23 December 2011

India Witnesses Over $538.6 Million Raised By Startups In November

Several countries are seeing a downturn in fund raising for startups due to financial crisis, but the scenario is different in India. In the month of November alone, more than $538.6 million fund has been raised by  startup companies in different verticals. With over $79.8 million was raised by the online vertical alone, diversity increased in the newer venture capital fraternity.
Funding, VC funding

Where e-commerce startups like FashionandYou raised $40 million from Norwest Venture Partners, Intel Capital, Nokia Growth Partners and Sequoia Capital; dealsandyou raised $17 million from Mayflied Fund and Norwest Venture Partners, Nokia Growth Partners and Intel Capital.  Exclusively.in raised an undisclosed amount; VKS Farm, a meat processing industry, raised 25 crore from Ventureast; Happiest Minds, IT services company raised $45 million from Canaan partners, Intel Capital and Ashok Soota himself infused money into the business; Jivox, interactive video advertising company tapped $8.2 million from Fortisure Ventures, Opus Capital and Helion Advisors. Companies like MobStac, OffrGrid Networks, SclaenWorks, Dexetra, Exclusively.in, were reluctant to disclose the amount of fund raised by them.

We also saw Zaheer Khan, the Indian fast bowler, turning from cricketer to an investor by making his maiden investment in Sher Singh, the label of Exclusively.in. The amount invested by him remained undisclosed. The venture firms showed a steeping investment trend; Intel Capital invested in three companies, Nokia Growth Partners and Norwest Venture Partners invested in two companies each, and Canaan Partners invested in one organization.