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<ul><li><keyword id="4376738" type="PERSON" weightage="20" keywordseo="ElasticRun">ElasticRun</keyword> raised $40 million from <keyword id="8265057" type="UNKNOWN" weightage="20" keywordseo="Prosus-Ventures">Prosus Ventures</keyword>, which was formerly called <keyword id="3777101" type="PERSON" weightage="20" keywordseo="Naspers-Ventures">Naspers Ventures</keyword>.</li><li>The startup is currently present in 200 cities in India.</li><li>This year, two <keyword id="2879647" type="PERSON" weightage="20" keywordseo="Logistics-startups">logistics startups</keyword> Delhivery and Rivigo have achieved unicorn status.</li></ul>Pune-based logistics firm ElasticRun raised $40 million from Prosus Ventures, which was formerly called Naspers Ventures. The round also saw participation from Avataar Ventures and Kalaari Capital. With the funding, ElasticRun will invest in building its technology platform and evolve its analytics and machine learning platform. The startup also wants to expand to newer geographies. It is currently present in 200 cities in India. “The last mile problem is still a major issue both for logistics and consumer goods companies in India. By working with the network of small stores across the country, we solve that problem while helping the store owners grow their businesses at the same time. In addition, offering a flexible logistics extension to consumer goods companies to directly reach these small retail shops is a huge advantage over traditional distribution networks,” said Sandeep Deshmukh, ElasticRun Co-Founder and CEO. The latest funding in the $300 billion logistics industry in India is another proof of growing investor interest in the category. This year, two logistics startups Delhivery and Rivigo also achieved unicorn status. Rivigo raised $65 million in its latest Series E round. The funding came in from PE firm Warburg Pincus and SAIF Partners. Another logistics startup Blackbuck raised funds in May and fell a few million short of being a unicorn. It is currently valued at $950 million. Blackbuck raised $150 million from Goldman Sachs Investment Partners and Silicon Valley-based Accel, along with Wellington, Sequoia Capital, B Capital and LightStreet and existing investors Sands Capital and International Finance Corporation.

Logistics startup ElasticRun raises $40 million to expand to new geographies

<a href="https://markets.businessinsider.com/stocks/tcehy-stock"></a><ul class="summary-list"><li>The global investment group <keyword id="8087626" type="UNKNOWN" weightage="60" keywordseo="Prosus">Prosus</keyword> is selling $14.6 billion of <keyword id="9718057" type="UNKNOWN" weightage="60" keywordseo="tencent-stock">Tencent stock</keyword>.</li><li>The deal will increase Prosus's cash reserves from $4.6 billion to roughly $19.2 billion.</li><li><keyword id="212412" type="COMPANY" weightage="60" keywordseo="Tencent">Tencent</keyword>'s American ADR has fallen roughly 20% from February 12 highs of nearly $100 per share.</li></ul><a href="https://markets.businessinsider.com/stocks/tcehy-stock">Tencent's</a> American ADR sank as much as 9.7% on Wednesday after the firm's largest shareholder, Prosus, said it plans to sell $14.6 billion worth of its stake in the Chinese multinational technology conglomerate.Tencent's Hong Kong shares fell 3.75% on the day.Prosus, the international internet assets division of the South African multinational <keyword id="6356837" type="ORGANIZATION" weightage="60" keywordseo="naspers">Naspers</keyword>, will remain Tencent's largest shareholder holding some 28.9% of the company.Prosus also said it will not sell any more Tencent shares for at least the next three years.<a href="https://markets.businessinsider.com/stocks/naprf-stock">Naspers</a><a href="https://www.wsj.com/market-data/quotes/NPSNY?mod=chiclets"> </a>paid $34 million for a 46.5% stake in Tencent in 2001, three years before the company went public in Hong Kong in June 2004. The acquisition was one of the most lucrative venture capital deals of all time netting Naspers billions.Before the latest sale, Naspers, through Prosus, owned a 30.9% stake in Tencent.The deal is set to increase Prosus' cash reserves from $4.6 billion to roughly $19.2 billion.Tencent is the world's largest videogame company by revenue and operates the popular WeChat app. The company outperformed in 2020 amid an increased stay-at-home audience for its games and apps during the pandemic.Tencent's stock has made huge strides over the past few years due in large part to its lucrative investments in tech firms like Snapchat, the Chinese e-commerce company Pinduoduo, and the delivery and shopping platform Meituan.The company's ADR, which trades on OTC <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>, reached highs of nearly $100 per share on February 12-giving the company a valuation of over $900 billion-but has fallen roughly 20% in the past few months.Share prices were hurt by investors' fears of <a href="https://markets.businessinsider.com/news/stocks/tencent-sheds-65-billion-government-crackdown-ant-group-2021-3-1030203312">China's recent crackdown</a> on big tech names. After Wednesday's fall, Tencent has lost over $150 billion in market cap from its record highs. Shares of the company's ADR traded down 7.63% as of 3:23 p.m. ET after mounting a mild recovery.<div type="image" title="tcehy chart" height="708" width="830" msid="81959098" hostid="261"></div>

Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

New Delhi, Feb 19 () Food ordering and delivery platform Swiggy on Wednesday said it has raised USD 113 million (over Rs 805 crore) in the latest funding round led by existing investor Prosus NV. Meituan Dianping and Wellington Management Company also participated in the funding round. Having grown beyond food delivery, the company aims to use the funds to further develop its new lines of business, addressing visible gaps in the market, Swiggy said in a statement. The company will continue to invest in new growth areas (Stores, Go and SuprDaily) as it delivers on its promise of bringing unparalleled convenience to the lives of urban consumers, it added. "We have become synonymous with exceptional customer experience and created multiple growth avenues for our partners while continuing to invest in new lines of business," Swiggy CEO Sriharsha Majety said. The company is focused on continuing to execute on its vision while building a sustainable path to profitability, he added. "Swiggy continues to exhibit strong execution and a steadfast commitment to delivering the best service to consumers and has one of the best operational teams in food delivery globally. We are confident Swiggy will continue on a path to earn a significant place in the daily lives of Indians," Prosus Ventures and Food CEO Larry Illg said. AKT HRS

Swiggy raises USD 113 mn from investors led by Prosus

<keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; <keyword id="121995" type="General" weightage="50" keywordseo="shailesh-haribhakti" source="Orion">Shailesh Haribhakti</keyword>, Chairman of Shailesh Haribhakti &amp; Associates; and <keyword id="2257501" type="General" weightage="50" keywordseo="sahil-barua" source="Orion">Sahil Barua</keyword>, Managing Director and CEO at Delhivery. They are the first independent directors on Swiggy's board and join current members: ASriharsha Majety - CEO and Co-founder of Swiggy; <keyword id="2792820" type="General" weightage="50" keywordseo="nandan-reddy" source="Orion">Nandan Reddy</keyword>, Co-founder of Swiggy; Larry Illg, CEO of Prosus Edtech and Food; Ashutosh Sharma, Head of Investments- India, Prosus Ventures; <keyword id="1841701" type="General" weightage="50" keywordseo="sumer-juneja" source="Orion">Sumer Juneja</keyword>, Managing Partner, India and EMEA, SoftBank Investment Advisors; and Anand Daniel, Partner at Accel. "Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers," said Majety. Srinivasan said that she is pleased to join the Board as the "company moves forward in pushing boundaries and redefining newer segments." "I look forward to supporting the Swiggy management team in their quest to build a world-class business that serves millions of customers in their everyday needs," added Barua. Swiggy connects consumers to over 200,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/4-day-workweek-not-yet-feasible-in-india-but-companies-look-at-flexible-options/articleshow/97642858.cms">All about 'flex': 4-day workweek not yet feasible in India, but companies look at flexible options</a>

