🇮🇳 Roundup: Qed earmarks $500m for Indian startups

Startups in India, including Kuhoo and Snapmint, raised at least US$29 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:

Qed eyes US$500m spend for Indian firms in the next 3 years

The fintech-focused investor is ready to invest up to US$50 million for each startup.

It targets companies in their pre-seed, seed, series A, series B, and growth stages. The firm has already made around US$150 million worth of investments so far.

Qed opened its India office last year, and it has invested in neobank Jupiter, earned wage access provider Refyne, open finance firm Upswing, and fintech startup FPL Technologies.

Ashneer Grover steps down from BharatPe

The BharatPe co-founder has resigned months after a probe into financial irregularities kicked off. This comes after his challenge to the firm’s governance review was thumbed down.

Madhuri Jain, Grover’s wife who was also BharatPe’s controller, was sacked late in February due to fund misappropriation.

Both Grover and Jain have been on leave since January due to the controversy, with the BharatPe board bringing in management consultancy and risk advisory firm Alvarez & Marsal for an investigation.

Regulator mulls oversight on non-profitable firms’ IPOs

The Securities and Exchange Board of India wants tighter checks on firms planning to go public.

It is going specifically after firms that are losing money, saying that it wants these companies to “justify” their share price before listing.