Budget Alert: Tax break for SEBI-registered angel investors

SEBI will prescribe requirements for angel investor pools by which they can be recognised as Category I AIF venture capital funds



Venture Capital Funds have been allowed pass through status under the Income Tax Act. The relevant regulations of SEBI would be replaced by Alternative Investment Fund Regulations. The ‘pass through status’ has been extended to category I Alternative Investment

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Budget Alert: Tech incubators get access to corporate CSR pool

The funds provided to technology incubators located within academic institutions and approved by the Ministry of Science and Technology or Ministry of MSME will now qualify as CSR expenditure. The new Companies Bill obliges companies to spend 2% of average net profits under Corporate Social Responsibility (CSR). 



Source: Startup Central




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Getting to Series A

Gaurav Saraf of Epiphany Ventures has a post in StartupCentral guiding founders to solutions to getting around the current crunch for "Series A" (first round of VC investments).
 
Venture Intelligence is the leading provider of data and analysis on private equity, venture capital and M&A transactions in India as well as Financials & Valuations of Private Companies in the country. Click Here to

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What should count as true traction

Sumanth Raghavendra, serial/parallel entrepreneur (currently founder of Q-Prize winner Deck App Technologies and Live Inbox and previously founder of Sabeer Bhatia- and SoftBank-funded InstaColl), has a great post on what should really count for "traction" - especially when it comes to seed financing. 
               


    If it boggles your mind as to how a company with just three employees (

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Deal Alert: Network18 sells Yellow Pages, AskMe to Getit

New Delhi-based listed Network18 Group is to divest its premier local search businesses Infomedia Yellow Pages and AskMe to GETIT Infoservices Pvt. Ltd., a digital marketing company offering a platform for local search, classifieds, micro communities, deals, etc. The combined operations of GETIT will be referred to as “Getit Infomedia”.

Earlier during the current financial year, Network18 had

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Deal Alert: Startup accelerator GSF launches in Chennai

Startup accelerator GSF has announced the launch of its fourth location and investment cycle in Chennai, starting April 2013. GSF will be selecting four most promising companies in Tamil Nadu for its 9-week acceleration program. Each selected company will receive initial funding of $28,000 and the support from GSF’s angel network. Teaming up with GSF will be Bharatmatrimony.com and Chennai

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Deal Alert: Medfort Hospitals to raise $30-M through PE route

Medfort Hospitals, which specialises in eye care and diabetes care, is squaring up for its next round of private equity fund infusion. The chain led by Dr G S K Velu, is understood to be in talks to raise as much as $30 million through the PE route. Medfort has presence in New Delhi, Andhra Pradesh and Tamil Nadu and is looking to expand into a pan-India chain both organically and inorganically

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Deal Alert: Frontier Lifeline Hospitals to raise Rs.500-Cr funding for medical park

Frontier Lifeline Hospitals is in talks with foreign institutions to raise about Rs.500 crore for setting up Frontier Mediville, India's first medical science park. The funds will be used to complete the second phase of Mediville. At present, holds 11% in the project. 



The Rs.1,000-crore Frontier Mediville is spread over 360 acres and located 40 km away from Chennai at Elavur village in

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Deal Alert: Ivycap Ventures invests in Reuters Market Light

IvyCap Ventures has invested in Reuters Market Light (RML), an information service created by Thomson Reuters targeted at India's farming community. IvyCap will now become the lead investor in RML with Thomson Reuters remaining as a shareholder and partner in the newly formed RML Information Services Private Limited.


Source: Reuters

 



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Deal Alert: Info Edge hikes stake in MeritNation to 54% via new Rs.30-Cr investment

Publicly-listed New Delhi-based Info Edge (India), which runs jobs site Naukri.com and other online services, has invested an additional amount of about Rs.30 crore in Applect Learning Systems Pvt. Ltd., which is engaged in online education and assessment business through it website www.meritnation.com. Post this investment, the aggregate amount invested would be about Rs.61.5 crore for a 54%

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Deal Alert: Books trading portal BucketBolt scouting for funds

Apurva Wadhera-founded online book trading portal BucketBolt is looking to raise funding. The Mumbai-based company had graduated from the accelerator program at Gurgaon-based GSF Accelerators last year. 



