Source: BloombergQuint

Deal Street: Accel Partners Leads $13.5 Million Funding In Sachin Tendulkar-Backed Firm

Five Indian startups raised $240 million, or about Rs 1,700 crore, in angel, seed or venture capital funding last week, across sectors such as food delivery, apparel and travel, among others.

Zomato To Raise $210 Million From Alipay



Zomato has a new challenge on its hands. (Photo: Zomato)
Zomato has a new challenge on its hands. (Photo: Zomato)

Zomato is raising $210 million (around Rs 1,500 crore) from Alipay, the payment affiliate of Chinese e-commerce giant Alibaba.

The online restaurant guide and food ordering startup has signed a definitive pact to undertake a primary fund raise of $210 million from Alipay Singapore Holdings Pte Ltd., according to an exchange filing by its holding company, Info Edge (India) Ltd.

After the deal, Info Edge’s stake in Zomato will reduce to 27.68 percent from 30.91 percent as of March 2018.

This will be the second fundraise by Zomato this year as it is embroiled in a four-way battle with Swiggy, Uber Eats and Foodpanda. In February, the food-tech company raised $200 million from Alipay, valuing Zomato at over $1 billion.

Accel Partners Leads Funding In Sachin Tendulkar-Backed Firm

File photo of Sachin Tendulkar.
File photo of Sachin Tendulkar.

Celebrity fashion firm Universal Sportsbiz Pvt. Ltd. raised $13.5 million (about Rs 100 crore) in a fresh funding round led by existing investor Accel Partners.

Venture debt firm Alteria Capital Advisors, which made an equity investment of $1 million also participated, the company said in a statement. This values the company at $160 million, it said.

The Sachin Tendulkar-backed startup said it will use the funds to ramp up growth and spread its offline retail network across key markets in the country. It also aims to enhance its presence across its portfolio of fashion brands, including Wrogn, Imara and Ms.Taken. The company plans to increase its store count to more than 1,300 across India in the next two years, from 305 now.

myGate Raises $8.8 Million In Prime Venture-Led Funding Round

myGate, an app that provides security solution to gated societies, raised $8.8 million (about Rs 65 crore) in a growth round led by existing investor Prime Venture Partners.

The Bengaluru based company said it will use the money to expand across 10 cities, including Chennai, Mumbai and Delhi-National Capital Region.

Founded in 2016, myGate allows homeowners to interact with guards through text messages and app alerts, and all visitor entries and exits are logged digitally. The platform comprises an Android app for security guards and an Android or iOS app for residents, with a voice call option for non-smartphone users.

The company said its product has been adopted by more than 250,000 homes across over 1,000 communities in Bengaluru, Hyderabad and Pune.

Others

GrexIT Inc, which operates a software-as-a-service platform Hiver, raised $4 million (around Rs 29.5 crore) in a fresh round of funding led by venture capital firms Kalaari Capital and Kae Capital, the company said in a statement.

Online travel market place TravelTriangle.com raised $3 million (about Rs 21 crore) in venture debt from Singapore’s Temasek Holdings-backed debt provider InnoVen Capital, according to a statement.