While recruitment solutions provider HireXP and hyperlocal discovery platform Magicpin have raised funds, FMCG major Marico has exited its investment in Bellezimo.
Knowlarity CEO backs HR solutions provider HireXP
Recruitment solutions provider HireXP has raised an undisclosed amount of funding from the CEO of tech firm Knowlarity, Ambarish Gupta.
British entrepreneur, Marina Zoltoverkh, also invested in the Gurgaon-based startup.
HireXP plans to use this latest funding to assemble a new product line, CamXP – Campus hiring and Inject AI in the existing platform. The funding will also be utilised to increase product sales in existing markets and also to enter newer markets by the end of 2018.
Founded last year by former global business head of Knowlarity, Vikas Kakkar. HireXP uses recruitment software to automate hiring workflow.
Marico sells its 45% stake in Bellezimo
Indian FMCG giant Marico has exited its investment in Mumbai-based Bellezimo Professionale Products Pvt Ltd, by selling its 45 per cent stake in the company back to the promoter.
According to a filing to the stock exchanges, Marico sold its entire stake to the promoters of the company for Rs 1.6 crore ($246,000).
In 2015, when it acquired stake in skincare products manufacturer Bellezimo, Marico had planned to use the startup’s salon channel to market and distribute its own hair and skin care products.
“After evaluating the long-term prospects of this investment, the company has now exited the venture,” Marico said.
Magicpin raises $1m venture debt from Trifecta Capital
The funding comes a year after Magicpin raised $7 million funding from existing investor Lightspeed India Partners, Waterbridge Ventures, and two global family offices, among others.
According to regulatory filings, Samast Technologies Pvt Ltd, parent of Magicpin, issued 130 Series A debentures (NCDs) of Rs 500,000 each on January 31, 2018. The company has also issued 1 equity share of Rs 10 at a premium of Rs 95,918.57 each, and 94 Series B1 preference shares of Rs 100 at a premium of Rs 95828.57 each on the same date .
With this venture debt round, the company received a total external funding of $11 million since its inception in 2015.