India Digest: Bessemer may invest $12m in Swiggy; Rubique to raise $15m

Bessemer Ventures is looking to invest $12 million in food delivery startup Swiggy while fintech firm Rubique is looking to raise $10-15 million.

Bessemer Ventures in talks to invest $12m in Swiggy

US-based venture capital firm Bessemer Venture Partners is in advanced talks to invest around $12million in food-delivery company Swiggy, according to a report in The Economic Times quoting sources. If the deal goes through, it will value the company at around $200 million.

Last month, it was reported that Swiggy has raised an additional $7 million from existing investors Norwest Venture Partners, DST Global and Accel Partners, valuing the company at $130 million. In January, the Bangalore-based company had raised $30 million in Series C round of funding from New York-based Harmony Partners and Singapore-based RB investments,

The money will help Swiggy compete strongly with restaurant listing company Zomato, which entered the food delivery business last year, as well as the Sequoia Capital-backed Roadrunnr-TinyOwl combine and Rocket Internet portfolio company Foodpanda.

Fintech startup Rubique to raise around $15m

Online loan facilitator Rubique is in the process of raising $10-15 million in the second round of funding, said a report in The Economic Times.

The Mumbai-based company plans to use the amount it raises to strengthen its technology, distribution and promotion to reach out to a larger base of customers, said Rubique founder Manavjeet Singh.

The company currently has presence in Mumbai, Delhi, Kolkata, Bengaluru, Pune and Hyderabad and plans to expand to Ahmedabad, Chennai, Jaipur and Chandigarh.

The exiting investors in the company include Kalaari Capital, YourNest Angel Fund, Globvestor and Dexter Angel Circle. It had received $3 million in its first round of funding last year.

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