TeamLease Acquires Bangalore Based ASAP Info Systems for $10MLeading staffing company TeamLease Services Ltd has acquired Bengaluru-based ASAP Info Systems Pvt. Ltd for Rs.67 crore, to expand its footprint in the core IT hiring space. ASAP Info Systems had a revenue of approximately Rs.63 crore with an Ebitda (earnings before interest, taxes, depreciation and amortization) of Rs.11 crore last fiscal year. Ebitda is an indicator of a company’s profitability.
ASAP Info has over 1,000 associates and 171 core employees. “This transaction creates an opening balance for TeamLease to build an IT staffing business. The acquisition is also in sync with our strategy of margin expansion through new product verticals and new client segments,” TeamLease managing director Ashok Reddy said, reported DealStreetAsia.
China Everbright, IDG Capital Partners Team Up to Launch $3B M&A FundChina Everbright Ltd., and IDG Capital Partners have teamed up to jointly launch China’s largest M&A fund with total committed capital of $3 billion. The fund has hit first close with half of the target amount raised. CEL has committed RMB2 billion and and other institutional investors put in RMB8 million.
The investment team of the fund will comprise executives from both CEL and IDG Capital, to utilize both firms’ capabilities in private equity, capital market, investment banking and asset management. The fund will invest in companies that already have mature business models and have leading position in specific business segment, as reported by DealStreetAsia.
Hyderabad Angels Plans to Invest in 3 US Startups by Next QuarterHyderabad Angels, one of the largest angel networks in India, is looking to invest in three US-based companies by next quarter. The angel network which has invested Rs 30 crore ($4.47 million) in more than 20 startups since its inception in 2012, plans to invest in 12 startups more in India by March 2017. “We are evaluating three companies in the US. One of the deals is expected to close by mid-August and two more by next quarter. We are still evaluating,” P.S. Sreekanth, investment director, Hyderabad Angles told DEALSTREETASIA.
Online Preventive Healthcare Platform Curefit Raises $15M from Accel Partners, IDG Ventures and Kalaari CapitalFormer Flipkart executives Ankit Nagori and Mukesh Bansal’s yet-to-launch online preventive healthcare platform Curefit has raised $15 million in a Series A round of funding from Accel Partners, IDG Ventures and Kalaari Capital. The funds will be largely used for product development and enhancing the technology backbone of the venture, co-founder Nagori told Techcircle. Vani Kola, managing director, Kalaari Capital, will join the board of Curefit, as per VCCircle report.
Culture Machine Strengthens Its Position in the Telugu Market By Acquiring YouTube Channel ‘Viva’ Post the tremendous success of their Tamilian channel Put chutney, Culture Machine, Indian digital media company, is on its way to strengthen h the content creation space in South India by acquiring popular youth Telugu channel Viva. Viva’s content resonates with the youth of Telangana, Andhra Pradesh and the expat community alike.
Sameer Pitalwala, Co-founder of Culture Machine, adds - “We have always aimed to expand and reach out to as many markets. With the success of The Comedy Factory, Put Chutney and Aithe Ok, in the Gujarati, Tamil and Telugu audiences respectively, we now want to able to provide as much variety in entertainment for the Telugu speaking market with Viva.”
Starting with a bang, they have released the first video titled “Every Hyderabadi” that encapsulates every aspect of being a true Hyderabadi. Cutting a slice of life observation from any localities’ life, this video depicts how most of the youth spend their time in the city. The video shows us the life and habits of one Hyderabadi guy who goes about life greeting people, delaying, laughing, talking and enjoying life the way he likes. Moving through life with ease, life to a Hyderabadi just happens along the way. One can identify with them from a distance from their unique style of walking, talking and going about life.
Paytm Now Powers Digital Payments at Leading Retail ChainsWhile extending its reach to tier II & tier III cities along with urban areas, Paytm, Indian mobile payment and commerce platform has entered into strategic alliances with leading retail chains across the country. Users can now pay with Paytm at Spencer’s Retail, Heritage Fresh, More, WH Smith, Kendriya Bhandar, V2 Retail, Value Plus, Pai International (Pai Mobile) & various other large retail stores.
By adding these retail chains Paytm is adding a new dimension to its comprehensive universe of cashless payment options. This will ensure that now you no longer will need to fish for small change during your weekly shopping trips. Beyond the problem of small change Paytm seeks to eliminate various other problems associated with cash transactions. Moreover by using Paytm wallet at listed stores, users get access to a wide range of promotional offers and schemes.
In the last few months, Paytm has increased its reach significantly by cementing its presence in both metropolitan cities and non-metro centers such as Salem, Madurai, Coimbatore, Trichy, Faridabad, Patna, Gorakhpur, Varanasi, etc. spread all across the country.
In addition to these leading retail chains, Paytm is already accepted at QSRs namely KFC, Pizza Hut, CCD, Cost Coffee, Barista, Vaango and few others.
