India Digest: MediAssist eyes PE funding; Metrobikes, RailYatri look to raise $10m each

February 15, 2018

While MediAssist is in talks with private equity firms to raise up to $39 million, startups Metrobikes and RailYatri are looking to raise rounds of $10 million each.

MediAssist eyes PE funding in pre-IPO round

Healthcare services provider MediAssist Health Services is in talks with private equity firms to raise up to Rs 250 crore ($39 million) in a pre-IPO funding round, said a report in The Economic Times quoting sources.

As per the sources, the Bengaluru-based company, which is backed by Bessemer Venture Partners and IDFC, is looking to launch its public offer later in the year and will soon file its draft prospectus with the market regulator.

“The company has reached out to mid-size private equity funds to raise up to Rs 250 crore as a pre-IPO round,” said one of the sources quoted in the report.

“Bessemer will look at selling a minority stake in the pre-IPO round, while IDFC will wait till the IPO,” said another source.

Accel, Sequoia in talks to lead $10m round in Metrobikes

Peer-to-peer motor vehicle rental startup Metrobikes is in talks to raise a $10 million Series A round of funding, according to a source-based report in The Economic Times.

As per the sources quoted in the report, venture capital giants Accel India and Sequoia Capital India are in advanced talks to lead the round.

“They have got a term-sheet deal from Accel and Sequoia. This is one of the largest series-A deals in the works,” said one of the persons cited in the report.

Bengaluru-based Metrobikes, formerly known as ‘Wicked Rides’, was launched as a premium motorcycle rental company in May 2014. The company now allows the user to to pick up a vehicle from their pool closest to your location and drop it at your end-trip location on an hourly rental basis.

RailYatri looks to raise $10m funding led by Omidyar Network

Train travel app RailYatri is in talks to raise a $10 million in a funding round led by its existing investor, Omidyar Network, according to a report in The Economic Times.

According to sources cited in the report, other existing investors including Blume Ventures, Nandan Nilekani and Helion Venture Partners are also likely to participate, in what would be RailYatri’s third institutional round.

Founded in 2011, the Mumbai-based startup has so far raised $6 million.

“While the talks are on with our existing investors, the quantum of capital we will raise will depend on the scale we wish to achieve over the next 12-18 months,” RailYatri Co-founder Manish Rathi told the news paper.

The company plans to raise new capital to expand its offerings to capture the long-distance market through a deeper geographical spread of buses as also the introduction of long-distance taxis.