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.
On-demand tech support services company iYogi is in the market to raise $55 million to fuel a global expansion drive that will see it seed to establish a presence in Latin America and Europe this year. It also has China, parts of Africa and Southeast Asia on its radar in the medium to longer term.
India Drivers Network Services, a Bangalore based startup that operates auto rickshaw booking service mGaadi, has raised an undisclosed sum in a seed funding round from Unitus Seed Fund. The company will use the funds to further develop its network of auto rickshaw drivers, enhance its technology platform and expand operations in Bangalore and other metros.
Pinnacle Engines, a San Carlos, California based developer of ultra efficient engine designs, has raised an undisclosed sum in a Series C funding round from a group of investors. The new investors in the round include Mitsui Global Investment, Ventureast and an unnamed strategic OEM partner.
Justdial, the Mumbai based local search and listings company, yesterday reported its numbers for the financial year ended March 2104. It closes the year with operating revenues at Rs 461.29 crore, up 27 per cent from Rs 362.77 crore in the previous financial year. Net profits grew 76 per cent to Rs 120.62 crore.
Canaan Partners backed Happiest Minds Technologies, the software services and consulting company started by Mindtree founder Ashok Soota, is reporting an annual revenue run rate of $34 million at the close of its second financial year, ended March 2014.
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.
Bangalore based ecommerce company Flipkart has launched Flipkart First, a subscription based service to offer members priority service features. As a launch feature, it will randomly select 75,000 customers and offer them the service free of cost for the first three months.
Mumbai based online baby and kids products store Hopscotch is acquiring SkoolShop.com, an online store that specializes in school supplies. Hopscotch has entered into a definitive agreement to acquire SkoolShop, owned by Mumbai based Occasion Kommerce. The financial details of the transaction have not been disclosed.
Delhi based Acidaes Solutions, developer of enterprise software solution CRMnext, has raised an undisclosed sum in a fresh funding round from Norwest Venture Partners. The company will use the funds to accelerate its global outreach and make investments in research and innovation. The company’s longer term strategy is to become one of the top five players in the global customer relationship management market across industries.