Swiggy also saw interest from New York-based investment firm Tiger Global Management, but Norwest has clinched the deal, said two of the sources.
MAPE Advisory along with founder Pradeep Dadha are initially pumping in Rs 30 crore in the firm, with a commitment to increase it to Rs 60 crore.
Dazo, earlier known as Tapcibo, aggregates meals from different partners but does delivery on its own to ensure a seamless process.
Online and mobile classifieds company Quikr has appointed former Citibank executive P.D. Sundar as head of its services vertical.
Startups like Zopper, Doormint and LocalOye shift to app-only presence following in footsteps of bigger players like Flipkart
At least half-a-dozen startups ET spoke with said they are firming plans to channel efforts and marketing dollars entirely on their mobile applications.
The transaction has closed and JP Morgan Asset Management owns Canaan’s stake in all its domestic portfolio firms from this month, they said.
New Enterprise Associates is looking to step up investments in India after going slow over the last two or three years.
The new round comes around six months after the startup raised its initial funding round from SAIF Partners and Accel India, who also participated in the new round.
“Over the last few years, when India was going through its worst crisis, we were very selective, but we will be much more open now,” Bala Deshpande said.
Experts fear that the Fed Reserve’s interest rate hike, Eurozone crisis and flat economic growth in the Asia-Pacific region could force hedge funds to slow the pace of investments in emerging firms in India.
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