Noida-based online scholarship providing platform Buddy4Study has raised around $3 million in Series A funding round. The funding was led by existing investor CBA Capital through its $15.6 million Education Catalyst Fund or ECF. The startup will use the newly raised funding to scale up in a major way and expand its operations significantly.
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Online lending platform Credy which facilitates small-ticket, online personal loans and school fee financing loans has raised $1.4 million in Seed funding from prominent investors including Y Combinator, Khosla Ventures, Vy Capital, and a bunch of Silicon Valley-based angel investors. The startup will use the proceeds to significantly ramp up the loan book, forge partnerships with institutional lenders, hire talent for operations, and further build the technology to underwrite the customer.
E-pharmacy platform PharmEasy has raised around $30 million (approx. Rs.196 cr.) in a Series-C round led by Bessemer Venture Partners with participation from Orios Venture Partners, JM Financial, Manipal Education and Medical Group (MEMG) and Trifecta Capital, according to sources. The firm will use the money to scale up operations and technology.
Skipper Ltd., a listed company, has signed an equal joint venture agreement with Israel-based Metzerplas, to set up a unit to make micro irrigation equipment in India. The company, which is into the business of transmission towers, poles and PVC pipes, has entered into an agreement to form Skipper–Metzer India LLP as a 50-50 joint venture. The initial investment would be $8 million. The JV will leverage Metzerplas’s global portfolio of brands and expertise in advanced plastic and irrigation technologies. Skipper will offer its manufacturing capabilities to help the JV tap India and other SAARC countries.
The Indian economy has regained its momentum, with the Central Statistical Office (CSO) reporting a GDP growth of 7.2% in the December quarter (Q3) of 2017-18—the fastest in five quarters. This recovery was sparked by a revival in investment demand, registering a growth of 12%.Based on Q3 GDP data, the full year’s growth has been revised upwards to 6.6%. If this GDP growth rate is realized, the size of the Indian economy is projected to grow to $2.6 trillion at the end of March. Not only does this signal that the Indian economy is tiding over the disruptions—triggered by demonetisation of high-value currencies and rollout of the goods and services tax—but the latest quarterly corporate earnings data suggest that consumer demand too is reviving. The finance ministry said in a statement that the robust growth in manufacturing and significant acceleration in construction mark a turnaround in the country’s economic growth momentum. But given that government spending has driven economic growth, the rising fiscal deficit numbers could prove to be a constraint.
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