Ber­tels­mann In­vests $5m in Rel­e­vant E-so­lu­tions

A roundup of top fund­ing deals of the day from the startup world You’ve a Deal

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu @times­group.com

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.

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