#TodayDeals: MakeMyTrip to Raise $330M; Ola in Talks to Raise $104M & More

Here is a list of deals that happened in Indian Startup Ecosystem today including funding, merger, acquisition, fund launch etc. Read a brief description about all of them:

1. Nasdaq-listed online travel service provider MakeMyTrip Ltd. is all set to raise $330M (Rs 2,116 crore) from South African technology Naspers & others, Chinese travel firm Ctrip.com and other investors. MakeMyTrip will mobilise $132 million from Naspers by allotting 3.66 million Class B Shares at $36 apiece and $33 million from Ctrip by issuing 916,666 ordinary shares at the same price, the travel company said in a statement. The Class B shares will be convertible into ordinary shares. The transaction is likely to be completed by Friday, reported VCCircle.

2. Cab-hailing firm Ola, operated by ANI Technologies has raised $104 million (Rs. 670 crores) more from Falcon Edge and Ratan Tata’s RNT Capital Advisers. US hedge fund Falcon Edge invested Rs 402 crore while UC-RNT Fund, a joint venture between Tata and University of California Investments, put in Rs 267.9 crore, according to Ola’s filings with the Registrar of Companies. The latest funding round takes the total Ola has raised so far to $1.5 billion. In April 2017, the company has raised Rs 1,675 crore ($250-260 million) in fresh funding from Japanese investor SoftBank at $3 billion valuation. 

3. The National Association of Software and Services Companies (Nasscom) has appointed entrepreneur and angel investor Somdutta Singh as co-chair of its Product Council for 2017. With this appointment, Singh has become the first woman to head this role. An entrepreneur and angel investor for over a decade, Singh has also been a mentor at Microsoft and Target Accelerator.

4. IRB InvIT Fund has raised Rs 2,094.46 crore (around $326.24 million) through the sale of units to anchor investors ahead of its three-day public offering which opens today. The fund, sponsored by listed IRB Infrastructure Developers Ltd, allotted 205.34 million units to 23 institutional investors at Rs 102 per unit, the upper end of the Rs 100-102 price band, stock exchange data showed. Investors who acquired units ahead of the first public offering of an infrastructure investment trust (InvIT) in India include Singapore’s sovereign wealth fund GIC, Monetary Authority of Singapore, Australia’s Platinum Asset Management, Singapore’s Schroder Investment Management and UK’s National Westminster Bank.

5. Creativeland Asia head Sajan Raj Kurup has set up an investment firm to back emerging brands and startups. The firm, Ventureland Asia, has set aside about $10 million till date to be equally distributed between the investment firm's bridge fund and marquee fund. In January this year, Ventureland made its first deal, picking up 40% stake in an undisclosed early-stage funding round in kids apparel brand Masala Baby. Ventureland Asia, which has a large portion of the present $10 million fund coming out of Kurup's pocket, has seen approximately 12 HNIs and domestic angel investors commit to investing in the fund, reported ET.

6. Former ITC executive and others from a Hyderabad-based startup accelerator Springforth Investment Managers Pvt. Ltd are preparing to launch a fund that will invest in food, agriculture and logistics companies.

7. Delhi-based Goldplus Glass Industry Ltd, which makes a range of glass products for homes and commercial projects, is in talks to raise up to Rs. 300 crore from diversified financial services firm Edelweiss Group through a structured debt transaction, at least two people aware of the matter have revealed. The capital the company is raising will be utilized to fuel its expansion plans as told on the basis of anonymity. With an asset base of more than Rs33,000 crore, Edelweiss Group is one of India’s leading diversified financial services companies.

8. Country’s best known online fashion retailer, Myntra.com is in advanced negotiations with premium US lifestyle products company Ralph Lauren for an online exclusive deal in India, according to two people familiar with the discussions. One of the persons said an agreement is expected as early as this week or the next. The first store for the New York based fashion giant, which was founded 50 years ago, is likely to open at the Emporio in Chanakyapuri, located in New Delhi's diplomatic enclave. Back home in the US, Ralph Lauren is going through a rough patch and is closing outlets there and reducing its manpower as part of a turnaround plan.
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Soumya Gupta

BW Reporters Soumya is a young writer and journalist, with bachelors in Multimedia and Mass Communication. She is an alumini of the Asian College of Journalism, and finds politics and sustainability intriguing beats to work with.

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