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Funding Roundup: VioletStreet, Zify, mGaadi & LetsVenture

VioletStreetVioletStreet, Zify raises Rs 10 lakh funding each 

VioletSreet and Zify have raised a funding of Rs 10 lakh each from five investors at Startup SmashUp, at an event organised by The Indus Entrepreneurs (TiE) in Hyderabad. The investors have picked up a 10% equity in each firm.

The story was first covered in Hindu Business Line.


VioletStreet is a fashion curation and retail site that went live in March this year. Zify meanwhile, is a Hyderabad-based startup that lets anyone offer ride sharing services. It lets users carpool with an option to choose time and location from the app. Zify is in the process of receiving feedback from its customers which they are using for product development.

Recently, another Indian social shopping platform LimeRoad had raised a Series B funding of $15 million from Tiger Global, Matrix India and LightSpeed Ventures.


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mGaadi call-auto service raises seed fund from Unitus

mGaadiBangalore-based mGaadi, a call auto service has raised seed stage funding from Unitus, reports The Economic Times.

mGaadi, an m-commerce ordering service for auto rickshaws will use the seed fund to develop its network of auto drivers, to enhance its technology platform, and to expand its operations in Bangalore and other Indian metros.

mGaadi is a commuting service from India Drivers Network which builds a location-based network of commercial drivers (starting with auto rickshaw drivers) and powered by customer ratings. Consumers can use mGaadi’s service by booking an auto over an app or a telephone call for a near-immediate pick-up, or to schedule a pickup. mGaadi auto drivers are then connected to riders based on their location and availability. Their services are currently available only in Bangalore.

Unitus Seed Fund had also invested in Commerzpoint Networks which owns and operates the online healthcare marketplace Medypal, GoCoop Solutions and services which operates a social marketplace for co-operatives and community based enterprises, and Welcare Health Systems Private Ltd which offers affordable eye screening services.


LetsVenture raises Rs 4 crore

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LetsVentureOnline fund raising platform LetsVenture has raised a seed fund worth Rs 4 crore from angel investors led by Eka Software co-founder Manav Garg, InMobi co-founder Naveen Tewari, angel investor Rajan Anandan and Sharad Sharma, co-founder of software product industry think tank iSpirt, reports Times of India.

LetsVenture is an online deal-making platform that brings together investors and startups, much like AngelList. LetsVenture plans to use the funding to take the number of seed stage and Series A (first round of venture capital) deals in India from 200 to over 1,000 in a couple of years.

LetsVenture works like a marketplace for global investors to connect with entrepreneurs of India. It aims to close 35 funding deals this fiscal. They charge 2-3% of the entire funding as a commission from entrepreneurs. It also plans to charge investors about Rs20,000 as annual registration fee. At present, it has about 750 startups and 375 Indian investors registered on its platform. It recently helped Frrole raise $245k.

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