Kotak’s estimate is one of the lowest for the market, with earlier reports estimating the market would be worth $50 billion by 2020.
The partial exit comes as Wipro chairman Azim Premji's family office, PremjiInvest, invests about Rs 200 crore in the Delhi-based company.
Founded by Sriharsha Majety, CEO, along with Rahul Jaimini and Nandan Reddy, Swiggy is regarded as one of stronger players in a market which has seen several casualties.
Indian e-commerce giants like Flipkart, Snapdeal will take 10 years to become large businesses: Rajan Anandan
"(India has a) very large (internet) user base but a very small addressable market for the businesses we have decided to build so far," said Anandan.
"With over two-and-half decades in retail working with diverse brands, he is the perfect fit at a time when these brands will undergo a dimensional change by being the lead engines of our omni-channel strategy," said Ananth Narayanan, CEO, Myntra.
As per analysts, it had more to do with the so-called founders not having enough skin in the game to want to stick by and lead their cos through thick and thin.
Houzz functions like an online scrapbook for interior designers and architects, where they can showcase their work with pictures and editorial content.
IDG Ventures, which began operations 10 years ago, is raising $200 million for its third fund, which will double its total assets under management to $400 million.
Existing investors Alibaba, Alipay & SAIF Partners will provide remaining capital of Rs 2,000-cr round
It's existing investors, which includes Alibaba and its payments affiliate Alipay, are also participating in the new round of financing.
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