Delhi-based AdUrCup has raised an undisclosed amount in seed funding from Dineout founders and others, while venture capital fund India Quotient is closing its second fund at $20 million. In yet another deal, Vivimed Labs Ltd plans to divest part of its specialty chemicals business for about $57 million (Rs 380 crore).
AdUrCup gets seed funding from Dineout founders
The Delhi-based startup, which currently operates in Delhi and NCR, will use the funds to expand its reach and services in cities including Mumbai, Bangalore and Ahmedabad in the next two months, said a press statement.
“Adurcup is an automated hyperlocal advertising tool. They are creating a first of its kind offline ad network already reaching more than 25,000 consumers per day across Delhi NCR and more than 5,000 consumers per day on trains,” Mehrotra, who is also the CEO of online restaurant reservation website Dineout, said.
Founded inside the IIT, Kanpur campus in January 2015, AdUrCup enables advertising inventory which in turn helps in converting a cost center for QSR businesses, disposables which accounts from a 5%-12% of the bill value, into an asset.
India Quotient is closing its second fund at $20 million
Early-stage venture capital firm India Quotient is closing its second fund at $20 million (Rs 130 crore) from both institutional investors and high net worth individuals, including founders of India’s top e-tailing companies, as per a report in The Economic Times.
India quotient has been in business for a few years now and invests largely in very early stage startups. The firm has already invested in seven startup companies from its new fund.
Earlier this year, the company invested $5 million (Rs 33 crore) in Gurgaon-based fashion-focused social network Roposo with a bunch of other investors, and about $0.3 million (Rs 2 crore) in online food delivery portal Holachef.
Set up by entrepreneur-turned-venture capital investor Anand Lunia along with social venture capital firm Aavishkaar executive Madhukar Sinha, India Quotient has backed 28 companies so far.
Vivimed Labs plans to sell its chemical business for $57m
Vivimed Labs Ltd plans to divest part of its specialty chemicals business to a strategic investor or special purpose vehicle of the company or third party on slump sale basis for a consideration of not less than $57 million (Rs 380 crore), the company said in a BSE filing.
With this sale, Vivimed aims to optimise the capital structure of the company and prepare for next leg of growth across its business units and post an ongoing review of the strategic options, the company said.
The ₹1,386-crore company posted ₹96-crore revenue from the specialty chemicals in the first quarter ended June 30, 2015 compared with ₹88.6 crore in the same period a year ago.
Vivimed has offices in India, China, Europe and USA, with manufacturing facilities focused around Hyderabad city in India. The company began as a small, entrepreneurial family-operated business and now provides a diverse portfolio of products to consumers across nearly 50 countries.