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BCCL Exits Travel Portal Yatra For $6M, BCCL Invests $1M in Timesaverz & Abhishek Rathore Joins Rakuten as Product Head

Former Snapdeal executive Abhishek Rathore has joined Japanese e-commerce major Rakuten as head of product management.

Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:

1. Media conglomerate Bennett, Coleman and Co Ltd (BCCL) has exited from its investment in online travel portal Yatra Inc, for Rs 39 crore (around $6 million), the online travel portal said in its annual report for FY17.

Yatra had issued the warrants to BCCL in 2011 for a period of four years. It later extended the term till September 2017. The travel portal settled the payment to BCCL under the terms of the advertisement agreement, the report shows.

For the financial year ended 31 March 2017, the company’s total revenue rose to Rs 939.3 crore from Rs 837.8 crore in the year-ago period. However, losses widened 377% to Rs 593.7 crore from Rs 124.3 crore during the same period.

The company also said in the annual report that it was in need of more funds to invest in new technologies and stay relevant. It only has a 12-month operational runway in terms of cash and cash equivalents.

2. Mumbai-based Timesaverz Dotcom Pvt. Ltd, which runs an online marketplace for home services, has raised $1 million (Rs 6.5 crore) from media conglomerate Bennett, Coleman and Co. Ltd (BCCL).

The company will use the funds to expand operations, meet its working capital requirements and for marketing, reported VCCircle.

The firm last raised funds in 2015, when it secured $2.3 million (Rs 15 crore then) in Series A funding from Ronnie Screwvala’s Unilazer Ventures.

3. Former Snapdeal executive Abhishek Rathore has joined Japanese e-commerce major Rakuten as head of product management.

In his new role, Rathore leads the management of Rakuten’s global e-commerce platform, reporting to the head of the company’s e-commerce division. Rathore, who was previously director of product management at Snapdeal, left the firm in April to join Rakuten.

Read More deals Here. 


Tags assigned to this article:
bccl Timesaverz Abhishek Rathore rakuten

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