Deal Talk: MobiKwik, Dunzo in talks to raise capital; OYO may buy LPU assets
Every day, TechCircle brings you a round-up of technology investment and M&A deals reported from across newsrooms.
Digital wallet MobiKwik, owned by Gurugram-based Mobikwik Systems, has signed on Goldman Sachs’ India arm to tie up its next round of funding, The Economic Times reported. The report did not provide details on the size of the funding round.
The company’s founder Upasana Taku confirmed the development to the publication and added that it was in the market for a long-term strategic investor.
In July, MobiKwik raised $1.27 million from venture debt firm Trifecta Capital and broadcaster NDTV. Last month, it partnered with Edelweiss Tokio Life Insurance to sell insurance products on its platform. Founded in 2009 by Bipin Preet Singh and Taku, the company’s businesses include retail payments through wallet services, fintech products and business-to-business payments.
Budget hospitality chain Oyo Hotels and Homes is in talks to acquire the student accommodation assets of Lovely Professional University (LPU), The Times of India reported, citing sources. The report put the deal size at $200 million. The LPU campus currently has a residential capacity for about 25,000-30,000 students.
LPU’s promoters are selling the asset to generate liquidity and future expansion, the report said, adding that other bidders interested in the deal are HDFC and Goldman Sachs-backed Good Host Spaces. Earlier this week, OYO acquired Copenhagen-based Danamica, a data science company with machine learning and business intelligence capabilities. Last month, it also acquired Las Vegas-based Hooters Casino Hotel.
Mumbai-based venture capital firm Lightbox VC is joining search giant Google in a $45-50 million Series D funding round in Dunzo, Entrackr reported. Google is an existing investor in the hyperlocal services startup. Lightbox, the report added, will contribute $25-30 million.
Last week, Dunzo raised a venture debt round from Alteria Capital. Founded in 2015 by Kabeer Biswas, Ankur Agarwal, Dalvir Suri and Mukund Jha, the startup offers services such as grocery and restaurant deliveries, instant local courier services and home services.