The company will use the money to set up a new manufacturing plant for specialty chemicals and increase ethanol production capacity.
Indian payments market is set to become hotter as Paypal founder Peter Thiel looks to back the next big potential winner in the space — Citrus Pay.
The VC firm, an early investor in photo sending platform Snapchat, has been soft-marketing its India fund to institutional investors since late last year.
The VC firm, whose portfolio companies include online classifieds major Quikr and cab hailing app Ola, will move managing director Vikram Vaidyanathan to lead the office.
Flipkart, Snapdeal need to raise Rs 1.27 lakh crore over next five years to sustain growth: Goldman Sachs
While raising funds may not be difficult, the estimate indicates they would need to continue achieving top line momentum of more than 100% growth.
The new round will be used by Toppr to invest in technology and marketing. The Mumbai-based startup acquired Jodhpur based EasyPrep last month.
Swiggy also saw interest from New York-based investment firm Tiger Global Management, but Norwest has clinched the deal, said two of the sources.
MAPE Advisory along with founder Pradeep Dadha are initially pumping in Rs 30 crore in the firm, with a commitment to increase it to Rs 60 crore.
Dazo, earlier known as Tapcibo, aggregates meals from different partners but does delivery on its own to ensure a seamless process.
Online and mobile classifieds company Quikr has appointed former Citibank executive P.D. Sundar as head of its services vertical.
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