India: Kotak snips Sunteck stake; Stitchwood, OneAssist funding; Texas varsity to start accelerator

Kotak Investment Advisors has divested stake in Sunteck Realty, Stitchwood and OneAssist Consumer Solutions have received funding. On the other side, Texas University is launching tech accelerator in Tirupati, Andhra Pradesh.

Kotak Investment sells stake in Sunteck Realty

Kotak Investment Advisors Ltd through Kotak Alternate Opportunities India Fund has sold over 3 per cent stake in real estate firm Sunteck Realty at loss through bulk deal on Monday.

The PE fund has sold 10.25 lakh shares at Rs 224.90 each and 11.75 lakh shares at Rs 226.58 per share aggregating to Rs 49.6 crore ($7 million)

As of March 2016, Kotak Alternate held 6.51 per cent stake in the real estate company. Post this divestment, it owns around 3 per cent stake in Sunteck.

In 2012, Kotak Realty Group, the PE arm of Kotak Mahindra Bank, had invested Rs 150 crore in Sunteck’s Mumbai project. Early this year, the PE fund exited its investment with around 22 per cent internal rate of return over a span of four years.

Stitchwood receives $200k from Deepak Gupta, others

Mumbai-based customised furniture platform Stitchwood has received $200,000 from Deepak Gupta, co-founder, Equity Crest.

Some other unnamed angel investors also took part in the round, VCCircle reported.

Stitchwood will use the funding for operations, marketing initiatives and enhancing customer experience.

In July last year, the company had raised $400,000 from Powai Lake Ventures and a few individual angel investors. It had earlier raised $100,000 in its seed funding round from angel investor Ajeet Khurana besides other unnamed investors.

OneAssist Consumer Solutions gets funding from Trifecta Capital

Trifecta Capital, a venture-debt provider through its fund Trifecta Venture Debt Fund, has invested an undisclosed amount in Gurgaon-based OneAssist Consumer Solutions, as per a VCCircle report.

OneAssist Consumer Solutions provides protection for credit card, smartphones and payment cards in case of loss or theft.

Trifecta Venture Debt Fund, a $48 million fund, seeks to invest in technology, e-commerce, cloud, internet-of-things, consumer and healthcare domains.

The VC debt firm has made the first close of its debut fund at Rs 200 crore (around $30 million then) in September 2015 and is looking to raise a total corpus of $75 million.

Texas University to launch tech accelerator in Tirupati

IC2 Institute of The University of Texas is launching a tech accelerator in Tirupati, Andhra Pradesh by next month.

Andhra Pradesh government, in collaboration with the Federation of Indian Chambers of Commerce & Industry (FICCI) and IC2 Institute of The University of Texas, is going to launch a technology accelerator in Tirupati next month, as per an Economic Times report.

The accelerator will broadly try to solve the issue of unemployment alongwith other issues like water management, waste management, cyber security and agricultural technology.

The program is receiving application and will select 33 technology startups for a four-month session. After four months, these companies would be filtered down to eight, and then four, who would receive further mentorship to approach potential investors, the report said.

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