Source: Economic Times




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Deal Alert: RJ Bio-Tech files for Rs.50-Cr IPO

Aurangabad-based R J Bio-tech has filed for DRHP to issue 25,02,000 equity shares at Rs.20 per share aggregating to Rs.50 crore, constituting 26.43% of the post issue paid up equity share capital of the company. Sarthi Capital Advisors is the lead manager to the issue. The company will be traded on the BSE-SME exchange.



R J Biotech Ltd. is a group company of R J Group which is engaged in

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Deal Alert: Madhuri Dixit to launch online dance academy

Bollywood actor Madhuri Dixit and her husband Shriram Nene have unveiled online dance academy, Dance with Madhuri, to tap into an unexplored market by making the most of Madhuri's brand equity. The online dance academy will allow the viewer to learn dance in an interactive and social atmosphere. 



Source: Economic Times




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Deal Alert: Tata Elxsi, Get2Volume partner to grow start-ups

Tata Elxsi and Get2Volume are to partner to incubate and grow technology companies in India and Singapore. Design company Tata Elxsi recently launched incub@TE, an incubation centre program to nurture and support aspiring entrepreneurs. Get2volume, based in Singapore and with funding from the Singapore’s National Research Foundation, invests in, mentors and helps grow innovative

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Deal Alert: CIIE, Village Capital launch Tech for Impact accelerator

CIIE, IIM Ahmedabad’s startup incubation arm, and Village Capital have teamed up to launch an acceleration program for startups focused on technology for impact. The accelerator will focus on for-profit, commercially scalable Indian startups that display a high level of social value in their technology driven or technology enabled offerings. Sectors it will look at include mobile/ICT, health,

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Deal Alert: Online marketplace Tradus appoints fmr Seventymm CEO Mudit Khosla as its head

Former SeventyMM CEO Mudit Khosla has been appointed as the CEO of Tradus.com, the online marketplace operated by Naspers and Tencent -owned Ibibo Group (MIH India).Khosla had stepped down as the SeventyMM CEO last month, after a three year stint with the company. 



Prior to this, Khosla was one of the founding members of the online travel agent Yatra.com.



Source: Medianama
 



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Deal Alert: SIDBI Venture Capital to invest Rs.10-Cr in Mitcon Consultancy

SIDBI Venture Capital Ltd will invest about Rs.10 crore in Pune-based Mitcon Consultancy and Engineering Services Ltd when the firm launches an initial public offer (IPO) in March to raise Rs.25 crore. 



SIDBI VC will invest through a pre-placement process in Mitcon, which conducts environmental impact assessments for clients as well as procure clearances from the environment ministry. It is

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Deal Alert: Pearson hikes TutorVista stake to 100%

Media and publishing firm Pearson has acquired the remaining 20% stake in TutorVista. It now completes 100% ownership in the Bangalore-based learning services company. 



In 2011 Pearson acquired 80% stake in the then five-year-old TutorVista for Rs.577 crore, valuing it at around Rs.1,000 crore. As per the agreemen, promoter Ganesh had to sell the balance 20% in a maximum period of three

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Fund Alert: SAIF launches brainstorming initiative for startups

Multi-stage venture capital investor SAIF Partners, in a move to engage more closely with early stage companies, has launched an initiative called SAIF Doubleclick. The initiative involves inviting 15-20 startups to its offices to brainstorm on specific execution challenges. The firm had organized one such meetup informally at its Delhi offices a couple of months ago and has now formalized the

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Deal Alert: Info Edge acquires additional stake in Zomato.com for Rs.55-Cr

Publicly-listed New Delhi-based Info Edge (India), which runs jobs site Naukri.com and other online services, has invested an additional amount of about Rs.55 crore in shares of Zomato Media Pvt. Ltd., an online food guide and restaurant directory website. Post this investment, the aggregate amount invested would be about Rs.86 crore for a 57.9% stake in Zomato Media. 



Venture Intelligence

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Deal Alert: Globsyn in talks with VCs to finance regional movies

Globsyn Technologies, the Kolkata-headquartered group with interests in software technology, knowledge and education, skills development and IT infrastructure, is in talks with a number of leading private equity (PE) and venture capital (VC) funds for introducing what it calls ‘structured financing’ into Bengali and other regional movies and putting up a full scale, state-of-the-art studio

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Deal Alert: LifeCell Intnl raises Rs.35-Cr from Helion Venture Partners

Stemcell banking firm LifeCell International Pvt Ltd has raised around Rs.35 crore from Helion Venture Partners, diluting a minority stake in the company. The fund would be used towards increasing market penetration of stem cell banking and to develop novel cell based therapies, for which the company is also looking for a partner.



