Tiger Global may invest in Vedantu, Innovaccer & Vogo; EY to probe Siddhartha’s final letter

Tiger Global may invest in Vedantu, Innovaccer & Vogo; EY to probe Siddhartha’s final letter
Photo Credit: Photo Credit: VCCircle
9 Aug, 2019

Tiger Global is looking to invest in three startups and Coffee Day Enterprises has hired Ernst and Young to investigate its former chairman VG Siddhartha’s final letter. 

Tiger Global may invest in Vedantu, Innovaccer, Vogo

New York-based investment firm Tiger Global Management might invest in education tech firm Vedantu, enterprise software company Innovaccer and scooter rental platform Vogo, media reports said. 

Tiger Global Management is in discussions to lead a $30 million (Rs 212.27 crore at current exchange rate) funding in educational technology company Vedantu, Livemint reported. WestBridge Capital will also participate in the round. 

The round will value Vedantu at $100 million-110 million. The company claims that it has been growing at 30% month-on-month for the last six-seven months, the report added.

In its last known funding round in November, the company raised $11 million (around Rs 78 crore then) in a Series B funding round led by impact investment firm Omidyar Network.

San Francisco-based enterprise software company Innovaccer is also in talks to raise about $50 million-60 million (Rs 353.79 crore- Rs 424.54 crore at current exchange rate) from Tiger Global Management, Steadview Capital and Dragoneer Investment Group, The Economic Times reported.

The company will be valued at $300 million during the new funding round, the report added.  The deal is expected to be wrapped up within the next three to four weeks.

The company has so far raised over $50 million from investors including Pravega Ventures, Lightspeed India and WestBridge Capital.

Innovaccer was founded in 2014 by IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija along with IIM-Ahmedabad alumnus Sandeep Gupta.  It helps enterprises access, manage and analyse organisational data using its flagship product DataShop.

Vogo Automotive, which owns and operates dockless scooter rental platform Vogo, is in early talks with investment giant Tiger Global Management to raise $40-50 million, The Economic Times reported. 

The Bengaluru-headquartered startup competes with Drivezy and Bounce in this segment. The platform is backed by venture capital firms Stellaris Venture Partners and Matrix Partners India, Chairman of Hero MotorCorp, Pawan Munjal and TaxiForSure founder Aprameya Radhakrishna.

In June, it had raised Rs 25 crore ($3.6 million then) in venture debt from existing investor Alteria Capital.

The scooter rental platform had raised $7 million (Rs 45.5 crore then) in funding led by homegrown ride-hailing major Ola.

Vogo Automotive was founded in 2016 by Anand Ayyadurai, B Padmanabhan and Sanchit Mittal. The platform allows customers to rent scooters for short one-way trips.

Coffee Day hires EY to investigate Siddhartha’s final letter

Bengaluru-based cafe company Café Coffee Day (CCD) has hired UK-based Ernst and Young (EY) to investigate the claims in a purported letter of its former chairman VG Siddhartha, The Economic Times reported.

After Siddhartha’s death, the company had formed an executive committee on July 31. Siddhartha’s wife Malavika Hedge was added as an additional member along with interim chairman SV Ranganath, chief operating officer Nitin Bagmane and finance chief R Ram Mohan Roy for exploring opportunities to deleverage the company collectively, the report said.

CCD had earlier questioned the authenticity of the letter. The income tax department had said that the signature did not match with Siddhartha’s signature on the annual reports of the company, the report added.