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BigBasket to Raise $200M, Bridge Data Centres to Invest $500M in India, CureFit Buys a1000yoga & More

Japanese conglomerate SoftBank’s 20 percent stake purchase in One97 Communications, the parent of digital payments leader Paytm, has been approved by the Competition Commission of India.

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

1. Chinese e-commerce giant Alibaba has joined investee firm Paytm Mall in the talks to pick up a stake in India's largest online grocer BigBasket, according to a person familiar with the developments.

The Alibaba-Paytm Mall combine, which has begun due diligence, has offered to invest $200 million in BigBasket at a valuation of nearly $900 million post the investment, these people said.

Last week, ET also reported that Alibaba backed Paytm Mall was in talks to acquire a significant minority stake in BigBasket.

2. To seize the growing demand for data centres in India, Singapore-based data centre outsourcing company Bridge Data Centres will be investing close to $500 million over the next two years.

Incorporated in November 2016, Bain Capital backed Bridge Data Centres specialises in data centre acquisitions, greenfield development, operation and co-location services.

“Of the $1-billion corpus from Bain Capital, we will deploy $400-$500 million over the next two years across markets in India,“ said Kris Kumar, chief executive of Bridge Data Centres. “The demand for datacenters has grown to rates of 25-30% a year now which is not unusual for a market that is vibrant in terms of digitisation.”

3. Japanese conglomerate SoftBank’s 20 percent stake purchase in One97 Communications, the parent of digital payments leader Paytm, has been approved by the Competition Commission of India. With this, SoftBank will own about one fifth of the company estimated at about $7 billion – the second most valued startup in India after Flipkart.

In May, Noida-headquartered company raised Rs 9,000 crores ($1.4 billion) from SoftBank, making it the biggest investment by the Japanese Internet and telecom conglomerate’s in the Indian internet ecosystem.

4. Healthcare start-up CureFit has acquired Bengaluru-based yoga centre brand a1000yoga to expand its mental wellness offering. Founded in 2011 by yoga teacher Pradeep Sattwmaya, a1000yoga has three yoga centres and 1,000 customers. Two of the three centres will be rebranded as Mind.Fit while the third will be converted into a Cult fitness centre. The financial terms of the deal are still undisclosed.

a1000yoga is CureFit’s third acquisition; it has already acquired fitness centre brands Cult and Tribe since starting out last year.

5. Micro venture capital firm Quarizon, which closed its Rs 20 crore fund recently, is looking to invest in a minimum of eight companies this year, Rajiv Semwal, managing partner of the firm told DealStreetAsia. The new fund would also be used for follow-on investments in the existing portfolio. Founded in 2016, Quarizon is an early-stage, Delhi-based fund that invests in the business-to-business-to-consumer space focused on ed-tech, IT/ITeS, clean tech and Internet of Things (IoT) companies.

Read More deals here.



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