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Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC

3Mar By Press Trust of IndiaNo Comments

BUSINESS

Comviva Sells Stake in TerraPay to Prime Ventures, Partech Partners and IFC

Mobility solutions provider Comviva has sold its shares in fintech company TerraPay to a consortium of Prime Ventures, Partech Partners and IFC. The company has, however, not disclosed the value of the deal. Prime Ventures and Partech Partners are co-investing in TerraPay, along with International Finance Corporation, a member of the World Bank Group, a firm said. "Apart from acquiring Comviva shares, the investors have further invested USD 9.6 million in TerraPay to fund the company's expansion," it added. TerraPay, incubated by Comviva in 2015, provides payment infrastructure services by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost. Since 2015, ...

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

5Nov By Gauri SinghNo Comments

FUNDING

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

Dubai based venture capital firm BECO Capital has reportedly raised an amount of $10 million for its second fund from the popular International Finance Corporation (IFC) which is a member of World Bank Group. This investment is basically a part of an effort to support technology start-ups and drive innovation across the Middle East and North Africa. According to the reports, this particular fund is being anticipated to reach up to $100 million. If BECO does close the fund with $100, it would be one of the largest in the region. “Our vision at BECO is to improve the region through technology entrepreneurship and innovation,” said Dany Farha, the Managing Partner of BECO Capital. “With IFC as a partner, we will have the firepower to continue fueling and igniting liftoff for MENA’s disrup...

Lenskart Looking to Invest $3 Million in Eye-Tech Startups

8May By Lavina TolaniNo Comments

News

Lenskart Looking to Invest $3 Million in Eye-Tech Startups

Online eyewear firm Lenskart has earmarked about USD 2-3 million to invest in companies that are either working on product or technologies that can help to provide affordable eye care solutions. As a part of the strategy, firm backed by Ratan Tata, Lenskart has invested about Rs. 3.3 crores in US-based ThinOptics. The intent of investing in early-stage startups is to collaborate in the development of innovative products. Peyush Bansal, Lenskart founder and chief executive said, We will invest USD 2-3 million. The companies where we are looking to invest could be either tech or product based working on eyecare solutions, be it an innovative eye examination machine or some kind of a lens technology. Lenskart had earlier picked up a minority stake for over USD 1million in 6over6, an I...

Hero Future Energies Raises $125 Million From IFC

6Jan By AnkitaNo Comments

FUNDING

Hero Future Energies Raises $125 Million From IFC

Renewable energy firm Hero Future Energies announced raising USD 125 million from International Finance Corp (IFC) for expanding its clean power generation capacities. IFC is picking up equity stake in the company at an investment of USD 125 million, Chairman and Managing Director of Hero Future Energies, the renewable energy arm of Hero Group, Rahul Munjal told reporters here. However, Munjal did not disclose the quantum of minority equity stake to be given to IFC. He said the investment will help the company expand its renewable energy capacity, provide jobs and facilitate private sector development in renewable energy. IFC, together with IFC Global Infrastructure Fund, a private equity fund managed by IFC Asset Management Company, will invest USD 125 million in equity, enabling ...

Member of World Bank Group Invested in India’s Online Education Startup BYJU’s

21Dec By NitishNo Comments

FUNDING

Member of World Bank Group Invested in India’s Online Education Startup BYJU’s

IFC, a member of the World Bank Group, today said it has invested $15 million in online education startup BYJU's. This partnership will enable BYJU's to further their plans to make quality education accessible for students across the nation as well as in international markets, International Finance Corporation (IFC) said in a statement. In September, BYJU's had raised USD 50 million from a clutch of investors, led by Chan Zuckerberg Initiative (CZI) and Sequoia Capital. BYJU's has also raised USD 9 million from Aarin Capital in 2013, followed by Series B funding of USD 25 million from Sequoia Capital last year and a USD 75 million fund raise from Sequoia Capital and Sofina earlier this year. "The investment from IFC recognises our commitment to create world-class learning programs th...

IFC Leads Rs. 400 cr Investment in Lenskart

5May By PriyankaNo Comments

FUNDING

IFC Leads Rs. 400 cr Investment in Lenskart

IFC, a member of the World Bank Group, is investing Rs. 171 Crores in Indian eyewear company Lenskart, to help the company expand access to high-quality and affordable eye-care products in tier-3, tier-4 cities. IFC was the lead investor for the Rs. 400 cr Series D investment round which also saw participation from TPG Growth, Adveq Management and IDG Ventures. In addition, Ratan Tata and Kris Gopalakrishnan (co-founder of Infosys) invested in their personal capacity as part of this round. Avendus Capital was the exclusive financial advisor to this transaction. Lenskart is into assembly, manufacturing, wholesale distribution and supply of high quality eyewear products, such as eyeglasses, power sunglasses and contact lenses. Company plans to utilize the funds for strengthening its te...