07 Oct 2019

Startup NEWS, Oct 7, 2019

1. Bansal, Poonawallas to invest Rs 100 crore in lending company U Gro

  • U Gro will use the funds to expand its businesses at a time when capital is scarce for the sector.
  • U Gro started its disbursals in January this year and has disbursed more than Rs 600 crore in debt to businesses across India.

Source: ET

2. PayPal’s Libra exit adds to Facebook’s woes

  • Libra’s premise was that it would be controlled by a broad network of corporate partners.
  • Libra was designed to function as a cryptocurrency that could be freely traded inside Facebook’s properties, like Messenger and WhatsApp, and would be used for international exchange.

Source: ET

3. Vahan.ai to scale up with funds from Khosla Ventures, others

  • Founder Madhav Krishna said Vahan has 1.4 million users and claimed it had helped 25,000 of them find blue-collared jobs.
  • “We connect blue-collared job seekers to employers who need access to labor,” said Madhav Krishna, founder, Vahan.ai

Source: ET

4. Food outlet company Lite Bite to raise Rs 500 crore through PEs

  • The funds will be used for Lite Bite’s Indian and international expansion.
  • Lite Bite is expecting a revenue of Rs 310 crore for the financial year 2019-20 from its 110 outlets through retail business only.

Source: ET

5. NBFC Kogta gets Rs 300 crore in Series C

  • Creator and Morgan Stanley Private Equity have led a Rs 300 crore funding round in non-banking financial company (NBFC) Kogta Financial,
  • The Series-C round comes about a week after the Pramod Bhasin-led Clix Capital also raised $40 million in fresh financing, led by its largest stakeholder, AION Capital.

Source: ET


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