Blinkit gets $100Mn 💰, Nykaa's 100th store 💄, Govt funds 800 startups under RKVY 👩🏻‍🌾

Blinkit gets $100 mn from Zomato, Nykaa opens 100th store, Govt funds 800 startups under RKVY, What are Convertible Notes?, Funding Deals, M&A & more.

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Mar 11, 2022

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Blinkit gets $100 million from Zomato, in talks to raise another $300 million💰

Blinkit (formerly Grofers), which recently pivoted to the quick commerce segment, has closed an additional $100 million financing as a part of its ongoing funding round.

The funds are being raised through ‘convertible notes 💡’ from Zomato, which will later be converted into equity.

(Left)Deepinder Goyal, Founder and CEO, Zomato and Albinder Dhindsa, Founder, Blinkit

This is a part of a larger $400-million funding Blinkit is looking to raise from Zomato and other investors, which is expected to close in the next two quarters.

While announcing its December quarter results, Zomato said that it continued to be bullish on quick commerce and would potentially invest an additional $400 million in the space over the next two years.

Learn with R&S 💡

`What is a Convertible Note?`

A convertible note is a debt instrument often used by angel or seed investors looking to fund an early-stage startup that has not been valued explicitly. After more information becomes available to establish a reasonable value for the company, convertible note investors can convert the note into equity.

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Nykaa expands Retail Footprint, opens 100th store💅🏻

E-commerce company Nykaa has accelerated its omnichannel footprint. The company has now opened its 100th store in Bengaluru.

Having started its retail journey at the T3 terminal of Delhi airport in 2014, Nykaa stores today offer its unparalleled repertoire of global luxury beauty labels and trendsetting Indian brands to consumers across 45 cities.

Welcomed and loved by consumers in every city, Nykaa stores have gone wide across the country, and nearly half of its stores are now in Tier 2 and 3 cities.

Nykaa operates two formats of beauty stores- ‘Nykaa Luxe’ and ‘Nykaa On Trend’, each built-in line with the company’s vision that focuses on digitization not just in business processes but to deliver a truly seamless customer journey. Nykaa stores also have the capability for hyperlocal delivery, and to accept endless aisle orders, making its entire online assortment available to the store-consumer.

Hot Shorts⚡

Live game streaming startup Loco has raised $42 mn (INR 330 Cr) led by South Korea’s early-stage venture fund, Hashed.
Audio content platform Kuku FM has raised $19.5 million as a part of a funding round led by South Korean gaming giant Krafton.
Mentor Match, an edtech startup, has raised $1 million in its pre-seed round of funding from Sapient Fund led by Mr. Karthik Sundaram.
Nutraceutical B2B platform Nutrify Today has raised $500,000 in a seed funding round led by angel investor Dr. Anand Swaroop.
Fresh produce supply chain startup Ninjacart has acquired Tecxpryt, a software as a service (Saas)-based communication platform.
Ankit Nagori-led cloud kitchen company Curefoods has acquired a majority stake in the milkshake brand, Frozen Bottle.

Government funds 800 startups under RKVY to fuel innovation👨🏻‍🌾

The Centre has funded about 800 startups with an amount of Rs 118.65 crore under the Innovation and Agri-entrepreneurship Development Programme component of the Rashtriya Krishi Vikas Yojana (RKVY) to fuel innovation in the field of artificial intelligence (AI), internet of things (IoT), information and communication technology (ICT), and blockchain technology in the agriculture sector.

The move is part of the government's push to modernise agriculture and allied sectors to increase yield, quality, efficiency and profitability.

Prime Minister Narendra Modi recently called on entrepreneurs together with the corporate world, technology sector and the financial world to collaborate with the government and take Budget initiatives to farmers before they start the new agriculture year this year.