Truebil, a marketplace for pre-owned cars, has secured an investment of USD 3 million from China's leading Venture Capital Fund Shunwei Capital.
Truebil had previously raised USD 5.5 million (Rs 35 crore) in Series A funding and plans to leverage the freshly acquired capital to intensify its expansion and strengthen its technological infrastructure.
"Truebil plans to utilise the present funding to intensify its operations, invest in skill development and bolster the technological infrastructure of the company," a company release said.
******
Axilor ropes in PayU as industry partner for Accelerator Prog * Early stage fund Axilor Ventures has signed up PayU India as the industry partner for its Accelerator Program.
"This engagement will help FinTech startups with one-on-one focussed mentoring, market access and marketing support," Ganapathy Venugopal, co-founder and CEO of Axilor Ventures, said.
Axilor has recently announced doubling the intake for its Summer 2017 Accelerator Program.
Fintech is one of the five focus areas for the cohort in the Summer '17 batch. Together with PayU India, Axilor aims to improve the odds of success of FinTech startups and make them investible faster, the release said.
*******
Mrida launches health and wellness brand 'Earthspired' * Mrida, a social business venture for upliftment of under-served rural communities today said it has launched its brand 'Earthspired' in health and wellness segment.
Through Earthspired, Mrida seeks to build distribution channels for products such as millet based ground flour, cookies and healthy snacks, among others, offering health benefits to the end user, the company said in a statement.
"Mrida is all about business models for transforming lives, and Earthspired is an offering that fits well into the core philosophy and contributes to the larger Mrida story", said Arun Nagpal, co-founder, Mrida Group.
Adani Power allots 2.74 cr shares to warrant holders
* Adani Power today said that it has alloted 2.74 crore equity shares with face value of Rs 10 at a premium of Rs 22.54 per piece after warrant holders exercised their right to convert their debt into equity.
"The convertible warrant holders, to whom the warrants were allotted in the month of May, 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares," Adani Power said in a BSE filing today.
"Consequently, management committee of the board of directors of the company at its meeting held on February 16, 2017 has made allotment of total 2,74,09,956 equity shares of the face value of Rs 10 each (with a premium of Rs 22.54 per equity share) to the said convertible warrant holders," it added.
* * * * * *
Siemens wins order worth Rs 119 cr from Sterlite Power Grid * Siemens today said that it has bagged an order worth about Rs 119 crore from the Sterlite Power Grid Ventures for supply of equipment.
The order is for design, engineering, procurement, manufacture, supply and commissioning of equipment of 765/400 kV air insulated switchgear (AIS) substation in Khandwa in Madhya Pradesh and 765kV AIS bay extension equipment at Dhule in Maharashtra for Khargone Transmission Ltd.
* * * * * *
India Ratings assigns UPPCL bonds stable outlook * India Ratings has assigned Uttar Pradesh Power Corporation Ltd's proposed bonds 'Provisional IND AA(SO)' with stable outlook.
"India Ratings and Research (Ind-Ra) has assigned UP Power Corporation Limited's (UPPCL) proposed Rs 100 billion bonds the 'Provisional IND AA(SO)' Outlook Stable," India Ratings said in a statement.
According to statement, the final rating is contingent upon the receipt of final documents conforming to the information already received by Ind-Ra.
It said that after the issuance of the proposed bonds, UPPCL (starting from the first day of each quarter of the interest/repayment schedule of the bonds to be issued) would daily remit an amount on a pro rata basis to the UPPCL bond servicing account.
Google Maps transit feature extended to 7 more Indian cities
* Google India said today it is expanding the transit feature on Google Maps to seven more Indian cities, including Chandigarh, Lucknow and Vadodara.
The other cities are Indore, Mysore, Surat and Coimbatore.
With the addition of these seven cities to the tally, the transit feature is now available in 16 Indian cities, Google said in a statement.
"The new feature will help users better plan their commute around the city, and make it easier to get an overview of public transportation around them," it added.
Google Maps globally provides over one billion km worth of transit results every day and has schedules for more than 2.5 million public transit stops worldwide.
* * * * *
Fitso raised $200,000 from angel investors * Fitso, a health and fitness app, has raised USD 200,000 in funding from a group of angel investors including Sujeet Kumar (ex-president, Flipkart), Bhupender Singh (CEO, Intelenet) amd Yashish Dhaiya (CEO, Policy Bazaar) among others.
Fitso intends to invest the funds extensively in product development and expanding its team, it said in a statement.
Additionally, the team has also launched multiple offline training classes for running, swimming and triathlon in Delhi NCR and is building a team of coaches to provide personal training, it added.
* * * *
* PickMyLaundry acquires OneClickWash in an all-cash deal
PickMyLaundry, a Delhi-based on-demand dry clean and laundry service provider, has acquired OneClickWash for an undisclosed amount.
The all-cash deal will see PickMyLaundry leverage OneClickWash's laundry processing unit, experienced team, and tech infrastructure to improve service efficiency, a statement said.
Founded in May 2015 by IIT graduates Gaurav Agrawal, Ankur Jain, and Samar Sisodia, PickMyLaundry offers services in Delhi-NCR and Bengaluru.
Post acquisition, both the brands will continue to run as separate entities.
* * * *
* IAN invests in farMart
Indian Angel Network (IAN) has invested an undisclosed investment in Gurugram-based farMart, an agriculture machinery renting platform for farmers.
The investment was led by Ambarish Raghuvanshi on behalf of IAN and he has also joined the board of the company, IAN said in a statement.
Alekh Sanghera, Mehtab Singh Hans and Lokesh Singh founded farMart in 2016 with a vision to organise the renting market with the help of technology.