LifeCell has so far serviced over 65,000 clients across 110

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Deal Alert: India Quotient invests in online portal for canines Dogspot.in

Anand Lunia founded angel fund, India Quotient has invested in DogSpot, a pet-related portal where one can find everything related to dogs. DogSpot was founded in 2007 by Rana Atheya along with wife Vizal Atheya. India Quotient makes investment rounds south of $500k. 



DogSpot was seed funded by Vikas Saxena, Global CEO Nimbuzz, Vaibhav Gadodia, VP Tech Nagarro and Ritesh Chauhan, Telecom

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Deal Alert: RedBus scouting for $20-M in PE funding

Bangalore-based Pilani Soft Labs, which runs online bus ticket booking portal redBus.in, is looking at raising $20 million through the PE route. The company, started by three BITS Pilani graduates in 2005, could be planning to aggressively scale up its business. It had raised $6.5 million in Series-C funding in May 2011 from Helion Venture Partners, SeedFund and Inventus Capital Partners.



On

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Deal Alert: GCM Securities files for Rs.12-Cr IPO

Kolkata-based GCM Securities has filed for DRHP to issue 60,90,000 equity shares at Rs.20 per share aggregating to Rs.12.18 crore forming 32.07% of the post issue paid up equity share capital of the company. Inventure Merchant Banker Services is the lead manager to the issue. The company will be traded on the BSE-SME exchange. 



The company is engaged in stock broking activities and is one of

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Deal Alert: Ashapura Intimates Fashion files for Rs.21-Cr IPO

Mumbai-based Ashapura Intimates Fashion Ltd., which runs the brands Valentine, N-Line and Night & Day, has filed for DRHP to issue 52,50,000 equity shares at Rs.40 per share aggregating to Rs.21 crore, forming 26.97% of the post issue paid up equity share capital of the company. KJMC Corporate Advisors is the lead manager to the issue. 



The company will be traded on the BSE-SME exchange.

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Deal Alert: Healthcare entrepreneurs launch incubator HealthStart

A team of healthcare entrepreneurs led by Pradeep Jaisingh has launched an incubator called HealthStart. The incubator will have a multi-city model and invest up to Rs.60 lakh for a 7-10% stake in the companies that it will take under its wing. The team includes Pradeep Jaisingh, the founder chairman of HealthStart, apart from Raj Airy, a former head of Baxter India, who co-founded a healthcare

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Deal Alert: Access' investment in Nobel Hygiene Limited

Access India Fund and its co-investors have closed the first tranche of a US$ 11.5 Mn investment in Nobel Hygiene Limited. 



About Nobel Hygiene Limited 



Nobel Hygiene Limited (www.nobelhygiene.com), is a market leader in the manufacture and sales of adult diapers (with an estimated market share of 40%) through its brand “Friends”. It also manufactures and markets baby diapers, a segment

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Deal Alert: SEBI may relax norms for SME IPOs

Capital market regulator SEBI is looking to make it easier for small companies to list on the dedicated SME platforms of stock exchanges, by relaxing certain criteria such as on underwriting and market making. The regulator wants the platform to be more cost-efficient for issuers. It also wants to bring down the obligation on investment bankers (i-bankers) to attract more participants in this

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Deal Alert: E-commerce startup Vellvette raises funds from India Quotient, angels

Vellvette Lifestyle, a Mumbai-based startup that launched subscription-based beauty products ecommerce platform Vellvette last year, has raised an angel round of funding from India Quotient (IQ) and angel investors Nitin Agarwal and Siddharth Ladsariya. The deal size is estimated at $300,000.



Targeted at women, Vellvette’s founders are Vineeta Singh and Kaushik Mukherjee. Singh is an

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StanChart PE, Motilal Oswal PE, Nexus Ventures, Kotak Realty Funds win APEX’13 Awards

Click Here for more APEX'13 Awards photos


Mumbai, India, February 13, 2013: Standard Chartered Private Equity, Motilal Oswal Private Equity, Nexus Venture Partners and Kotak Realty Funds were adjudged the leading investors in the Private Equity, Growth Capital, Venture Capital and Private Equity in Real Estate segments respectively during 2012. The awards were given away as part of the

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E-tailers warm up to "pop-up stores" at malls

From a Businessworld  article:






The assistants at the kiosk walk consumers through the process of shopping online, availing exciting discounts and buying products. Since its launch on 21 December, the pop-up store has already spiked new shoppers on its website by 70 per cent. “The idea was to get feedback on the products, brands, price points directly from the consumer,” says Sujal Shah,

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Deal Alert: Seedfund backs gifting venture Chumbak.com

Seedfund has acquired a significant minority stake in Bangalore-based online-offline commerce venture Chumbak. The investment was made around six months ago. 



