India Digest: WaterBridge exits Unacademy; Walmart acqui-hires Appsfly; Ambit buys Finmax

Photo: Reuters

WaterBridge Ventures has exited its investment in Unacademy after selling stake to three venture capital firms – Sequoia Capital, SAIF Partners and Nexus Venture Partners. In the M&A space, US retail giant Walmart has acqui-hired Bengaluru-based Appsfly while Ambit Finvest has acquired NBFC Finmax Credit and Finance Pvt Ltd.

WaterBridge exits Unacademy at 150% IRR

Early stage venture capital firm WaterBridge Ventures has exited its investment in online education startup Unacademy after selling stake to three venture capital firms Sequoia Capital, SAIF Partners and Nexus Venture Partners in the Bengaluru-based startup.

The firm is reported to have earned internal returns of close to 150% and five times its investment in the company. WaterBridge Ventures had invested $1 million in the company in 2016.

In July this year, Unacademy had raised $21 million in a series C funding round from Sequoia India, SAIF Partners, Nexus Venture Partners and other existing investors at a valuation of more than $100 million. The startup raised $11.5 million from Sequoia Capital and SAIF Partners in September last year.

Walmart acqui-hires Appsfly

US retail giant Walmart has acqui-hired Bengaluru-based Appsfly, a startup that develops micro apps to get hosted and streamed into any platform, marking its first acquisition in the country, reported Business Standard.

As part of the deal, six employees from Appsfly will join WalmartLabs for delivering engaging shopping experiences to Walmart’s customers. This comes close on the heels of Walmart acquiring a majority 77% stake in Indian e-commerce biggie Flipkart for $16 billion.

Founded in 2016, Appsfly has developed an advanced integration platform for connecting data sources, systems and businesses, to drive digital transformation.

Ambit buys Finmax Credit and Finance

Ambit Finvest, part of investment bank Ambit Group, has acquired Finmax Credit and Finance Pvt Ltd (FCFPL), the small and medium enterprise financing business of fintech firm Finmax, reported The Economic Times. Financial details of the deal were not disclosed.

FCFPL is a Mumbai-based non-banking financial company engaged in the business of lending to micro and small traders/retailers. The company is promoted by Sanjay Agarwal and Priyanka Modi Lodha. As part of the acquisition, Finmax’s team of 140 employees along with its founder Agarwal will join Ambit Finvest.

The acquisition of FCFPL will help build Ambit’s play in the SME lending sector tapping into Finmax’s technology tools for client requirements in the space.

 

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.