Ratan Tata-Backed RNT Associates Under ED Scanner & Other News That You Need To Know


Listed below are some of the major stories of the startup sector, take a look to stay updated:

RNT Associates under ED scanner for overseas investments

Business tycoon Ratan Tata’s investment arm RNT Associates, which focuses on early stage and startup investments, has been under Enforcement Directorate (ED) radar over its offshore investment portfolio.

The law and economic intelligence agency – Enforcement Department (ED) – has sought information on overseas investment by RNT Associates directors, which count Ratan Tata, RK Krishna Kumar, Ramachandran Venkataramanan, Krishna Kumar.

Earlier this month, an ED ordered to seek information such as the nature of activities of RNT Associates, bank account details, and copies of audited balance sheets. The order falls under provisions of the Foreign Exchange Management Act (FEMA).

SMECorner raises funds

DigiKredit Finance Pvt. Ltd, which operates digital lending platform SMEcorner, has raised $7 million (Rs 47.5 crore) in an investment round led by non-banking financial company Capital First Ltd.

SMEcorner’s chief executive Samir Bhatia told VCCircle that existing investors Accion Ventures and Dutch Good Growth Fund had also contributed.

The investment is a combination of equity and debt, he added.


Purplle raises $2.57 Mn funding

Mumbai-based online beauty products marketplace Purplle has raised $2.57 Mn (INR 17.5 Cr) from a clutch of investors in a fresh funding round.

According to reports, the multiple-tranche fundraising was led by an unidentified London-based investment fund, with participation from Patrick Chong Fook Seng, the founder of Luxasia Group, and existing investor JSW Ventures, the venture capital arm of the JSW Group.

Founded in 2011 by Manish Taneja and Rahul Dash, Purplle is an e-commerce platform that offers beauty products and beauty appliances.

RentSher secures $1.1mn fund led by Middle East-based VCs

Online products rental marketplace RentSher, has raised $1.1 million in the latest funding round led by venture capital funds of Abu Dhabi-based Shorooq Investments and Dubai-based Latitude Consultants.

The Bengaluru-based startup also saw participation from angel investors of the LetsVenture platform, a senior partner from McKinsey & Company’s Middle East office, and others in the round.

The company plans to allocate the funds towards product development. Besides, it is also looking to expand into 5-8 cities in India and in the Middle East by this year. 

Today’s Take Away:

Doing what you love is very important, otherwise, there’s no point wasting time over what you’re doing.

American businessman Marcus Lemonis says,

“If you don’t love what you do then you should not do it.”