In Brief: 1MG in talks to raise $100 mn; Bosch acquires 26% in SUN Mobility

In Brief: 1MG in talks to raise $100 mn; Bosch acquires 26% in SUN Mobility
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7 Sep, 2020

Online pharmacy operator 1MG Technologies is reportedly  in talks with Indian and global private equity players to raise over $100 million in a new round of funding, according to a report in The Times of India. This follows the firm’s $80 million equity round in 2019 which saw participation from International Finance Corporation, Omidyar Network and existing investor Sequoia capital among others. The round is likely to be led by India-focussed private equity firm Gaja Capital, with participation from Tata Capital and Swiss global private equity firm, Partners Group, the report added. The news comes at a time when well-funded players such as Amazon India and Reliance have entered the e-pharmacy space, the latter through the acquisition of Netmeds. The space has also seen consolidation with the merger of Pharmeasy and Medlife to form a $1.4 billion entity. 

Read: Will Amazon, RIL edge out venture capital-backed startups from the e-pharmacy game?

Bosch acquires 26% stake in SUN Mobility

German automotive component manufacturer Bosch has acquired 26% stake in energy infrastructure and services provider SUN Mobility for an undisclosed amount. The investment was made through the former’s investment vehicle Robert Bosch Investment Nederland BV.

According to reports, Bosch has restructured its mobility solutions business to include automotive software, electronic systems and sensors under a single head. With the investment, Bosch will strengthen its electromobility division.

Draft of new advertising code covers celebrity endorsements

The ministry of consumer affairs has issued new draft advertising guidelines which requires that celebrities endorsing products have adequate information about it or have experience with the product or service. The draft guidelines also require disclaimers with advertisements to be written in the same font and language as the advertisement or to be played in sync with the voice over in case of audio. The draft guidelines also prohibit bait advertising, surrogate advertising for goods and services which cannot be advertised as per existing laws as well as advertisements with obvious exaggeration or puffery. The guidelines were issued by the Central Consumer Protection Authority (CCPA). CCPA is empowered by the Consumer Protection Act 2019 which came into effect in July. Stakeholders can respond to the guidelines till September 18.

Homelane to spend Rs 100 crore on marketing

Interior design services platform HomeLane has announced a spend of Rs 100 crore towards marketing over the next one year and is targeting EBITDA (earnings before interest, taxes, depreciation, and amortization) level breakeven by April 2021. The company is also looking to scale up its presence across India through franchisee and retail distribution model, according to a statement. Bengaluru-headquartered HomeLane is currently operational in 10 cities and says it will expand to the top 25 markets by the end of calendar year 2021. Founded in 2014, HomeLane recently raised $8.1 million in debt and equity in a bridge round led by Stride Ventures. Returning investors Accel Partners, Sequoia Capital, Evolvence India and JSW Ventures also participated in the round. 

G7CR Technologies announces cloud accelerator funding program

Bengaluru-headquartered information Technology and cloud services company G7CR Technologies has announced its cloud accelerator funding program for startups and small and medium businesses (SMBs). Companies less than 15 years old and with cloud infrastructure spends of around $10,000 per month or among the top five costs will be eligible to apply.

The accelerator will provide startups and SMBs with benefits of upto $5 million against the company’s cloud consumption, according to a statement. It will also provide the selected companies with go-to-market strategies through G7CR’s existing channels.

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