A91 closes maiden fund
What's the news?
A91 Partners, which was founded by three former Sequoia Capital managing directors last year, is learnt to have closed a $350 million fund. This would be one of the largest maiden domestic funds raised by Indian general partners and is expected to invest across consumer, healthcare, financial services, and technology companies.
Who are the backers?
The Indian backers include private life insurance companies, high-net-worth individuals, family offices and entrepreneurs. Some of its early foreign LPs include The International Finance Corporation and Asia Alternatives, with others like Adams Street and Swiss-based LGT Capital Partners also participating. Read more.
IBM layoff
What's the news?
IBM has sacked nearly 300 employees from its services division, as the technology giant looks to “re-invent itself” and meet the changing needs of customers.
Why were they laid off?
A majority of these employees were in software services roles. They were let go as IBM focuses on emerging technology capabilities and reduces exposure to traditional services. IT services firms have been under pressure to improve productivity at lower costs in delivering services in legacy technologies. Read more.
Tiger Global, DST may back Open
What's the news?
New-age digital banking platform Open is in talks to raise Series B funding led by New York-based investment firm Tiger Global Management and Apoletto Asia. The startup may receive $50-60 million, with at least $30 million being pumped in by Tiger Global.
What does Open do?
Open is a neo-banking startup that offers a technology layer over traditional banking products, enabling customers to access banking services through their mobile phones.
The company helps small merchants automate bulk payments and manage financial operations digitally. It works with major lenders such as ICICI Bank to offer the entire range of business banking solutions to small merchants. Read more.
India is a key battleground for TikTok and Facebook
What's the news?
India is emerging as a key battleground in the fight for dominance between Facebook and its Chinese rival TikTok, especially in the race to lure young, first-time internet users.
What's happening?
ByteDance-owned TikTok overtook Facebook as the most downloaded social networking application globally in the first quarter of 2019. With China having blocked Facebook, the US social media giant needs to ensure it gains traction with young Indians to retain its global dominance and benefit from the resultant network effects. Read more.
Cars24 set to raise funds
What's the news?
Cars24 is in the final stages of closing a fresh equity-financing round, estimated at $70-80 million, as the online used car marketplace looks to expand its presence across the country. Cars24 is also in advanced stages of discussions with multiple potential new investors, who are likely to put in another $25-30 million into the company
What does it do?
Cars24 competes with the likes of Droom Technologies, CarDekho, CarTrade as well as classifieds sites such as Naspers-owned OLX and Quikr, in the country's broader used car market. However, the company's business model differs from its peers as it is focused more on the supply side. Read more.