JSW Ventures has divested its stake in Purplle; investors have mandated Deloitte to ‘work with’ Groyyo; while blockchain startup Fetcch has secured $1.5 million in a pre-seed funding round.
Early-stage VC firm JSW Ventures on Monday said it has divested its stake in beauty e-commerce marketplace Purplle to Manipal Education and Medical Group Family Office (MEMG).
With this transaction, JSW Ventures has fully exited its stake in Purplle from Fund I and returned 2.7x of the fund size to its investors so far.
“Purplle was one of our earliest investments as a fund in 2016 and has delivered a 57% IRR. We continue to stay invested in Purplle from our second fund and wish the team at Purplle continued success,” Sachin Tagra, Managing Partner at JSW Ventures, said.
Investors like Tiger Global and Alpha Wave Global have mandated Deloitte to ‘work with’ portfolio company Groyyo to evaluate its trading business and eventually, close it in about three months, The Economic Times reported.
Groyyo also needs to recoup the large amount of receivables issued throughout this year. This will be a crucial factor for the company and its investors before it can shutter this line of business, the report said, citing sources.
Tiger Global is also believed to be engaging with another Big 4 audit firm for a potential forensic audit of Groyyo. However, it is not clear if that’s been finalised yet.
Fetcch raises $1.5m in pre-seed round
Blockchain startup Fetcch said it has secured $1.5 million in a pre-seed funding round co-led by HashKey Capital, the investment arm of Hong Kong-headquartered digital asset financial service provider HashKey Group.
Taiwan-based venture capital (VC) firm AppWorks also led the round, with the participation of crypto venture funds including LD Capital, Momentum 6, GravityX Capital, and Compute Ventures, according to a company announcement.
Dually headquartered in Singapore and India, Fetcch, which was founded eight months ago, is building the pull payments infrastructure layer for Web3 applications that aims to enable real-time settlements for users.