Former Helion Ventures’ Co-founder Sanjeev Aggarwal and Nandan Nilekani announced the establishment of a $100 million fund—Fundamentum Partnership—for advanced-stage startups.
This indicates their confidence in the Indian startup ecosystem. More startups raised series B and series C this week. Not declining that there are new avenues opening up for early stage startups too.
Israel and India
Israel and India together have announced the Israel, India Innovation Initiative Fund of $40 million for tech innovation, this week after the visit of Prime Minister Narendra Modi to Israel.
The closer India and Israel gets, it would be bring great opportunities for startups in India. Israel is known for its enthusiastic startup environment and innovations.
Funds and Fintech
Other than that, the Karnataka government launched a programme called Elevate 2017, to pick 100 startups with innovative ideas and potential to grow fast and provide them for a part of a Rs 200-crore fund.
Fintech is the theme that is playing among startups ever since the axe of demonetisation fell on the nation. The government’s focus on digitization of the financial industry is the fuel behind the fintech rocket. ISME ACE, India’s largest fintech accelerator, opened doors for applications for startups who want t benefit from a seed funding of $100,000. Not just that, it is also providing support with financial services partner firms, mentorship, marketing, and technology.
Flipkart recently is foraying into the fintech space with PhonePe. With PhonePe, Flipkart plans to become a one-stop application to disrupt banking apps.
“We want to do credit and would want to do lending, perhaps. So, what if we could give people a virtual credit line that they can use? The same goes for products like mutual funds and insurance.” —Sameer Nigam, Co-founder of PhonePe
One of the major developments in mergers and acquisitions happened between BookMyShow and Burrp. The former acquired the latter in an all-cash deal with Network18.
That is most of the actions that happened in the first week of July, 2017