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Social e-commerce platform <keyword id="7412577" type="General" weightage="100" keywordseo="dealshare" source="Orion">DealShare</keyword> on Thursday said it has raised another $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (<keyword id="6482676" type="General" weightage="80" keywordseo="adia" source="Orion">ADIA</keyword>), taking total funding to $393 million and valuation to $1.7 billion. The company said it will use the funds to boost product innovation and technology to support its rapid growth and expanding customer base. "In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states," said <keyword id="7948689" type="General" weightage="20" keywordseo="vineet-rao" source="Orion">Vineet Rao</keyword>, Founder and CEO of DealShare. DealShare offers low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping. The company will use funds to build teams across the country and hire new tech talent at all levels. "India's e-commerce ecosystem is developing rapidly, and DealShare is addressing an underserved and growing segment within it," said <keyword id="13195199" type="General" weightage="20" keywordseo="hamad-shahwan-al-dhaheri" source="Orion">Hamad Shahwan Al Dhaheri</keyword>, Executive Director of the Private Equities Department at ADIA. DealShare previously announced $165 million of funding in Series E from <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever Ventures. DealShare is set to reach $1 billion of gross revenue run rate within just three years in operation. "We are likely to hit $3 billion of gross revenue run rate in the next 12 months," said Sourjyendu Medda, Founder and Chief Business Officer. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/npci-to-deploy-upi-in-nepal-first-country-outside-india/articleshow/89641194.cms">NPCI to deploy UPI in Nepal, first country outside India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-2-5g-oneplus-tv-y1s-y1s-edge-to-launch-in-india-today-heres-how-to-catch-the-livestream/articleshow/89636431.cms">OnePlus Nord CE 2 5G, OnePlus TV Y1S &amp; Y1S Edge to launch in India today – here’s how to catch the livestream</a>

Social e-commerce platform DealShare raises $45 million from ADIA

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus area </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Construction material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OfBusiness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing and infrastructure development material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial and home products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

<ul><li>The B2B e-commerce platform has raised $250 million in a series F round of funding led by <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Alpha Wave Global and <keyword id="4786885" type="General" weightage="20" keywordseo="ward-ferry" source="Orion">Ward Ferry</keyword>.</li><li>The e-commerce platform is now valued at $2.6 billion after the latest funding round.</li><li>Overall, the company has raised over $650 million to date.</li></ul><keyword id="3119222" type="General" weightage="20" keywordseo="Moglix" source="Orion">Moglix</keyword>, a Noida-based business to business (B2B) e-commerce platform, has raised $250 million in a new round of funding led by Tiger Global, Alpha Wave Global with Hong Kong-based Ward Ferry coming onboard as a new investor. The e-commerce platform is now valued at $2.6 billion after the latest funding round. The company also claims that undisclosed seed investors have seen a return of 80 times on their investment in this B2B commerce player. Notably, the company had raised its seed round in 2015-2016 from investment firm Accel, industrialist <keyword id="6360722" type="General" weightage="20" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword> and others. Overall, the company has raised over $650 million to date. It is also backed by various other marquee global investors such as Sequoia, Accel Partners, International Finance Corporation, Harvard Management Company, and others. Rahul Garg, founder and chief executive officer (CEO) said, “We will continue to invest in building technology and supply chain capabilities to enable growth of the manufacturing and infrastructure sector. Moglix will increasingly focus on growth driven by supply chain financing, acquisition of the right partners and global expansion.” In May 2021, the company also became the first B2B commerce unicorn in the manufacturing sector after raising $120 million. A unicorn, in startup parlance, is a private company that is valued at or over $1 billion. Moglix, founded by Indian Institutes of Technology (IIT) Kanpur and Indian School of Business (ISB) graduate Rahul Garg in 2015, is an e-commerce platform, which provides solutions to more than 500,000 small and medium enterprises (SMEs) and over 1000 large manufacturers across India and the UAE. It has a supply chain network of over 16,000 suppliers and over 40 warehouses. The company, which also recently crossed $100 million disbursal rate on its supply chain financing platform Credlix, works with manufacturing and infrastructure companies to transform their end-to-end supply chain, from procurement to distribution. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2022-indian-government-can-help-zomato-swiggy-uber-and-ola-can-increase-salary-of-delivery-partners-and-drivers/articleshow/89180404.cms">There’s a way government can prod Zomato, Swiggy, Uber and Ola to increase salaries of delivery partners and drivers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/reports-of-covid-19-variant-neocov-are-spreading-heres-what-we-know-so-far/articleshow/89180852.cms">Reports of COVID-19 variant ‘NeoCov’ are spreading – Here’s what we know so far</a>

