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Grapevine: GIC, others may invest in WhiteHat Jr; Future Group may sell logistics biz
Photo Credit: VCCircle

Edtech startup WhiteHat Jr is looking to raise up to $50 million (about Rs 380 crore at current exchange rate) in a fresh financing round and has received interest from several venture capital, private equity and sovereign funds, persons in the know told The Economic Times.

Singapore sovereign wealth fund GIC, home-grown private equity firm Multiples Alternate Asset Management and marquee venture capital firm Sequoia Capital are among those considering investment. The talks are still at an early stage, the persons said.

WhiteHat last raised $10 million in its Series A round of funding led by Nexus Venture Partners and Omidyar Network in September 2019.

Meanwhile, Kishore Biyani-founded Future Group is seeking buyers for its logistics business -- Future Supply Chain Solutions Ltd -- to tackle debt problems and has given the sale mandate to investment bank Ambit, two people aware of the development told Mint.

“Since it is a non-core business, the group wants to exit it in order to manage group and promoter debt," said one of the persons.

The group is reaching out to both strategic and financial investors. Its stake in joint venture Future Generali India Insurance has also been put on the block.

Cash-strapped Biyani is also offering to sell more stake in Future Retail to Amazon to pare debt levels.

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