While agri-tech startup Gobasco raises seed funding from Matrix, UFO Moviez India Ltd is merging its business with Qube Cinema Technologies.
Agri-tech startup Gobasco raises seed funding from Matrix
Agriculture supply chain technology startup Gobasco has raised seed funding of an undisclosed amount from Matrix Partners India.
The Delhi-based startup plans to use this latest funding to scale and build a full stack commerce platform that yields higher operational efficiency , improves realisations for farmers, reduces wastage and enhances price and market discovery for agricultural commodities.
Gobasco combines large-scale data integration with proprietary technology to bring transparency to commodity supply from farm to fork.
“SMEs in India are adopting technology at a rapid pace, thus opening up opportunities in large, underserved markets like agriculture. Gobasco’s approach provides farmers and agri-SME’s with a data-rich technology platform and network to grow their profits, thereby creating new opportunities in rural commerce,” said Rajinder Balaraman, Vice President, Matrix India.
UFO Moviez to merge with Qube Cinema
“Considering the existing entertainment and advertising market dynamics, the proposed merger of the two companies will lead to robust growth opportunities in India and globally and will create greater value for their respective shareholders,” UFO Moviez said in a stock exchange filing.
Under the terms of the deal, UFO and its wholly owned unit PJSA Technosoft Pvt. Ltd will be merged with Qube Cinema and its group companies Qube Digital Cinema Pvt. Ltd and Moviebuff Pvt. Ltd.
“The merger ratio based on relative valuation stands at 63.6 per cent for UFO and 36.4 per cent for Qube Digital,” the company said.