India Dealbook: Mayfield backs Milkbasket; Monest in talks for Series A; Amazon Pay gets $30m

Amazon
Amazon boxes are seen stacked for delivery in Manhattan, New York, U.S., January 29, 2016. REUTERS/Mike Segar/Files

Grocery delivery platform Milkbasket has raised close to $1.37 million (Rs 10 crore) in a fresh round of funding from US-based venture capital firm Mayfield Fund while Monest, a real estate platform, is in talks to raise a Series A round of funding. Separately, Amazon has pumped in an additional Rs 220 crore ($30 million) in its digital payments arm, Amazon Pay.

Mayfield Fund invests in Milkbasket

Grocery delivery platform Milkbasket has raised close to $1.37 million (Rs 10 crore) in a fresh round of funding from US-based venture capital firm Mayfield Fund, TechCircle reported.

The funding has been reportedly raised at a valuation of $22-23 million. As part of the investment, Nikhil Khattau, managing director at the VC firm, has joined Milkbasket’s board.

In May, Milkbasket had secured $7 million in its Series A funding led by venture capital firm Kalaari Capital. The round saw participation from Singapore based BeeNext and its existing investors, Unilever Ventures and Blume Ventures. In January, the Gurgaon-based startup had raised $3 million in a pre-Series A round led by Unilever Ventures Ltd.

Monest in talks for fresh funding

Kolkata-based Monest, a real estate platform that helps consumers search for property agents, share their requirements, and rate them, is in talks to raise Series A round of funding from wealthy individuals and developers, VCCircle reported.

Owned by Officus Infrastructure Pvt. Ltd, Monest was launched in March this year. It currently has presence in Pune and Kolkata and aims to start operations in Mumbai by this year-end. The startup is eyeing a presence in nine top cities by 2019-20, the report said quoting co-founders.

The company had earlier raised close to Rs 3 crore from Prashant Chopra, director of Pune-based developer PS Group Realty Ltd, and another individual investor, in an angel round.

Amazon puts $30m in payments arm

US e-commerce giant Amazon has pumped in additional Rs 220 crore ($30 million) in its Indian digital payments arm, Amazon Pay, The Economic Times reported.

The development comes just a month after it infused Rs 590 crore into its payments arm to cash in on the festive season. The company received $33.5 million earlier in July.

The payments arm recorded a significant jump in revenue to Rs 394 crore in financial year 2017-18, a 5,100 per cent annual increase. But its loss for the year increased by 88 per cent to Rs 334 crore owing to Rs 264 crore expenditure on ads and promotions.