India Digest: Yugabyte, Cashify raise funding; MX Player eyes up to $150m

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IT company Yugabyte has raised $48 million in a funding round led by Lightspeed Venture Partners while Cashify has secured $15 million. Separately, MX Player, which owns and operates short video entertainment app MX TakaTak, is in talks for up to $150 million financing.

Lightspeed leads funding in Yugabyte

Yugabyte, a maker of open source distributed SQL database, has raised $48 million in a funding round led by Lightspeed Venture Partners, it announced on Wednesday. The round also saw participation of Greenspring Associates, Dell Technologies Capital, Wipro Ventures and 8VC.

With the new infusion, Yugabyte is building out its engineering, DevOps and support staff in India, Russia and Canada. It also recently acquired India-based Falarica.io to accelerate its development and recruiting efforts in the APAC region.

The company is also expanding its sales teams in EMEA and APAC, it said in a statement. It has raised a total of $103 million till date.

Cashify raises $15m led by AEP

Cashify, an e-commerce platform for reselling used electronic gadgets, has raised $15 million from Asia Environmental Partners (AEP) — a fund focused on the renewable energy sector and environment. AEP is a division of private equity player Olympus Capital.

The startup will use the funding proceeds to grow its newly launched enterprise SaaS business, offline retail segment, besides hiring and branding activities. It plans to grow its retail footprint to 90 stores by mid-2022 from 60 currently.

MX Player eyes up to $150m funding

MX Player, which owns and operates short video entertainment app MX TakaTak, is in talks with new and existing investors to raise up to $150 million funding, Entrackr reported.

“Existing investor Tencent will join the round with a sizeable chunk along with an American late-stage investor,” the report said quoting a source. The round is likely to value MX Player at $900 million.

Tencent had also led a $110-million funding round in MX Player in October 2019. The round had also seen participation of Times Internet.

 

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.