India Dealbook: 6Degree, PeeSafe raise funds; Future Market to merge with Star Shopping Centres

While fashion technology startup 6Degree and toilet hygiene product firm PeeSafe have raised funds, fFuture Market Networks is merging its operations with shopping mall developer Star Shopping Centres.

6Degree raises $400k from Indian Angel Network, TAN Advisors

Fashion technology startup 6Degree has raised $400,000 from existing investor Indian Angel Network and TAN Advisors– The Angel Network in a pre-series A round of funding.

“The amount will be utilized in expanding the team, upgrade of the technology and in expanding the reach of the company,” the company said in a statement.

In 2016, Indian Angel Network had invested around $200,00 in 6Degree.

“This next financial year we aim to integrate and expand the talent network to include models, stylists and the rest of the fashion ecosystem on one page. We also aim to expand regional presence in Tier 2 and Tier 3 cities,” said Amit Bhardwaj, Co-Founder & COO, 6Degree.

“Our strategy will be to use the developed technology to connect to the fashion ecosystem in such parts of the country,” he added.

PeeSafe raises $1m through issue of CCD

Toilet hygiene product firm PeeSafe has raised $1 million by issuing Compulsory Convertible Debentures (CCD) notes to its existing investors and new investors, according to a report in The Economic Times.

PeeSafe plans to use this latest funding to accelerate its growth by expanding into international markets of the US and South Africa.

The new investors include Shivani Singh, VP, Star TV; Rahul Maroli, VP, Ola Cabs; Shekhar Agarwal of Amar Securities; Mitesh Shah, CFO, BookMyShow; Siddhartha Banka; Manoj Bengani; Prabhat Verma; Anshul Dave of 50K Ventures; and Sanjay Gehani. Existing investors including Alfa Universal Ventures, Green Shoot Capital, Venture Catalysts also participated in the round.

Last year, PeeSafe had raised $1million from a clutch of investors including Dheeraj Jain of Redcliffe Capital, former Unilever exec Govind Rajan, former P&G exec Amit Choudhary and Startup Buddy founder Amit Singal.

Future Market to merge with Star Shopping Centres

Future Group’s retail infrastructure unit, Future Market Networks, is merging its operations with shopping mall developer Star Shopping Centres.

According to a filing to the stock exchanges, the board of Future Market “unanimously approved the swap ratio and in-principle approved the scheme of amalgamation of Star Shopping Centres (SSCPL or transferor company) into Future Market Networks (FMNL or the company or transferee company) in accordance with the provisions of Section 230 to 232 of the Companies Act, 2013 and authorised the committee of directors to do all such acts and deeds as may be required to implement the same.”

The merger will help in rationalising the group structure to ensure optimised legal entity structure more aligned with the business as well as reorganising the legal entity in the group structure so as to obtain significant cost savings and/or simplification benefits, Future Market said.

Also Read:

Hygiene products retailer PeeSafe’s parent raises $1m

Online fashion startup 6Degree raises $200K from Indian Angel Network

Skillenza raises $772k from IAN, Blume Ventures, others

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.