India Digest: NirogStreet, Oyo, Astral Poly in M&A; Tata Motors backs TruckEasy; Avenue Growth fundraise

Visual from Tata Motors website

Spiral Ventures-backed NirogStreet, a technology-led Ayurveda platform, has acquihired Brahm Ayurved, OYO has acquired Mumbai-based Internet of Things (IoT) technology company AblePlus for an undisclosed amount, while Astral Poly Technik is acquiring Rex Polyextrusion Pvt. Ltd for $21.4 million.

In a separate announcement, Tata Motors said its unit has picked up a 26 per cent stake in online freight aggregator TruckEasy. Meanwhile, Avenue Growth has grabbed pre-Series A funding.

NirogStreet acquihires Brahm Ayurved

Spiral Ventures-backed NirogStreet, a technology-led Ayurveda platform, has acquihired Brahm Ayurved, one of the largest social and professional community of Ayurvedic Doctors, according to an announcement on July 10.

Brahm Ayurveda is a community of Ayurvedic doctors, with about 60,000 members. After completion of the transaction, Brahm Ayurved founder Dr. Abhishek Gupta will join NirogStreet as co-founder and chief marketing officer. Brahm Ayurved was founded by Gupta in the year 2010 with an aim to connect Ayurveda experts and students through a single channel.

Nirogstreet had recently raised $300,000 from Japanese venture fund Spiral Ventures. The company is looking to raise a pre-Series A round in October 2018, the statement added.

Oyo acquires AblePlus

SoftBank-backed budget hotel chain OYO on Tuesday said it has acquired Mumbai-based Internet of Things (IoT) technology company AblePlus for an undisclosed amount.

OYO said the acquisition is aimed at enhancing and strengthening its technology portfolio. Founded in 2016 by Akash Goel and Bonish Gandhi, AblePlus develops IoT systems for the hospitality industry.

OYO also plans to launch several other integrated technology solutions, including enhancing its OYO Asset Management offering so that it is easy for hotels to partner with it, the statement said.

Astral Poly to acquire Rex Polyextrusion

Pipe and adhesive maker Astral Poly Technik Ltd on Monday announced that it has agreed to acquire Rex Polyextrusion Pvt. Ltd for Rs 147.50 crore ($21.4 million).

Astral will buy a 51 per cent stake in Rex Polyextrusion for Rs 75.2 crore in cash and the remaining 49 per cent stake through a share-swap deal, it said in a BSE filing. The proposed deal will expand its existing product line of the company and allow it to foray into corrugated and other piping solutions.

The stock exchange filing said the acquisition is the perfect fit for both companies as Astral is a strong player in the retail and project business while REX has a strong product range and pipeline.

Tata Motors unit picks 26% in TruckEasy

Tata Motors Finance Holdings, a wholly-owned subsidiary of Tata Motors Ltd, has picked up a 26 per cent stake in online freight aggregator TruckEasy for an undisclosed amount, it said in a statement on Tuesday.

TruckEasy, owned by Bangalore-based Loginomics Technologies Solutions Limited, will use this investment to expand its footprint to additional cities. The company was established in 2015 by three young entrepreneurs – Nikhil Thomas, Vikram Kodgi and Avinash Achar.

This strategic investment in TruckEasy will provide Tata Motors with an insight into the rapidly growing technology-driven transformation in the freight logistics space and also get an understanding of the market dynamics in the intra-city freight movement, its statement said.

The data analytics provided by TruckEasy will be further used for research and development thereby allowing for better customization of product specifications in line with market requirements, the statement added.

Avenue Growth secures pre-Series A

Avenue Growth, a Gurugram-based sales professionals aggregator platform, has raised Rs 3 crore ($437,000) in a pre-Series A funding round co-led by Avtar Monga, Chief Operating Officer at IDFC Bank, and Aditya Malik, Chief Executive Officer of edtech firm Talentedge.

The startup will use the funds for strategic growth, development of technology platformn and further expansion. Founded in 2017 by Rachit Mathur and Dilkash Malhotra, Avenue Growth had previously raised an undisclosed amount in an angel round from a clutch of investors that included Malik, Brand Capital and GSV Labs from Silicon Valley.

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.