Deal Talk: Accel wants to raise new fund; Zomato may raise $600 mn
TechCircle brings you a round-up of technology investment and M&A deals reported from across newsrooms.
US-based venture capital firm Accel is looking to raise $600-700 million for its sixth India fund, The Economic Times reported, citing sources.
According to the report, the new fund will be much bigger than the previous one, which raised $450 million in December 2016.
The final size of the fund is yet to be decided.
Accel’s investments in India include ecommerce major Flipkart from which it made an exit last year, food delivery platform Swiggy, software-as-a-service company Freshworks and home services platform UrbanClap.
Restaurant aggregator and food delivery platform Zomato is all set to raise $600 million in a funding round led by existing Chinese investor Ant Financial, The Economic Times reported, citing sources.
Singapore’s state investment arm Temasek is also expected to invest a significant amount.
According to the report, Zomato’s valuation may cross $3 billion after this funding round.
Ant Financial’s stake will touch around 29% after this round, making it the largest shareholder in the company, the report said.
Hyderabad-based online pharmacy MetroMedi has raised $1.5 million in seed round from TK GP Rao, a high networth individual and the founder of TMT Group of industries, YourStory reported.
The company was also in talks with various funds to raise Series A funding.
MetroMedi was founded by former bureaucrat and entrepreneur Dilip C Byra.
Apart from delivering medicines, the company helps patients set a reminder to automatically refill medicines, recommends health foods, and also gives health tips.