It’s done. Bangalore based Flipkart, the Tiger Global and Accel Partners backed ecommerce company, has acquired rival Myntra. The deal was announced at a press conference in Bangalore today. The financial details of the transaction have not been disclosed. Multiple media reports say that the deal is a cash and stock transaction and put the value of the deal at anywhere between $300 million and $350 million.
Snapdeal, the ecommerce marketplace owned by Delhi based Jasper Infotech Private Limited, has raised $100 million in a growth funding round. The investor consortium that participated in the round includes the Singapore government’s investment firm Temasek Holdings, Myriad Asset Management, Premji Invest and Tybourne Capital Management. All five are new investors into the company.
Mayfield Fund, the Menlo Park, California based venture capital firm that entered India in 2008, recently launched its second India fund with a $108 million corpus. The investment mandate for Fund II is a bit different from the firm’s first fund.
Bessemer Venture Partners, the Menlo Park, California based early-to-growth stage investor, is in the midst of a transition in India. The firm has moved its operations to Bangalore as it sharpens its focus on early stage investments in the technology sector. The Mumbai offices, which served as Bessemer’s India headquarters until now, have been shuttered.
Norwest Venture Partners, the Palo Alto, California headquartered venture and growth capital investor, has closed its latest global fund at $1.2 billion. Dubbed Norwest Venture Partners XII, LP, the fund will target early and later stage investments across sectors. The new fund takes Norwest’s total capital and commitments to approximately $5 billion and follows the firm’s previous $1.2 billion fund which it started investing in 2010.
San Carlos, California based Colabo, a provider of intelligent sales acceleration solutions, has raised $1.5 million has raised a venture round led by The Hive, the Big Data focused incubator and seed fund based in Palo Alto, California. A group of private investors including Paul Maritz, Raghu Raghuram and Ray Rothrock participated in the round.
Myntra, the Tiger Global Management and Accel Partners backed ecommerce company, is back in the news this week and not in a nice way. The Economic Times is reporting that the Enforcement Directorate (ED) has initiated investigations into the Bangalore based company for alleged foreign direct investment (FDI) violations. It is being investigated for alleged violations of the Foreign Exchange Management Act (FEMA).
Last week, Bangalore based maxHeap Technologies, which operates real estate search and listings platform CommonFloor, announced its first acquisition with Mumbai based Flat.to, a property listings platform focused on students and single professionals. The acquisition came just months after CommonFloor raised $10.4 million in a growth funding round from existing investors Accel Partners and Tiger Global Management. The platform, which claims more than 3 lakh active property listings and over 10,000 paid customers, is concentrating on pushing aggressively into mobile and expanding its ground presence beyond the existing 18 cities.
CommonFloor CEO Sumit Jain, who founded the company in 2007 with Lalit Mangal and Vikas Malpani, spoke to us last week about Flat.to, acquisitions, bootstrapping, fundraising and what’s coming up next. Edited excerpts:
Some new developments on the rumoured merger of fashion ecommerce player Myntra with rival Flipkart. The Wall Street Journal is reporting that ongoing talks on the merger have stalled. Myntra is apparently seeking a guarantee that it will be allowed to operate as an independent entity post merger and also expects a cash infusion of up to $150 million.
Delhi based impact venture capital investor Lok Capital, which manages $85 million across two India focused funds, booked a partial exit from portfolio company RuralShores on Tuesday earning a 6X return on its original investment. The exit is a milestone for the firm — its first non microfinance exit — and validates its 2012 shift in strategy to diversify away from the then troubled microfinance sector (read more about why it decided to change lanes).
Bangalore based RuralShores falls within what Lok Capital terms its ‘livelihoods improvement/ generation’ investment thesis. We spoke to Lok Capital managing partner Venky Natarajan on the exit. Edited excerpts: