Innovaccer Inc., a Silicon Valley-based healthcare data platform, is in advanced talks with Tiger Global Management, Steadview Capital, and Dragoneer Investment Group to receive up to $60 million (about Rs 423 crore at current exchange rate) at a valuation of $300 million, two persons familiar with the development told The Economic Times.
“The potential deal, which has got interest from several other investors, is expected to close in three to four weeks,” said one of the persons.
Innovaccer’s Series A funding round took place in August 2016 and Series B in May 2018.
In January 2019, the company received its Series C round of funding from Microsoft’s investment arm M12.
Also, New York-based investor Tiger Global Management is in preliminary talks to invest up to $50 million (about Rs 352.4 crore at current exchange rate) in Bengaluru-based scooter rental platform Vogo Automotive Pvt. Ltd, people in the know told The Economic Times.
Vogo, which competes with the likes of Drivezy and Bounce, counts venture capital firms Stellaris Venture Partners and Matrix Partners India apart from a number of angels as its investors.
Meanwhile, Tiger Global Management may lead a $30 million (about Rs 211.4 crore at current exchange rate) funding round for tutoring platform Vedantu Innovations Pvt. Ltd, two people in the know told Mint. The round, which will be joined by WestBridge Capital, will see Vedantu having a pre-money valuation of $100-110 million, they added, asking not to be named.
Tiger Global Management had previously invested in the startup in 2015. The funding marks one of the first cases this year where Tiger Global Management is leading a round in one of its portfolio companies. In the last 8-10 months, the New York-based investor has been backing mostly new firms in the business-to-business (B2B) segment.
Founded by Vamsi Krishna, Anand Prakash, Pulkit Jain and Saurabh Saxena in 2011, Vedantu is an online portal offering coaching classes. Last November, the company had raised $11 million in a round led by Omidyar Network and joined by existing investor Accel and China’s TAL Education Group.
Separately, scooter-sharing startup Bounce, owned by Wickedride Adventure Services Pvt. Ltd, is close to raising $200 million (Rs 1,409 crore at current exchange rate) in a round of funding that will be 70% financed by existing investors, people in the know told TechCircle.
While a US-based venture capital firm is likely to join the round, existing investors including Accel and B Capital Group, the venture capital firm started by Facebook co-founder Eduardo Saverin, are expected to put in a large chunk in the fundraising.
The company has already raised close to $120 million, said the persons.
Bounce in June 2019 raised $72 million in its Series C round of funding from B Capital and Falcon Edge.
In another development, Phable, a mobile-first healthcare services platform, raised $150,000 (Rs 1.05 crore at current exchange rate) from US-headquartered venture capital firm SOSV, co-founder Sumit Sinha told TechCircle.
Phable, owned by Terrals Technologies Pvt. Ltd, had previously raised $300,000 from early-stage venture firm Omphalos Venture India LLP and a few angel investors, the report said.
Meanwhile, Subhash Chandra-owned Essel Infraprojects Ltd is in the final leg of negotiations to initially sell around 250 megawatts (MW) of operational solar portfolio to Adani Green Energy for close to Rs 2,000 crore ($283.4 million at current exchange rate), two people in the know told The Economic Times.
Previously, a Mint report disclosed that Essel Infraprojects is looking to sell 310 MW of operational solar portfolio for this price to Adani.
“The deal may be announced within a couple of weeks,” said one of the persons.
Last year, Essel Group had put the infrastructure business on the block and had entered into an agreement with private equity investor Actis to sell its entire solar energy portfolio of 685 MW for about Rs 4,700 crore. The deal fell through earlier this year.
“After the deal with Actis fell through, the company decided to offer the solar portfolio one piece at a time,” one of the persons said.
Separately, in a bid to diversify loan operations, Altico Capital India Ltd told Mint it is in acquisition talks with a few housing finance companies including Reliance Home Finance Ltd.
"Housing finance complements our wholesale lending business," said Sanjay Grewal, chief executive, Altico Capital. “Our strategy will be to focus on building the new housing finance business, deploy capital in newer sectors like healthcare, education and warehousing, and finally, lend to high-quality developers, mostly in affordable housing projects," he added.
Also, former head of HSBC India, Nain Lal Kidwai, who joined Altico in 2016, has been elevated to the position of chairperson, the report said.