Travel portal MakeMyTrip raised in $330 Mn funding from Naspers and Ctrip as well as other investors. The investment was a share sale, as per recent SEC filings of the company.
Next up, Bengaluru-based cab aggregator Ola further raised $104.4 Mn (INR 670 Cr) in Series I round of funding from US-based hedge fund Falcon Edge Capital and Ratan Tata’s RNT Capital. At present, Ola is struggling as it reached a consolidated loss before tax of $360 Mn (INR 2,313.66 Cr) in FY16. On the other hand, US-based Vanguard Group’s Vanguard World Fund marked up the value of its investment to $187.5 per share as on February 28, 2017, in ANI Technologies, the parent company of Ola. The fund had marked ANI’s shares at $182.7 per share as on November 30, 2016. Vanguard holds about 166,185 shares in the company.
Another important development of the week – the Snapdeal sale. Even after getting the final nod from Softbank Global, the Snapdeal Board could not reach an agreement on the proposed sale of the company to Flipkart. A decision could not be taken as the Japanese firm could not manage to convince Nexus Venture Partners on the company’s proposed valuation.
This week 12 Indian startups raised about $347 Mn in funding altogether. (Calculations are based on startups that disclosed their funding amount.)
Healthians: Diagnostic and wellness startup Healthians raised an undisclosed amount of funding in a bridge round from Japanese asset management firm Asuka Holdings. The startup plans to achieve complete profitability in the next 12-18 months.
UActive: App-based social networking and discovery platform for sports enthusiasts UActive raised an undisclosed amount in a Seed round led by the Hinduja family. The capital will be used to upgrade the technology platform and scaling up the sales and support teams.
Also, US-based enterprise software startup Innovapptive secured $1.5 Mn from Hyderabad Angels. Post-investment, Kishore Ganji from Hyderabad Angels will join Innovapptive’s Board of Directors. The startup will deploy the raised funds towards scaling its sales and marketing efforts, product innovation, and increasing customer base.