India Digest: Wow! Momo, NirogStreet, Nivesh raise funds; Bharat Forge, Choicest Enterprises in M&A

A Wow Momo store at Wood Street, Kolkata. Photos: Indranil Bhoumik/Mint

Startups Wow! Momo, NirogStreet and have secured fresh funding. Also, Bharat Forge has acquired stake in UK’s Tevva Motors for $13.3 million, while Ambuja Neotia group’s Choicest Enterprises has acquired 75 per cent stake in Tastetaria.

FabIndia founder backs Wow! Momo

William Bissell, managing director of ethnic products brand Fabindia, has invested Rs 3-4 crore in in Kolkata based quick-service restaurant chain Wow! Momo, as per a report in The Economic Times. Subsequent to the funding, Bissell will join Wow! Momo’s advisory board, and is expected to help the company with its growth strategy. Last year, Wow! Momo had raised $6.8 million in its Series B funding round led by Lighthouse Funds.

NirogStreet bags $300k seed funding from Spiral Ventures, others

NirogStreet, a healthcare startup that is creating a community of Ayurveda doctors, has raised $300,000 as seed funding from early-stage Japanese venture fund Spiral Ventures, Internet and Mobile Association of India president Subho Ray and Samir Kumar, director of derivatives at Deutsche Bank in Singapore. The startup plans to use the funds for further building the community platform and launching an online consultation portal later this year.

Mutual funds investment platform Nivesh gets $444k seed funding, a Noida-based mass market mutual funds investment platform, has secured seed funding of Rs 3 crore through LetsVenture, along with other investors such as Google India MD Rajan Anandan and ex-Infosys global sales head Basab Pradhan. According to an official statement, the other participants in the round include Vivek Khare, advisor corporate development at; Debasish Hota, CEO at Compu-Gain Corporation, USA; Windrose Capital; Bijoy George, partner at Full Circle Tech; and LetsVenture.

Bharat Forge picks up stake in UK’s Tevva Motors for $13.3m

Auto components maker Bharat Forge has announced a strategic investment in the UK-based Tevva Motors, which provides electric power train solutions for trucks and buses. According to an official statement, Bharat Forge and Bharat Forge International UK will pick up 35.26 per cent stake in Tevva for Rs 90 crore ($13.3 million). Through the investment, Bharat Forge has also acquired a licence for commercialisation of the Tevva technology within India for strengthening its research and development activities in the e-mobility space.

Choicest Enterprises has acquired 75% stake in Dhunseri Petrochem’s Tastetaria

Ambuja Neotia group’s Choicest Enterprises has acquired 75 per cent stake in Tastetaria, a food venture of Dhunseri Petrochem, for an undisclosed sum. Tastetaria, which was a wholly-owned arm of Dhunseri, is set to bring American casual dining chain UNO Pizzeria & Grill to India. The remaining 25 per cent stake in Tastetaria is held by Dhunseri. With this, Tastetaria has become a subsidiary of Choicest Enterprises.

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