04 Sep 2019

Startup NEWS, Sep 4, 2019

1. Matrix leads first funding round in neo bank Yelo 

  • BENGALURU: New-age digital banking services provider Yelo has raised its first round of institutional funding from Matrix Partners India with participation from Omidyar Network Flourish VC and Better Capital, in the latest instance showing strong investor interest in what is being called neo-banking.
  • The company did not disclose the amount it has raised.

Source: ET

2. WeWork plans IPO roadshow as soon as next week 

  • WeWork is planning to kick off its initial public offering roadshow as soon as next week, according to people familiar with the matter.
  • The office rental company’s meetings with potential IPO-investors are expected to involve stops in cities such as New York and San Francisco, said the people, who asked to not be identified because the matter isn’t public. Dates for the roadshow could still change, the people said.

Source: ET

3. Cashflo gets Rs 29 crore in Series-A round 

  • BENGALURU: Mumbai-based invoice discounting company Cashflo has raised $3.3 million (Rs 29 crore) in a SAIF Partners-led series A funding round to fuel its expansion plan.
  • The financing round also saw participation from a clutch of angel investors, including Ashish Iyer, who was previously a senior partner at BCG, and Arpan Sheth, partner at Bain and Co.

Source: ET

4. IT could still tax angels to invest in startups 

  • Startups and investors have lauded the government’s initiatives to exempt startups from the so-called ‘angel tax’, but some people in the community fear the dreaded tax may continue to haunt many of them because a few key issues remain unresolved.
  • As per DPIIT’s February circular, startups that have given salary advances or loans to employees are not eligible for the exemption from angel tax.

Source: ET

5. Vyapar lands Rs 36 crore in Series-A fund 

  • BENGALURU: Vyapar Tech Solutions, a fin-tech startup offering billing software for small businesses, has raised Rs 36 crore ($5 million) in its series A round of funding led by listed marketplace Indiamart.
  • Existing investors Axilor Ventures and India Quotient, too, participated in the funding round, Indiamart said. Vyapar offers a simplified mobile application through which owners of small businesses can maintain their transaction records and dealings.

Source: ET

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