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
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.