India Dealbook: Arzooo raises $1m; LetsVenture backs X1 Racing League

The Shopee app, Garena Interactive Holding Ltd.'s mobile marketplace, is displayed on the smartphone of an employee at the company's headquarters in Singapore, on Thursday, Aug. 25, 2016. Photographer: Nicky Loh/Bloomberg

Indian startups continue to raise funding. Arzooo has raised $1 million in a pre-Series A round while LetsVenture has led funding for X1 Racing League.

Arzooo raises $1m pre-Series A

B2B e-commerce platform Arzooo has raised $1 million in a pre-Series A round of funding led by the United Arab Emirates-based Jabbar Internet Group, it announced on Thursday.

Jabbar Internet Group is the parent company of Middle East’s ecommerce platform Souq.com. The round also saw participation from a consortium of investors based out of India and the UK.

Arzooo will use the funds to expand operations, on product enhancement, and in strengthening its technological infrastructure.

LetsVenture backs X1 Racing League

X1 Racing League, a professional motorsports league, has raised additional funding led by LetsVenture, Anupam Mittal of People Group, Raghunandan G of TaxiForSure, Pulkit Total and Ashwin Jayaram of Safra J Sarasin.

Mohit Burman and a consortium of investors, entrepreneurs were also a part of the funding round. Early investors Jitendra Gupta, Angellist India and the Rattha Group, too, joined.

The league intends to use the capital to fund league operations, expand into esports and establish key international partnership.