#Asia 8 rising startups in India

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Photo Credit: Images Money

Photo Credit: Images Money

Mobile internet, transport, and education – these remain some of the hottest sectors for startups in India. Sure enough, they were the ones that attracted the funding. Here are five that made news today.

MoMagic

Global technology company FIH Mobile (FIH) has picked up a 10 percent stake in MoMagic Technologies, one of the fastest growing mobile internet companies in India. FIH is a subsidiary of the Foxconn Technology Group. It is investing in MoMagic to strengthen its business presence in India. Both the companies want to tap the business opportunities in India, the world’s fastest-growing mobile internet market. FIH’s subsidiary, Wonderful Stars, made the investment in MoMagic.

CollegeDekho

Education startup CollegeDekho has secured US$1 million in seed funding from Girnar Soft, the company said today. CollegeDekho, which connects, colleges with students, aims to remove bottlenecks in the admissions process.

Girnar Soft is the parent company of leading online automobile marketplace CarDekho. The investment is in line with its aim to develop tech-driven industry solutions to traditional roadblocks in different sectors.

Girnar Soft CEO and co-founder Amit Jain said, “We quite liked the idea of a disruptive development that could assist students in making more informed choices.” CollegeDekho will be using the funds to develop its platform, build its team, and market its wares.

Wingify

Delhi-based Wingify, which develops software tools to increase website sales, signups, downloads, and conversions, today announced it has acquired US-based startup Navilytics.

Wingify’s flagship product Visual Website Optimizer (VWO) helps tweak, optimize, and personalize websites and apps with minimal tech help.

The acquisition of Navilytics is another step towards its aim of assembling a platform for conversion rate optimization (CRO) – a process that helps create an effective experience for potential customers.

Navilytics is a visitor analytics solution with customers like Atlassian and Singlecare. It has more than 600 users. It will add capabilities of heat maps, click maps, scroll maps, visitor session recordings, and form analysis that will be integrated into VWO. The new features will allow marketers to walk in the shoes of their customers with far greater clarity.

Superhero Brands

Character merchandising startup Superhero Brands has raised INR 36 million (US$540,000) in an angel round led by early-stage investment firm DSG Consumer Partners. Lead Angels, UK-based The Character Group, and other angel investors also took part in the funding.

The funds will be used by the Mumbai-based startup to expand its portfolio, build its distribution network, and expand its presence through online and offline channels.

Planet Superheroes focuses on the character merchandising segment with visually appealing graphics such as gaming and licensed art. It sells apparel, mobile accessories, laptop skins, electronics, and collectibles on its website.

Jaineel Aga, Sumit Shah, and Karan Shah founded the company in 2013.

Baxi

Baxi, a yet-to-be-launched two-wheeler taxi service, has raised INR100 million (US$1.4 million) in a seed investment round from a clutch of individual investors, VCCircle reported today.

Manish Kheterpal, managing partner of private equity firm WaterBridge Ventures; Alok Mittal, former India head of venture capital firm Canaan Partners; and Puneet Dalmia, managing director of Dalmia Bharat Group, participated in this round.

The startup was founded a year ago by IIT-Delhi alumni Ashutosh Johri and Manu Rana. “We raised a big round because we are looking to consolidate our position right from the outset. In such instances, one can’t afford to start small,” Ashutosh said.

Fastudent

Another education technology firm has found investors. EduVision Retail Technologies Pvt Ltd, which is behind education portal Fastudent, has raised an undisclosed amount of seed investment from angel investors led by Evalueserve COO Ashish Gupta, VCCircle reported today.

The Noida-based startup will use the funds to build the team, strengthen technology, and increase its reach. The company would also be expanding its product portfolio.

The company was founded by Gaurav Barman, an IIT-IIM alumnus who has previously worked with HCL, and Geetanjali Khanna, who was earlier with Ernst and Young.

YourStory

Bangalore-based media tech company YourStory has acquired Papyrus Editor, an ebook creator. The acquisition was a cash-and-stock deal.

Papyrus Editor helps authors create ebooks using an easy-to-use interface. It allows users to edit the cover using a drag-and-drop cover editor, import content from the web, or create new content easily.

Quikr

Indian media have put out unconfirmed reports of classifieds website Quikr buying out the eight-year-old Bangalore-based startup. CommonFloor denies it but Quikr has been in the news lately for its fast expansion into new verticals like real estate and automobiles.

The startup, which is the Indian rival of global classifieds site OLX, is one of the best funded startups in India, with Tiger Global leading a US$150 million investment round earlier this year.

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