India Dealbook: InnoVen backs DocsApp; Tiger Global eyes Open; Rockstar Games buys Dhruva

Photo: Reuters

Bengaluru-based DocsApp has raised $1.6 million (Rs 12 crore) from InnoVen Capital, while Tiger Global is looking to invest money in neo-banking startup Open. In the M&A space, Rockstar Games Inc. announced that it has acquired Dhruva Interactive from Swedish developer Starbreeze AB.

InnoVen Capital invests $1.6m in DocsApp

Bengaluru-based doctor consultation platform DocsApp has raised $1.6 million (Rs 12 crore) from venture debt lending firm InnoVen Capital.

DocsApp, which has raised about $10 million in funding till date, will use the funds to expand operations across India and also for its growth efforts.

Founded in 2015 by IIT-Madras alumni Satish Kannan and Enbasekar Dinadayalane, DocsApp currently boasts of over 5000 specialist doctors registered on the platform. It provides consultations across 15 specialities, including gynaecology, paediatrics, dermatology, psychiatry, sexology, weight management, and general medicine to name a few.

Tiger Global eyes neo-banking startup Open

New York-based investment firm Tiger Global is in advanced discussions to lead a funding round of about $30-50 million in neo-banking platform Open.

According to a report in The Times of India, a few private equity funds may also join the financing round. Open will see its valuation jump to $150 after the fundraise.

In February, the startup had raised Series A funding of $5 million led by Beenext, Speedinvest and 3one4 Capital. Existing investors Unicorn India Ventures and Angellist Syndicate also participated in that round.

Rockstar Games buys Dhruva Interactive

New York-headquartered Rockstar Games Inc. Monday announced that it has acquired Indian art production studio Dhruva Interactive Pvt. Ltd from Swedish developer Starbreeze AB for $7.9 million.

Starbreeze had acquired Dhruva in December 2016 for $8.5 million.

As part of the deal, Rockstar has acquired Starbreeze’s 91.82 per cent stake in Dhruva. The deal is likely to close before June-end.

Dhruva is expected to work alongside Rockstar India on the company’s current projects and anything it was previously working on before acquisition. Founded in 1997, Bengaluru-based Dhruva has an employee base of around 300.

 

 

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Following vacancies can be applied for (only in Singapore).   

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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.