 million in fresh funding led by General Catalyst
Founded in 2015 by Sanghera and Mehtab Singh Hans, FarMart’s model is centred around agri-input retailers and solves some of the challenges faced by the retailer community.
Agritech startup AgroStar bags $70 million in new funds
The agritech startup plans to use the fresh capital to accelerate growth through omnichannel expansion and market linkages.
Absolute Foods eyes $90 million funding at $300 million valuation
Absolute Foods is likely to mop up a large portion of the amount in a few weeks in what could be one of the biggest Series A funding rounds in India’s agritech space.
Agri-tech startup DeHaat raises $115 million led by Sofina, Lightrock India
Singapore government investment fund Temasek also co-invested in the round with participation from existing investors, Prosus Ventures, RTP Global, Sequoia Capital India and FMO, a senior company executive said.
More funds eye Paytm IPO; govt may rethink safe harbour rules
Paytm's highly anticipated IPO has drawn the attention of various funds in the US and Europe.
Agritech startup Bijak in talks to raise $35 million led by Bertelsmann India
The startup also counts Omidyar Network, Omnivore Partners and Better Capital among its investors. It is part of Sequoia startup accelerator programme Surge’s second cohort of 2019.
Silk B2B startup ReshaMandi raises $30 million in funding
ReshaMandi, which provides a full-stack digital ecosystem from farm to fashion, plans to expand its agricultural business in all major silk-producing states across India.
Sericulture farmers see 20% higher prices on the back of ReshaMandi's digital support
More than 12,000 sericulture farmers in Karnataka, Tamil Nadu, Andhra Pradesh and Maharashtra currently use the artificial intelligence-based application of the startup, ReshaMandi, according to its founder.
Reshamandi raises $1.7 million in seed funding
The funds will be used to strengthen their digital platform and expand beyond Karnataka, establishing a presence in other important Indian silk hubs such as Maharashtra and Tamil Nadu.
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