Swiggy appoints 3 independent directors to its Board

Home services marketplace <keyword id="8681398" type="COMPANY" weightage="20" keywordseo="Urban-Company">Urban Company</keyword> on Wednesday said it has raised USD 255 million (about ₹1,857 crore) in funding led by <keyword id="8265057" type="COMPANY" weightage="20" keywordseo="Prosus-Ventures">Prosus Ventures</keyword>, <keyword id="2106816" type="COMPANY" weightage="20" keywordseo="Dragoneer">Dragoneer</keyword> and <keyword id="268904" type="COMPANY" weightage="20" keywordseo="Wellington-Management">Wellington Management</keyword>. The series F round - which also saw participation from <keyword id="2603376" type="COMPANY" weightage="20" keywordseo="Vy-Capital">Vy Capital</keyword>, Tiger Global and Steadview - takes Urban Company's valuation to USD 2.1 billion. The latest round includes a <keyword id="11365744" type="UNKNOWN" weightage="20" keywordseo="primary-capital-infusion">primary capital infusion</keyword> of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told . He added that Urban Company has raised about USD 330 million in primary capital till date. Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets. "With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development...We will continue to penetrate existing markets while venturing into new overseas geographies," Bhal said. Currently, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers across categories like beauty and personal care, cleaning services, plumbing, carpentry and appliance repairs. Bhal said the company has also been focussed on upskilling and training its service partners. The number of partners is set to grow in line with its expansion into more cities. Talking about the impact of pandemic on business, Bhal said while there was significant impact initially but the situation has changed now. "After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes," he added. Bhal noted that the company has undertaken a number of steps to ensure the safety of its partners, including taking care of their vaccination and providing safety gear. He added that over 50 per cent of its partners have already been vaccinated, and by June-end, this number is expected to go up to 75-80 per cent. Consumers can see the overall vaccination rate along with the vaccination status of the partner assigned when they book a service. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-photos-alternatives-are-hardly-any-good/articleshow/83138238.cms">Google Photos alternatives are hardly any good – here’s what made the Google service so good</a> <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomis-latest-wired-charging-tech-can-fully-charge-a-phone-in-just-8-minutes-and-wirelessly-in-15-minutes/articleshow/83136172.cms">Xiaomi’s latest wired charging tech can fully charge a phone in just 8 minutes and wirelessly in 15 minutes</a>

Urban Company raises $255 million at over $2 billion valuation, eyes global expansion

Re-commerce <keyword id="125920" type="General" weightage="20" keywordseo="marketplace" source="Orion">marketplace</keyword> Casify on Thursday said it has secured $90 million in its Series E funding from NewQuest <keyword id="330425" type="General" weightage="20" keywordseo="capital-partners" source="Orion">Capital Partners</keyword> and Prosus. The new funds will be utilised towards strengthening the team, building technology infrastructure and enhancing marketing efforts on branding, the company said in a statement. Existing investors Bessemer, Blume Ventures and Olympus Capital invested in this round, with participation from new investor, Paramark Ventures. "We look forward to stepping up our presence and offerings for our valued customers in India and fulfilling our broader goal of integrating the circular economy," said Mandeep Manocha, Founder and CEO of <keyword id="3501427" type="General" weightage="20" keywordseo="cashify" source="Orion">Cashify</keyword>. Apart from smartphone buyback, Cashify has become a smartphone-centric brand with comprehensive mobile care at users' doorsteps. Cashify has more than 40 lakh customers and is a buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung and Dell in India. "While there is a large opportunity set in the re-commerce space, Cashify has a clear edge as a category leader with its focus on customer experience and its data and tech-first approach," said Amit Gupta, Partner and Head of India and Southeast Asia, NewQuest. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/long-covid-symptoms-can-last-up-to-two-months-in-children-says-lancet-study/articleshow/92400864.cms">Long Covid symptoms can last up to two months in children says Lancet study</a> <a href="https://www.businessinsider.in/business/news/itc-seizes-the-market-its-sales-surpass-their-pre-pandemic-levels/articleshow/92400727.cms">ITC seizes the market; its sales surpass their pre-pandemic levels</a>

