B2B commerce and fintech startup OfBusiness has seen a secondary share sale of around $100-120 million, while Lendingkart is staring at a massive valuation cut.
Zodius exits OfBusiness with over $100m
OfBusiness has seen a secondary share sale of around $100-120 million, with early investor Zodius Capital making a complete exit from the business-to-business (B2B) e-commerce firm, The Economic Times reported.
This would probably be the second-largest secondary deal in the new-age sector this year after a $200-million share sale in Lenskart, the report said.
Gautam Patel, co-founder of the venture capital fund, confirmed the exit, saying Zodius Capital has bagged more than $100 million in returns on its initial $8-million investment in OfBusiness in late 2016. He is also the founder and managing partner at venture fund Z3Partners.
Zodius had made its maiden investment in OfBusiness at a $50-million valuation. Zodius was acquired by KKR-backed Avendus Capital in 2017.
Fullerton eyes majority stake in Lendingkart
Lendingkart is staring at a massive valuation cut amid a cash crisis that has hit the MSME-focused lending platform over the past few months due to stress in the unsecured loan market, The Economic Times reported.
The 10-year-old company is negotiating a new funding deal with existing investor Fullerton Financial Holdings (FFH), a wholly owned subsidiary of Temasek, at a valuation of $100 million, down from $350 million it commanded during its last equity fundraise four years ago, the report added.
FFH owns around 38% stake in Lendingkart, per data from Tracxn, and has infused Rs 722 crore into the company over the past five years, public filings showed.
“Fullerton is now looking at taking its stake up to more than 60% in the company and becoming a majority shareholder,” the report said, citing another person privy to the deal talks.