India Dealbook: Equanimity invests $1m in Sqrrl; Diageo picks 26% stake in HipBar

Photo: Reuters

In the latest startup funding news, fintech firm Sqrrl has raised $1 million in a pre-Series A round from Equanimity Venture Fund, while Diageo India has invested Rs 27 crore for a 26 per cent equity stake in alcohol payment and delivery startup HipBar.

Equanimity invests $1m in Sqrrl

Equanimity Venture Fund has invested $1 million in the pre-Series A funding round of fintech startup Sqrrl, according to an announcement on Monday. The fresh infusion of funds will help Sqrrl pursue aggressive growth and add to its product and technology prowess.

Sqrrl aims to invest in new-age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its on-boarding process. After this funding round, Rajesh Sehgal, the Managing Partner of Equanimity, will join the board of Sqrrl Fintech.

Sqrrl is an investment platform, with its mobile app available on Android and Apple stores. It allows users to invest in top-performing mutual funds based on their investment needs, risk horizons and goals.

Diageo picks 26% stake in HipBar

Diageo India, an alcoholic beverages company, on Monday announced that it has acquired a 26 per cent equity stake in Chennai-based alcohol payment and delivery startup HipBar for Rs 27 crore. Diageo routed the investment through its legal entity United Spirits Limited, it said in a statement.

The investment will help HipBar expand its footprint across more markets. With the HipBar app, age-verified consumers can browse a range of alcoholic beverages, select a brand of their choice and make online payments to have the product delivered at their doorstep (where permitted) or pick it up from a retail store at their convenience. Founded in 2015, HipBar currently operates in Bengaluru and Chennai.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.