Deal Talk: Vogo, Bounce and MobikWik in talks to raise funds; Endiya Partners backs EV startup Cell Propulsion
TechCircle brings you a round-up of technology investment and M&A deals reported from across newsrooms.
Vogo and Bounce
Ola-backed scooter sharing platform Vogo Automotive and Bengaluru-based Bounce, which also runs a scooter and bicycle rental platform, are in talks to raise funds from late-stage investors, The Economic Times reported.
Vogo is reportedly in talks to raise close to $50 million in equity financing from Goldman Sachs while rival Bounce has received soft commitments of $75 million from existing investors like venture capital firms Accel, B Capital, Falcon Edge and Sequoia Capital.
In a separate report, Mint said Vogo is in talks with hedge fund Steadview Capital for raising $50 million. Existing investors like venture capital firms Matrix Partners, Stellaris Venture Partners and Kalaari Capital are also expected to participate.
Last month, TechCircle reported that Bounce was close to finalising a $200 million funding round from existing investors.
Digital wallet MobiKwik, owned by Gurugram-based Mobikwik Systems, is looking to raise up to $100 million before going for an initial public offering (IPO), company's co-founder Upasana Taku told Financial Express.
Taku said the funds would be used for the company's overseas expansion plans.
Earlier this month, Mobikwik signed on Goldman Sachs’ India arm to tie up its next round of funding.
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.
Bengaluru-based Cell Propulsion, an electric vehicle startup, has raised $488,900 from Endiya Partners, according to data compiled by VCCEdge.
Cell Propulsion was founded in 2017 by Nakul Kukar and Paras Kaushal, former employees of Indian Space Research Organisation (ISRO).
Cell Propulsion is a mobility technology company, designing and developing electric power drives and autonomous electric mobility solutions for multiple types of transportation.