Tech Digest with ITS: India-based debt firm Alteria Capital raises $185 m for third fund
Alteria Capital, a venture debt firm based in India, has raised 15.5 billion rupees (US$185 million) for its third fund, exceeding the initial target of 10 billion rupees (US$120 million). The fund's total assets under management now amount to US$521 million. It includes a unique "shorter duration" scheme, catering to startups' short-term financing needs. The fund aims to raise US$250 million to US$300 million in total, with the shorter duration scheme expected to close by the end of 2024. Alteria Capital has already deployed 50% of the capital commitments in companies like OneCard, Renee Cosmetics, and Rebel Foods. They will continue to invest in startups that have raised VC funding, providing up to US$24 million per company.
Golden Gate Ventures, a venture capital firm, has named Angela Toy as its new COO. Toy, who joined the firm in 2011 and was previously a partner for portfolio growth, will oversee operations and support expansion initiatives. With the firm's recent ventures into Vietnam, Saudi Arabia, and New York, her role is vital in elevating Golden Gate Ventures on an international scale. The firm has invested in over 90 companies, including Carro, Coda Payments, Stripe, and Carousell, with nine unicorns and two IPOs in its portfolio. In December 2021, Golden Gate Ventures was reportedly raising US$120 million for its fourth fund.
领英推荐
SuperK, a tech-enabled supermarket startup, is expanding into small towns across India to bring an organized retail experience to customers. The franchise-based retail chain has raised $6 million in series A funding from investors like Blume Ventures and Silver Needle Ventures. SuperK utilizes technology for detailed purchase analysis, helping stores understand customer buying patterns and personalize offers. Currently operational in over 80 towns in Andhra Pradesh, SuperK plans to enhance its tech infrastructure, hire new staff, and onboard digitally native brands with the recent funding.
Alibaba Group has decided to drop the Hong Kong IPO for its logistics subsidiary, Cainiao. Instead, the company plans to purchase all outstanding shares of Cainiao to strengthen integration with its main ecommerce business. Alibaba aims to merge Cainiao's operations with its own, supporting global logistics growth. The move comes after Alibaba shelved IPO plans for its grocery arm, Freshippo. Cainiao, founded in 2013, has seen significant growth and generated $13.7 billion in revenue, mainly through its cross-border logistics services.
Malaysian babycare brand and ecommerce platform, Applecrumby, has secured a $4.2 million growth investment from 500 Global to support its global expansion. With a presence in 11 countries, Applecrumby offers affordable babycare products in markets such as China, Vietnam, Singapore, Thailand, and the Philippines. The company plans to expand to 20 countries by the end of the year and aims to have its products available in nearly 2,000 retail locations in Malaysia. In addition to expanding its market presence, Applecrumby intends to develop new products in its PureBasics line.