Why flipping to the US remains the top choice for deep-tech startups and a special section on deep dive into Udaan's Company Arc | The Arc Pulse
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Why flipping to the US remains the top choice for deep-tech startups
"Bugworks would have closed five years ago – and I would have moved on to other things – had we not become a US company,†said Anand Anandkumar, co-founder and CEO of Bugworks Research, a clinical-stage biopharmaceutical venture. “If I had to start a new biotech player now, I would think five times before I ‘flip’ it,†he added.
A ‘flip’ transaction is where an Indian company incorporates a company in a favourable jurisdiction, which is then made the holding company of the subsidiary in India. For example, Singapore and the United States of America (US). The jurisdiction is chosen for being investment-friendly and more conducive to legal compliance and regulations. Bugworks Research incorporated its holding company in Delaware, US, when it began operations in India.
A deep-tech venture, Bugworks Research was founded by Anand Anandkumar, Santanu Datta, and Balasubramanian V. It has raised nearly $43 million, including grants, over nine years and two rounds of funding. During its seed round in late 2015, the Indian unit became a subsidiary of the holding company in Delaware.
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Udaan looks to raise $100M from existing investor Prudential
B2B commerce platform Udaan is looking to raise $80-100 million from existing backer, UK-based savings and investment firm M&G Prudential. With the new round will, M&G Prudential will become the second largest shareholder in the company after Lightspeed Venture Partners, which holds approximately 40% stake. Other investors include DST Global and Altimeter Capital.
“This is a milestone-based funding. M&G had committed more funds (during the previous round’s funding) if we were able to achieve growth targets. This is primarily because additional funding is based on recent growth and burn-reduction performance,†said a source directly aware of the matter.
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