Sequoia Capital, Naspers and Venture Highway have invested Rs 100.78 crore ($14.4 million) in car- and bike-pooling startup Quick Ride to help the company expand its operations. Meanwhile, Impact investment fund Omnivore announced the close of its second fund at $97 million, higher than its target of $75 million.
Sequoia, Naspers, Venture Highway invest in Quick Ride
Marquee US venture capital firm Sequoia Capital, South Africa-headquartered technology group Naspers and investment firm Venture Highway have invested as much as Rs 100.78 crore ($14.4 million) in car and bike-pooling startup Quick Ride, a report by Inc42 stated.
The deal signals an increased investor interest in India’s shared urban mobility sector that is witnessing a robust growth with consumers embracing car and bike-pooling options for their daily commute.
This marks the Series B funding round of funding for the Bangalore-headquartered startup that was established in 2015 to provide users with a quick, simple, secure and cashless way to travel.
The startup – that matches riders and ride takers – claims to have completed over 14 million so far.
Omnivore announces final close for Fund 2 at $97 million
Impact investment fund Omnivore has announced the close of its second fund at $97 million, higher than its target of $75 million, according to media reports.
A slew of limited partners (LPs) invested in the fund, which include names such as BASF Venture Capital, CDC, FMO, SIFEM, BIO, Mistletoe and Sonanz, apart from some family offices.
Launched in 2011, Omnivore announced the first close of the current fund at $46 million in January 2018. So far, it has invested in companies such as Doodhwala, a subscription-based delivery platform; TartanSense, which is developing small robots for small farms, and AI-backed platform Intello Labs.
Going forward, the Omnivore plans to invest in around 20 early-stage companies at a seed stage, pre-Series A level and also Series A level.