Wipro has set aside $28 million for its venture fund, which will invest in retail startups, while cab-hailing service Ola has launched in the UK. Meanwhile, mattress maker Sleepycat secured $1.56 million in a DSG-led Series A round.
Wipro allocates $28m for startup venture fund
Wipro Consumer Care and Lighting, the FMCG brand of Wipro Enterprises, is investing in retail startups through its Rs2-billion ($28 million) venture fund.
Wipro Consumer Care-Ventures, the fund, will invest in three to four startups a year in the consumer brands space not only in India but also in some parts of Southeast Asia, according to reports.
Specifically, the fund will focus on personal care, skincare, home care, and lighting. Wipro Consumer Care and Lighting CEO Vineet Agrawal said the fund has already received a lot of traction and is talking to at least 10 startups per day.
Ola expands in two more UK cities
Ride-hailing firm Ola, which recently raised $5 million in fresh funding, announced that it has launched in two more cities in the United Kingdom, bringing its presence to a total of nine cities in the UK.
The Bengaluru-based firm said it had launched in Warwick and Coventry, offering both black cabs and private hire vehicles. Alok Pandya, Ola’s Regional Manager for the West Midlands, Coventry, and Warwick, said the firm’s drivers have already provided over one million rides across the UK.
Last month, Ola raised $5 million from Seoul-based special purpose vehicle ARK Ola Pre-IPO Private Investment Trust. The investment suggests that Ola is planning to go public in the near future.
Sleepycat bags $1.56m in DSG-backed Series A
Singapore-headquartered venture capital firm DSG Consumer Partners has backed the $1.56-million Series A funding in Sleepycat, a maker and online seller of mattresses, according to a statement.
The funding round was also backed by Sharrp Ventures, the family office of Marico Group’s Harsh Mariwala. Gemba Capital, an early-stage investor, and some angel investors also participated.
Sleepycat, founded in August 2017, said it will use the fresh funding to invest in technology, develop new products, enhance its marketing division, and strengthen its team.