The latest buzz from the start up world

TMS offers a sneek peak at the latest news from the start-up world

Published: 05th October 2019 02:37 AM  |   Last Updated: 05th October 2019 11:33 AM   |  A+A-

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By Express News Service

Zomato may be valued at $3 billion
Food delivery platform Zomato is all set to finalise a whopping $600 million funding round which is likely to be led by existing backer Ant Financial. According to reports, the round will take Zomato’s valuations up and over $3 billion. This is a significant jump from $2-billion valuation it secured during its last funding round in March this year. Sources say that the Gurugram-headquartered company is expected to deploy the fresh capital to strengthen its food delivery, dining out and sustainability operations. 

CityMall aims to add 200 million new users / Whatsapp driving rural growth
Regional language social e-commerce start-up CityMall has raised an undisclosed amount from a group of investors including Jitendra Gupta of Citrus Pay; Alvin Tse of Xiaomi; Manish Vij and Harish Bahl from Smile Group; Rishab Malik, co-founder of Droom; Rajesh Sawhney of GSF, and M&S Partners, among other investors. According to the company’s statement, it plans to add 200 million customers through Whatsapp offerings and targets achieving a transaction rate of 20,000 orders a day in the next 12 months. 

The peer-to-peer referral commerce platform sells lifestyle and household products with curated special discounted deals via WhatsApp and was founded in early 2019 by Angad Kikla, Divij Goyal and Naisheel Verdhan. CityMall claims to have grown from just 50 to around 750 orders a day. 

Accel India eyes raising new $600 mn fund   
Reports say that venture capital giant Accel India is in the process of setting up its sixth India fund, with an estimated corpus of over $600 million. Accel is already one of the most prominent VCs in the Indian start-up ecosystem having interests in Indian unicorns Flipkart and Swiggy. The VC player is expected to formally set up the new fund by the end of the current year.

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