Moglix more than doubles its valuation in nine months

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

<keyword id="46431" type="General" weightage="50" keywordseo="india-inc" source="Orion">India Inc</keyword> signed 1,149 deals valued at $104.3 billion in the first half of this year, amid global uncertainties, and the country saw $6 billion from 17 IPOs -- the highest values raised in the first six months, a report showed on Thursday. The figures represent a significant 34 per cent increase in the overall deal volumes, while deal values more than doubled (with a 143 per cent increase) from the same period last year, according to the <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword> Dealtracker report. Driven by <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="83209" type="General" weightage="50" keywordseo="hdfc-ltd" source="Orion">HDFC Ltd</keyword>'s $40 billion merger, LTI and <keyword id="6357902" type="General" weightage="80" keywordseo="mindtree" source="Orion">Mindtree</keyword> merger ($17.7 billion) and Adani Group-Holcim Ltd's $10.5 billion deal, M&amp;A deal values recorded an over two times increase over H1 2021. These three deals alone accounted for 86 per cent of the total M&amp;A deal values in H1 2022. "Amid macro-economic stress, the overall deal sentiment for 2022 is expected to continue given the support from the government on infrastructure spending, supply-side response and key fiscal measures," said <keyword id="12539905" type="General" weightage="80" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword>, <keyword id="6399933" type="General" weightage="80" keywordseo="partner" source="Orion">Partner</keyword>, Growth, Grant Thornton Bharat. "However, corporates and more importantly PE/VCs may employ a cautiously optimistic approach as the impact of the global economic slowdown on the Indian economy becomes evident," Vijetha added. While private equity deal activity continued to dominate total deal volumes with 3/4th share, deal values were driven by mergers and acquisitions with 76 per cent of the total deal values in H1 2022. Startup, e-commerce and IT sectors led deal activity in H1 2022, driving 76 per cent of all deals followed by retail, education and pharma sectors. The M&amp;A space witnessed a significant increase in the first half, witnessing 284 deals while representing a 27 per cent growth over H1 2021. The banking and financial sector had the highest contribution of 53 per cent in terms of overall deal value in H1 2022, followed by IT and manufacturing sectors. The private equity and venture capital investments saw record volumes and values in the first six-month period with 865 deals at $25.1 billion. However, there was a 12 per cent and 15 per cent decrease in investment volumes and values over H2 2021 (the preceding six months), the report noted. "The drop in the deal values is due to a fall in big-ticket investments coupled with prevailing factors including geopolitical tensions, stock market volatility, concerns about the rise in commodity prices and the impact of inflation," the report noted. Nevertheless, large funds like <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Westbridge, Baring PE, TPG, Brookfield, Blackstone and Warburg Pincus, among others, continued to keep pace with their activity. The start-up space attracted the most investment at $5.1 billion across 550 deals, recording a growth of 69 per cent in deal values. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/strong-corporate-earnings-drive-markets-higher/articleshow/93028512.cms">Strong corporate earnings drive markets higher</a>

