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.
Redwood City, California headquartered ad network PubMatic has acquired Mocean Mobile (formerly Mojiva), an enterprise grade mobile ad server for publishers. The financial details of the deal have not been disclosed. Following the acquisition, the New York based Mocean Mobile’s more than 40 employees will join PubMatic and move to its offices in New York and London.
Mumbai based startup accelerator VentureNursery has selected two startups — HotelsAroundYou and FindUrClass — for its fifth acceleration programme. The two startups were picked from over 550 applications received from multiple cities between February and April. While the majority of the applications came from Mumbai, Delhi, Bangalore and Pune, nearly 30 per cent were from Tier II cities such as Lucknow, Kanpur, Bhopal and Nagpur.
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.
Bangalore based gifting products startup Chumbak Design has raised an undisclosed sum in a Series A round of funding led by Matrix Partners India. Existing investor Seedfund participated in the round. The company will use the funding to expand its footprint and launch new product categories. It currently retails through 18 exclusive Chumbak stores across six cities.
Nasdaq listed Cancer Genetics, a company engaged in DNA-based cancer diagnostics, has acquired Hyderabad based BioServe Biotechnologies for approximately $1.9 million. Under the terms of the agreement, BioServe India will become a subsidiary of Cancer Genetics and will be renamed Cancer Genetics India. The transaction is expected to close during the third quarter of 2014 and is subject to customary closing conditions and government approvals in India, said a statement.
The acquisition creates an exit for Hyderabad and Chennai based early stage investor Ventureast.
RapidValue, a Pleasanton, California based enterprise mobility solutions startup, has raised Rs 25 crore ($4.2 million) in a Series A funding round from Helion Venture Partners. The company, which also has operations in Kochi and Bangalore, will use the funds to grow in various markets and strengthen its delivery capabilities, said a statement.
Mumbai based venture debt lender IntelleGrow is in the market to raise a fresh round of funding and is targeting anywhere between Rs 150 crore and Rs 200 crore (between $25 million and $34 million). The company has held discussions with several global investors and international development agencies. It expects to raise the targeted amount over the next 15-20 month in the form of long term debt, nonconvertible debentures and equity.