Online food discovery and delivery startup InnerChef has raised $6.5 million (about Rs.43 cr.) in pre-Series B funds to fuel its expansion plan. The Gurgaon-headquartered company will use part of the funds to expand its footprint in 10 additional cities including Pune, Ahmedabad, Kolkata, Chennai and Jaipur. The company also plans to double its shared cloud kitchen in 2019.
AION Capital Partners, the joint venture between global PE fund Apollo Global Management and homegrown ICICI Venture, has acquired InterGlobe Technologies (IGT), the business process outsourcing (BPO) arm of travel major InterGlobe Enterprises Pvt. Ltd. With the acquisition, AION expects to support IGT in its next phase of growth as the company focuses on accelerating service expansion in current and new verticals in the travel industry. Financial details of the deal were not disclosed.
Pune-based startup In-Med Prognostics recently received a Biotechnology Ignition Grant of Rs 50 lakh for a duration of 18 months from the Biotechnology Industry Research Assistance Council (BIRAC). The company is working on a software platform for early detection and assessment of neurological disorders like dementia, Alzheimer’s and Parkinson’s. The grant will be used to develop a cloud-based software platform that will label, visualise and quantify the volumes of brain structures using 3D MRI images.
The value of announced merger and acquisition (M&A) deals involving Indian companies more than doubled to reach $129.4 billion in 2018, according to data compiled by Thomson Reuters. The previous highest was $67.4 billion in 2007. The number of announced deals also grew 17.2% from a year ago. Average M&A deal size for transactions with disclosed values increased to $127.8 million in 2018 compared to $82.8 million in the previous year. M&A activity was led by domestic deals at $57.3 billion, more than double the value from the previous all-time high of $26.7 billion in 2017. The number of announced domestic deals rose 17% from 2017. Total cross-border M&A activity more than doubled to $69.2 billion in 2018 from the previous year, largely due to growth in inbound M&A activity. Inbound M&A, or foreign firms acquiring Indian companies, reached $55.8 billion in 2018, to post a 77% increase in deal value from $31.5 billion in 2017. Private equity-backed M&A also witnessed strong activity, growing 72% in 2018.
ZoloStays Property Solutions, the parent company of ZoloStays has secured $30 mn (Rs.208.24 cr) in its Series B funding round led by existing investor Nexus Venture Partners along with participation from IDFC Alternatives and Mirae Asset. The round is estimated to have pushed the startup’s valuation to $100 Mn (Rs.694.14 Cr). The Bengaluru-based startup is a marketplace for property and real estate, with services for paying guests, service apartments and co-living spaces. The company reportedly said that it will use the money to expand its footprint across the metro cities.
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