Big data startup, Minetta Brook Inc has announced the closure of its seed round of $2 million. Company was developing its product for the last 2 years and has come out of beta to focus on revenues, it said.
The Seattle based TIE Angel Group (TAGS) and an early stage venture fund, Naya Ventures LP, has led the round. Prior to this a convertible note round was closed in February which was led by Keiretsu Forum Northwest.
Founded in 2011, the startup has developed a Big Data intelligence platform which streams structured and unstructured content for searching relevant information.
The investment will be used to launch the first product for consumers. The application will target finance sector to provide real time information to traders and analysts based on news, markets and reference data.
Minetta Brook was founded by Deepak Bharadwaj, ex Microsoft and Prabhu Venkatesh a Fintech veteran.
Online Grocery store LocalBanya raises undisclosed amount of funding
Brand Capital Springboard has infused an undisclosed amount of fund in Mumbai based online grocery store LocalBanya.com. Springboard is an initiative of BCCL (Times Group) to fund the entrepreneurs’ which involves equity participation. [Source]
Founded in 2012 LocalBanya is a localised grocery shop serving online. Startup currently delivers in Mumbai city only and serves over 200 orders to more than 8,000 registered users states the same report.
Currently, Indian retail industry stands somewhere around $500 Bn and is expected to touch the mark of $800 Bn by 2015 according to a finding. Food and grocery accounts for 60% of the total Indian retail market.
E-Grocery market in India is valued at more than $4 Bn which accounts for 16% of the total organized retail.
SnapLion Raises Funds from India Internet Group & Others
App making platform SnapLion has raised an undisclosed amount of funding from a clutch of investors. Angel investor Rajan Anandan, Orios Venture Partners, Blume Ventures, Silicon Valley Angels and the India Internet Group have participated in the round.
SnapLion is a DIY platform for people who want to create apps but do not want to get involved in coding.
Big V Telecom selected for incub@TE, an incubation program by Tata Elxsi
Global design company, Tata Elxsi has shortlisted Big V Telecom for its incubation centre program, incub@TE. The startup has customized offerings in business telephony solutions. It has presence in selected Indian regions and is planning to expand in Indian and global market. It has developed more than ten telecom solutions such as YOCC, Big Shaadi, Bulk Voice call, Powerschool etc. Firm also offers franchise solutions.
Tata Elxsi is a design company by Tata group which caters to industry verticals such as communications, consumer products, defense, healthcare, media & entertainment, semiconductor and transportation.