page contents
USA Real Estate Blog

India Digest: Tencent eyes a slice of Swiggy; Urban Ladder, Fireside, BankBazaar in news | #VentureCanvas

0 32


Pramugdha Mamgain | DealStreetAsia – VC


Chinese internet giant Tencent has joined the fray of investors that are looking to grab a slice of Indian online food ordering startup Swiggy while Urban Ladder is looking to raise $35-40 million funding to boost its offline presence. Meanwhile, Fireside Ventures is close to completing Rs 100 crore investment across 18 deals from its first fund, and BankBazaar plans to enter Australia by the end of this fiscal.

China’s Tencent eyes Swiggy share

Chinese internet giant Tencent Holdings Ltd has joined the fray of investors that are looking to grab a slice of Indian online food ordering startup Swiggy, reported The Economic Times.

Swiggy, which is among the latest Indian startups to enter the unicorn club, is reportedly in talks to raise up to $500-700 million at about $2.5-3 billion valuation. Tencent wants to make the bulk of this investment, said the report. The startup has also been in talks with Japan’s SoftBank for a sizeable investment since November.

“The funding size under discussion is around $650 million, with Naspers looking to invest $200-250 million,” the report said quoting a source. A few of Swiggy’s early investors may also sell shares in this round, as per the previous reports.

About two months ago, the Bengaluru-based startup raised $210 million in fresh funding from new and existing investors led by South African media company Naspers Ltd and DST Global.

Urban Ladder plans $35-40m funding

Online furniture retailer Urban Ladder is looking to raise $35-40 million funding to boost its offline presence, reported The Economic Times. 

Urban Ladder secured a single-brand-retail trade licence last year and since has opened six large-format stores in Bengaluru and Delhi-NCR, which contribute more than one-third to its overall revenue. The company plans to open more stores in Mumbai, Chennai and Pune by January next year.

The company is expected to be operationally profitable by the first quarter of fiscal year 2019-20, the report added. Earlier in March, Urban Ladder raised $12 million funding from its existing investors including Kalaari Capital, SAIF Partners, Sequoia Capital, and Steadview Capital.

Fireside nears $14m worth deals from first fund

Early-stage consumer-focused venture capital firm Fireside Ventures is close to completing Rs 100 crore investment across 18 deals from its first fund, and is also open to raising a second fund, The Economic Times reported.

The firm had closed its first fund with a corpus of Rs 340 crore in March this year. The fund drew investments from a slew of marquee investors, including Premji Invest, Westbridge Capital, Mariwala family office, Unilever Ventures and established FMCG brands including, Emami Ltd, and ITC Ltd. It had then said the fund plans to invest in 20-25 consumer brand businesses over the next two to three years.

Fireside Ventures partner Kannan Sitaram said that the fund has already completed 16 transactions so far. Its portfolio comprises Yoga Bar, Magic Crate, Vahdam, Bombay Shaving Company, Goodness!, Kwik 24, among others.

BankBazaar to enter Australia

Financial marketplace BankBazaar is looking to expand its global footprint by entering the Australian market by the end of this fiscal, reported PTI quoting Adhil Shetty, CEO, BankBazaar.

At present, the company has overseas operations in Singapore and Malaysia which contribute to around 10 per cent of its business. The company is eyeing a 100 per cent growth in its revenues in the current fiscal. In the last fiscal ended March, it had witnessed 91 per cent rise in its turnover, the report added.

BankBazaar raised $30 million from UK-based credit rating agency and information management company, Experian Plc, in a funding round in October last year.

 

The post India Digest: Tencent eyes a slice of Swiggy; Urban Ladder, Fireside, BankBazaar in news appeared first on DealStreetAsia.

Continue reading …


Source: India Digest: Tencent eyes a slice of Swiggy; Urban Ladder, Fireside, BankBazaar in news

قالب وردپرس

You might also like

Leave A Reply

Your email address will not be published.

Pin It on Pinterest

Share This

Share this post with your friends!