Indian arms of Venture Capitalist companies are on an investing spree, OLX received a funding of $5 million from Nexus India Capital , On the other hand Sequoia , Silicon Valley got a minor stake in Ideacts for an undisclosed amount.
More on OLX Funding
OLX another $5 million from Nexus India Capital to expand its global operations in 87 countries and 37 languages. OLX total funding till date has raised to 28.5 million including 5 million from Nexus India , 13.5 million from General Catalyst Partners, Bessemer Venture Partners, Founders Fund and DN Capital and 10 million from Series A funding.
OLX has a very large user base across the world and trying to increase its global presence. It has more than 50 million unique monthly visits and more than 400 million page views per month. It attracts more than 2 million ads per month. As the funding is from an Indian VC firm we expect increased focus on India in the coming days to come.
More on IdeActs Funding
Sequoia Capital India and Silicon Valley Bank picked a minor stake in IdeActs , which is an Internet Media Venture founded in 2007. Its product Clinck is a desktop application generally used in cybercafés which is designed to create a new media platform for the users. Clinck boasts of more than 3% Click through Rate(CTR) across brand campaigns and more than 21 thousand desktop installations.
Sequoia invested in IdeActs for the second time although the exact amount is still unknown but is believed to be around 5-9 million. According to Mohit Bhatnagar, Sequoia Capital India MD “We have reinvested in Ideacts because of the consistency it has shown in growth.” .
All in all these are signs that investors are looking to reinvest in companies for the second round. What still lacks in India is funding at the angel level. We need some major players to fund more startups especially in these tough times so that business can be pulled back to better days.