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

<keyword id="10245463" type="General" weightage="20" keywordseo="coinswitch-kuber" source="Orion">Coinswitch Kuber</keyword> on Wednesday said it has raised USD 260 million (around ₹1,943 crore) in a fundraising round that values it at USD 1.9 billion. The company becomes the second crypto exchange to achieve the unicorn status after rival Coindcx, even as deep concerns on the crypto currencies among the regulators continue. In business parlance, a unicorn is a privately held startup company valued at over USD 1 billion. <keyword id="10587326" type="General" weightage="100" keywordseo="coinswitch" source="Orion">Coinswitch</keyword> Kuber was founded only 16-months ago by Ashish Singhal, Govind Soni and Vimal Sagar. It is the 30th company to enter the unicorn club this year and the youngest company ever. Other young startups to enter the unicorn club include two-year-old Apna and three-year-old BharatPe that were valued over $1 billion this year. Ecommerce platform for business Udaan and Ola’s electric vehicles (EV) arm Ola Electric turned unicorns when they were three year old. Coinswitch Kuber said it has raised money from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, <keyword id="2126501" type="General" weightage="20" keywordseo="ribbit-capital" source="Orion">Ribbit Capital</keyword>, Sequoia Capital <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="526777" type="General" weightage="20" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>. 'a16z' is a venture capital firm known to back bold entrepreneurs building the future through technology while Coinbase is one of the early pioneers of creating a crypto economy and operates one of the world's largest crypto exchanges, as per the statement. It can be noted that the RBI has expressed its deep concerns about private cryptocurrencies like Bitcoins multiple times in the past and has conveyed the same to the government. The concerns stem from the high volatility of the instruments, lack of transparency in supply etc. Coinswitch said it will utilize the funds to make crypto a household name and is targeting to onboard 50 million Indians on its platform. The money will also be utilised to hire leaders and experts across engineering, product, data, growth to define the crypto industry in the country, adding new asset classes, onboarding institutional clients, launching an ecosystem fund and on crypto awareness, the statement said. "Coinswitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out," its co-founder and chief executive Ashish Singhal said, adding that it has reached the unicorn status within 14 months of operations in the country. Started in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar, the company was launched as a global aggregator of crypto exchanges. It launched India operations in June 2020 and presently has 10 million users in India, of which 7 million were classified as monthly active. "We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, Coinswitch has emerged as the leading retail platform in the country," David George, general partner at Andreessen Horowitz, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/forbes-400-list-of-the-richest-people-in-america-now-has-six-crypto-billionaires/articleshow/86805312.cms">Forbes 400 list of the richest people in America now has six crypto billionaires</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-trading-volume-on-binance-is-reportedly-soaring-despite-a-market-crackdown-and-regulatory-pressure/articleshow/86788343.cms">Crypto trading volume on Binance is reportedly soaring despite a market crackdown and regulatory pressure</a>

Coinswitch Kuber raises $260 million, becomes the second cryptocurrency unicorn in India

<ul><li>India’s financial investigation agency has been investigating Amazon and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> over the years. </li><li>The Enforcement Directorate issued a show-cause notice to both the companies and its founders last month. </li><li>Flipkart raised a $3.6 billion round at a valuation of $37.6 billion, a two-fold increase from 2018.</li></ul>India’s Enforcement Directorate (ED) has reportedly warned Walmart-owned Flipkart and its founders — <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> — with a $1.35 billion penalty for alleged violation of the country’s foreign investment laws. According to a Reuters report citing sources it did not name, the financial investigation agency has alleged that after Flipkart got foreign investment, a related party, <keyword id="1556044" type="PERSON" weightage="20" keywordseo="WS-retail">WS Retail</keyword>, started selling goods to consumers via the e-commerce platform. This is prohibited under Indian law. ED has issued show-cause notice to both the companies and its founders last month to explain why they shouldn’t face a penalty of $1.35 billion for allegedly violating India’s foreign direct investment (FDI) policy. Tiger Global, which has been an investor in Flipkart for a decade has also been issued such a notice. Tiger Global declined to comment on the issue. A Flipkart spokesperson told Reuters, the company is "in compliance with Indian laws and regulations…We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice." One of the sources at Flipkart told Reuters that they have around 90 days to respond to the notice and WS Retail had ceased its operations at the end of 2015. Flipkart was acquired by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in 2018, after which Sachin Bansal sold off all his shareholdings but Binny Bansal continues to hold some. The company’s valuation has doubled since then, from $16 billion in 2018 to $37.6 billion now. Last month, the company raised a $3.6 billion round led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the round. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a> <a href="https://www.businessinsider.in/business/startups/news/moengage-wants-an-office-in-new-york-and-hire-to-150-techies-in-india/articleshow/85057941.cms">INTERVIEW: MoEngage, which helps companies like Domino's engage with customers, wants an office in New York and 150 techies in India</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-pumps-enough-money-to-make-bharatpe-a-unicorn-about-a-month-after-it-got-a-banking-licence-with-centrum-as-its-partner/articleshow/85027918.cms">Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner</a>

Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days

<ul><li><keyword id="12042233" type="General" weightage="20" keywordseo="gokwik" source="Orion">GoKwik</keyword> offers tools and solutions to direct-to-consumer (<keyword id="4055555" type="General" weightage="20" keywordseo="D2C" source="Orion">D2C</keyword>) that offer better experience to users.</li><li>Matrix Partners India led the company’s pre-Series A round, with participation from RTP Global.</li><li>In its first year of operations, the company has set plans for international expansion.</li></ul>The Indian <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> industry was growing exponentially last year as customers and several brands were embarking on the digital journey amidst the pandemic. But the show was largely run by giants like Amazon and Flipkart. That’s when <keyword id="4075194" type="General" weightage="20" keywordseo="Chirag-Taneja" source="Orion">Chirag Taneja</keyword> came up with the solution to help Indian brands to set up their own identity in the world of digital retail. GoKwik, launched in January 2021, offers tools and solutions to direct-to-consumer (D2C) brands — that sell directly to customers through their own website — to offer better experience to users. “If you look at D2C websites and compare it to the giants, you’ll realise that many things are broken. If e-commerce has to boom then someone will need to fix these experiences. That is what we do as a company,” Chirag Taneja, chief executive (CEO) and co-founder of GoKwik, told Business Insider. Fundraise to international expansion — all planned out GoKwik on Tuesday, September 7, announced a $5.5 million fundraise in order to expand its presence further. The pre-Series A round was led by Matrix Partners India, with participation of global investors like RTP Global. Several marquee angel investors and serial entrepreneurs also participated in the round. This includes Jupiter’s Jitendra Gupta, Uni’s Nitin Gupta, AngelList India’s Utsav Somani, CarDekho’s Umang Kumar, Shaadi.com’s Anupam Mittal, Livspace’s Ramakant Sharma, OfBusiness’ Asish Mohapatra and more. Over 12 angels invested in the pre-Series A round. GoKwik plans to use this funding to double its current workforce of 75 employees by 2022 and expand to other Southeast Asian countries that face the same ecommerce related challenges as India. The company has zeroed down on Indonesia, Vietnam and Malaysia for now. The Gurugram-based company notes that they will have an early mover advantage if they start international expansion now. For its international play, the company will focus on building local and central teams in the specific region and partner with local players. The technology and the product would largely remain the same for these markets, where cash-on-delivery would be a more common mode of payment. The Gurgaon-based startup helps retailers overcome challenges of setting up online stores and provide better experience to their customers. The company claims to have processed over a million transactions since its launch. Helping boAt, MamaEarth, LimeRoad and more The e-commerce enabler has also added 75 customers to its bucket list, ranging from marketplaces to publicly listed companies and renowned D2C brands. This includes boAt, Mamaearth, The Man Company, Heads Up For Tails, LimeRoad, ManMatters, The Whole Truth, The Souled Store, and TCNS Clothing Co, which owns brands like W, Aurelia and Wishful. Taneja noted that there are four legs of e-commerce — discovery, search/selection, conversion, retention. GoKwik is solving all these problems with its solution, as per Taneja. Ecommerce is expanding and one would need to use ecommerce enablers to bring the cost down, he added. The company was founded by Taneja and Vivek Bajpai. Taneja has previously worked as the chief revenue officer of Bombay Shaving Company, assistant vice president at Yes Bank and founded a food tech company Ketchupp in 2015. Bajpai, chief technology officer (CTO) and co-founder of GoKwik, was the head of technology at an adtech company SilverPush. Ankush Talwar, chief data scientist at GoKwik, is also part of the founding team. He previously was associated with Kognoz Research &amp; Consulting, Quantiphi and Publicis. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/logistics-company-delhivery-raises-76-million-ahead-of-its-ipo/articleshow/85997440.cms">Former Tiger Global exec Lee Fixel picks Delhivery as his second bet in India, after Inshorts</a> <a href="https://www.businessinsider.in/tech/news/el-salvador-just-bought-400-bitcoin-and-plans-to-buy-a-lot-more-a-day-before-making-it-an-official-currency/articleshow/85995497.cms">El Salvador just bought 400 bitcoin and plans to buy 'a lot more,' a day before making it an official currency</a> <a href="https://www.businessinsider.in/retail/news/chipotles-digital-sales-hit-a-record-2-billion-so-far-this-year-heres-how-its-loyalty-program-led-the-company-to-success/articleshow/85995495.cms">Chipotle's digital sales hit a record $2 billion so far this year - here's how its loyalty program led the company to success</a>

A former Bombay Shaving Company exec is helping brands like boAt, MamaEarth go big on ecommerce ⁠— and he now wants to take it abroad

E-commerce firm <keyword id="6357066" type="UNKNOWN" weightage="100" keywordseo="ShopClues">ShopClues</keyword>, headquartered in Gurgaon, has denied reports that it is having merger talks with arch rival <a href="http://www.businessinsider.in/Flipkart-just-made-a-move-to-improve-its-customer-service-as-Amazon-is-also-bringing-a-similar-concept-to-India/articleshow/53278799.cms">Flipkart</a>. 
 
"Really speaking, it is not the fact. Of course, mergers help but do not guarantee businesses to grow," <a href="http://www.businessinsider.in/Shopclues-goes-local/articleshow/51681993.cms">ShopClues </a>CEO <keyword id="118292" type="PERSON" weightage="100" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> was quoted saying. 
 
