This week, Nexus Venture Partners completed its fourth exit within a year with the acquisition of portfolio company MagicRooms by travel portal Yatra Online. Details on the value of the transaction were not available. Nexus had invested $1.5 million in Magic Rooms last July for an undisclosed stake.
MagicRooms, founded by 53-year old Niranjan Gupta, is a hotel rooms aggregation company that started operations in 2009. Gupta, incidentally, is also the co-founder of Bangalore-based online travel startup VIA. For Yatra, the acquisition comes off the back of a $45 million round of Series C funding that it raised from Valiant Capital and others this April.
Mumbai-based Nexus, which has earlier exited Dimdim, OLX and Cloud.com has been racking up exits from its portfolio rather early into the investment cycle. Its first exit came last August when New York-based online classifieds firm OLX was acquired by South African media company Naspers. The value of the transaction is not publicly known but Nexus had invested $5 million in the company for an undisclosed stake in 2009.
In January this year, Hyderabad-based web conferencing startup Dimdim was snapped up by Salesforce.com for $31 million. Between 2007 and 2008, Nexus and other venture capital firms had invested $8.4 million Dimdim for an undisclosed stake. The third exit came in July when portfolio company cloud infrastructure management software startup Cloud.com was acquired by Citrix for a reported over $200 million. Nexus and others had invested in the company about two years prior to the exit.
The MagicRooms deal, which comes in less than a year of its investment, is the firm’s fastest exit so far. The Mumbai-based firm is currently investing from a $320 million corpus spread across two funds. It has invested in over 28 companies till date.
