Mumbai-based GCI Network, which owns the online gifting platform GiftCardsIndia, has raised an undisclosed amount in a round of funding from Blume Ventures and Google India head Rajan Anandan. It will use the money to expand the team, develop new products and widen reach, the company stated. The portal claims to have sold over 250,000 pre-paid cards since launch, through its 20,000 outlets, grossing over $5 million in sales. The firm targets $16 million in revenue over the next two years.
Zoomo ropes in Saif Partners
SAIF Partners has invested $1 million in seed round funding in Bengaluru-based startup Zoomo, a peer-to-peer marketplace for used cars, run by Youngmonk Technologies. Zoomo bypasses dealers and directly connects buyers and sellers. The platform uses an algorithm developed in-house to identify individual sellers before they are listed.
Linkstreet raises funds
Bangalore-headquartered cloud start-up Linkstreet Learning that offers video-based learning to individuals and organisations, has secured an undisclosed sum in its Series A round of funding from Faering Capital, an asset management firm. Linkstreet offers an online platform to organisations and individuals to connect across distances to share knowledge and learn.
IIT-M launches Biotech Incubator
The Indian Institute of Technology, Madras (IIT-M) has launched a Biotechnology Incubator to support the biotechnology start-ups to start their business and grow to a higher level. The Incubation Cell of IIT-M is currently incubating 30 start-ups a year and with the launch of the Incubator and one more incubator to join soon, this is expected to go up to 50 firms a year, said Ashok Jhunjhunwala, faculty-in-charge, IIT-M Research Park and Co-Chairman of IIT-M Incubation Cell. The Biotech incubator is aimed at helping start-ups and SMEs develop globally competitive products and launch them into the market.