Bertelsmann Invests $5m in Relevant E-solutions
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New Delhi: Relevant E-solutions, which owns and operates fashion discovery app Roposo, has bagged $5 million (about .₹ 33 crore) from Bertelsmann India Investments (BII), the strategic investment arm of German media conglomerate Bertelsmann.
The latest round is part of the startup’s $15 million (about .₹ 100 crore) Series-B round, which was first reported in August last year, confirmed by the company at the time, and has been led by its existing backer, Tiger Global Management, which has pum- ped in $10 million this time around. While the terms of the investment were not disclosed, Roposo, which also counts early-stage venture capital firm India Quotient as an investor, has raised about $21 million (about .₹ 140 crore) in external VC fun- Latest funding round is part of Relevant Esolutions’ $15 million SeriesB round
Co will use funds to strengthen tech, expand team, bolster the product and enhance the Roposo community Amount Roposo has raised in external/VC funding till date
AVINASHSAXENA Cofounder, Roposo While Tiger Global had committed to invest the entire $15 m, we wanted to bring in a new investor
ding till date. “While Tiger Global had committed to invest the entire $15 million, we wanted to bring in a new investor that would share the same philosophy as us, and support our growth, and had set aside about $5 million accordingly. We are fortunate to have Bertelsmann on board as a partner,” said Avinash Saxena, cofounder of Roposo.
Seed funded by Flipkart cofounder Binny Bansal, the less than two-year-old startup was founded by IIT Delhi alumnus, Saxena, Mayank Bhangadia and Kaushal Shubhank in 2014. Last year, Tiger Global had led a $5-million Series-A round in the company. The founders also confirmed that Bansal has exited his position in the company last year, as had another early investor in the venture, 5ideas Startup Superfuel. “We see tremendous promise in Roposo as a social network and as a business model. With an extremely strong founding team, it has managed to capture immense mindshare in India within a fairly short span since inception,” said Pankaj Makkar, MD, BII. The startup will use the proceeds from the round towards strengthening its technology, expanding its team, bolstering the product and enhancing the Roposo community.