A consolidation of gargantuan proportions saw MakeMyTrip acquiring Ibibo Group. Just days before Diwali, the two players set off fireworks in traveltech by announcing a deal to form India’s biggest online travel company.
Ibibo Group, which is owned by Naspers (91% stake) and Tencent (9% stake), is being sold in full, in consideration of issuance of new shares by MakeMyTrip. Naspers and Tencent will remain the largest shareholders in the resulting company with a combined 40% stake.
This week 20 startups raised about $94 Mn in funding altogether. (Funding amount based on startups that disclosed their funding.)
Startup Fundings Of The Week
3Dexter: Delhi-based edtech startup 3Dexter secured $150K in funding from vocational training and placements institute, ICA Edu Skills. The investment has been done via the latter’s investment firm Newbie Promoters.
ShieldSquare: Bengaluru-based ShieldSquare secured an undisclosed amount of funding from Venture Highway, Vishy Poosala (Engineering Director at Facebook), and existing investors. The company will use the funds to expand further into the global market, and also strategically enhance the product with new features.
Studio Coppre: Pune-based ecommerce platform, Studio Coppre received an undisclosed amount of investment from IT veteran Ganesh Natrajan. The funding will be used to scale its operations and foray into the international market.