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
“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.