India Dealbook: MPower snags $100m debt from Goldman; Y Combinator backs Lokal

Photo: Reuters

Indian startups space is abuzz with deal activity. Goldman Sachs has extended $100-million debt to education financing company MPower while local news startup Lokal has received an undisclosed amount from Y Combinator.

MPower Financing snags $100m from Goldman

US-based education financing company MPower Financing has secured $100 million debt from Goldman Sachs to further build its loan portfolio, The Economic Times reported.

The company is looking to broaden its reach to students looking to study in the US and Canada, and also increase its performance in India in the long-term. India currently comprises 25 per cent of MPower’s total loan book.

MPower had raised the same amount from Community Investment Management in December last year. It had also raised an undisclosed sum in an equity financing round led by Gray Matters Capital, among others.

Y Combinator backs Lokal

Bengaluru-based local video news provider Lokal has received an undisclosed amount in funding from Y Combinator, TechCrunch reported.

The startup was a part of the accelerator’s summer 2019 cohort.

Lokal, which is currently available in the Telugu language, wants to reach out out to hundreds of millions of users in India in their regional languages. It already claims to have 2 million users on its platform, the report said. It has earlier raised seed round from India Quotient.