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Inmobi, a mobile advertising network company, on Tuesday raised $8 million venture capital funding from global investors Kleiner Perkins Caufield & Byers and Sherpalo Ventures. The firms had earlier also invested in the Bangalore-based start-up, which now has a total $15.6 million in venture capital funding. The company is expected to use these funds to accelerate growth in markets such as the USA, Europe and Japan, as well as to double its engineering staff. India-based start-ups are emerging as front-runners in the global digital advertising industry. “These cross-border digital advertising firms from India are focusing on developed markets and are using India as a lower-cost back-end for their technology operations,” said Arun Natarajan, CEO, Venture Intelligence. Typically investors such as Sherpalo and KPCB are investing in digital advertising start-ups that are building technology in India. […]
Digital media network company Komli Media raised $6 million of venture capital funding from existing investors Nexus Venture Partners, Helion Venture Partners and Draper Fisher Jurvetson. “The funding will be used to accelerate the company’s overall growth, including its expansion across Asia Pacific. The team at Komli Media has been focused on developing technology to help the online advertising ecosystem and this core investment in its platform is driving rapid progress in its mission to be a leader in Asia Pacific’s markets,” said Ashish Gupta of Helion Advisors, which was lead investor in the current round of funding. In June, the Mumbai-based start-up had acquired Australian website representation firm Post Click to extend its reach in the region. Komli Media’s digital media network represents over 1,500 websites today, including sites such as Facebook, Expedia and Bloomberg. […]
Mumbai Angels has invested in Pune-based supply chain solutions firm Algorhythm Tech Pvt Ltd. Algorhythm has created a proprietary software platform embedded with Advanced Optimization Engine for customizing highly effective supply chain solutions. The amount invested or stake taken were not disclosed. The company was set up by Ajit Singh (Chief Software Architect), Sandeep Pendurkar (COO) and Abhaya Borwankar (CEO). Gulu Mirchandani, owner of MIRC Electronics and part of Mumbai Angels, is the company chairman. Algorythm's clients include firms like Unilever, Nestle, Coca Cola, GSK, SAB Miller, Reckitt Benckiser in the CPG space, and Essar Steel, Uttam Galva, Thyssen Krupp, Mukand Ltd. etc. in the metals space. […]
IL&FS Investment Managers promoted IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, a subsidiary of Asian Hotels (West), for a third of its stake. Asian Hotels will utilise this fund to develop a high-end hotel in Delhi along with its partner Marriott International, a top Asian Hotels official said. “IL&FS India Realty Fund II will invest Rs 80 crore in Aria Hotels and Consultancy Services Private Limited, which will be used for developing a five star hotel in Delhi along with Marriott International,” Asian Hotels (West) Chairman and Managing Director Sushil Gupta told reporters here. “We have entered into a 30-year management contract with Marriott International to develop the first JW Marriott hotel in Delhi with over 500 rooms at a project cost of Rs 700 crore,” he said. […]
A $100 million ($38.5m) Oman-India joint investment fund will soon become a reality with the two countries set to sign the final agreement this week. The Sultanate's Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council Ahmed bin Abdulnabi Macki will sign the pact with his Indian counterpart during his visit to New Delhi between July 13 and 15. The fund is expected to provide the much-needed fillip to bilateral investment and trade, an Indian Embassy press release has said. A memorandum of understanding to set up India-Oman Joint Investment Fund was signed between the two countries during the visit of Indian Prime Minister Dr Manmohan Singh to Oman in November 2008. Although the initial corpus is $100 million, this can go up to $1.5 billion later. The State General Reserve Fund of Oman and State Bank of India will contribute the corpus money from Oman and India, respectively. […]
The government is planning to set up a Rs 10,000-crore venture capital (VC) fund for financing new drug discovery projects in the country. “We will soon invite bids from consultancy firms for establishing a venture capital fund in public-private- -partnership that would finance research and development (R&D) activities in the pharmaceutical segment,” Department of Pharmaceuticals Secretary Ashok Kumar told reporters on the sidelines of a Ficci event. The department will soon invite bids from advisors to prepare a detailed project report on the proposed fund, Kumar said. The initial target will be to raise up to Rs 3,000 crore by 2011-12, and it would be gradually increased to Rs 10,000 crore by 2015, he added. National Institute of Public Finance and Policy (NIPFP) is advising the department in the process of selecting an agency to design the fund. […]
RSWM Ltd said it will divest its stake in Bhilwara Energy Ltd (BEL) to two foreign investors as part of its plan to fund its power projects in India and Nepal. This will reduce RSWM’s stake in BEL to 17.4% from 19.5% through divestment of 10.8% stake by BEL for Rs230 crore, it said in a regulatory filing. BEL will sell its 10.85 stake to two investors Washington-based IFC and India Clean Energy Fund for $50 million ($25 million each by both the parties) taking total foreign investment in the company to 17%. Other LNJ Bhilwara Group companies, HEG Ltd and RSWM hold 28.9% and 19.5% respectively in BEL before current round of dilution. The balance is held by the promoters directly. […]
The government is planning to set up a Rs.3,000-crore venture capital fund to support the growth of the country's pharma industry. Ashok Kumar, secretary, pharmaceutical department in the ministry of chemicals, Monday announced this while inaugurating a national convention on biopharma here. He said the National Institute of Public Finance and Policy (NIPFP) is finalising the bid document and the expression of interest for setting up the fund will be issued this month, according to a release by industry lobby FICCI. The release quoted Kumar as saying that the government earlier had issued an expression of interest for technical and financial bids for the selection of a global level consultant for preparation of a detailed project report for developing India as a drug discovery and pharma innovation hub by 2020. […]
In its first investment in the education sector, ICICI Venture is using its Mezzanine Fund to put in money in the country’s largest international baccalaureate chain, based in Hyderabad. The Mezzanine Fund managed by ICICI Venture is understood to be investing Rs 20 crore in redeemable debentures of People Combine Avenues of Hyderabad, which runs India’s largest International baccalaureate (IB) school — Oakridge International School — in Hyderabad. When contacted, an ICICI Venture spokesperson declined to comment. The company, formerly known as Vikas Education Institutions Limited, was promoted by first generation entrepreneurs, T Naga Prasad and Raja Shekhar Babu. […]
The value of private equity- backed deals globally stood at $43.3 billion in the April-June quarter of 2010, registering a 60 per cent jump over the previous quarter, says the latest study. In the January-March period of 2010, the value of such private equity (PE) backed deals was $27.1 billion, according to research firm Preqin. In terms of number of deals too, there was a quarter-on-quarter increase, with 411 PE deals being announced in the second quarter of 2010, up from 356 in Q1 of 2009. “Despite continuing challenges in the buyout market in this post-credit crunch landscape, deal flow in Q2 of 2010 represents the strongest quarter for buyout deals since the onset of the financial crisis in 2008,” said Preqin Managing Analyst (Buyout Deals) Manuel Carvalho. […]
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