SirionLabs Pvt. Ltd, an enterprise software-as-a-service provider that helps companies manage services contracts, has raised $12.25 million (Rs 82 crore) in a Series B round led by existing venture capital investor Sequoia Capital. The funding will be utilized for research and development perspective-to deepen the product’s functionality and increase the levels of automation and artificial intelligence.
Naspers backed ibiboGroup has acquired a majority stake in Peruvian bus-ticketing platform, Busportal, for an undisclosed amount. With this acquisition, ibibo’s in-house bus ticketing platform redBus will gain entry in the Latin American market, after it started operations in Malaysia and Singapore.
Online fashion player Myntra has acquired Bengaluru-based Cubeit for an undisclosed amount. Cubeit focuses on building mobile applications that allows users to aggregate content from any given location. As part of the acquisition, the team at Cubeit has been inducted into Myntra, making it an Acqui-Hire that will further strengthen and expand Myntra’s technology team.
The Small Industries Development Bank of India (Sidbi) is set to review ten proposals from alternative investment funds seeking a commitment of Rs 675 crore from the Fund of Funds for Startups (FFS) announced by PM Modi in the Startup India Action Plan.
Freshdesk, the cloud-based customer support platform that is also backed by Google Capital and Accel Partners, has got an offer from a US-based strategic investor for purchasing a stake at a valuation of more than $500 million. As of now, there is no term sheet or any advanced discussions.