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SaaS platform for online stores <keyword id="1249046" type="General" weightage="100" keywordseo="dukaan" source="Orion">Dukaan</keyword> has laid off nearly 30 per cent of its workforce, or around 60 employees - its second layoff in about six months. Inc42 reported that the latest layoffs impacted employees in the sales team and accounts. According to the report, the retail tech platform "shifted its focus to helping D2C brands scale up and this was the reason for the layoffs". In 2021, Dukaan raised $12.4 Mn in its pre-Series A round led by 640 <keyword id="16813517" type="General" weightage="50" keywordseo="oxford-ventures" source="Orion">Oxford Ventures</keyword>. It also raised $6 million in a seed round from <keyword id="366603" type="General" weightage="50" keywordseo="matrix-partners-india" source="Orion">Matrix Partners India</keyword> and Lightspeed India Partners. In the same year, Dukaan partnered with homegrown hyperlocal delivery platform Dunzo and e-commerce aggregation platform Shiprocket to integrate delivery into the platform for a seamless retail experience. Founded in 2020 by <keyword id="12033809" type="General" weightage="50" keywordseo="suumit-shah" source="Orion">Suumit Shah</keyword> and <keyword id="2201253" type="General" weightage="50" keywordseo="subhash-choudhary" source="Orion">Subhash Choudhary</keyword>, Dukaan is a comprehensive platform that provides end-to-end solutions ranging from inventory management, promotions, sales, payment and delivery for sellers across the country. In September last year, Dukaan partnered ShareChat and Moj to enable the merchants on its platform to collaborate with creators present on ShareChat and Moj to promote their products through video and live content. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rare-vulture-species-sighted-at-dudhwa-national-park/articleshow/98691284.cms">Rare vulture species sighted at Dudhwa National Park</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/once-again-lemon-prices-soar-to-200-per-kilo/articleshow/98691510.cms">Once again, lemon prices soar to ₹200 per kilo</a>

Retail tech platform Dukaan lays off 30% of its workforce; second layoff in 6 months

<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

<ul><li>Its existing investors <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> India and <keyword id="4675626" type="PERSON" weightage="20" keywordseo="Falcon-Edge-Capital">Falcon Edge Capital</keyword> also invested in this round of <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword>.</li><li>Earlier this year, <keyword id="3259676" type="PERSON" weightage="20" keywordseo="OfBusiness">OfBusiness</keyword> had raised $110 million led by Falcon Edge Capital.</li><li>The B2B startup also gives credit of up to ₹2 crore to SMEs to fund their working capital needs.</li></ul>There seems to be no end to the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> frenzy in India. OfBusiness -- a platform, which helps the country’s small and medium businesses (SMEs) in getting raw materials -- has raised $160 million in funding led by Japanese investor <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>. As per the company’s press note, OfBusiness was valued at more than $1.5 billion. A unicorn, in startup lingo, is a private firm valued at or more than a billion dollars. Apart from helping SMEs to source raw materials, the business-to-business (B2B) startup also gives credit of up to ₹2 crore to these small and medium scale entrepreneurs. This is done through its non-banking financial company (NBFC) platform Oxyzo Financial Services. Other than SoftBank, its existing investors Matrix Partners India and Falcon Edge Capital also put in money in this round of funding, as per the press statement. Asish Mohapatra, chief executive and cofounder of the startup said OfBusiness will gain from SoftBank’s “muscle across capital and international markets.” In April this year, OfBusiness <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital. Sumer Juneja, a partner at Softbank Investment Advisors, said in the statement that they were impressed by OfBusiness’ “market leadership, growth and focus on profitability.” OfBusiness, which was founded in 2015, was also ranked 17 in Financial Times’ top 500 high growth companies in the Asia Pacific region in April last year. In an interview, in April 2021, with The Economic Times, Mohapatra had said that the company is preparing for an <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-operator-ofb-tech-raises-110-mn-at-800-mn-valuation/articleshow/81960852.cms">initial public offering</a> (IPO) in the next two years. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/windlas-biotech-to-raise-395-402-crore-through-public-listing-price-band-fixed-at-448-460/articleshow/84854594.cms">Windlas Biotech to raise ₹395-402 crore through public listing, price band fixed at ₹448-460</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

OfBusiness, a platform that helps SMEs get raw materials, becomes the newest unicorn from India

