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Last week SoftBank head Masayoshi Son had said he was still undecided on the Flipkart stake sale.
In January this year, the Gurgaon-based startup had raised $3 million in a Pre-Series A round led by Unilever Ventures Ltd.
As per estimates based on the current share price of around Rs 421, the deal could be valued at over Rs 800 crore.
While the financial details of the deal were not disclosed, media reports have pegged the deal size to be around Rs 5,000 crore ($735 million).
India Roundup: Precision Camshafts, Inditrade, NIIT China ink M&As; ImpactGuru, FreightBazaar raise funds
The acquisition will help Precision Camshafts to expand into to mature such as Europe, North America and Australia.
The funds are being raised through a mix of equity sale and issue of convertible warrants to Camas Investments.
The investment firm had marked the first close of its India Business Excellence Fund-III fund at $147m in September last year.
In 2016, Quess had announced that it was acquiring 64% stake in Comtel Solutions for about $20 million.
Existing investors ISME-ACE and BetterCapital AngelList syndicate also participated in Open’s funding round.
The deal marks the Dai-Chi Life’s foray into the Indian asset management space.