HT Media is planning to acquire 8.31 percent stake in Koovs plc while Infibeam is investing Rs 45 crore in one of India's largest payment gateway CCAvenue.
HT Media To Invest $4.4M in Lifestyle Etailer Koovs
Newspaper publisher HT Media has agreed to acquire 8.31 percent stake in Koovs plc, the UK-based parent of Indian lifestyle e-tailer Koovs.com for about $4.4 million. HT Media is purchasing 12 million shares at 25 pence each, the company said in a stock exchange filing. The deal is subject to approval from Koovs pls, and is expected to close by 30th June 2016.
Koovs recently announced that it had raised $32 million, mainly from existing investors and the rest from institutional investors, including Ruffer LLP. In January this year, Waheed Alli and Nahata family also committed an investment of $5.4 millon in the startup.
The company clocked gross merchandise value of $14.5 million for the year through March 2016, an increase of 189 percent on year. It further said its web traffic more than doubled and its conversion rate rose 55 percent.
Koovs India was founded in May 2010 by Rajesh Kamra, Manish Tewari, Kanishk Shukla and Amit Shukla as a general eCommerce business. Initially it focused on the sale of mobile phones & other electronic goods and later pivoted to become an e-tailer of fashion apparel and accessories. It now offers a mix of private label and branded merchandise.
Infibeam to Invest Upto Rs 45 Cr in Indian Payment Gateway CCAvenue
eCommerce firm Infibeam is investing Rs 45 crore in Indian payment gateway CCAvenue.
Infibeam said it has signed a termsheet to invest up to Rs 45 crore into Avenues India Pvt Ltd and is currently "in further discussion for signing of definitive agreement".
Infibeam is structuring this investment through its subsidiary NSI Infinium Global that operates the eCommerce marketplace Infibeam.com and the do-it-yourself e-commerce platform BuildaBazaar. The percentage of investment will be finalised in the definitive agreement, the company said.
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