India Digest: Paytm gets $45m loan; Creditmatri eyes $10-20m funding;, Jolly Food Fellow raise funds

Visual from Paytm website

Mobile wallet firm Paytm has got a $45 million loan from ICICI Bank, while financial services company CreditMantri is eyeing $10-20 million funding. Startups and Jolly Food Fellow have raised funding of undisclosed amounts. Also, e-commerce major Flipkart has filed a case against the Uttarakhand government against higher tax levied on e-buyers.

Paytm borrows $45m from ICICI Bank

Online payments and commerce platform Paytm has taken a loan of around Rs 300 crore ($45 million)  from ICICI Bank in two tranches, as per a report in The Economic Times. “This is a treasury management move for working capital. While adequate funds are there, it is advised by our finance teams to get these credit lines for working capital on the back of security such as FDs (fixed deposits), mutual funds, etc, in order to conserve cash,” Paytm founder Vijay Shekhar Sharma said.

Creditmatri eyes $10-20m funding

Financial services company CreditMantri is looking to raise between $10 million and $20 million to fund its next stage of promotions, team building and scaling up, according to a report in The Economic Times. The Chennai-based startup has moved from a purely advisory role on loan approval matters to a more hands-on function where they have integrated their platform with banks and NBFCs and are helping people with lesser credit score to access loans. raises angel funding from Lothal Angel Ventures

Online medicine delivery aggregator  has raised angel funding of an undisclosed amount from Lothal Angel Ventures. Ahmedabad-based delivers healthcare products at the patient’s door step.“With rising demand for accessible healthcare, it’s worth investing in the healthcare startup segment.Healthcare segment is an evergreen segment when it comes to getting customers,“ said Manasvi Thapar, cofounder, Lothal Angel Ventures.

Jolly Food Fellow raises pre-Series A funding

Ahmedabad-based food technology mobile application, Jolly Food Fellow, has raised an undisclosed amount in pre-series A round of funding led by angel investor Janak Parikh, MD of Malibu Group, according a Inc42 report. The raised capital will be used for market expansion and development of analytics platform. The startup has developed a SaaS based marketing & branding platform for food retail vendors.

Flipkart sues Uttarakhand government for taxing e-buyers

Indian e-commerce major Flipkart has sued the state of Uttarakhand for its decision to impose a 10 per cent entry tax on goods purchased through ecommerce. Calling the levy “discriminatory”, the ecommerce giant has filed the writ through its in-house logistics arm EKart Logistics in the high court of Uttarakhand in Nainital, according to a report in The Economic Times. In February, the company had filed a petition arguing that while the standard rate of entry tax is 5 per cent, goods purchased through e-commerce companies have been subjected to entry tax rate of 10 per cent.

Also Read: India: Paytm ties up with US fintech firm FIS Global for payments bank

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