Recommerce platform Cashify raises $90 mn in its Series E funding

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="General" weightage="100" keywordseo="dotpe" source="Orion">DotPe</keyword> on Monday said it has raised $58 million in its series B funding round led by Temasek. The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi &amp; Naya Capital joined as new investors. "As we keep democratising opportunities for business growth with our omni-channel solutions and making technology more affordable and accessible, we also plan to foray into financial services and further empower merchants with business loans &amp; credit lines to turbocharge their growth," said <keyword id="3204218" type="General" weightage="50" keywordseo="shailaz-nag" source="Orion">Shailaz Nag</keyword>, Co-Founder and CEO, DotPe. Founded in 2020, DotPe's merchant-base has grown over 3 times since launch. In March, DotPe secured $27.5 million (around Rs 200 crore) in Series A funding as <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword> joined PayU and Info Edge Ventures as investors. "We look forward to empowering more Indian businesses with the benefits of digitization and co-creating a brighter future for the country's merchant community," said <keyword id="15022820" type="General" weightage="50" keywordseo="vijay-agicha" source="Orion">Vijay Agicha</keyword>, Global Head of Strategy and Growth at PayU. Started by ex-PayU Founder <keyword id="25067" type="General" weightage="50" keywordseo="nag" source="Orion">Nag</keyword> with Gyanesh Sharma and Anurag Gupta, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/laying-off-200-engineers-to-centralise-operations-clarifies-ola-ld/articleshow/94296026.cms">Laying off 200 engineers to 'centralise' operations, clarifies Ola (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ev-battery-can-charge-in-three-minutes-a-harvard-backed-company-claimed/articleshow/94295446.cms">Harvard-backed company makes an EV battery that fully charges in three minutes</a>

DotPe raises $58 mn, plans to foray into financial services

Gurugram-based offline-to-online commerce platform <keyword id="8103952" type="UNKNOWN" weightage="20" keywordseo="DotPe">DotPe</keyword> on Friday said it has secured $27.5 million (around ₹200 crore) in Series A funding as Google joined <keyword id="1493568" type="PERSON" weightage="20" keywordseo="PayU">PayU</keyword> and <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> Ventures as investors. The round was led by its early investor, PayU, the payments and <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">fintech</keyword> business of Prosus, resulting in an increase in the existing stake in the company. Info Edge Ventures has doubled down on its seed investment in the company made last year and more than doubled its shareholding, while Google joined as a new investor. The fresh funding brings DotPe's total funding to $35.5 million. "We are thrilled to see our existing investors, PayU and Info Edge Ventures, backing our vision and doubling down on their funding as new business horizons open up," Shailaz Nag, Cofounder, DotPe, said in a statement. "We are pleased to add Google, an innovation leader, as an investor. This new partnership will empower businesses (big or small) to be more discoverable, expand business avenues and conduct commerce like never before." DotPe has made some key hires in the recent months. The company said that the fresh funding will be deployed towards accelerating product development, market expansion and scaling technology to meet the fast-growing market demand. "In the last few months we've seen an acceleration in offline players seeking to move their businesses online. We're pleased to back young companies like DotPe that are supporting India's digital transformation by connecting consumers and merchants through helpful, innovative tools," Sanjay Gupta, Vice President and Country Head, <keyword id="45395" type="COMPANY" weightage="20" keywordseo="Google-India">Google India</keyword>, said in a statement. "This investment under Google for India digitisation fund underlines our belief in working with India's start-up ecosystem towards the goal of building a more inclusive digital economy that will benefit everyone." Started by ex-PayU Founder Nag with Gyanesh Sharma and Anurag Gupta in 2020, DotPe has digitised enterprise as well as small and medium-sized business (SMB) merchants through a "full stack" solution -- from giving them an online presence to enabling seamless ordering, online payments and delivery. The company said that on the enterprise side, it has integration with over 10,000 restaurants and food courts, including leading global and domestic food and beverage brands. For small and medium-sized businesses, the company has an app called Digital Showroom that helps businesses open a digital store front quickly. It recently raised $27.5 million from investors like Pay-U, Google, and Info Edge Ventures, bringing their total funding to $35.5 million. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

You Searched For "Prosus Ventures" and got 8 results

Logistics startup ElasticRun raises $40 million to expand to new geographies

Sanchita Dash

Tencent falls nearly 8% after the firm's largest shareholder said it plans to sell $14.6 billion of its holdings

Will Daniel

Swiggy raises USD 113 mn from investors led by Prosus

PTI

Swiggy appoints 3 independent directors to its Board

IANS

Urban Company raises $255 million at over $2 billion valuation, eyes global expansion

PTI

Recommerce platform Cashify raises $90 mn in its Series E funding

IANS

DotPe raises $58 mn, plans to foray into financial services

IANS

Offline-to-online commerce platform DotPe raises $27.5 million from Google, PayU and Info Edge Ventures

IANS

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