Round led by existing backer Shunwei Capital with new investors Morningside and a DST Global affiliate
The agreement is a part of Ant Financial’s $200 million investment in Zomato in February, as per its updated Articles of Association.
Flipkart investors can sell shares to Alibaba only if Tencent is notified of the transaction in detail at least five business days ahead.
The move will give more power to Ola cofounders Bhavish Aggarwal and Ankit Bhati, who strengthened their rights last year allowing them to veto any further stake buys by the largest shareholder, SoftBank, as also protect their stake.
The New York-based hedge fund will step up investments in India from its mega $3 billion fund called Tiger Global Private Investment Partners XI, said two people with knowledge of the company’s strategy in the country.
The company, founded by former executives of Flipkart, is in advanced talks to raise $225 million from investors.
Menlo is known for its early bets on companies like ride-hailing giant Uber and eyewear brand Warby Parker, besides online pharmacy Pillpack.
While Google is in talks for a $30-40m buyout, Xiaomi looks to invest in it, and if the deal goes through, it’ll be first product acquisition here by global big tech.
The deal has caught many by surprise, as until a few years ago Berkshire had stayed away from tech cos.
A transaction could be clinched in the coming weeks valuing Paytm at over $10 billion and giving it more heft.
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