Data from research platform VCCEdge showed that the number of angel and seed deals has consistently increased from 117 in 2011 to 283 in 2014.
Facebook's co-founder Eduardo Saverin, VC fund invest $11 million in local e-commerce site Hopscotch
"I have been actively following the Internet market here and I am thrilled to make my first direct investment," Saverin was quoted as saying.
Silicon Valley-based Bessemer Venture Partners is likely to lead the new round, which is expected to see the valuation of the company cross Rs 1,400 crore.
"2014 will be looked at as an inflection point, the year the world discovered the true potential of the Indian startup."
The eating out market presents a large opportunity for entrepreneurs as it is expected to reach $78 billion by 2018, according to consulting firm Technopak.
Last year, venture funds were a part of 246 deals compared to 227 deals in 2013. This indicates an increase in the size of investments rather than an increase in new investments.
Both IvyCap and Purplle confirmed the investment, but refused to disclose the size of the deal. IvyCap typically invests Rs 15-30 crore in each of its deals.
The company has also received board approval for the investment, according to latest filings with the Ministry of Corporate Affairs last month.
The dealmaking in Metropolis coincides with IPO plans of other players, notably Dr Lal Pathlabs, SRL and Thyrocare, all of whom could list in 2015.
Smile Group, one of the earliest Indian firms to foray into e-commerce, is restructuring its businesses in a bid to make a comeback in the sector in 2015.
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