New York-based hedge fund Coatue Management is in talks to lead a $120 million (Rs 835 crore) funding round in the parent of cloud-kitchen brand Faasos, a media report said.
Faasos, run by Mumbai-based Rebel Foods, may raise the funding at a post-money valuation of $500 million, Mint reported, citing three people aware of the matter.
Coatue plans to invest $100 million in Faasos while Indonesian ride-hailing and food-delivery company Go-Jek is likely to pump in $5 million. Existing investors will pump in the remaining amount, the report said.
This would be Coatue’s second investment in India; the the technology-focussed fund had invested about $100 million in food delivery startup Swiggy last year.
Rebel Foods had raised Rs 110 crore in March from existing investors Sequoia Capital, Lightbox and Evolvence India Fund. It also raised Rs 30 crore as venture debt from Alteria Capital.
Meanwhile, Swedish furniture behemoth IKEA, which opened its first store in India last year, has invested an undisclosed amount in interior design startup Livspace.
Livspace said a statement it will use the funds to develop home interior products and services as well as grow its offline presence.
Home Interior Designs E-Commerce Pvt. Ltd, which operates Livspace, has so far raised $100 million from external investors. In September 2018, it raised Rs 500 crore in its series C round of funding from TPG Growth, Goldman Sachs and other investors.
Livspace helps consumers manage home renovations and interior design. It was founded in 2012 by former Google executive Anuj Srivastava and former Myntra executive Ramakant Sharma. The company competes with the likes of Pepperfry, Urban Ladder and HomeLane.
In another report, Mint said that state-run Oil and Natural Gas Corp (ONGC), Global Infrastructure Partners (GIP) and the Tripura government are seeking to buy Infrastructure Leasing & Financial Services Ltd’s (IL&FS) 26% stake a power company.
ONGC owns a 50% stake in ONGC Tripura Power Co. Ltd (OTPC) while GIP holds 23.5% and the state government 0.5%. OTPC runs 726.6 MW Palatana power project in Tripura.
IL&FS is selling various assets to raise funds and repay debt after loan defaults last year prompted the government to intervene and overhaul its board. Apart from power plants, the company is selling its securities business, renewable energy assets, roads portfolio and private equity business.