"If money was the only reason why businesses have to be made and sustained, then Tatas and Birlas should be one entity, but they aren't. They are competing with each other," he added. 
 
Sethi also said that it was wrong to link the two e-commerce majors only because they have a common investor in <a href="http://www.businessinsider.in/Tiger-Global-Management-to-adopt-two-track-approach/articleshow/49856094.cms">Tiger Global</a>. 
 
"The <a href="http://www.businessinsider.in/ShopClues-raises-Series-E-at-a-valuation-of-1-1-Billion/articleshow/50547081.cms">largest investor </a>in our company is Nexux Venture, which is also a very large investor in Snapdeal. Nexus Venture has been with <a href="http://www.businessinsider.in/ShopClues-acquires-Momoe/articleshow/53223378.cms">ShopClues </a>for four years, but somehow, nobody asks the same question about Snapdeal," he said. 
 
<a href="http://www.livemint.com/rf/Image-621x414/LiveMint/Period1/2015/04/18/Photos/Sanjay%20Sethi-k4FE--621x414@LiveMint.jpg">Image source</a>

Shopclues denies having any merger talks with Flipkart

Speculations are rife about merger of India’s two <keyword id="35621" type="UNKNOWN" weightage="20" keywordseo="e-commerce">e-commerce</keyword> players, <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal</a>. 
 <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>’s largest investor <a href="http://www.businessinsider.in/searchresult.cms?query=softbank&amp;sortorder=effectivedate">SoftBank</a> is apparently channelizing a possible merger between the two Indian online marketplaces. 
 
If this turns out to be true, Flipkart-Snapdeal merger will be one of the most significant consolidations in the Indian e-commerce market. 
 ET reported <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is likely to invest up to $1.5 billion in the merged entity by picking up primary and secondary shares, giving it around 15% in the Flipkart-Snapdeal combine. With a little over 30%, SoftBank is the largest investor in Snapdeal, which was valued at $6.5 billion in early 2016. 
 It also reported the merger is likely to include a $1 billion share sale by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>'s largest investor <a href="http://www.businessinsider.in/searchresult.cms?query=Tiger+Global+Management&amp;sortorder=effectivedate">Tiger Global</a>, along with an infusion of fresh equity by SoftBank. 
 
"SoftBank and Flipkart have agreed on the broad contours of the deal. If these terms stay on track, it's likely that the talks will culminate into a definitive transaction by late April," a person familiar with the talks told ET. The discussions, which have been on since February , have picked up in the past fortnight with SoftBank founder Masayoshi Son getting directly involved. 
 
The possible Flipkart and Snapdeal merger will take on<a href="http://www.businessinsider.in/searchresult.cms?query=amazon&amp;sortorder=effectivedate"> Amazon</a>.

Will Snapdeal merge with Flipkart? There’s no smoke without fire

Indian <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> giants may be bleeding cash, but the space witnessed its highest-ever <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> in 2015 with $11.3B being invested across a whopping 415 funding rounds. It seems most industry experts believe it’s still too early to draw a conclusion on India’s <keyword id="35621" type="UNKNOWN" weightage="60" keywordseo="e-commerce">e-commerce</keyword> potential. In the last 15 months, IDGVC Partners led the investment rounds with 17, followed by <keyword id="526777" type="UNKNOWN" weightage="80" keywordseo="Tiger-Global">Tiger Global</keyword> Management with 12 <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> and <keyword id="144381" type="COMPANY" weightage="60" keywordseo="Accel-Partners">Accel Partners</keyword> with 10 investments. 
 
Back in 2014, <a href="http://www.businessinsider.in/searchresult.cms?query=investors&amp;sortorder=effectivedate">investors</a> around the world fed $5 billion into Indian <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a>. The list included leading venture capitalists like <a href="http://www.businessinsider.in/searchresult.cms?query=Tiger+Global&amp;sortorder=effectivedate">Tiger Global</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=SoftBank&amp;sortorder=effectivedate">SoftBank</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Accel+Partners&amp;sortorder=effectivedate">Accel Partners</a>, and BlackRock. 
 Here’s a list of top 15 <keyword id="6359051" type="COMPANY" weightage="60" keywordseo="investors">investors</keyword> operating in the <a href="http://www.businessinsider.in/searchresult.cms?query=online+retail&amp;sortorder=effectivedate">online retail</a> space with their portfolio companies of the last five quarters.

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