India Dealbook: Prodigal Tech, Magiclane raise funds; CarDekho acqui-hires Carbiqi

Photo: Reuters

Magiclane, which operates conversational AI platform Verloop, has raised $3 million in a Series A round led by IDFC Parampara Fund, while Prodigal Technologies, which provides software that helps lenders improve servicing and collections, has raised seed funding from Y Combinator. On the M&A front, CarDekho has reportedly acqui-hired used cars platform Carbiqi.

IDFC Parampara leads funding for Magiclane

Bangalore-based Magiclane App Services Pvt Ltd, which operates conversational AI platform Verloop, has raised $3 million (Rs 21.2 crore) in a Series A round led by IDFC Parampara Fund, VCCircle reported.

Other investors in the round included Infosys co-founder Kris Gopalakrishnan, and Manipal Education and Medical Group chairman Dr Ranjan Pai. The two had also invested in the startup’s task management platform MagicX, which ceased operations in 2016 following a pivot to conversational AI.

Magiclane will use the funding proceeds to expand team and operations for the global market, the report added.

Y Combinator backs Prodigal Tech

California-based Prodigal Technologies, Inc., which provides software that helps lenders improve servicing and collections, has raised seed funding from US incubator Y Combinator.

Founded in 2018 by IIT-Bombay graduates Shantanu Gangal, Saransh Garg, and Sangram Raje, Prodigal operates an engineering division in Mumbai. The startup was also a part of Y Combinator’s summer 2018 batch. Since 2014, YC has invested $120,000 for 7 per cent equity in its companies. The incubator is planning to increase the size of its investments to $150,000 for the same equity starting with its winter 2019 batch.

CarDekho acqui-hires Carbiqi

Online automobile classifieds major CarDekho has acqui-hired used cars platform Carbiqi, Entrackr reported.

The all-stock deal was signed a couple of weeks ago. As part of the investment, Carbiqi team would soon join CarDekho’s used car vertical in Gurugram, the report said quoting sources. With the Carbiqi acquisition, CarDekho is set to start using the auction model where it will buy cars from consumers on behalf of dealers. Dealers will subsequently bid for the inventory in a competitive manner, replicating the process followed at Cars24.

Founded by Akansh Sinha and Anubhav Deep in 2015, Carbiqi has four stores in Delhi-NCR.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.