#TodayDeals: The Office Pass Raises $245K, Kedaara Capital to Raise $650M, VLCC Buys VanityCube & More
Reliance Entertainment is gearing up to re-launch its on-demand movie platform BigFlix, globally.
Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, fund launch etc. Read a brief description about all of them:
1. Gurgaon-based Top Technologies Pvt. Ltd, which owns and operates coworking platform The Office Pass, has raised $245,000 (Rs 1.5 crore) in seed funding from a group of individual investors led by Arun Tadanki, former managing director of Yahoo Southeast Asia and India. The company will use the new capital to enhance its platform and hire technology and product talent.
2. Homegrown private equity fund Kedaara Capital is planning to raise a bigger second fund of around $650 million, with a first close of about $400 million, as reported by ET. Canadian pension fund Ontario Teachers, CD&R were anchor investors in Kedaara's first fund and are expected to make a large commitment this time as well. Besides pension and sovereign funds, university endowments, family offices and fund of fund vehicles have also been approached. "The first close will be around September 2017 and a final close of $650 million in next year. The firm had raised a $540 million fund in 2013 from global investors, which then was also one of the largest fund-raisings by an independent, homegrown PE platform.
3. After acquiring WellScience Health recently, homegrown beauty and wellness company VLCC has acquired on-demand beauty service provider VanityCube to leverage the rapidly growing space of on-demand beauty services. Vanity Cube has to-date served over 50,000 customers in Delhi and Mumbai and currently operates in Delhi NCR and Mumbai region. Last year, it raised $300,000 in an early stage round from Unicorn Ventures, friends and family.
4. MakeMyTrip (MMT) has held talks with FabHotels to pick up a strategic stake, reported TOI. While discussions with the Bengaluru-based Treebo have fallen through. FabHotels, which was founded by Vaibhav Aggarwal and Adarsh Manpuria in 2014, may raises $5-10 million in funding.
5. Bathroom products maker Jaquar & Co Pvt. Ltd has acquired a sanitaryware factory from Euro Ceramics Ltd for Rs 100 crore ($15.5 million). Jaquar operates five factories in India and one in South Korea. “The takeover of Euro Ceramics’ manufacturing plant will help us achieve a turnover of Rs 3,500 crore in the financial year 2017-18,” said Rajesh Mehra, director at Jaquar Group.
6. The central government has extended the Startups Intellectual Property Protection (SIPP) scheme, which aims to help entrepreneurs protect their patents and trademarks, by three years till March 2020, according to a circular issued by the Department of Industrial Policy and Promotion (DIPP). Announced as part of the Startup India programme in 2016, the scheme was in force till March 31 this year. “The scheme is inclined to nurture and mentor innovation and emerging technologies among startups, and assist them in protecting and commercialising it by providing them access to high-quality IP services and resources,” the circular read.
7. Singapore-based Jungle Ventures’ seed-stage venture fund SeedPlus, which targets early-stage deals in Asia, has surpassed its target corpus of $18 million from Cisco Investments and Eight Roads Ventures—the investment arms of Cisco Systems Inc and Fidelity International Ltd, respectively, reported VCCircle. SeedPlus has already been backed by SGInnovate, Accel Partners (India) and Tata Sons chairman emeritus Ratan Tata’s personal investment vehicle RNT Associates, among others. International Finance Corporation (IFC), the private-sector lending arm of the World Bank Group, also recently invested $2 million in the fund.
8. Venture capital investor Sequoia Capital India has invested $3 million of additional capital in its initial public offering (IPO)-bound portfolio firm Genesis Colors Ltd, reported DealStreetAsia. Genesis Colors, the owner of luxury fashion labels such as Satya Paul, plans to sell shares to the public to fund expansion and provide an exit opportunity to its investors. The firm filed its draft IPO papers in September and got market regulator Securities and Exchange Board of India’s (Sebi) approval in February.
9. Wipro has partnered with Silicon Valley-based security startup Demisto to deliver integrated and automated incident response as a managed service. As part of the deal, Wipro's strategic investment arm Wipro Ventures has also made an investment in Demisto as part of the latter's $20M Series B round of funding that was announced in February this year.
10. Tesco Bengaluru, the technology and retail operations centre for Tesco, has appointed Sumit Mitra as its CEO, reported ET. Mitra is starting in this role later this year and joining the company from BT Plc, where he is currently the Managing Director for Central Business Services and India Country Manager. Mitra has held various roles across Asia and Europe during his 16 year stint at BT.
11. Reliance Entertainment is gearing up to re-launch its on-demand movie platform BigFlix, globally, as reported by ET. In its new avatar, the OTT service will target not just Indian consumers within the country, but also Indian cinema lovers across geographies with over 2,000 movies in high-definition across 9 different languages.
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