The Mumbai-based startup has been cofounded by Zishaan Hayath and Hemanth Goteti, who had earlier set up mobile commerce firm ChaupatiBazaar.
The deal valued at Rs 57.84 crore signals increased interest in the Indian technology services industry by the investment firm.
Venture capitalists, private equity players see better days ahead, expect new govt to bring stability in policy making
The venture capital and private equity industry has seen a decline in investments over the past two years. Fund-raising by these investors fell to $2.25 billion (Rs 13,500 crore) across 26 funds in 2013.
The funding will be used by Chumbak to ramp up distribution and expand its offline presence besides building an internal team for the e-commerce business.
By selling higher-margin items such as kitchenware sets and saris, India’s television shopping players are looking to steal a march against their e-commerce peers.
Finance companies that provide loans to small businesses are grabbing the attention of risk capital investors.
The shares were acquired by Bajaj Holdings & Investment, the holding arm of the automobiles to financial services conglomerate.
SAIF is looking to bring in angel investors at a time when it is making an aggressive push towards expanding its seed portfolio.
The new office will begin operations with four employees who will look for investments in the “sweet spot” of $100 million (Rs 600 crore).
Founded by former investment banker Rajiv Subramanian, the company is also in early talks to raise $8-10 million (Rs 48-60 crore).
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