India Digest: Mirae Asset-Naver said to invest in Ola; Unicorn Ventures backs OpenApp | #VentureCanvas

Pramugdha Mamgain | DealStreetAsia – VC


Indian ride-hailing company Ola has reportedly signed a term sheet to raise funding from Mirae Asset-Naver Asia Growth Investment while Unicorn India Ventures and the Karnataka government’s venture capital fund KARSEMVEN have invested in OpenApp.

Mirae Asset-Naver Asia to invest in Ola

Indian ride-hailing company Ola has signed a term sheet to raise funding from Mirae Asset-Naver Asia Growth Investment, The Economic Times reported.

The investment will be part of Bengaluru-based Ola’s Series J funding round, pegged at $1 billion. However, the amount that Mirae Asset-Naver Asia Growth would invest in the Indian company was not mentioned in the report.

Mirae Asset-Naver Asia Growth Fund is a joint venture between Seoul-based Mirae Financial Group and Naver.

Ola has so far raised $3.4 billion across 19 funding rounds, according to Crunchbase. Earlier this month, Ola reportedly raised Rs 112 crore ($15.6 million) from a handful of new foreign investors as part of the Series J round.

Unicorn India backs OpenApp

OpenApp, a startup which makes smart locks for enterprises, has raised about $1.3 million in a pre-Series A round of funding from Unicorn India Ventures and the Karnataka government’s venture capital fund KARSEMVEN, TechCircle reported.

Existing investors Axilor Ventures and Kumar Vembu, co-founder of software-as-a-service (SaaS) major Zoho, also took part in the round. The startup will use the funds in developing marketing and sales operations, and in product development.

In November 2017, the company had raised $550,000 in a seed round of funding from Axilor Ventures and Vembu.

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Source: India Digest: Mirae Asset-Naver said to invest in Ola; Unicorn Ventures backs OpenApp