Chumbak is focused on the souvenir and gift market, with unique designs and merchandise. It retails quirky designer t-shirts, boxer shorts, iphone cases, coin pouches, bags, keychains, etc. It retails in 16 cities in India and also in

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Deal Alert: Mobile video tech firm Jigsee acquired by Vuclip

Vuclip, a Milpitas, US-based independent mobile video and media company, has acquired the core assets of Jigsee, a Canadian mobile video streaming company. The core assets are expected to bring to Vuclip mobile app development talent, as well as additional proprietary video streaming technologies.

 



From the Venture Intelligence PE Deal database: The Indian Angel Network and Rehan yar Khan

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Deal Alert: Ethinic wear e-tailer Cbazaar to raise Series B funding

Chennai-based online retailer of Indian ethnic wear, Cbazaar, is planning second round of fundraising to drive expansion. Net Avenue Technologies Pvt Ltd that runs the portal is planning to go for Series B (second round of funding) in the next few months and working on a business plan for it. The second round of funds being raised will be used to drive expansion; the first was invested in

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Deal Alert: Dhingana appoints Rohit Bhatia as CEO

Online music streaming site Dhingana.com has appointed Rohit Bhatia as its new Chief Executive Officer. Bhatia will be responsible for Dhingana’s tie ups with Indian mobile operators and labels and will be based in India, unlike the erstwhile CEO and co-founder Snehal Shinde (who is now CTO) who was based out of the US. 



Bhatia served at Ericsson as BSS Practice Leader, prior to joining

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Fund Alert:Govt to set up VC fund for electronics firms

The government is considering setting up Angel/Venture funds for electronics-specific firms in the next few months. A detailed project report for setting up a Rs.10,000 crore EDF is being examined. 



Besides, a dedicated Working Group has been set up in Department of Electronics and Information Technology to consider specific R&D and product development proposals which will help the

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Fund Alert: Social VC firm Incube Ventures gets SEBI nod for Rs.200-Cr fund

Market regulator SEBI has approved India’s first social venture fund, Incube Connect Fund, which seeks to collect Rs.200 crore for investment in four sectors impacting the life of people. 



The Ahmedabad-based social venture fund has been sponsored by Incube Ventures Pvt Ltd, promoted by Mani Iyer, for primarily incubating, mentoring, providing seed capital and angel investments to nascent

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Deal Alert: Housing.co.in raises angel round

Mumbai-based real estate portal Housing.co.in has raised angel funding from eight investors led by Zishaan Hayath, who’s the co-founder of the Future Bazaar acquired Chaupati Bazaar. The other investors include Vaibhav Puranik, Shishir Kapoor, Hemanth Goteti, Gagan Goyal, Harsh Baid, Aditya Agarwal and Aatif Misbah. 



Started by IIT-Bombay alumnus Advitiya Sharma, Housing.co.in’s current crop

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Deal Alert: Firstsource tech spinout Anunta raises Series A funding from Bessemer

Bessemer Venture Partners has extended Series A financing to Mumbai-based Anunta Technology Management Services. Founded by Ananda Mukerji, founding CEO of Firstsource Solutions, and Sanjiv Dalal, ex-CTO of Firstsource Solutions and a serial entrepreneur, Anunta focuses on application performance in virtualized environments. It designs cloud-based application delivery architectures, provides

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Deal Alert: Rural healthcare chain iKure receives investment from Intellecap Network

Kolkata-based healthcare provider iKure TechSoft has received an investment from angel investor group Intellecap Impact Investment Network (I3N). Launched in 2011, I3N comprises individuals and institutional investors looking to invest into young for-profit social enterprises.

The investment has been made by 2 HNI members of the network - Jayesh Parekh, co-founder of Sony Entertainment

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Deal Alert: MSD Foundation invests Rs.10-Cr in Intellegrow

Mumbai-based IntelleGrow, a venture debt-financing company for small and medium enterprises (SMEs), has raised Rs.10 crore from the Michael and Susan Dell Foundation (MSDF).

