🇮🇳 Roundup: Ola pumps $105m into financial arm, and more

Startups in the country collectively raised US$146.1 million today in disclosed funding from international and local investors.

Here’s a snapshot of fundraisings:

Here’s some important tech news in India today:

Zomato sets up funding program for restaurants, cloud kitchens

Dubbed Zomato Wings, the food delivery giant will identify businesses that they will link to potential investors. Zomato itself, however, will not invest in any player.

The program didn’t disclose the demographics of its target businesses and investors.

Zomato went public and raised US$1.3 billion earlier this year, while its first post-IPO report said that its operating losses grew threefold year-on-year for the first quarter of 2021. Its co-founder Gaurav Gupta left the company a few months after the IPO.

Fintech unicorn Cred to acquire expense management startup

Credit card payment app Cred is in talks to acquire Happay, a firm that helps companies manage financial transactions such as travel and tax benefits.

The latter’s valuation is expected to exceed US$150 million with the deal.

Cred recently raised US$251 million in a series E round, which boosted its valuation to US$4 billion. Earlier this year, it hit unicorn status as its valuation breached US$2 billion after a US$200 million round.

Nykaa eyes 300 stores in offline expansion

Cosmetics-to-fashion retailer Nykaa is planning to triple the number of its physical stores to 300, although its founder Falguni Nayar didn’t disclose the timeline for this target.