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.