<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

<keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword> on Thursday said it has joined hands with early stage venture capital fund <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> to scale <keyword id="390673" type="PERSON" weightage="20" keywordseo="small-businesses">small businesses</keyword> in India by providing them with timely digital skilling support. The move comes barely a week after the social networking giant announced a grant of $4.3 million (Rs 32 crore) for more than 3,000 small businesses in Delhi, Gurgaon, Mumbai, Hyderabad and Bengaluru impacted by Covid-19. The tie-up with Matrix Partners is a part of Facebook's VC Brand Incubator Programme that collaborates with venture capital funds to help early-stage small and medium businesses (SMBs) to maximise their digital potential. In light of the pandemic, Facebook has taken the programme online to ensure continued skilling and support for small businesses even in these times. "Facebook is committed to supporting the growth of small businesses in India, and this charter is stronger than ever as we work towards enabling their recovery from the pandemic," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement. With the tie-up with Matrix Partners India, the program also completes one year during which it has collaborated with six VC Funds -- Sauce.VC, Fireside Ventures, SAIF Partners, Sequoia Capital, DSG Ventures, and Matrix Partners India. During this period, the programme has skilled, trained and mentored more than 150 brands at various stages of their growth journey. Matrix Partners India is a leading early-stage investor that partners closely with SMBs across sectors including consumer technology, business-to-business, enterprise, and fintech among others. In India, among many other brands, they have also invested in marquee companies such as Ola, Quikr, Practo, Dailyhunt, Mswipe, Country Delight, and Razorpay among others. "We've been early backers in many challenger brands from across the spectrum -- eCommerce, gaming, CPG, neo-banking, healthcare, content – to name a few, and we're thrilled to see them create world-beating products and leverage Facebook's platform to reach their end consumers, and bring about large scale impact," said Sanjot Malhi, Director, Matrix India. "Over 20 companies from our portfolio, including Country Delight, Stanza Living, OZiva, ManMatters, Zupee, The Whole Truth, Dealshare, have now partnered with Facebook on this programme." As part of the VC Brand Incubator Programme, Facebook has also started Campaign Lab that helps direct-to-consumer small businesses get creative solutioning support, and go live with mobile friendly creatives and strategy in under 72 hours. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/this-startup-wants-to-turn-kirana-stores-into-electric-vehicle-charging-stations/articleshow/78289491.cms">This startup wants to turn kirana stores into electric vehicle charging stations</a> <a href="https://www.businessinsider.in/careers/news/yes-bank-is-hiring-again-for-the-coming-year-after-workforce-shrinks-by-1000-since-march/articleshow/78287419.cms">EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year</a>

Facebook partners with sixth VC firm in India – Matrix Partners to scale small businesses

<keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>'s <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) on Wednesday announced a partnership with VC fund <keyword id="1397792" type="General" weightage="80" keywordseo="kalaari-capital" source="Orion">Kalaari Capital</keyword> to upskill and scale young, invested businesses in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> by providing them with timely business skilling support. The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said <keyword id="3056724" type="General" weightage="50" keywordseo="ajit-mohan" source="Orion">Ajit Mohan</keyword>, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru. "As startups scale, they need to leverage several tools and platforms like Meta to support their growth," said <keyword id="1397790" type="General" weightage="50" keywordseo="vani-kola" source="Orion">Vani Kola</keyword>, Founder and Managing Director, Kalaari Capital. In the last three years, Meta has tied up with 16 VC funds, including Kalaari Capital, and has successfully skilled and mentored more than 500 small businesses at various stages of their growth journey. In April, Meta onboarded <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>. Other VC firms are Fireside Ventures, Elevation Capital [SAIF Partners], DSG Consumer Partners, Matrix Partners, Anthill Ventures and <keyword id="6306883" type="General" weightage="50" keywordseo="stellaris-ventures" source="Orion">Stellaris Ventures</keyword>, to name a few. With Kalaari Capital, Meta said it is going to have several young, invested businesses from emerging sectors such as ed-tech, social commerce, gaming, and fin-tech, among others participate in the initiative. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/if-you-place-an-order-youre-accepting-the-service-charge-restaurant-body-says/articleshow/91779455.cms">If you place an order, you’re accepting the service charge, restaurant body says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-avinya-renders-reveal-the-expected-design-of-the-concept-electric-car/articleshow/91765348.cms">Tata Avinya renders reveal the expected design of the concept electric car</a>

Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

<keyword id="224987" type="PERSON" weightage="20" keywordseo="Avnish-Bajaj">Avnish Bajaj</keyword> is a hard man to catch; he’s always on the go and has a packed schedule that is filled with meeting the who’s who and maybes of the start-up ecosystem. Bajaj sat down to talk to Business Insider to discuss why he left the dream job at <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> in the US in 1999 and came back to India, which wasn’t the great land of opportunities back then. “I wanted to get rich, quick,’’ he states simply, “I was carried away by the dot-com craze and I always wanted to be an entrepreneur,” says Bajaj who started his own venture back in 2000 with Baazee.com, which was the first e-commerce site that focused on bidding for used products. 

