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Grapevine: Sequoia may back Mamaearth; Malaysia discom mulls India renewable platform
Photo Credit: VCCircle

Mamaearth, an online retailer specialising in baby and toddler products, is in talks to raise up to $20 million (about Rs 137 crore at current exchange rate) in a Series B round of funding led by Sequoia Capital India, two people in the know told Mint.

Existing investors Stellaris Venture Partners and consumer-focused fund Fireside Ventures are also expected to participate at a post-money valuation of $70 million, the people added.

In September last year, the platform, owned and operated by Honasa Consumer Pvt. Ltd, received Rs 28 crore in Series A round of funding led by Stellaris.

If the deal goes through, it would also mark Sequoia’s first investment in a consumer brand this year.

Meanwhile, Malaysian government-owned Tenaga Nasional Berhad, which distributes electricity to Malaysia’s 31.7 million population, is exploring the option of setting up a renewable energy platform in India, a person aware of the development told Mint.

In April, Malaysian state-owned oil and gas firm Petronas had acquired solar power firm Amplus Energy Solutions Pte. Ltd, based in Singapore. The solar company, also called M+, specialises in rooftop and ground-based solar power projects with a cumulative capacity of over 500 megawatts in operation and development. It has projects across India, West Asia and Southeast Asia.

Tenaga had in 2016 invested Rs 2,000 crore in India to buy a 30% stake in GMR Energy Ltd from GMR Infrastructure Ltd.

In another development, EDEN Renewables India, a joint venture between French firms Total Eren and EDF Renewables, has inked four power purchase agreements for solar energy projects totalling 716 megawatts in northern India.

EDF Renewables and Total Eren already operate four solar power plants in India totalling 207 megawatts of installed capacity in Rajasthan, Uttarakhand and Madhya Pradesh, the firms said in a release.

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