Incubated at Kochi's Startup Village in 2011, the Bengaluru-based startup was founded by former Wipro and Cognizant consultant Shiju Radhakrishnan.
Jasper Infotech, the owner of Snapdeal, is seeking a valuation of $5 billion and has initiated talks with several investors, both financial and strategic.
Payment banks have attracted a prominent set of investors from industrialists like Future Group's Kishore Biyani and Sun Pharma’s Dilip Shanghvi.
The move underlines the increasing appetite among well-funded internet companies to make tuck-in acquisitions as they expand to new markets.
The news of CarTrade's latest funding comes a day after Ratan Tata, invested an undisclosed amount in GirnarSoft, which owns CarDekho.com.
Investors are betting on Faasos’ ability to leverage technology, both on the backend and frontend, to emerge as a leader in the domestic QSR market.
The deal, which marks the largest investment in the multi-channel network (MCN) space in Asia, comes amid rising investor interest in the space.
Both deals are fairly unique according to industry trackers, who said that these segments have not attracted sizeable capital due to factors hampering distribution.
The match-making portal has signed on Citigroup Global Markets, Deutsche Bank and Kotak Mahindra Capital as investment bankers to the upcoming issue.
Mahindra Group has completed the acquisition of BabyOye, the Accel Partners and Tiger Global backed baby care products etailer that has been on the block since 2014.
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