Online marketplace Shopclues raised $7.6 million (around Rs 50 crore) in debt funding from InnoVen Capital, a company spokesperson said.
While Shopclues didn’t disclose how it plans to use the funds, a person privy to the development told BloombergQuint that the proceeds of the round will be used to meet working capital requirement and scale up rapidly.
The debt funding comes 15 months after the firm entered the unicorn club by raising an undisclosed amount from Singapore’s sovereign wealth fund GIC Pte Ltd. and existing investors Tiger Global Management and Nexus Venture Partners at a valuation of over $1.1 billion.
The Gurugram-based company is said to have clocked 100 million monthly visits on its website. It offers over five crore products from more than five lakh merchants.
Delhi-based LegalRaasta that provides online legal services to small and medium-sized enterprises, entrepreneurs and professional raised $5 million (around Rs 32 crore ) in a Series A round led by Impanix Capital, the company said in a statement.
The startup will use the funds in building GST compliance software for SMEs, chartered accountants and enterprises, the statement said.
“We will be offering both standalone GST software and an API interface to connect ERPs (such as SAP, Oracle and Tally) with GST systems. We have already applied as a GSP provider (GST Suvidha Provider) with the government,” Himanshu Jain, co-founder of LegalRaasta, said.
The company said that it has served more than 80,000 SMEs in India and offers over 50 services linked to finance and taxation.
Bangalore-based e-commerce consultancy Ace Turtle raised $5 million (Rs 32 crore) in its Series A round of funding from Vertex Venture Holdings Ltd., the venture capital arm of Singapore government’s investment firm Temasek, and Singapore-based real estate developer CapitaLand, the company said in a statement.
Ace Turtle said it will use the funds to ramp up its technology platform and build a leadership team. A part of the investment will also be used to expand overseas, beginning with southeast Asian markets such as Singapore and Malaysia.
Founded in 2013, the company helps offline brands go online by providing technology, customer support, marketing solutions and analytics through an integrated e-commerce platform. It also provides consulting services to e-commerce firms.
The company’s offline customers include Intex, Arrow, Ed Hardy, Flying Machine, Fossil and Ray Ban, among others. It also counts Flipkart and…