Cygnus, whose promoters are four doctors, merged with Altius Healthcare in early 2013. The company reported revenues of Rs 68 crore in 2013-14.
Multiple sources familiar with the transaction said that the fund-raising will leave Snapdeal with a valuation of around $2 billion.
Zivame, Druva, red-Bus, CommonFloor and Ola are among the prominent startups that use cloud telephony services of either of these players.
Mittal has been an active angel investor with over 40 investments in businesses including online cab booking venture Ola and software startup Peelworks.
It has been raised completely from overseas investors and underlines a growing appetite for the country's fast-growing start-up space.
The Gurgaon-based startup was founded last year by 25-year-old Gupta and 26-year-old IIT Delhi graduate Harsimran Walia.
VCs who worried that the focus on top line could lead entrepreneurs to take their eyes away from compliance issues are getting experts to check businesses they have invested in to catch any oversights or discrepancies.
India's recruitment sector is back on the agenda of venture capital investors after more than a decade as they back a set of niche startups in the space.
Venture capitalists put $1 billion into early-stage projects in 2014 on back of rising ecommerce deals
Fund managers are pouring money into consumer internet and technology firms that have cornered over half of the total deal flow this year.
MediAngels was founded by Dr Debraj Shome and Dr Arbinder Singal in 2011 and raised a seed round of Rs 2.4 crore from HDFC Holdings.
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