By
PremjiInvest eyes Future deal; Omidyar, Sunil Munjal may invest in Metro Bikes
Photo Credit: Akshansh Maan

PremjiInvest, the family investment arm of Wipro Ltd chairman Azim Premji, is in talks with Kishore Biyani-led Future Group to invest $250 million in the latter’s holding company, The Times of India reported, citing people in the know.

Holding company Future Corporate Resources owns stakes in Future Retail, Future Consumer Enterprise, and Future Lifestyle Fashions.

Citing people, the report said the deal at the holding entity, if it goes through, is likely to translate into about 6% stake for PremjiInvest in Future Retail, which runs Big Bazaar hyper- and super-market chain.

As on 31 March, PremjiInvest held 3.26% stake in Future Lifestyle Fashions.

The report also added that Amazon is in talks to pick up a 10% stake in Future Group for about $400 million.

Separately, social-impact investor Omidyar Network and Hero Group’s Sunil Munjal are in advanced talks to join the funding round of motor vehicle rental startup Metro Bikes, The Economic Times reported, citing people aware of the development.

Metro Bikes is an arm of the Bengaluru-based online premium bike rental platform, Wicked Ride.

Metro Bikes offers motorbikes and scooters on rent, primarily for urban commute. Users can avail the one-way rental service, which allows them to pick up the bike from a designated location, and drop it off in another.

The report said it could not ascertain if the investment by Munjal will be made through the Hero Group or the Munjal family office.

In February 2018, VCCircle reported that Wicked Ride had raised $1.5 million (Rs 10 crore) from the family investment office of Sutures India chairman Chandrasekhar Gopalan.

In 2015, Wicked Ride had raised about $95,749 (Rs 60 lakh) from Shanghai-based trading services firm Quettra Resources Inc, according to VCCEdge, the data research platform of News Corp VCCircle.

Leave Your Comment(s)