The startup plans to use the latest capital raised to increase its reach from 5,000 locked-in beds to over 12,000 beds and expand to Chennai and NCR by the end of this year.
By Pramugdha Mamgain
These deals reveal InnoVen is also looking to back larger tech enterprises.
Education technology start-up Byju’s, owned by Think and Learn Pvt. Ltd, has raised an undisclosed amount from World Bank arm International Finance Corp. (IFC), the company said in a statement on Tuesday. The latest round came close on the heels of Byju’s raising $50 million from the Chan Zuckerberg Initiative,… Read more »
“Singapore has more affinity to the Indian market – its a hop skip and jump. We are looking at Singapore companies and will invest in them and the reverse is also happening, where there are Singapore-based investors in IAN who are investing there,” says Ruparel
“If you look at a billion dollars worth of deals done in SEA last year…you then say 10% of that should be venture debt, you get around $80m to $100m per year in potential venture debt transactions. It is a $100m opportunity per year,” said Chin Chao.
Venture capital firms turned increasingly cautious about their bets late last year, forcing a number of start-ups to shut shop and the rest to focus on cash conservation and unit economics instead of chasing growth. However, angel investors remained upbeat amid the funding slowdown, said the report.
The freshly raised funds will be deployed to fuel international expansion and inorganic growth through global acquisitions, and the company said it will seek to enter the U.S, UK and other Commonwealth countries over the next few months.
Existing investor, Aarin Capital Partners, which had invested Rs 50 crore, recently part-exited its investment in Byju’s, and is believed to have earned a 10x returns. In March, Byju’s raised $75 million from VC firm Sequoia Capital and Belgian investment firm Sofina.
Public transport information provider Ridlr which is run by Birds Eye Systems Pvt Ltd, has got $6 million in Series B round led by Times Internet and Innoven Capital.