Tiger Global may exit PolicyBazaar; Pixxel and Ace Turtle raise fresh capital: Reports

Tiger Global may exit PolicyBazaar; Pixxel and Ace Turtle raise fresh capital: Reports
Photo Credit: Photo Credit: VCCircle
15 Jul, 2019

Space technology startup Pixxel and ecommerce enabler Ace Turtle have raised fresh funding rounds according to media reports. Another report said that Tiger Global is looking to sell its stake in insurance platform PolicyBazaar.

Tiger Global may sell Policybazaar stake

New York-based hedge fund Tiger Global Management is in talks to sell its 21% stake in Etechaces Marketing and Consulting, which owns financial services platforms Policybazaar and Paisabazaar, reported the Times of India. 

Likely buyers are China’s Tencent Holdings and Japanese conglomerate SoftBank Group Corp, an existing investor in Etechaces, the report said, citing unnamed sources. The report put the estimated size of the secondary transaction at over $300 million.

Etechaces was founded 2008 by Yashish Dahiya and Alok Bansal and raised a $150 million growth funding round led by SoftBank Vision Fund in May this year.

Pixxel raises funds from GrowX Ventures, angels

Pixxel, a Bengaluru-based space technology startup that is building nano-satellites, has raised an undisclosed sum in a pre-seed funding round led by early stage investment firm GrowX Ventures, YourStory reported. Angel investors Raju Reddy, Dileep Nath and Pawan Sarda, also joined the funding round, the report said.

Pixxel aims to use images captured by its nano-satellites to deliver real-time and affordable information related to minerals, water and other resources that may be available in space. The first satellite, the report added, is expected to be ready by the end of the year.

The startup was founded last year by BITS Pilani alumni Kshitij Khandelwal and Awais Ahmed.

Ace Turtle raises fresh capital from existing and new investors

Bengaluru-based Ace Turtle Private Limited, which offers offline retailers end-to-end software solutions to manage their ecommerce operations, has raised Rs 27 crore in a new funding round from existing investor Vertex Ventures and a new private equity investor, Mint reported.

The report added that capital raised was part of an ongoing Series B round and the company plans to raise more from new investors. Ben Mathias, managing director of Vertex Ventures confirmed the firm’s participation in the round to the publication.

Ace Turtle was founded in 2013 by Berry Singh and Nitin Chabra and also has operations in Singapore and Malaysia.