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Ebix Inc, a US-headquartered supplier of on-demand software and e-commerce services for a host of industries including insurance, financial and e-governance, has picked up an 80 per cent stake for about ₹800 crore in payments solutions exchange ItzCash. The investment marked a full exit for venture capital firm Matrix Partners India, which had led the first institutional round of funding in ItzCash.
Acko General gets ₹200 crore
Acko General Insurance, an independent general insurer that operates exclusively on a digital platform, has raised about ₹200 crore ($30 million). Acko is backed by former Infosys Chairman NR Narayana-murthy’s Catamaran Ventures, Venk Krishnan and Subba Rao of NuVentures; S Gopalakrishnan, co-founder, Infosys; Hemendra Kothari of DSP Blackrock; Atul Nishar, Founder and Chairman, Hexaware Tech; Rajeev Gupta, investment banker and founder, Arpwood Capital; and VC firms Accel and SAIF Partners.
₹35-cr funding for PaySense
PaySense, a digital credit platform, has raised about ₹35 crore ($5.3 million) in a pre-Series A round led by Jungle Ventures with participation from Naspers Group and Nexus Venture Partners. It had raised an earlier round of $2.3 million led by Nexus and including prominent angel investors.
Lighthouse invests ₹51 cr in Stylam
Mid-market private equity firm Lighthouse has invested ₹51 crore in Stylam Industries, a leading laminate manufacturer. The company will use the money to accelerate its expansion in the fast-growing domestic market. Stylam designs, manufactures and markets a wide range of laminates for residential, commercial and industrial purposes. Lighthouse focuses on growth investments in India’s consumer sector.
SoftBank pumps $1.4 b in One97
One97 Communications Ltd, the parent of digital payments company Paytm, has raised about ₹9,000 crore ($1.4 billion) from Japan’s SoftBank, in its biggest-ever fund raising round. Paytm has said it plans to invest about ₹ 10,000 crore over three-five years to grow the digital economy. It recently launched its payments bank.
FlexiLoans buys CreditPeriod
FlexiLoans.com, a leading digital lending platform, has acquired Mumbai-based supply chain financing platform CreditPeriod.com for an undisclosed sum to strengthen its supply chain financing vertical. CreditPeriod.com, a fintech start-up, enables SME buyers to buy goods and services on credit while ensuring that sellers get their money upfront.Our Bureau
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