Fintech startup ftcash has raised an undisclosed amount of funding from IvyCap Ventures and 500 Startups.
The company will use the proceeds from the pre-Series A round to develop products in the payment and loan categories, scaling annual transactions to Rs 1,500 crore and disbursing loans to merchants upwards of Rs 150 crore, it said in a statement today.
In addition, ftcash will use the funds to drive its expansion plans and scale up operations in Mumbai, Surat, Jaipur and Pune, it added.
ftcash aggregates all payment methods including credit/debit cards, net banking, various mobile wallets, UPI and PayPal to create an open architecture-based platform for merchants to initiate digital payments.
Aasaanjobs acquires mHire
* Online recruitment marketplace Aasaanjobs today said it has acquired mHire, a Noida-based recruitment platform, for an undisclosed amount.
mHire focuses on skilled and semi-skilled blue and grey collar (entry-level) jobs.
Through this strategic acquisition, Aasaanjobs plans to strengthen its presence in the Northern India and onboard partners and clients that mHire has in its folds, a statement said.
Idea Money partners with OYO
* Idea Money, the digital wallet service from telecom major Idea Cellular, today announced an exclusive partnership with OYO.
The partnership will allow Idea Money customers with limited or no internet access, to book OYO hotels across 200 cities in India at their nearest Idea Money Retail store.
Also, OYO will be able to reach customers in tier III and IV markets in the country.
Idea Money is offered by IMCSL (Idea M-Commerce Services Ltd), a subsidiary of Idea Cellular.
“This partnership is aimed at simplifying the hotel booking process for our customers and bring more online services to our offline customers,” Aditya Birla Idea Payments Bank Designate CEO Sudhakar Ramasubramanian said.
Venture Catalysts starts operations in Qatar * Seed investment and innovation platform, Venture Catalysts today announced its foray into the GCC (Gulf Cooperation Council) countries market in partnership with 360 -nautica, an investment and venture capital firm in the region.
Venture Catalysts will initiate its operations in Qatar, with a plan to expand to other countries in the region like Bahrain, Kuwait, Oman, Saudi Arabia and the UAE, it said in a statement.
“Post amalgamation, the new entity will be known as 360- VCats and will be based out of Doha,” it added.
The partnership will provide an initial investment in the range of USD 100,000-USD 500,000 to businesses at the initial stages of their growth cycle in India as well as Qatar.
The funds will be used to facilitate the requirements of strengthening investor network, incubation, mentoring and providing cross-border investment as well, the statement said.
India BI, analytics software rev to touch $245mn: Gartner * The business intelligence (BI) and analytics software market in India is forecast to touch USD 245 million in 2017, growing more than 24 per cent over last year, research firm Gartner today said.
In 2016, revenue from BI software — which includes BI and data science platforms as well as analytic applications — was estimated to be about USD 206 million.
“The data and analytics market is undergoing a significant change. Adoption of machine learning techniques for data management and analytics, the settling of hype around big data through more mature data storage, and processing and analysis solutions are a few of the changes,” Gartner principal research analyst Ehtisham Zaidi said.
The emergence of modern BI platforms, smart data discovery and self-service data preparation solutions are all fuelling the next round of investments, he added.