In funding news, VilCart, a rural-economy-focused technology startup headquartered in Bengaluru, has raised as much as $18 million in its Series A round. Meanwhile, in terms of exits, UK-based PE firm Apax Partners LLP is understood to be in the process of selling its entire 4.63% holding in Shriram Finance in a block deal.
VilCart raises $18m Series A
VilCart, a rural-economy-focused technology startup headquartered in Bengaluru, has raised $18 million in its Series A round.
The funding, led by Asia Impact SA. Nabventures Fund, also saw the participation of Texterity Private Limited.
Established in 2018, VilCart offers a local language mobile app for rural kirana stores and consumers, besides acting as a sourcing, logistics, technology, marketing, and branding partner for kirana stores in the Indian hinterland. The funding will help VilCart carve out its expansion plans in South India by 2024.
Apax Partners to exit Shriram Finance
UK-based PE firm Apax Partners LLP is likely to sell its entire 4.63% holding in Shriram Finance in a block deal, per a report in VC Circle.
The transaction is valued at about Rs2,250 crore ($276 million) and is being offered at a discount of about 6% to the current market price, the report added, quoting sources.
Shriram Finance currently is the largest retail NBFC in India. It made it to the top after the Shriram Group undertook a restructuring exercise to merge Shriram Transport Finance and Shriram City Union Finance last year.