 

 

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 Richie Rich goes vintage “The best way to get rich and control your own destiny is entrepreneurship and I kept working to achieve that,” Avnish worked multiple technical roles after graduating from IIT Kanpur before realizing that he wanted to be on the managerial side. He attended <keyword id="70846" type="ORGANIZATION" weightage="20" keywordseo="Harvard-Business-School">Harvard Business School</keyword> and kept preparing for the right time to spread his wings which happened back home, in the millennial New Year. When Bajaj, came back to India, he realized that his passion did not lie in outsourcing, which was the trend, but instead, in consumer brands. “In the US, things move really fast. Whenever we thought of a business idea, someone would start it in the states within 50 days,” Bajaj realized that in India, the only untapped market was the used-goods market and he decided to jump on the internet bandwagon to kick-start the e-commerce revolution.

 

 

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 <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword> or the highway The company ran successfully for four years before it was acquired by eBay for $50 million. Bajaj was made the Country Manager for <keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> and he spearheaded the entity till 2007 till he realized that he can do much more as an investor for the consumer-tech industry than as an entrepreneur. He co-founded <keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword> and hasn’t looked back ever since. <div type="embedgroup"> <div type="Article" hostid="261" msid="59181977" title="Exclusive: Rajesh Sawhney banks on the people who make up companies with the right product market fit" rank="1.0" kind="RELATED" publishDate="Jun 16, 2017, 8:56 PM" mstype="2" mssubtype="0"></div></div>






 “Immediately after Baazee, I started angel investing and my portfolio grew to 18 companies before I thought I could take it seriously. I believe in the concept of three circles intersecting namely passion, skill set and opportunity to succeed. My passion for investing came from the increased intellectual stimulation that I would get out of different start-ups and varied individuals,” says Bajaj who believes that investing is entrepreneurship on steroids across sectors that creates multiple impact while making a lot more money, if you play your cards right.

Exclusive: Avnish Bajaj, Founder & MD, Matrix Partners India thinks that investing is entrepreneurship on steroids

<keyword id="224987" type="PERSON" weightage="20" keywordseo="Avnish-Bajaj">Avnish Bajaj</keyword> is an entrepreneur turned investor who has always been driven by the pursuit of success in entrepreneurship but from wanting to be rich to now making other people rich, he has come a long way. “It has always been about achievement. That being said, money is a scorecard for achievement. Numbers are very important for investors but it is not the end of the game, it is the bridge between needs and means and for me once my needs were met, I just wanted to learn and help,” Bajaj told Business Insider, who thinks that we’re seeing the best entrepreneurs in the history of the Indian consumer tech sector. In terms of investing, Bajaj thinks that all elements of the venture funding are in place and for the first time, the question of exits is being answered, “As the market starts deepening, the exits will start happening. The next decade or so are going to be very exciting for the investors,”Avnish says that the Indian founders are as competent as their American or Chinese counterparts and have great potential. <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> has many popular companies on its portfolio namely Ola, Practo, Dailyhunt, Quikr, Housejoy, LimeRoad, Mswipe and Cloudnine. <div type="embedgroup"> <div type="Article" hostid="261" msid="59181595" title="Exclusive: Global Superangel Forum’s (GSF) founder Rajesh Sawhney is an Innerchef at heart" rank="1.0" kind="RELATED" publishDate="Jun 16, 2017, 8:17 PM" mstype="2" mssubtype="0"></div></div>




























 Downturn for the win Bajaj thinks this ‘downturn’ that the Indian start-up ecosystem is seeing is necessary, “All elements of this industry are amplified and disruptive; the entrepreneurs, the investors and even the media get carried away in the possibilities. It’s all part and parcel of being an entrepreneur; if things were so easy, everyone would be starting their own business.” Avnish says that recession is a good sign as companies like Facebook and Google were started during downturns and now, the entrepreneurs will be starting for the right reasons.

