Facebook invests in social commerce platform Meesho
Meesho, an Indian firm that promotes female entrepreneurship through its reselling platform, raised an undisclosed amount from Facebook, which bought a majority stake in the company, Mint reported citing Ajit Mohan, vice-president and managing director at Facebook India. The deal size, according to an Economic Times report may be about $20-25 million. This marks the second investment made by the social networking giant in India. In July 2014, Facebook had acquired Little Eye Labs, a Bengaluru-based startup that makes a software tool to analyse the performance of Android apps, for a reported $10-15 million. Founded by Indian Instituite of Technology-Delhi graduates Vidit Aatrey and Sanjeev Barnwal, Meesho has a mobile application that facilitates a three-way marketplace enabling resellers, small and medium businesses (SMBs), and micro-entrepreneurs across India to connect with potential buyers using social media. The platform, that has 15,000 suppliers and two million resellers across India, focuses on tier II and III cities where new internet users are based. Also, nearly 80% of its two million resellers are women, Mohan told Mint.
Wadhwa Group to invest ₹2,200 crore in Panvel township project
Mumbai-based real estate developer, Wadhwa Group may invest ₹2,200 crore for development of the first two phases of its integrated township project, Wadhwa Wise City in Panvel, 40 kilometers east of Greater Mumbai, The Economic Times reported citing a company press release. The 45-acre township is being jointly developed by GFH Financial Group, a Bahrain based financial investment Group and Wadhwa Group, that plan to complete it in five phases with total investment of ₹6,000 crore over 10-12 years. The project, located in the Navi Mumbai Airport Influence Notified Area (NAINA), will comprise of IT parks, retail mall, hospitals and school, etc. Of this, the Wadhwa Group will be developing offices and IT parks on 14 acres of land.
HDFC Property Fund to raise $500-million for stressed residential projects
HDFC Ltd. plans to raise $500 million from offshore investors for a special situations fund, which will invest in residential projects, both under development as well as buyout projects with ready, unsold inventory at a discount; Mint reported citing a person familiar with the development. The fund, focused on mid-market and affordable housing projects, will provide long-term, semi-equity to regular-sized housing projects and townships in the top seven cities, and to smaller property markets such as Bhopal and Indore. The deal size could vary from ₹75-80 crore in smaller cities and ₹250-300 crore in the metros. Some prominent financial institutions are also expected to come in as anchor investors in the fund.