Listed below are some of the major news of the startup sector, take a look to stay updated:
Y Combinator-backed Servx and SimpleMoney suspend ops
Two local startups backed by Silicon Valley-based accelerator Y Combinator have suspended operations and are likely to shut shop soon, as per media reports.
A cash crunch coupled with lack of user traction is likely to have dealt a killer blow to ServX, an online marketplace for car maintenance services, and SimpleMoney, an automated mutual fund investment tracker. The websites of both ventures were offline at the time of publishing this report, while ServX’s mobile app could not be installed.
Online marketplace Shop101 raises $5 million in Series-A funding
The online marketplace, Shop101 has raised $5 million in series A funding led by Stellaris Venture Partners.
Existing investors including Vy Capital, TaxiForSure co-founder Raghunandan G. and Ramakant Sharma, Livspace co-founder also participated in the round. As a part of the investment, Rahul Chowdhri, partner at Stellaris Venture Partners has joined the company board.
Shop101, which enables entrepreneurs to sell online using Whatsapp, Facebook and Instagram, plans to utilise the capital to strengthen its core leadership and product team, scale the supplier network and enhance its technology platform.
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SmartVizX secures Rs 10 cr funding from YourNest & IAN Fund
Virtual reality startup SmartVizX has raised ₹10 crore in pre-series A funding from YourNest Venture Capital and the Indian Angel Network’s IAN fund.
The company also announced the launch of Trezi, which it said is India’s first VR-based platform for architecture and interior design collaboration.
The funds will be deployed towards scaling up the product team and building additional capabilities to the product, along with the international expansion, said Tithi Tewari, managing director, SmartVizX.
AI-powered sales startup 19th Mile bags angel funds from HNIs
Artificial intelligence-based sales acceleration software platform 19th Mile has raised $180,000 (Rs 1.2 crore) in angel investment from high-net-worth individuals, the company said in a media statement.
The key investors include Rishi Vasudev, vice president of fashion at Flipkart; Excelsior Investments; Ritesh Vohra, the partner at IDFC Real Estate Fund; Praveer Kumar, chief technology officer at payments solutions startup Finxera; Prashant Gupta, head of engineering at Finxera; and a few others, the statement added.
Run by Gurugram-based 19th Mile Capability Solutions Pvt. Ltd, the company was founded 2015 by Vijay Gogoi, who worked at consultancy giant Accenture before starting up.
Today’s Take Away:
It is important that we learn from the experts and then try and use them in your own lives to attain success.
Eric Ries, Blogger, Startup Lesson Learned rightfully says,
“The lean startup method is not about cost, it is about speed.”