 

 

 

 

 

 

 

 

 

 

 

 

 

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 The "dis-ease" of doing business “In India, it’s never been easy to do business but things are improving overall. What the start-ups need is protection against the negative elements even if there is no positive reinforcement,” says Bajaj regarding the role of the state in the success of new businesses. Bajaj has seen hardships as an entrepreneur in 2004, as he was arrested by the Delhi police over a complaint that an obscene video had been uploaded for auction on Baazee.com. Bajaj was acquitted but then he was against let down recently with arrest of his portfolio company, <keyword id="1112419" type="UNKNOWN" weightage="20" keywordseo="Stayzilla">Stayzilla</keyword>’s founder happening on shaky grounds,”Startups are soft targets for most authorities because they don’t have the kind of influence compared to big corporate companies. We just want the government to stop harassment at all agency level. Let's extend Swacch Bharat to get India rid of corruption and harassment before we aim for loft goals like <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword> and Start up India." says Bajaj who agrees that the government has the intent to support start-ups but it hasn’t reflected yet. 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 E-commerce or re-commerce? Bajaj who is known for his e-commerce investments has agreed that the sector has lost its sheen but says that at the end of the day, the team matters above everything, “Fin-tech, Health-tech, and SAAS are the most exciting sectors right now,” Bajaj who had been pessimistic about the growth of start-ups in the past has started to get excited for the India growth story and so have we.

Exclusive: Avnish Bajaj, Founder & MD, Matrix Partners India says that for him, only entrepreneurs matter in a start-up

New York-based hedge fund <keyword id="60126" type="ORGANIZATION" weightage="80" keywordseo="Falcon">Falcon</keyword> Edge and <keyword id="6357722" type="COMPANY" weightage="80" keywordseo="silicon-valley">Silicon Valley</keyword> venture fund <keyword id="144381" type="COMPANY" weightage="80" keywordseo="Accel-Partners">Accel Partners</keyword> are expected to join DST Global which is leading a soon-to-be-announced $400-million financing round in taxi hailing service <keyword id="6354720" type="PERSON" weightage="80" keywordseo="Ola">Ola</keyword>, sources close to the matter told TOI. 
 Falcon Edge is expected to pump in around $20 million in the new round while <keyword id="2788417" type="UNKNOWN" weightage="80" keywordseo="Accel-US">Accel US</keyword> will put $5 million, sources said. Accel US was an investor in TaxiForSure (TFS) and became an Ola shareholder post its recent acquisition. Ola's other existing investors -including Tiger Global, Matrix Partners, <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword> --are also participating in the new financing round. 
 
 The latest fund-raise is likely to value the company at $2.5 billion post the investment, as reported by this newspaper first in its February 26 edition. Russian billionaire <keyword id="303107" type="PERSON" weightage="80" keywordseo="Yuri-Milner">Yuri Milner</keyword>'s DST, a significant investor in e-commerce biggie Flipkart, is expected to hold just under 10 per cent stake in the four-year-old company , post the new round. 
 
 When contacted by TOI, Bhavish Agarwal, co-founder, Ola, did not offer any comments, while Falcon Edge could not be reached immediately for a response. Founded by <keyword id="2566840" type="UNKNOWN" weightage="80" keywordseo="Richard-Gerson">Richard Gerson</keyword> together with <keyword id="2788418" type="UNKNOWN" weightage="80" keywordseo="Navroz-D-Udwadia">Navroz D Udwadia</keyword> and James Minshull, Falcon Edge leads the pack of a new breed of <keyword id="42111" type="COMPANY" weightage="80" keywordseo="Wall-Street">Wall Street</keyword> hedge funds, a Tiger Global offshoot, managing more than $4 billion in assets. Its India <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> include realty portal <keyword id="35061" type="ORGANIZATION" weightage="80" keywordseo="housing">Housing</keyword> and <keyword id="2112984" type="UNKNOWN" weightage="80" keywordseo="Newshunt">NewsHunt</keyword>, a mobile news aggregation service. 
 
 
Hedge funds like Falcon Edge, Valiant Capital and Steadview Capital, among others, funneled big money into Indian consumer internet companies last year, fanning the already frothy valuations of these tech startups. 
 The latest round of fundraise for Ola, founded by IITBombay batchmates Aggarwal and Ankit Bhati in 2011, would put it right up in <keyword id="819204" type="UNKNOWN" weightage="80" keywordseo="the-League">the league</keyword> of the most valuable internet firms domestically .Ola's $210-million fund-raise led by <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword> in October last year valued it at $650 million -post-money -making the Japanese investor the startup's largest investor. 
 
