As the name suggests, Whiteboard Capital bet on founders even before their business plan is finalised and to help them refine their products, even if it means changing the model.
A Y Combinator spokesperson said the number of from each country is still not final and that it is not related to its Chinese exit either.
The move, which is the second major acquisition by FirstCry after it bought Mahindra’s baby care retail business Babyoye in 2016, will allow the firm to be present across the life cycle of a child from before conception to early education.
Rapido was founded by Aravind Sanka, Rishikesh S R and Pavan Guntupalli in 2015 and also counts Hero MotoCorp MD Pawan Munjal among its investors.
Talks for the acquisition come even as Zomato is in the midst of raising capital where it has already got a commitment from existing backer Ant Financial for $200 million. The funding round will value Zomato over $3 billion, and a potential share-swap may also happen using that benchmark.
The new round is expected to benchmark a new valuation for Snapdeal besides testing if its founders can win investor trust for the business after seeing a significant value erosion, said the first source mentioned earlier.
Prosus CEO Bob van Dijk's statement comes at a time when the DPIIT is looking into online food delivery companies like Zomato and Swiggy, where Prosus owns a 39% stake for an investment of $850-900 million, for deep discounting, data masking and private labels.
While a large part of the losses for these companies (Softbank-backed Paytm, Walmart-owned PhonePe and Amazon Pay) were driven by marketing and promotion spends, including cashbacks to customers, costs related to technology and employees were other significant contributors.
The funds will be used by the promoters of Dindigul Thalappakatti to expand in metros across India and also overseas.
Software requires a fairly deep understanding of customer needs and what technology makes sense, says Naren Gupta, co-founder of Nexus Venture Partners.
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