IntelleGrow, promoted by investment banking services and advisory firm Intellectual Capital Advisory Services Pvt. Ltd (Intellecap) has disbursed 20 loans totalling Rs.15 crore to SMEs across India in areas such as

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Deal Alert: Burrill & Co. invests in bioinformatics firm Strand Life Sciences

San Francisco-based Burrill & Company has completed a Series B round of financing in Bangalore-based Strand Life Sciences. 



Burrill, a diversified global financial services firm focused on the life science industry, is the sole investor in this round, which included both a primary investment and a secondary buyout of the lead Series A investors.
The fresh infusion will be used to expand the

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Deal Alert: MasterCard acquires stake in Mu Sigma

MasterCard Advisors, a division of NYSE-listed MasterCard, has acquired an equity stake in Bangalore-based analytics firm Mu Sigma. The partnership seeks to combine MasterCard Advisors’ purchase behavior insights with Mu Sigma’s advanced analytics and expertise. MasterCard Advisors and Mu Sigma will jointly develop innovative analytic products to enable companies of all sizes to successfully

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Deal Alert: US firm Cadence acquires Cosmic Circuits

Cadence Design Systems, Inc., a leader in global electronic design innovation, has acquired Cosmic Circuits Pvt Ltd, a provider of analog and mixed signal intellectual property (IP) cores. Cosmic Circuits offers silicon-proven IP solutions in connectivity and advanced mixed-signal technologies in the 40nm and 28nm process nodes, with 20nm and FinFET development well underway. As part of this

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Deal Alert: Kabir Misra joins SoftBank’s new $250-M “PrinceVille” Asia fund

Kabir Misra, managing partner at SoftBank Capital and president/CEO of SB China and India Holdings, which manages Bodhi Investments LLC, has joined Softbank’s $250 million SoftBank PrinceVille Investments, L.P. fund. 



Alibaba Group, the worldwide e-commerce leader based in China, and MediaTek, Inc., a leading fabless semiconductor company based in Taiwan, through affiliates are limited

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Deal Alert: E-learning firm MEdRC EduTech to raise Rs.30-Cr

Hyderabad-based Medical Education Research Centre for Education Technologies (MEdRC EduTech), an e-learning content production, multimedia software development and animation provider in the medical education space, is looking at raising Rs.30 crore. The company is in the final stage of discussions with a US-based venture capital fund with fund size of more than $10-billion catering to the

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Deal Alert: Krithika Nelson quits Shopo.in, co-founder takes over as CEO

Krithika Nelson, one of the co-founders of Shopo.in, a Chennai based niche online store for handcrafted Indian products, has quit her position as the CEO of the company. Theyagrajan, the other co-founder of Shopo will take over as the Chief Executive of the company. 



Source: Next Big What









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Deal Alert: Ma Foi buys 17.5% stake in Oviya MedSafe

Ma Foi Strategic Consultants has acquired 17.5% stake in Oviya MedSafe, a Coimbatore-based pharmacovigilance (a science that deals with adverse effects of medication) start-up company.

Oviya MedSafe was founded by Dr J Vijay Venkatraman, a diabetologist and drug safety physician.

K.Pandiarajan founder of Ma Foi has joined Oviya Medsafe's board. 



Source: Business Line






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Deal Alet: Microsoft Accelerator announces 13 start-ups for its second batch

Out of 350 applications from various sectors, Microsoft has chosen 13 tech start-ups which will constitute the second batch of the Microsoft Accelerator for Windows Azure program in India. 



The 13 startups are: 360 Living (expert health information provider); Adepto (a social app platform); DeckApp (enables presentations on any device); Frintit (lets one print and receive hard-copy prints of

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Deal Alert: Unilazer Ventures leads Rs.53-Cr Series B funding for e-tailer LensKart

UTV founder Ronnie Screwvala-led Unilazer Ventures has invested Rs.53 crore (about $10 million) along with existing investor IDG Ventures India, in New Delhi-based Valyoo Technologies, which owns sites like LensKart, BagsKart, WatchKart and JewelKart. Signal Hill Capital Advisory India was the exclusive financial advisor to the deal. The latest funding will help Valyoo expand to smaller towns

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Deal Alert: Times Internet backed InstaMedia sold

Times Internet backed Instamedia, once a blog network with as many as 17 properties, has been sold. InstaMedia and Instapress were sold off to a Dubai based group, while one of its earlier properties, BornRich.org, was acquired by one of the company’s founders, Nandini Rathi.

