Philips is seeking to invest in healthcare technology start-ups in India, following other Fortune 500 firms in the world in empowering India's steadily growing start-up economy.
Start-ups in India have faced a sharp decline in venture capital investments during the first quarter of 2016. According to investors, this drawback appears to be a "new normal" since it shadows a series of funding turmoil in the past two years.
Dallas-based Modo Payments has raised $2 million in a funding round headed by Tim Keith. The company will use the money from funds to widen its payment services buisness.