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Prosus invests $80 mn in PremjiInvest-backed fintech firm

VCCircle

VCCircle · 9m ago

Prosus invests $80 mn in PremjiInvest-backed fintech firm

Global technology investor Prosus has invested $79.9 million in Mintifi Pvt. Ltd, a supply-chain financing company backed by PremjiInvest. This investment gives Prosus a 10.65% stake in the Mumbai-based fintech company and values Mintifi at around $750 million. Mintifi provides supply-chain payments, invoicing, and purchase financing solutions to distributors and retailers, and counts Norwest Venture Partners and Elevation Capital as its investors. Prosus' investment comes after Mintifi raised $110 million in a Series D funding round led by PremjiInvest in March 2023.

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SpotDraft collects $54 mn from Vertex Ventures, others

VCCircle

VCCircle · 6m ago

SpotDraft collects $54 mn from Vertex Ventures, others

SpotDraft, a contract lifecycle management firm, has raised $54 million in Series B funding led by Vertex Ventures and Trident Partners. Existing investors like PremjiInvest and Prosus Ventures also participated. The company, co-founded by Shashank Bijapur, Madhav Bhagat, and later Rohith Salim, offers an AI-driven platform to enhance efficiencies for legal teams. With offices in New York and Bengaluru, SpotDraft focuses on AI integration and market expansion, anticipating significant growth by 2025.

PayU invests $5 Mn in cross border payments startup BRISKPE

Entrackr

Entrackr · 1y ago

PayU invests $5 Mn in cross border payments startup BRISKPE

Cross-border payments platform BRISKPE has raised $5 million in its seed round from PayU, the payments and fintech business of Prosus. The proceeds will be used to drive product development, talent acquisition, and business expansion, the company said in a press release. Founded by Sanjay Tripathy and Vijay Agicha, BRISKPE is primarily designed to meet the unique requirements of micro, small, and medium enterprises (MSMEs). Its solution empowers these businesses to reduce costs, streamline global operations, and boost their global competitiveness. Mumbai-based BRISKPE claims to have a customer base of more than 1,000 exporters and the company is on a mission to simplify global payments, making them cost-efficient, faster, and easy, while ensuring robust tracking and compliance. New-age startups such as Instarem, EximPe, Salt, Skydo and Payglocal are looking to disrupt the cross-border payments space by making this process affordable for smaller merchants. PayU, which recently received in-principle approval from The Reserve Bank of India (RBI) to operate as a payment aggregator, has backed fintech startups like Indiagold, Fisdom, and Dot, among others.

PremjiInvest sets course for nearly $200 mn exit with a multi-bagger

VCCircle

VCCircle · 1y ago

PremjiInvest sets course for nearly $200 mn exit with a multi-bagger

PremjiInvest, the family office of Wipro’s Azim Premji, is preparing to exit a multi-bagger investment and reportedly garnering nearly $200 million in returns. The investment firm, known for its involvement in venture capital and growth stage opportunities, backed the successful new-age company almost a decade ago. This move highlights PremjiInvest's ability to identify and capitalize on promising investment opportunities.

HCL invests $20 mn in PE-backed digital learning firm Ei

VCCircle

VCCircle · 1y ago

HCL invests $20 mn in PE-backed digital learning firm Ei

Indian IT major HCL Group has invested $20 million in digital learning company Educational Initiatives (Ei). This marks HCL's entry into the education sector. Ei, backed by private equity firm Gaja Capital, provides research-backed assessments and personalised adaptive learning solutions to schools. It plans to expand further in South Africa and enter new regions such as Kenya, Ghana and Saudi Arabia. Ei is also looking to acquire edtech product companies to enhance learning outcomes in different regions. HCL Group operates in technology, healthcare and talent management sectors and generates annual revenues of over $13.1bn.

Prosus CEO expects to unlock more value from Indian investments over the next year | Company Business News

Livemint

Livemint · 8m ago

Prosus CEO expects to unlock more value from Indian investments over the next year | Company Business News

Prosus' Group CEO, Fabricio Bloisi, is optimistic about the investment opportunities in India. The company recently invested $80 million in Mintifi and $100 million in Vastu Housing Finance. Prosus reported a 26% increase in revenues to $3 billion for the six months ending September. The CEO believes that the successful listing of portfolio company Swiggy is just the first of many more IPOs to come in the next 12-18 months. Prosus has backed around 30 Indian startups and anticipates listing candidates such as Bluestone, PayU, and Meesho in the near future.

Dharana Capital bets $50 mn on Urban Company

VCCircle

VCCircle · 1y ago

Dharana Capital bets $50 mn on Urban Company

Dharana Capital, an India-focused investment firm, has invested $50 million in Urban Company through a secondary transaction. The firm bought shares from Urban Company's employees and other shareholders. Vamsi Duvvuri, founder and managing partner of Dharana Capital, will join Urban Company's board as a non-executive director. Urban Company, a home services marketplace, operates in 62 cities across India, the UAE, Singapore, and Saudi Arabia. The company reported a 45% increase in operating revenue in FY23 but also recorded a net loss. It is backed by investors such as Ratan Tata, Tiger Global, and Prosus.

PremjiInvest-backed iD Fresh Food cooks up expansion plan enroute IPO

VCCircle

VCCircle · 9m ago

PremjiInvest-backed iD Fresh Food cooks up expansion plan enroute IPO

Ready-to-cook packaged food brand iD Fresh Food is planning to expand its manufacturing capacity in India and internationally over the next few years before it goes public. The company, which is backed by Azim Premji's investment firm PremjiInvest, aims to increase its production capabilities before preparing for an initial public offering (IPO).

Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making

Economic Times

Economic Times · 8m ago

Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making

Dutch investment firm Prosus is reportedly in advanced talks to lead a new funding round for fintech company Jar. This would be Prosus' third major investment in the Indian fintech sector, following investments in Mintifi and Vastu Housing Finance. Jar helps consumers save small amounts to invest in digital gold and has previously raised $61 million. The funding round, which aims to raise around $50 million, is still in the due diligence stage and other investors may join. Prosus has been increasing its investment activity in India despite the setback with its investment in Byju's.

PremjiInvest, Asian PE firm to infuse more capital into manufacturing company

VCCircle

VCCircle · 1y ago

PremjiInvest, Asian PE firm to infuse more capital into manufacturing company

Indian investment firm PremjiInvest and an Asian private equity firm are planning to make additional investments in a local manufacturing company, specifically in Bengaluru-based toymaker Micro Plastics Pvt. Ltd. PremjiInvest, the family office investment arm of Wipro founder chairman Azim Premji, is in advanced discussions about the investment. Asia-focused private equity firm ADV Partners is also expected to participate in this round of funding.

PremjiInvest scripting nearly $250 mn exit with bumper returns

VCCircle

VCCircle · 1y ago

PremjiInvest scripting nearly $250 mn exit with bumper returns

PremjiInvest, the family office of Azim Premji, founder chairman of Wipro, has made a successful partial exit that yielded 10x returns earlier this year. The investment firm has now sold a five-year old private equity-style portfolio bet, aiming for another lucrative return. The amount for the latest exit is estimated to be around $250 million.

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