India funding round-up: Nearbuy (Groupon India), ToneTag, MyTaxi, Inkmonk, Grey Orange

Over US$5 billion of venture capital funding flowed into Indian startups last year. This year, the deals are coming thicker and faster. So we thought it would be useful to start a daily digest of startup funding in India.

Here’s today’s funding round-up:

Nearbuy (Groupon India)

Local commerce and deals marketplace Groupon India raised funding from Sequoia Capital and re-branded itself as Nearbuy. The funding amount is undisclosed. Groupon India has separated from its Chicago-based parent company Groupon. Nearbuy was founded in March 2015 by Ananya Bubna and Udayan Bubna and is based in New Delhi.

ToneTag

Contactless mobile payment technology startup ToneTag raised US$1 million from Reliance Capital Venture Fund. The startup was founded in Bangalore by Kumar Abhishek in 2014. ToneTag enables the user to make in-store purchases using sound or near-field communication (NFC) depending on the retail point-of-sale device.

MyTaxi

Online cab rental firm MyTaxi raised US$500,000 from Nihon Kotsu Co., a Japanese taxi company. Anshuman Mihir, Mohit Rajpal and Satyakam Rahul co-founded the startup in 2012. New Delhi-based MyTaxi offers online taxi solutions for travel, holidays, and city tours.

Inkmonk

Online marketplace for merchandise printing Inkmonk raised US$250,000 from LetsVenture. The startup is a part of Imprimatur Printing Services Pvt Ltd. It was founded by John Wesley and Surya Shankar in 2014. Inkmonk’s platform helps users print promotional productions such as button badges, mugs, stickers, and t-shirts.

Grey Orange

Gurgaon-based, Grey Orange raised US$30 million in a round led by Tiger Global with particpation by Blume Ventures. Samay Kohli and Akash Gupta founded the startup in 2011. Grey Orange designs, manufactures, and deploys advanced robotic systems.