India Digest: Norwest exits Shriram; Skrilo, UrDoorstep raise funding

By Anirvan Ghosh

July 22, 2016

Norwest has sold bulk of its holding in Shriram City Union, Skrilo has raised angel funds, and UrDoorstep has received bridge funding.

Norwest sells most of its shares in Shriram City Union Finance

Norwest Venture Partners has sold most of its shares in consumer lender Shriram City Union Finance Ltd., its second such exit after Yes Bank earlier this year.

On Friday, it sold about three-fourths of its 3.3 per cent stake for $46 million in a secondary market sale. The shares were purchased by portfolio investors.

Norwest had earlier sold off part of its stake in 2014, for $34 million, which translated into a four-fold return. Today’s sale has brought in higher profits.

Skrilo raises $1.5m angel funding

Mobile marketing and rewards platform Skrilo has raised $1.5 Million in angel funding from Anuj Srivastava (ex-Google, CEO and Co-founder – Livspace) and Arvind Tiku (Founder and Group Chairman, AT Capital Group) amongst others.

The Gurgaon-based company will primarily use the funding for marketing its reward program to consumers and building on its product pipeline.

The platform helps businesses to initiate engagement with the end consumers and connect with them in a targeted manner.

Urdoorstep raises bridge round

Jupiter Capital-backed online hypermarket Urdoorstep.com has raised Rs 3 crore from CP Murali, former chief operating officer of Aricent Technologies.

The startup plans to cover more of Bangalore in the next two months, and expand to other cities by the end of the year.

Also read:

India Dealbook: Taxi service provider Wiwigo, dog food startup Dogsee raise funds

India Dealbook: Tailoring service provider Urban Tailor, healthcare startup HEAL raise funds

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.
APPLY NOW

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.
APPLY NOW