India Dealbook: BOV’s fund hits first close; MintM raises funding; Trivitron’s acquisition, Aarin part-exits Byju’s

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BOV Capital has has hit first close in new fund, adtech startup MintM has raised funding, Trivitron Healthcare has acquired 60 per cent stake in a Turkish firm and Aarin Capital has part-exited its investment in Byju’s.

Sri-Lanka focussed BOV Capital hits first close at $4 million

Singapore-based BOV Capital has made first close of $4 million in its maiden fund with a target of $14.9 million, to invest in startups in Sri Lanka. This is the first venture capital fund for early stage investments in the emerald nation.

Much of the fundraising came from angel investors in both countries, and wealthy individuals in India and Singapore. It is a partnership between Rajan Anandan, one of India’s most prolific investors, and Prajeeth Balasubramniam and Eric Wikramanayake, both notable Sri Lankan entrepreneur and investors.

BOV Capital intends to invest in 7-10 companies, with an average funding value of between Rs 5 crore and Rs 10 crore. The fund will focus on technology startups that can build large regional and global businesses.

MintM raises pre-Series A funding from Mumbai Angels

Bangalore-based adtech startup MintM which is run by MintM Loyalty Services Pvt. Ltd, has raised an undisclosed amount in pre-Series A round from Mumbai Angels and Times Internet, the company said in a media statement.

MintM will use the money for its expansion plan and product development.

“Traditional advertising suffers from a few handicaps – it’s consumed far from the point of purchase, it’s impossible to do in a targeted way and it’s hard to measure impact. MintM addresses these shortcomings,” said Sundeep Holani of Mumbai Angels.

Trivitron acquires 60% stake in Turkish firm Bome Sanay for $5.5m

Chennai-based Trivitron Healthcare Pvt. Ltd has acquired 60 per cent stake in in Turkish healthcare firm Bome Sanayi Urunleri Dis Tic Ltd Sti for 5 million euros (around Rs 37 crore).

The remaining 40 per cent stake in the in-vitro siagnostic (IVD) device manufacturing firm will be held by the promoters. “Through this acquisition, Trivitron will acquire Bome’s expertise on running low-cost New Born Screening programs in public private partnership (PPP) mode,” said GSK Velu, chairman and MD of Trivitron.

Bome Sanayi Urunleri Dis Tic has been conducting new born screening tests for the last eight years on behalf of the Government of Turkey.

Aarin Capital part-exits Indian ed-tech startup Byju’s

Aarin Capital Partners has part-exited its investment in education technology startup Byju’s, a Bangalore-based company run by Think and Learn Pvt. Ltd.

“We have made an exit from a significant portion of our holdings in Byju,” Deepak Natraj, MD, Aarin Capital confirmed DEALSTREETASIA. “It was a lucrative exit for Aarin,” he said. Natraj did not comment on financial details of the deal.

Aarin Capital and its founder Mohandas Pai had invested Rs 50 crore in the company and is believed to have a 10x return. In March, Byju’s raised $75 million from VC firm Sequoia Capital and Belgian investment firm Sofina.

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