India Dealbook: Doodhwala eyes $12m funding; Majesco acquires Ireland’s Exaxe

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In the latest startup funding, Doodhwala reportedly is in the process of raising up to $12 million in a Series A financing round. In another development, IT solutions provider Majesco, via its US subsidiary, has entered into an agreement to fully acquire Ireland’s Exaxe Holdings.

Doodhwala eyes $12m funding

Doodhwala, a startup which delivers milk and daily essentials on a subscription basis, is in the process of raising up to $12 million in a Series A financing round, TechCircle reported.

The startup is in talks with both the existing and new investors for raising funds, and is looking at a post-money valuation of $40 million. It is expected to close the round in January next year. Agri and food-focused investor Omnivore, which invested in Doodhwala earlier this year, may also invest in the current round.

Founded in 2015, Banger Tech Pvt. Ltd, which operates Doodhwala, had raised $2.2 million in February, and an undisclosed amount in angel funding from Tom Varkey, a partner at US-based hedge fund Stonehill Capital in August last year.

Majesco acquires Ireland’s Exaxe

IT solutions provider Majesco, via its US subsidiary, has entered into a share purchase agreement to fully acquire Ireland’s Exaxe Holdings, a provider of digital solutions to the life, annuity and wealth management sectors.

The total cost of the acquisition is estimated to be about €11.61 million ($13.2 million).

Majesco, USA consummated the purchase of 90 per cent of the securities of Exaxe for 6.39 million euros. The company has further agreed to purchase and the sellers have agreed to sell the remaining 10 per cent of the shareholding on August 1, 2019 for an additional payment of 0.72 million euros, Majesco disclosed in a BSE announcement on Wednesday.

Majesco said a deferred consideration payment of up to €4.50 million, based on achievement of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), will be made for calendar years 2019, 2020 and 2021.

Exaxe has become a direct subsidiary of Majesco USA, and step-down subsidiary of the company.

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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.

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.