Startup news and updates: daily roundup (Feb 16, 2021)

Byju's in talks with Toppr for potential acquisition

India's largest edtech platform Byju's is in advanced talks with rival Toppr for a potential acquisition, according to sources. Sources close to the development said the deal is estimated to be about $120-150 million in size and could be closed in the next 2-3 weeks.

Future says Amazon asked for $40M as compensation for RIL deal; ecommerce major denies charges

Future Group has alleged that Amazon had asked for $40 million (around Rs 290.41 crore) in compensation for the deal with Reliance Industries, a charge that the ecommerce major termed as "false and misleading claims." According to documents submitted to the emergency arbitrator of SIAC by the Kishore Biyani-led firm, Amazon was also well aware of the Rs 24,713 crore Future-RIL deal.

Government announces liberalisation of policies governing geospatial data

In sweeping changes in the country's mapping policy, the Indian government announced the liberalisation of norms governing the acquisition and production of geospatial data, a move that will help in boosting innovation in the sector, and create a level-playing field for public and private entities.

Delhi startup Marquee Equity secures $3.8M from Capital One, Arrowroot Capital, others, for undisclosed US client

Marquee Equity — a Delhi-based SaaS platform, connecting startups to investors, venture capitalists, and angel investors for funding requirements — raised $3.8 million for an undisclosed US-based fintech client.

With a network of over 3,200 investors globally, Marquee secured meetings with investors, including Capital One, SignalFire, Arrowroot Capital, TTV Capital, Costanoa VC, Raptor Group, and HWVP, among others to achieve the required funding within two months of the campaign.

Cognitive skills edtech startup WizKlub raises Rs 6Cr in pre-Series A round from Incubate Fund India

WizKlub — a Bengaluru-based cognitive development edtech startup that builds future skills for students through its HOTS (Higher Order Thinking Skills) and SmartTech programmes — raised a pre-Series A funding of Rs 6 crore. Existing investor Incubate Fund India participated in the round. The startup will use the fresh capital to accelerate its growth and run rate.

Edtech unicorn Unacademy acquires majority stake in TapChief

Bengaluru-based edtech major Unacademy has acquired a majority stake in TapChief, the professional networking and future of work platform. The existing investors in TapChief have now gotten an exit from the startup. Post the acquisition, TapChief will join the Unacademy Group with a valuation of Rs 100 crore.

UptimeAI raises $1.5M in seed round led by YourNest Venture Capital

Bengaluru and California-based UptimeAI on Tuesday announced that it has raised $1.5 million in a seed round led by YourNest Venture Capital, an early-stage fund focused on the deep-tech and enterprise segments. Founded in 2019 by Jagadish Gattu and Vamsi Yalamanchili, UptimeAI specialises in AI-based predictive maintenance software for heavy industries.