The cab aggregator is present across 67 cities and has received $277 million of capital across five financing rounds. Its biggest competitor taxi-hailing app Uber had stepped on the gas in India by doling out huge discounts to riders. However, its growth has stalled considerably post the rape of a female passenger by one of its drivers last year in Delhi.

Ola Cabs to receive $400mn funding soon

Car services management app Park+ on Tuesday said it has raised Rs 140 crore in a funding round led by <keyword id="5998794" type="General" weightage="80" keywordseo="epiq-capital" source="Orion">Epiq Capital</keyword>, Matrix Partners <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and Sequoia Capital India. The company plans to utilise the fund to expand its presence to over 100 cities, hire more than 200 employees and expand its services verticals, Park+ said in a statement. "The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding our presence to over 100 cities. The part of the fund will be used for launching more used cases," Park+ Founder and CEO <keyword id="351083" type="General" weightage="80" keywordseo="amit-lakhotia" source="Orion">Amit Lakhotia</keyword> told PTI while sharing details of the funding. Park+ has over 700 employees across India. <keyword id="386081" type="General" weightage="80" keywordseo="lakhotia" source="Orion">Lakhotia</keyword> said that the company has an access control business in 20 cities, a parking business in 10 cities, and a dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months. The company helps users find a parking spot, track challans, recharge FASTag, renew insurance, car cleaning, car maintenance etc. Lakhotia said that the company has been making money since the beginning of the business and expects operational profit in the next financial year. "Park+ has identified and unlocked business opportunities within the auto-tech segment, which no one else was ready or willing to solve. Today they host the largest community of car owners in India (60 lakh), a testament to the brand's traction and acceptability among its users. "We are excited to be deepening our partnership with Park+ and look forward to the journey ahead," Epiq Capital, Managing Partner, <keyword id="320939" type="General" weightage="80" keywordseo="rishi-navani" source="Orion">Rishi Navani</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bmw-recalls-over-14k-electric-cars-over-software-malfunction-that-may-increase-crash-risk/articleshow/96873654.cms">BMW recalls over 14K electric cars over software malfunction that may increase crash risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-launches-its-first-5g-data-pack-price-benefits-how-to-use/slidelist/96874180.cms">Reliance Jio launches its first 5G data pack – price, benefits, how to use</a>

Park+ raises ₹140 crore for biz expansion to over 100 cities, hire 200 people

The rumours about <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> cabs taking over <keyword id="1428790" type="COMPANY" weightage="20" keywordseo="TaxiforSure">TaxiForSure</keyword> were doing rounds for quite some time now, but today they have come to an end. According to a company press release, Ola, India’s leading mobile app for personal transportation, has acquired TaxiForSure, India’s second largest cab aggregator, for $200 mn in a cash and equity deal. With this acquisition, investors in TaxiForSure— Accel Partners, Bessemer Venture Partners and Helion Venture Partners—will roll over their stock into Ola. Presently, Ola has been funded by Tiger Global, Matrix Partners, <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> Capital, Steadview Capital and most recently, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> over its four rounds of fund-raising. It’s worth noting that even after the deal, Ola and TaxiForSure will continue to operate as separate entities. The leadership and all of the 1,700 employees shall continue to work with TaxiForSure, with <keyword id="359392" type="PERSON" weightage="20" keywordseo="Arvind-Singhal">Arvind Singhal</keyword> (currently COO) being appointed the CEO. Aprameya Radhakrishna and Raghunandan G, the founders of TaxiForSure, will contribute in an advisory role for a certain period. TaxiForSure is currently in 47 cities with over 15,000 vehicles registered on its platform. Commenting on the deal, <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, co-founder and CEO, Ola, said, “Ola and TaxiForSure share the same vision of revolutionising urban mobility. TaxiForSure has a great team and they have built a very exciting business in a short time. There's a lot of complementary value in the strategy TaxiForSure has followed. I'm very excited to welcome the TaxiForSure team onboard and look forward to working with them towards realising our common vision.” 

	Raghunandan G, co-founder and CEO, TaxiForSure, said, “TaxiForSure coming together with Ola will provide us with more opportunity than ever, to do what we do best. Post this acquisition; the combined entity will be strong enough and better capitalized to offer the best value to all our stakeholders, including our customers. This development ensures that industry attractiveness is preserved and the combined entity can race ahead and continue to create unprecedented value for all stakeholders.”

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