India Dealbook: JioSaavn, Heads Up for Tails raise funding; StalkBuyLove faces cash crunch

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Music streaming platform JioSaavn and retailer of pet products, Heads Up for Tails (HUFT), have raised funding. Meanwhile, in a separate development, StalkBuyLove has run out of money as it struggles to raise funding.

JioSaavn gets funding from parent

Music streaming platform JioSaavn has raised about $19.4 million (Rs 140 crores) from its parent entity Reliance Industries, according to paper.vc.

The funding comes almost a year-and-a-half after Reliance Industries merged its digital music service JioMusic with Saavn. According to an April report in The Economic Times, Reliance Industries had invested $124 million into Saavn at a post-money valuation of the entity at $301 million.

Currently, JioSaavn has over 100 million monthly active users.

Heads Up for Tails raises $10m in pre-Series A

Delhi-based retailer of pet products, Heads Up for Tails (HUFT), has raised $10 million in a pre-Series A funding round led by a group of family offices, HNIs, and existing promoters.

The startup will use the funding proceeds to expand its retail and e-commerce business.

Additionally, the startup entered into an alliance with Avanti Overseas for direct distribution of global brands including Kong, Nylabone, Isle of Dog, Schesir & Pet Head, YourStory reported.

StalkBuyLove faces cash crunch

Women-focused online retailer StalkBuyLove is facing a financial squeeze as it has been struggling to raise funding.

According to a report in The Economic Times, the problem within the company surfaced in June this year after customers complained of failed deliveries even after an advance payment of products. Many took to social media to protest against the founders for allegedly absconding without clearing dues.

StalkBuyLove last secured $1 million in venture debt from Trifecta Capital in April 2017.