India Startup News: July Systems, Manthan Systems, Edusys, Kyunki & More
Indian startups are buzzing with funding news. If it was Myntra, Gamiana a week back it is the old horses July Systems and Manthan Systems this week which received funding.
A mobile application provider has raised US$15 million from Updata partners, Intel Capital and WestBridge capital. July Systems has raised US$ 30 million so far in various rounds. It serves brands like ESPN, Toys R Us, Intel and NBA.
Manthan Systems, a business intellgence company which specializes in retail analytics has raised US$15 million from Norwest Venture Partners. It has raised US$ 35 million earlier. Manthan will be using the money to launch new products. Manthan serves clients like McDonald’s, Crocs, Ecco, Haggen, Woolworth and Ripley.
Edusys, a education training and certification company, has raised US$ 7.5 million from Sequoia Capital. This is the first round of funding fro Edusys. Edusys focuses on professional certification courses like Project Management Professions (PMP), PRINCE 2, Six Sigma training, Risk Management training and negotiation skills. These skills and certifications are the most sought after for companies that are looking to gain an edge.
Edusys also operates a MBA test prep site called MyCATStudy.com.
As the name suggests this startup is trying to bring accountant services online. The service can import bank transactions and can categorize these automatically. In addition, it can provide direct assistance from its pool of accountants to assist small and medium enterprises with accounting.
Reachaccountant.com has raised undisclosed amount in angel funding from Rajan Anandan and Rehar Yar Khan.
Muhammad Yunus- IIM A 50 Crore Seed funding for Social business
Muhammad Yunus, the man who gave microfinance a new meaning, has partnered with IIM Ahmedabad to seed fund social businesses. The fund value will be Rs. 50 crores (US$ 10.146 million). Creating a sustainable social business is always tough. Serving social causes and generating profits are two things which don’t mix very well. Some have done it. Many have failed. Will this be any different?
Cisco invests in Qyuki.com
Qyuki.com is a digital media startup by renowned director Shekar Kapur and Oscar winning musician A.R. Rahman. Qyuki is a platform to online collaboration for artists. A person can post lyrics, another person and pick those lyrics and score music, a third person can be the publisher and distributor.
Cisco has invested Rs. 27 crores (US$ 5.679 million) for 17% stake valuing the company at Rs. 159 crores (US$ 32.265 million).
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