INBOX
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Swiggy says “Nĭ hăo”
The world’s fourth-most valuable startup and Chinese melange of platforms, just added ₹256 Cr to Swiggy's coffers.

Meituan-Dianping, the Beijing-based startup headed by Wang Xing, was the second participant in Swiggy's heavily publicised $100M round announced in early February 2018.

This ₹256 Cr investment supplements Nasper's earlier investment of ₹385 Cr, in Swiggy, a couple of days earlier.

Meituan offers what are termed as online-to-offline or O2O services across China. These include food delivery, selling groceries, restaurant reviews, and ticket bookings. Interestingly, in the travel space, Meituan competes with Ctrip (backed by Baidu). Ctrip is an investor in Naspers's controlled MakeMyTrip.

Would be interesting to see if Swiggy takes a leaf out of Meituan's playbook and branches out into other service verticals, even as Uber begins to encroach on its primary business.

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Nasper makes its big play in foodtech
Swiggy receives ₹385 Cr from Naspers in Series F round.

Details: Regulatory filings indicate that the company has allotted 48,174 Series F preference shares of the face value of ₹10/- each at a premium of ₹79,823.61/- per share on January 16, 2018.

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Sasha joins Nazara's board
As Nazara preps for an IPO, it gets interesting people on-board.

Sasha Mirchandani last stepped onto the Board of a company in 2015. That in itself is interesting, when you consider that he is the face of Kae Capital.

What's even more interesting is that he recently agreed to join the Board of Directors of Nazara Games, a company that is not in Kae's portfolio.

Watch for more updates for Nazara.

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Flipkart revenues up 29% but losses rise by 68%
Rumours of a Walmart takeover abound but all is quiet on the eastern front as Flipkart finally filed its much awaited annual returns.
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The Big 2017 Flipkart Buyback
Tiger Global and a number of other investors were the main beneficiaries of the 2017 buyback of shares orchestrated under the umbrella of Softbank's mega investment in Flipkart.

Tiger Global was by far the biggest beneficiary with a $424M exit, followed by a funds managed by the current Accel India fund managers (Accel + Erasmic) - $113.5M.

These two large exits are followed by a long tail that includes a number of notables.

Funds associated with Yuri Milner, the fund manager recently in the news for links to the Kremlin, ranked third with an exit in excess of $50M.

Funds managed by Divesh Makan ranked third, netting $49.1M. Divesh is a the fund manager famously named the Spider of Silicon Valley in this Forbes story by Brian Solomon.

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Patterns: Sequoia Capital India 2017 Investment Activity
Sequoia Capital's Indian fund managers have been stingy with its latest monster fund according to data we retrieved about its investment activity in 2017.

Sequoia made around 18 investments out of its new fund, Sequoia Capital India Investments V and around 30 investments out of its previous funds.

These funds include Sequoia Capital India Investments IV, Sequoia Capital India Investments Holdings III and SCI Growth Investments II.

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Softbank and the art of War, Ola, etc
Brace yourself. This one has Softbank all over it. In October 2017, the press went all out to report that Ola raised $1.1 billion from Tencent and Softbank, with the promise of another billion on its way. Shortly thereafter Tencent closed a ₹2,580 Cr (~$400M) investment in Ola.

Then came news of Softbank acquiring a large stake in its arch-rival Uber.

We’re now in January 2018. And we’re still waiting for Softbank’s investment to show up on Ola’s captable. For a while now, we've been asking ourselves, "did Softbank do a Snapdeal on Ola?"

While we wait for an answer to that question, Ola appears to have closed the FoodPanda/DeliveryHero deal that it had announced in December 2017.

According to filings with the Indian Ministry of Company Affairs, Ola’s company, ANI Technologies Private Limited, has issued ₹28 Cr worth of preference shares for consideration other than cash to DeliveryHero, the German parent company of FoodPanda. Ola also filed a share purchase agreement in support of this issuance that indicates that this ₹28 Cr is the consideration for buying 100% of the shareholding of Pisces eServices Private Limited (FoodPanda India), the Indian company that runs FoodPanda.

In addition to this allotment, filings indicate that DeliveryHero has invested ₹174Cr (Series I4) in Ola and Ola in turn has invested this ₹174 Cr in FoodPanda India. In essence this places the total consideration for the deal at ₹202 Cr.

When announcing the deal in December, Ola indicated it would invest $200 M in FoodPanda India. The current investment of ₹174 Cr does not appear to be part of this planned investment.

With this closing, Naspers is now an indirect shareholder in Ola. Naspers had earlier invested in DeliveryHero and recently increased its stake to 23.6% becoming the single largest shareholder in DeliverHero).