India Dealbook: Open raises funds; IIFL AMC and Crest Ventures ink M&As

Photo: Reuters

While fintech startup Open has raised a funding round led by Unicorn India, IIFL Special Opportunities Fund has acquired minority stake in Bikaji Foods and Crest Venture has picked the remaining stake in Tullett Prebon (India).

Fintech startup Open raises pre-Series A round led by Unicorn India

Open, a digital banking service provider for small businesses, has raised an undisclosed amount in its pre-series A funding round led by Unicorn India Ventures and Recruit Co. Ltd, through its investment subsidiary RSP India Fund LLC.

Existing investors ISME-ACE and Vaibhav Domkundwar’s BetterCapital AngelList syndicate also participated in the round.

The fintech startup plans to use the proceeds for customer acquisition as well as to enhance its core platform to launch new products.

IIFL AMC fund acquires minority stake in Bikaji Foods

IIFL Special Opportunities Fund, owned by IIFL AMC, has acquired a minority stake in snacks manufacturer Bikaji Foods International for Rs 251 crore, according to a report in The Economic Times.

While the quantum of the stake purchased was not disclosed, according to the news report, the stake was acquired through a mix of primary and secondary investments. Lighthouse Funds-backed Bikaji Foods is planning to go public to raise about Rs 700 crore to help fund its expansion plans.

Crest Ventures picks up remaining 48% stake in Tullett Prebon (India)

Non-banking financial company Crest Ventures Ltd is acquiring the remaining 48 per cent stake in financial services firm Tullett Prebon (India) Ltd from Prebon Holdings BV for Rs 4.52 crore ($670,000) in an all cash deal.

According to a stock exchange disclosure, on completion of the deal, Crest Ventures’ stake in Tullett Prebon (India) will increase to 99.99 per cent from 51.99 per cent.

Tullett Prebon (India), which began operations in 1999, is an intermediary in the wholesale debt market, foreign exchange market and rupee options.

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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.