🇮🇳 Roundup: BharatPe strips Ashneer Grover of founder status (Updated)

Update (March 2, 7.38p.m. SGT): Adds news on Byju’s

Startups in India, including Engg Online, Lobb, Beatoven.ai, Macmerise, Ginglani Distillers, and Eat Better raised at least US$8.2 million in funding today from international and local investors.

Here’s a snapshot of the fundraising:

Here’s some important tech news from India today:

BharatPe strips Ashneer Grover of founder status

The announcement was made after Grover turned in his resignation. According to the company, Grover submitted the letter after he received a notice that the investigation results into BharatPe would be presented to the board.

BharatPe reiterates its accusation that Grover and his family engaged in misappropriation of company funds, including creating fake vendors from which they siphoned money away from the firm’s expense account.

The company also said that it reserves all rights to take further legal action against him and his family.

Mela Ventures closes US$42.3 million maiden fund

The MV Core Tech Fund – VC firm Mela Ventures’ maiden fund – is backed by limited partners including Nippon India Digital Innovation AIF and SIDBI Fund of Funds.

The VC firm said that it will focus on early-stage B2B startups and will possibly select a few series A or series B firms as well. It aims to offer up to US$2 million per investment.

The fund has already invested in four startups, Mela Ventures said, and it will make three more investments in the next two months.

Fashion manufacturing marketplace Fashinza set to raise US$50 million

Fashinza is reportedly in late-stage talks to raise a new round of funding worth US$50 million that will push its valuation up to US$350 million.