by Garima Garg
Snapdeal raises emergency funding of USD 17.5 million to stay afloat
Founded by: Kunal Bahl and Rohit Bansal
Founded in: 2010
New Delhi based Snapdeal is a popular online retail platform in India. Since 2010, the platform has been able to make its mark in a space dominated by Amazon and India’s Flipkart. Started as a daily discounts platform, Snapdeal has since become a full-fledged online retail space.
Of late, however, the company has run into trouble. In the past year, its valuation has come down from USD 6.5 billion to USD 1 billion. Three months back, Snapdeal’s largest investor Softbank initiated the process to sell the troubled e-commerce giant to rival Flipkart. However, as per the latest report, the company is still making last ditch attempts to stay afloat with the founders and Venture Partners putting in a total of USD 17.5 million.
While the confusion over merger persists, the emergency funding means the company will continue to fight on to retain its space in India’s booming online retail industry.
India’s logistics tech startup Loadshare for SMEs raises funding
Founded by: Raghuram Talluri, Tanmoy Karmakar and Rakib Ahmed
Founded in: 2017
Based in Bengaluru, Loadshare is a logistics tech startup for small and medium enterprises in India. The platform offers tech-based solutions to tackle logistics like operational know-know, customer access, and helps its clients with business development as well. Currently, the platform covers more than 2,000 pin codes across India.
Co-founders Karmakar and Ahmed have previous experience in the logistics industry, while Talluri has worked at Flipkart’s Myntra, McKinsey and Accenture in the past.
As per documents filed with the government, Loadshare has so far raised more than USD 800,000. Now, India’s Matrix Partners has raised an undisclosed amount in the logistics startup in its first round of institutional funding, according to a VCCircle report.
With the funds, the startup will expand its team as well as continue to work on its tech platform for logistics for SMEs.
(Top photo from Pixabay)