Mumbai based Lightbox Ventures is the newest entrant to the Indian venture capital market. The barely a month-old firm has some familiar names at its helm. The team is headed by Sandeep Murthy, who just stepped down from Sherpalo Ventures where he led the India investments for US based venture capital firms Sherpalo and Kleiner Perkins Caulfield and Byers.
Indian venture capitalists closed 86 deals in Q1 2014, investing in companies based both in India and overseas. The top 10 deals from the quarter involved an aggregate investment of $281 million, according to data compiled by StartupCentral. Out of these, three — online video platform Kaltura, solar lighting systems maker D.Light Design and ad network PubMatic — were investments into companies based in the US.
Here are the top 10 deals from the Indian venture capital industry in Q1 2014:
Gurgaon and Michigan based SirionLabs, an enterprise software company founded by UnitedLex co-founder Ajay Agrawal, has raised $4.58 million in a Series A funding round from Sequoia Capital. Additionally, Agrawal has personally invested Rs 12 crore ($1.96 million) in the round. The funding will be used to accelerate product research and market development.
Agrawal, who also serves as an entrepreneur-in-residence at CodeX, the Center for Legal Informatics at Stanford University, confirmed the deal and ticket size to in an email to StartupCentral yesterday.
Early this week, Aakrit Vaish, a Mumbai based technology entrepreneur and angel investor, had a windfall. One of his more recent investments, online real estate listings and search startup Flat.to got acquired by Bangalore company Commonfloor for a undisclosed sum. Vaish had angel funded the company less than a year ago. The profit that Vaish has reaped from exiting Flat.to comes at an opportune time. He’s thick in the middle of getting his own venture Haptik — a instant messaging app for brand and product support — off the block.
Silicon Valley startup accelerator Y Combinator will put more money to work in startups for the same equity stake that it normally takes, the accelerator’s new president Sam Altman announced yesterday in a blog post. It will now put $120,000 to work in each startup in lieu of a 7 per cent stake.
Invention Labs, a Chennai based company that has developed Avaz, an app that helps children with autism develop speech, language and communication, has raised $500,000 in a seed round of funding led by Inventus Capital Partners. Mumbai Angels, Google chief Rajan Anandan and Sierra Atlantic founder Raju Reddy are co-investors in the round. The deal was reported first by TechCrunch.
Confirming the deal, Inventus managing director Parag Dhol
Online grocery store BigBasket has raised $3 million in what it dubs a bridge funding round from an individual investor based in Singapore. The round comes ahead of a larger Series B round that company is currently in the process of raising. It expects to close the round in about 6 months.
Serial entrepreneurs and now prolific angel investors Meena and Krishnan Ganesh, who exited their online tutoring venture TutorVista last February, are back in the online education domain. Growth Story, their family office and investing entity launched last March, has picked up a significant minority stake in Avagmah, a Bangalore based online education platform that offers industry relevant education programmes for working professionals.
Mumbai based Flat.to, the online real estate search and listings platform targeted at students and single working professionals, has been acquired by Commonfloor barely a year after it was founded. The financial details of the deal have not been disclosed. However, founder Gaurav Munjal told StartupCentral that the deal is a cash-and-stock transaction.
Tiger Global Management, the New York based hedge fund that holds significant stakes in ecommerce companies Flipkart and Myntra, has raised $1.5 billion for its eighth private equity fund, according to a filing with the SEC. A total of 415 investors (limited partners) have participated in the fund, dubbed Tiger Global Private Investment Partners VIII. The new fund is the same size as the firm’s seventh fund, raised in 2012.