Another founder, Ankit Maheshwari, has started up again, launching an editorial project management venture called

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Deal Alert: HolidayIQ raises 3rd round from Tiger Global, Accel; de-merges from Singapore’s Wego

Hedge fund Tiger Global Management and VC firm Accel Partners have made their third round investment in travel and holiday information company, HolidayIQ. Tiger Global has invested an estimated Rs.26-30 crore in the Bangalore-based firm, which will use the funding for product development, marketing and hiring talent. 



In November 2010, the firm merged with Wego Pte, a Singapore-based travel

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Deal Alert: Ixora Ventures invests in engg entrance test prep firm Learnpedia

Hyderabad-based provider of digitalized content for engineering test preparations Learnpedia has secured an investment from Ixora Ventures and a consortium of angels. Founded in 2012 by serial entrepreneur Krishna Rao Akula, Learnpedia aims at narrowing the learning gap faced by students by providing learning aids and test analytics across digital platforms including branded tablets. 



The

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Deal Alert: OnMobile exits Ver Se

Bangalore-based listed Mobile VAS company OnMobile Global Ltd has made an exit from Bangalore-based mobile classifieds firm Ver Se Innovation, a company that it had originally incubated. OnMobile has sold its final remaining stake in Ver Se for Rs 5.5 crore.

 



From the Venture Intelligence PE Deal database: PE investors in Ver Se invclude Matrix Partners, Omidyar Network and Franklin

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Deal Alert: Netambit acquires atOnePlace and theBuyerPower

Financial services distribution company NetAmbit has acquired atOnePlace.com and theBuyerPower.com, real estate portals for Indian properties and property group deals. With this acquisition, NetAmbit expects to be able to expand its Internet enabled model for fulfillment of real estate leads. The acquired portals are run by Noida-based One Place Infotech Pvt. Ltd., which was founded by its CEO

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Deal Alert: Raman Kumar invests $1.5 M in AI player Vestec

Canada-based Vestec, Inc. a player in cutting-edge Artificial Intelligence technologies, have secured a $1.5 million equity investment from V. Raman Kumar, founder and former CEO of MModal, the world’s largest clinical documentation company and pioneer of voice-based medical transcription. Kumar has joined Vestec’s Board of Directors as Vice Chairman and will oversee the development of

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Deal Alert: Instamojo raises funding from Blume Ventures

Instamojo, a website which allows users to buy and sell their digital goods has raised undisclosed amount of funding from Blume Ventures. The portal allows users to sell reports, code, documents, photos, templates, tutorials, music, and videos, give out physical goods for free, or even time. According to reports, others might also have invested in this round of funding for Instamojo. 

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Deal Alert: Incubation center coming up at Bangalore biotech park

An incubation center and common instrumentation facility are being set up at the biotech park, Bangalore Helix, which is being developed by the Karnataka government with financial assistance from the Center. Alexandria Real Estates has started development of the Alexandria Knowledge Park which will be operational in about two years. 



Source: Deccan Herald






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Deal Alert: Nepra Resource Mgmt raises funding from Aavishkaar

Aavishkaar Venture Fund has acquired a 15% stake in Ahmedad-based social enterprise Nepra Resource Management Pvt. Ltd., which is involved with waste collection. The company expects a Rs.100 crore turnover from dry waste by 2016. It has planned a Rs.70 crore investment in the state and signed an MoU at the Vibrant Gujarat business summit earlier this month. 



The investment will entail hiring

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Deal Alert: Vinod Khosla-backed MokshaYug looks to raise $10-M

MokshaYug Access, a rural supply chain enablement company in the dairy segment, is looking to raise Rs.50-60 crore by the second half of 2013. The company had earlier raised Rs.40 crore, including infusion from American businessman and venture capitalist Vinod Khosla and Unity Equity fund. The company has launched its dairy brand, Milk Route. 



Harsha Moily, son of petroleum and natural gas

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Deal Alert: Sai Silks to raise Rs.89-Cr via IPO

Hyderabad-based jewelry and textile player Sai Silks (Kalamandir) is planning to enter the capital market towards the end of February to raise Rs.89 crore. The proceeds will be used to fund the company’s expansion programs and meet working capital needs. 



As of March 31, 2012, Sai Silks had a net worth of Rs.47.65 crore with total revenue of Rs.262.76 crore and net profit of Rs.11.69 crore.

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