India Dealbook: mCaffeine, Jadooz, LetzConnect raise funding; Droom sets up AI lab

The burgeoning startup ecosystem is abuzz with action. RP-SG Ventures, a fund sponsored by the RP-Sanjiv Goenka Group invested in mCaffeine, while Artha Venture Fund has led a Rs 1.85 crore ($270,000) seed funding round in Jadooz Media Solutions. Educational networking portal LetzConnect, too, has raised a pre-Series A funding round to facilitate its expansion plans. In a separate development, online automobile marketplace Droom invested Rs 50 crore ($7.25 million) to expand its operations and set up an artificial intelligence (AI) lab.