ETtech Deals Digest: Zolostays, JetSynthesis, Flipkart-Arvind deal – ETtech

ETtech Deals Digest: Zolostays, JetSynthesis, Flipkart-Arvind deal - ETtech

ETtech Deals Digest: Zolostays, JetSynthesis, Flipkart-Arvind deal - ETtech
From co-living startup Zolostays $56-million funding round to Flipkart’s latest bet on the newly formed subsidiary of one of India’s largest apparel makers, there’s a lot that happened this week in the country’s startup ecosystem. Other key deals this week include fundraising by JetSynthesis, Zomentum and Specsmakers.

Zolostays funding

Co-living startup Zolostays has raised $56 million in Series C round led by Investcorp, Nexus Ventures Partners, Mirae Assets, Trifecta Capital among others. With the latest round, the company has raised $90 million till date.

Founded in 2015 by Nikhil Sikri, Akhil Sikri and Sneha Choudhry, Zolo plans to use these funds for technology, locking in more inventory and strengthening AI-driven operating platforms.

Why it is important

This is the biggest funding round announced this week. But many white-collar workers are now looking to leave metro cities and work remotely. In such cases, these startups may have to pivot their offerings or add value for their customers. Read more.

JetSynthesis lands new funds

Digital entertainment and technology startup JetSynthesys has raised Rs 300 crore from existing shareholders to strengthen its gaming and digital entertainment offerings and interest-based social community platforms. The capital infusion comes from Kris Gopalakrishnan, the family office of Adar Poonawalla, and the Navani family-owned Jetline Group. Other shareholders of JetSynthesys include the family offices of Thermax, Triveni Group and DSP Group.

Why it is important

Gaming and social community platforms have seen traction since the lockdown period. A number of these companies have reported a surge in users but retention will remain a challenge going forward. Read more.

ETtech Deals Digest: Zolostays, JetSynthesis, Flipkart-Arvind deal - ETtech
Flipkart and Arvind Fashions

Walmart-owned Flipkart has picked up about 27% stake in Arvind Fashions’ subsidiary Arvind Youth Brands for Rs 260 crore as the homegrown ecommerce firm looks to strengthen its fashion portfolio. The newly formed subsidiary will own its Flying Machine brand, which has been retailing on Flipkart Group platforms, including fashion portal Myntra, for over six years.

Why it is important

The investment helps Flipkart strengthen its mid-market fashion portfolio, and at the same time aids Arvind Fashions in expanding the scale of its Flying Machine brand from Rs 500 crore to Rs 1,000 crore in four years. Read more.

Other deals

Zomentum, a startup that builds sales solutions for managed services providers, has raised $4.1 million in seed funding from Accel and SAIF Partners. Founded by Shruti Ghatge and Rahil Shah in 2018, the company shipped its first product in January this year. Read more.

Eight Roads Ventures, the global investment firm backed by Fidelity, has pumped in an additional Rs 23 crore in its existing portfolio company, Chennai-headquartered optical chain Specsmakers. The proceeds from the internal investment round will be used by the 13-year-old firm to create an omni-channel presence and focus on building the digital and technological capabilities of its e-commerce business. Read more.

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