Ecosystem Weekly | 23rd Jan’22

Tech Mahindra acquires CTC for €310 million
Indian information technology (IT) services company Tech Mahindra said on Monday it will acquire a 100 percent stake in Com Tec Co IT Ltd (CTC), an IT solutions and service provider with development centers in Latvia and Belarus, for €310 million (approx. Rs. 2620 crore).
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Reliance invests $132M in Tech50 2021 robot maker Addverb Technologies
Noida-headquartered robotics and automation solutions provider AddverbTechnologies — a YourStory Tech50 2021 startup — has raised $132 million from Reliance Industries Limited (RIL) in a strategic round of funding. Post the investment, RIL will be the single majority shareholder in the company.
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Startup News Snippets

M&A News

Market Pulse

• Bengaluru-based short-video app Chingari has raised $15 million in Series A funding from Republic Capital, Onmobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs and other HNIs
• New Delhi-based student housing company Your-Space has raised $10 million in Series A funding from Shantanu Rastogi, AJAX Capital, Holy Basil Consultancy, Sunidhi Group and Sanjaya Gupta
• Mumbai-based HRtech startup has raised $10 million in funding from Tata Capital Growth Fund II
• Bengaluru-based jewellry startup GIVA has raised $10 million in Series A funding from Sixth Sense Ventures, A91 Partners, India Quotient, Grand Anicut Angel Fund and FounderBank Capital
• Mumbai-based healthtech startup Toothsi has raised $9 million in debt funding from Stride ventures