Separately, Moglix, which counts Accel Partners, Sequoia Capital and Tiger Global Management, among others, has undertaken a Rs 5-10 crore stock buyback from eligible employees — numbering about 25 — led by the Noida-based company, along with certain investors.
The sector-agnostic fund, which had an initial target corpus of about ₹325 crore, counts as SIDBI, IIFL, Yes Bank, Max Group, Gray Matters Capital and Hyundai among its limited partners.
India continues to be the core focus area for most of these fund managers, but they do not want to lose out on opportunities in SE Asia, particularly in markets such as Indonesia and the broader Asean region.
The Sandeep Aggarwal-led auto services company has paid an estimated $3-$3.5 million to acquire the Delhi-based NBFC, which is expected to drive loan disbursals for purchasing pre-owned vehicles, and provide dealer financing under the Droom Credit business unit.
The transaction is believed to have valued ShopClues at $70-$100 million, it was valued at $1.1 billion in late 2015.
The funding by Tencent will further intensify the competition in the domestic over the top, or OTT market which has been growing exponentially on the back of cheap mobile data, thanks to the price wars unleashed by Reliance Jio.
The fundraising is being reviewed by CCI as per procedure and could be the first such for the company since it raised $30 million in September 2017 at a valuation of $200 million.
The terms of the buyout, which is expected to close in November, were not disclosed. Sources, however, indicated that the deal size was $80-$100 million (about Rs 567-709 crore).
RateGain, which counts PE major TA Associates as its sole institutional backer, will see current CEO Bhanu Chopra transition to the chairman’s role and undertake more client-facing and product development duties.
Earlier this month, ET reported that Uber’s food delivery service has seen a significant churn in leadership, with two top executives — India chief Bhavik Rathod and head of central operations, Deepak Reddy — resigning.
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