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Orverall, Indian startups raised $1.42 billion across 307 deals in Q1 2016 in which e-commerce bagged the maximum numbe of deals as well as maximum value of deals as against 147 deals valued at $1.7 billion in Q1 2015.
While the company has citied the move as pre-emptive, Kapoor said the rejig is aimed at consolidating the business as one entity in the next 12-18 months because investors may consider an exit.
The services will now be available only in select vicinities of Mumbai including areas like Churchgate, Colaba, East, Mumbai Central, Worli and Nariman Point among others.
Lately Freecultr has been in the market to raise funds, but without any success amid funding drying up and this prompted the company to initiate talks to sell to Arvind.
The company will shut its grocery delivery operations within one month and is planning to diversify into a logistics solution provider to compete with starups like eKart, Delhivery and DHL etc.
This move from the Snapdeal and Sequoia Capital backed company comes in the light of cost cutting due to fund crunch which is being faced by many hyperlocal providers in the recent times.
With a clear motive of investing in Indian startups as well as South East Asian companies, Silicon-based VC firm, Sequoia Capital has raised a mammoth $920 million fund.
Bengaluru-based curated online furniture retailer, Urban Ladder, expects to get into profit as soon as its revenue reaches $200 million which the company foresees happening by the mid of 2016
Clothing firm Go Colors is looking at doubling its retail network by 2016-17, and plans to invest Rs 30 crore over the next 6-9 months on footprint expansion.
One of India’s cab aggregators, Ola, has recently completed its Series F funding round and have raised around $500 million.
Zomato will return to basics in the form of focus on old-fashioned topline and bottomline as it reorients itself in anticipation of a tougher funding environment for startups, the biggest investor in the online restaurant guide said on Friday.
The trends indicate upwards of 15x growth in women ethnic wear including anarkali suits, sarees and lehengas. There is a huge surge in orders for shoes and fashion accessories such as watches, perfumes and fragrances.