By
Grapevine: Mirae Asset leads race for Citi’s BKC office; VC firms to bet on Khatabook
Photo Credit: VCCircle

South Korea’s Mirae Asset Global Investment is leading a race to buy Citibank India’s former headquarters at Mumbai’s Bandra Kurla Complex (BKC), a media report said.

Citing two people aware of the development, Mint reported that Mirae has put in a bid of Rs 413 crore.

The report comes two weeks after VCCircle first reported that a South Korean company was in an advanced stage of discussion to buy the prime property for Rs 350-400 crore.

The Mint report also said that Blackstone-backed real estate firm K. Raheja Corp has made an offer of Rs 400 crore to buy the eight-storey building.

The BKC building has been on the block for a long time. Potential investors had queued up to buy it as far as back in 2013 but a deal did not fructify.

If the deal goes through, this would be Mirae’s first investment in India’s commercial office market.

Meanwhile, The Economic Times reported that the DST Partners fund, Ribbit Capital and Sequoia Capital may take part in the Series A funding round of Khatabook, a startup which makes accounting and business record-keeping simple for small merchants and entrepreneurs.

Citing two people aware of the matter, the report said that Khatabook is in talks to raise $20 million.

The DST Partners fund is a personal investment vehicle for the partners at Yuri Milner’s DST Global.

Khatabook, operated by Kyte Technologies Inc., may get an additional $5 million from Chinese investors, the report said. About 20 angel investors including Citrus Pay founder Jitendra Gupta and Cred CEO Kunal Shah are also investing in the startup.

Leave Your Comment(s)