Men’s grooming startup Bombay Shaving Company has raised Rs 4 crore ($600,000) in seed funding from a clutch of angel investors including McKinsey India MD Noshir Kaka, and Subramanian Ramadorai, an advisor to the Prime Minister. The 10-month-old internet first company is already averaging 400 orders a month, and plans to scale to about 30,000 orders a month in the next six months.
Indian Angel Network (IAN), one of the largest angel investor networks in the country, is raising an early-stage fund of around INR 150 crore to co-invest along with its angel network. Founded in 2006 IAN has more than 400 members.
The Department of Science and Technology has launched a INR 100-crore programme to support startups. The programme, called National Initiative for Developing and Harnessing Innovations (NIDHI), is aimed at helping startups across the country in terms of both funding and incubation support. The department provides the seed amount per startup in the form of a grant to the incubator. The incubator in turn invests the same in the form of debt or equity in the companies.
AngelList, the Silicon Valley-based online platform which allows startups to raise capital from accredited investors, has finally entered India. It has appointed Utsav Somani (previously working with LetsVenture) as an Advisor to spearhead its operations in the country.
8TV, a San Francisco based startup, has raised $500K from RedCliffe Capital Managing Partner Dheeraj Jain, Google executive Tidhar Carmeli, and AngelPad’s Thomas Korte. Tech giant Amazon has also invested about $100K (INR 66 lakh) worth of AWS services credit in the company, according to an official statement.The funding will be utilized to strengthen the platform and enter into new Asian markets, including India. 8TV will begin operations in India with The Man Company, a Gurgaon-based digital platform offering grooming products for men.
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