Listed below are some of the major news of the startup sector, take a look to stay updated:
Marco Wagon Retail sends Rs 20 Cr damage and non-payment notice to Flipkart
One of the largest vendors of Flipkart, Marco Wagon Retail has sent a legal notice to the B2B arm of the Bengaluru-based e-commerce marketplace. The vendor has asked Rs 20 crore in return for non-payment of dues and damages.
This is a retaliation from the company after Flipkart filed a legal case against the vendor in April this year. The online marketplace, however, has called these allegations as baseless and already filed a legal proceeding, including criminal action against Macro Wagon. The matter is currently under subjudice.
Kishore Biyani’s Future Lifestyle to buy 29.9% stake in Koovs.com
Kishore Biyani-led Future Lifestyle Fashions Limited has agreed to pick a 29.9 percent stake in fashion e-tailer Koovs plc. This comes after Wal-Mart announced a deal to buy a significant stake in e-tailer Flipkart and Biyani questioning e-commerce business models.
Koovs will issue 57,876,600 new ordinary shares to Future Lifestyle at a price of 10 pence per share, representing 24.8 percent of its enlarged issued share capital, for £5,787,660 (Rs 525 million, $7.6 million). Two representatives Future Lifestyle will join Koovs’ Board of Directors in due course.
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LoanTap raises Rs 43 crore, equity funding round led by Shunwei Capital
Digital lending company LoanTap has raised $6.25 million (Rs 42.83 crore) in an equity funding round led by Beijing-based venture capital firm Shunwei Capital.
The round also saw the participation of Mumbai-based private investment firm Tuscan Ventures and Ashish Goenka, owner of Suashish Diamonds who invested in his personal capacity. Existing investors India Quotient and Kae Capital also participated.
HungerBox raises $2.5 M pre-Series A led by Lionrock Capital and Kris Gopalakrishnan
HungerBox, a B2B-focused foodtech company, on Monday announced it had closed $2.5 million in pre-Series A funding led by Lionrock Capital and Kris Gopalakrishnan, Co-Founder, Infosys. HungerBox also counts GrowthStory, the venture-builder platform founded by serial entrepreneurs K Ganesh and Meena Ganesh, as one of its promoters.
Today’s Take Away:
We sometimes think that having the brains matters the most for entrepreneurial success. Well, experts feel that the secret lies in being courageous enough to embark on the journey.
Peter Thiel, an American entrepreneur says,
“Brilliant thinking is rare but courage is in even shorter supply than genius.”
