India Digest: Droom, FirstMeridian, Infibeam Avenues in M&A news

Photo: Mint

Automobile marketplace Droom has acquired augmented reality startup Visiolab Ideas, while FirstMeridian has acquired IT staffing business CBSI India. Separately, Infibeam Avenues has sold a 51% stake in its wholly-owned subsidiary Infibeam Logistics.

Droom acquires Visiolab Ideas

Automobile marketplace Droom on Thursday announced that it has acquired Gurugram-based augmented reality startup Visiolab Ideas for an undisclosed amount.

With this acquisition, Droom will provide a live virtual tour of vehicles to customers who can experience it in 3D, it said in a statement. Droom had allocated Rs50 crore ($6.8 million) last year towards building new and innovative products using AI, AR, and VR.

Droom will leverage technological innovations powered by AR/ VR in addition to tools using artificial intelligence, machine learning, and big data to offer new products and solutions for automobile commerce, it said.

FirstMeridian buys IT staffing biz

Human resources services platform FirstMeridian has acquired IT staffing business CBSI India for Rs 12 crore ($1.6 million), The Economic Times reported.

CBSI and its employees will now operate as part of the FirstMeridian group. The company has both contract staffing and permanent recruitment segments and has been serving the technology services industry.

Established in mid-2018, FirstMeridian’s past acquisitions include Cornucopia, Innovsource, V5 Global, and Affluent Global.

Infibeam sells majority in logistics arm

Infibeam Avenues Ltd, the parent of payment gateway CCAvenue, has sold a 51% stake in its wholly-owned subsidiary Infibeam Logistics Pvt Ltd to Osia Hypermart Retail Ltd for Rs 19 crore ($2.6 million).

Ahemdabad-based Osia is a supermarket chain, which offers thousands of products across consumer goods, apparel, home furnishings, appliances, and other segments. It currently operates about 13 stores across the state.

In a BSE filing, Infibeam said the logistics arm accounts for 2.78% of its consolidated turnover and 1.2% of its net worth. It expects the sale to be competed on or before November 15, 2020.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.