On Startup Street, Mumbai based early stage fund house Unicorn India Ventures has announced the first close of its second equity fund at USD 12 million. The second equity fund of Rs 400 crore was announced last year.
Unicorn India has raised funds from domestic investors consisting of family offices and investors from its first fund as well. With the first close, the venture has also announced its first investment in a Trivandrum based startup SaScan Meditech. CNBC-TV18 spoke to Bhaskar Majumdar, Managing Partner of Unicorn India Ventures to discuss more about their second equity fund and their plans going forward.
According to the ministry of health, the total number of confirmed coronavirus cases in India as of March 30 has risen to 1,071 with 942 active cases. As India enters week two of a nationwide lockdown, one sector that has seen operations come to complete standstill is the food delivery and cloud kitchen space.
According to the National Restaurant Association of India (NRAI), over 95 percent of India’s restaurants are currently shut. In fact according to one estimate, Zomato and Swiggy saw a 60 percent drop in orders across most cities last week. This coupled with the fact that supplies have dried up and delivery partners not turning up to work has made the business environment quite challenging for India’s food tech players.
CNBC-TV18 in their special show startup street spoke to Vivek Sundar, COO of Swiggy, K Ganesh, Investor and Founder of BigBasket, FreshMenu, Hunger Box and a host of other startups. They also spoke with Raghav Joshi, CEO India of Rebel Foods to discuss the impact on the sector.