Investors may have become mighty choosy in backing the next big venture, but all it takes to secure funding even in this climate is that unique idea. CNBC-TV18's team dissects the action in the startup space on tonight's edition of the Young Turks startup deal tracker.
Day care and playschool venture Klay has raised USD 16 million in series-b funding from Peepul Capital. Priya Krishnan, the CEO of klay, says the Bengaluru-based company will use this money to expand operations in India and key overseas markets.
"We are currently in Bangalore, Hyderabad, NCR and Mumbai and we plan to be in Pune and Chennai in India and we are looking at Dubai, Singapore and Hong Kong to start with overseas," Krishnan says.
Education's not the only hot vertical in the start-up space -- tax is as well. Bengalore-based Cleartax has closed its third funding round in as many months. The e-filing platform for income tax returns has raised USD 12 million from Saif partners. This money will go towards team-building and product expansion.
Archit Gupta, CEO of Cleartax says, "We have started the recruiting process and interviewing a few engineers and excited about meeting some of the best engineers i think in India and silicon valley-people who are looking to move back scenarios. And building out our executive leadership team so making VP level hires at Cleartax to lead some of the business product lines which we are launching. Plus now obviously focussing on newer product lines. So, more products around taxes, compliances, tax savings and investments coming out."
Speaking of fashionable verticals, fashion itself is quite the in thing. E-commerce fashion aggregator Voonik has raised USD 20 million in series-B funding led by Sequoia Capital Times Internet, Seedfund, Beenos, and Beenext. Parkwood Bespin, Tancom investments and Kunal Shah have also participated in this round. These funds will be used to enhance customer experience and scale up the fashion platform.
Expansion is on the mind of HR and payroll solutions provider Greytip Software as well. And that's where the USD 5.2 million it has raised in series-b funding from new enterprise associates and Blume Ventures will come in.
Hollywood is also buying into the Indian start-up space. Music streaming app Saavn has secured an undisclosed amount in strategic investment from Guy Oseary, who managed artists like Miley Cyrus, Britney Spears, Paul Mccartney and music band u2. The CEO of talent management agency maverick records will don the robes of partner and investor, and help develop artist collaborations for Saavn.
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