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<keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> on Thursday said it has joined hands with early stage venture capital fund <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> to scale <keyword id="390673" type="PERSON" weightage="20" keywordseo="small-businesses">small businesses</keyword> in India by providing them with timely digital skilling support. The move comes barely a week after the social networking giant announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bengaluru impacted by Covid-19. The tie-up with Matrix Partners is a part of Facebook's VC Brand Incubator Programme that collaborates with venture capital funds to help early-stage small and medium businesses (SMBs) to maximise their digital potential. In light of the pandemic, Facebook has taken the programme online to ensure continued skilling and support for small businesses even in these times. "Facebook is committed to supporting the growth of small businesses in India, and this charter is stronger than ever as we work towards enabling their recovery from the pandemic," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement. With the tie-up with Matrix Partners India, the program also completes one year during which it has collaborated with six VC Funds -- Sauce.VC, Fireside Ventures, SAIF Partners, Sequoia Capital, DSG Ventures, and Matrix Partners India. During this period, the programme has skilled, trained and mentored more than 150 brands at various stages of their growth journey. Matrix Partners India is a leading early-stage investor that partners closely with SMBs across sectors including consumer technology, business-to-business, enterprise, and fintech among others. In India, among many other brands, they have also invested in marquee companies such as Ola, Quikr, Practo, Dailyhunt, Mswipe, Country Delight, and Razorpay among others. "We've been early backers in many challenger brands from across the spectrum -- eCommerce, gaming, CPG, neo-banking, healthcare, content – to name a few, and we're thrilled to see them create world-beating products and leverage Facebook's platform to reach their end consumers, and bring about large scale impact," said Sanjot Malhi, Director, Matrix India. "Over 20 companies from our portfolio, including Country Delight, Stanza Living, OZiva, ManMatters, Zupee, The Whole Truth, Dealshare, have now partnered with Facebook on this programme." As part of the VC Brand Incubator Programme, Facebook has also started Campaign Lab that helps direct-to-consumer small businesses get creative solutioning support, and go live with mobile friendly creatives and strategy in under 72 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/this-startup-wants-to-turn-kirana-stores-into-electric-vehicle-charging-stations/articleshow/78289491.cms">This startup wants to turn kirana stores into electric vehicle charging stations</a> <a href="https://www.businessinsider.in/careers/news/yes-bank-is-hiring-again-for-the-coming-year-after-workforce-shrinks-by-1000-since-march/articleshow/78287419.cms">EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year</a>

Facebook partners with sixth VC firm in India – Matrix Partners to scale small businesses

SaaS platform for online stores <keyword id="1249046" type="General" weightage="100" keywordseo="dukaan" source="Orion">Dukaan</keyword> has laid off nearly 30 per cent of its workforce, or around 60 employees - its second layoff in about six months. Inc42 reported that the latest layoffs impacted employees in the sales team and accounts. According to the report, the retail tech platform "shifted its focus to helping D2C brands scale up and this was the reason for the layoffs". In 2021, Dukaan raised $12.4 Mn in its pre-Series A round led by 640 <keyword id="16813517" type="General" weightage="50" keywordseo="oxford-ventures" source="Orion">Oxford Ventures</keyword>. It also raised $6 million in a seed round from <keyword id="366603" type="General" weightage="50" keywordseo="matrix-partners-india" source="Orion">Matrix Partners India</keyword> and Lightspeed India Partners. In the same year, Dukaan partnered with homegrown hyperlocal delivery platform Dunzo and e-commerce aggregation platform Shiprocket to integrate delivery into the platform for a seamless retail experience. Founded in 2020 by <keyword id="12033809" type="General" weightage="50" keywordseo="suumit-shah" source="Orion">Suumit Shah</keyword> and <keyword id="2201253" type="General" weightage="50" keywordseo="subhash-choudhary" source="Orion">Subhash Choudhary</keyword>, Dukaan is a comprehensive platform that provides end-to-end solutions ranging from inventory management, promotions, sales, payment and delivery for sellers across the country. In September last year, Dukaan partnered ShareChat and Moj to enable the merchants on its platform to collaborate with creators present on ShareChat and Moj to promote their products through video and live content. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rare-vulture-species-sighted-at-dudhwa-national-park/articleshow/98691284.cms">Rare vulture species sighted at Dudhwa National Park</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/once-again-lemon-prices-soar-to-200-per-kilo/articleshow/98691510.cms">Once again, lemon prices soar to ₹200 per kilo</a>

Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months

<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

<ul><li><keyword id="4393078" type="PERSON" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> raised $250 million from Softbank to enter the unicorn club. </li><li>The subsidiary company of ride hailing unicorn Ola had earlier raised funds from <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>, Arun Sarin, Tiger Global, Matrix India and others. </li><li>Interestingly, all of these investors have also placed their bets on Ola.</li></ul>Ola Electric has become India’s latest unicorn after it raised $250 million from Softbank, according to filings sourced by paper.vc. Ola Electric Mobility , a subsidiary of the ride hailing unicorn Ola, has been in the news of late as India powers up its Electric Vehicle mission. In May, Ola Electric also raised funds from Arun Sarin, former Vodafone Group CEO and also from the Chairman Emeritus of Tata Group, Ratan Tata. In March, it had raised ₹4 billion from Ola’s existing and early investors – Tiger Global and Matrix India. Interestingly, most of the investors in Ola Electric are its parent company’s investors – from Softbank to Arun Sarin, Ratan Tata and even Tiger Global and Matrix India. “India can leapfrog problems of pollution and energy security by moving to electric mobility, create millions of new jobs and economic opportunity, and lead the world,” Bhavish Aggarwal, Co-founder &amp; CEO, Ola had said in March. Through Ola Electric, the company partnered with several equipment manufacturers and battery manufacturers, while looking to work with the automotive industry for solutions for electric vehicles. Ola had also recently announced its technology centre in the Bay Area, where it’s hiring over 150 engineers to develop next-generation technologies in mobility. See Also: <a href="https://www.businessinsider.in/ratan-tata-invests-in-ola-electric-mobility/articleshow/69199801.cms">Ratan Tata recharges Ola’s electric mobility wing – invests an undisclosed amount</a> <a href="https://www.businessinsider.in/ola-takes-on-mahindra-glyd-with-fresh-funds-wheres-uber/articleshow/68214440.cms">Ola gets fresh funds to take on Mahindra’s Glyd – where’s Uber?</a>

Ola’s investors back its electric company – Ola Electric – welcome it to the unicorn club

Car services management app Park+ on Tuesday said it has raised Rs 140 crore in a funding round led by <keyword id="5998794" type="General" weightage="80" keywordseo="epiq-capital" source="Orion">Epiq Capital</keyword>, Matrix Partners <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Sequoia Capital India. The company plans to utilise the fund to expand its presence to over 100 cities, hire more than 200 employees and expand its services verticals, Park+ said in a statement. "The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding our presence to over 100 cities. The part of the fund will be used for launching more used cases," Park+ Founder and CEO <keyword id="351083" type="General" weightage="80" keywordseo="amit-lakhotia" source="Orion">Amit Lakhotia</keyword> told PTI while sharing details of the funding. Park+ has over 700 employees across India. <keyword id="386081" type="General" weightage="80" keywordseo="lakhotia" source="Orion">Lakhotia</keyword> said that the company has an access control business in 20 cities, a parking business in 10 cities, and a dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months. The company helps users find a parking spot, track challans, recharge FASTag, renew insurance, car cleaning, car maintenance etc. Lakhotia said that the company has been making money since the beginning of the business and expects operational profit in the next financial year. "Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve. Today they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users. "We are excited to be deepening our partnership with Park+ and look forward to the journey ahead," Epiq Capital, Managing Partner, <keyword id="320939" type="General" weightage="80" keywordseo="rishi-navani" source="Orion">Rishi Navani</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bmw-recalls-over-14k-electric-cars-over-software-malfunction-that-may-increase-crash-risk/articleshow/96873654.cms">BMW recalls over 14K electric cars over software malfunction that may increase crash risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-launches-its-first-5g-data-pack-price-benefits-how-to-use/slidelist/96874180.cms">Reliance Jio launches its first 5G data pack – price, benefits, how to use</a>

You Searched For "Matrix Partners India" and got 5 results

Facebook partners with sixth VC firm in India – Matrix Partners to scale small businesses

IANS

Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months

IANS

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

Kritti Bhalla

Ola’s investors back its electric company – Ola Electric – welcome it to the unicorn club

Sanchita Dash

Park+ raises ₹140 crore for biz expansion to over 100 cities, hire 200 people

PTI

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