India Digest: ICICI picks ePaylater stake; Gray Matters backs Kidovators; MinersINC fundraise
Jul 25, 2018
July 25, 2018
In yet another fintech deal, ICICI Bank said it is investing $1.2 million for a 9.91 per cent stake in Arthashastra Fintech Pvt. Ltd (AFPL), the parent of ePaylater while edtech startup Kidovators has raised $180,000 in a seed round of funding from impact investor Gray Matters Capital’s edLABS initiative, and M Chandrasekaran. In another development, MinersINC has secured anchor investment from VC Bothra, a Singapore based businessman. ICICI Bank invests $1.2m in ePaylater
ICICI Bank on Tuesday said that it is investing Rs 8.72 crore ($1.2 million) for a 9.91 per cent stake in Arthashastra Fintech Pvt. Ltd (AFPL), the parent of mobile payments startup ePaylater . The objective of this investment is to promote digital lending, ICICI said in a BSE filing. ePaylater was founded in December 2015 by Aurko Bhattacharya, Prasannaa Murlidharan, Uday Somayajula, Shanmunathan Thiagaraja and Saxena. The company gives customers the option to ‘buy now and pay later’ on online portals with just one click. The customers get 14 days to make the payment and within that period they can make many more transactions via single-click checkouts and can bunch them all together to make a single payment at the end of the period. The startup raised $2 million in a seed round of funding from three high-net-worth individuals in June 2016. AFPL posted turnover of Rs 3.2 million in FY 17, the filing added. Gray Matters invests in Kidovators
Bengaluru-based edtech startup Kidovators has raised $180,000 in a seed round of funding from impact investor Gray Matters Capital’s edLABS initiative, and former corporate advisor to Manipal Group, M Chandrasekaran. The funds will be utilised to scale the Kidovators programs to over 100,000 students and 600+ partner schools in 2018 as well as strengthen the core content, technology and sales team, the startup said in a blog post. The funding comes on the back of a new Learning Program & Olympiad on Critical Thinking launched by Kidovators this year to test skills like deduction, reasoning, interpretation, identification of assumptions, among others. Founded in 2011 by Priyadeep Sinha, Kidovators, an online skill learning platform for students aged 8 – 15 years, had earlier raised angel funding from Luis Miranda, former chairman, IDFC PE and Chandrasekaran in 2015. It claims to have garnered over 10,000 student signups since its launch in the beginning of this year. Singapore businessman backs MinersINC
MinersINC , a startup engaged in building a blockchain-powered P2P platform for the entertainment sector, has secured anchor investment from VC Bothra, a Singapore based businessman. The platform will deploy a community-driven approach in the entertainment sector for content creation and distribution, enabling direct interactions between all the stakeholders that make up the entertainment economy, it said in a statement. It will further empower creators to sell directly to their intended audience making it a capital light model from production to content distribution. For consumers, MinersINC will enable the community to be part of the entertainment economy, beyond viewing films or listening to music.