SoftBank likely to invest $400 Mn (INR 2,844 Cr) in online baby products retailer FirstCry for more than 40 per cent stake in the company
This week, altogether 22 startups raised $599.73 Mn and two startup acquisitions took place in the Indian startup ecosystem, according to Inc42 Media.
Among the leading receivers, Delhi-based diversified financial services DMI Group bagged $230 Mn (INR 1,619.4 Cr) funding in a fresh round led by New Investment Solutions, an asset management company. This is believed to be one of the biggest Indian startup fundings this week.
The company plans to use the fresh funds to fund balance sheet growth of DMI Finance and DMI Housing Finance, the Indian media platform reported.
Flipkart India Pvt Ltd also received an investment of $200.8 Mn (INR 1,431 Cr) from its Singapore-based parent entity, Flipkart Private Limited.
This week, ecommerce giant Amazon invested $42.6 Mn (INR 300 Cr) in fresh funding in its digital payments arm Amazon Pay to complete against the homegrown fintech service providers such as Paytm and PhonePe.
Noida-based healthcare data analytics startup Innovaccer also raised an undisclosed amount of funding from Microsoft’s corporate venture fund M12.
Startup acquisitions this week
With an aim to expand internationally, Bengaluru-based edtech unicorn BYJU’S acquired US-based learning platform Osmo for $120 Mn (INR 854 Cr).
However, Osmo’s team based in Silicon Valley will continue to operate independently. With the acquisition, BYJU’S said it wants to tap Osmo’s physical-to-digital technology and content to expand its current offerings.
Meanwhile, Chennai-based online aggregation platform Komparify has also acquired Ireff, an app based mobile plans platform, in an all-cash asset only deal. The company, however, didn’t disclose the amount.
Komparify is planning to expand its presence in prepaid plans application space with Ireff.
What’s coming up
There are also reports that say Japanese conglomerate SoftBank will be investing $400 Mn (INR 2,844 Cr) in Pune-based online baby products retailer FirstCry for more than 40 per cent stake in the company, valuing it at around $600 Mn- $700 Mn (INR 4,267.6 Cr- INR 4,978.9 Cr ).
SoftBank Vision fund has reportedly sought approval from the Competition Commission of India (CCI) to acquire a 37.87 per cent stake in Delhivery Pvt Ltd.