India

India’s Yulu Bikes in talks with Canada’s Magna to raise funds for new battery entity

Yulu Bikes had raised $7m in debt funding from Magna in Dec 2021.

The investment firm is looking to invest $2b in India and SE Asia over the next two years.

He started dabbling in stocks as a teenager and managed stock trading firm RARE Enterprises.

Norwest Venture Partners will also come in as a new investor in the deal

The acquisition comes more than two months after it raised $85m from a host of investors

The fund will provide access to marquee investors including Tiger Global, and Ribbit Capital.

There have been several complaints of malpractice against such apps.

The round reportedly saw the startup’s valuation double to $775 million.

While Equity has initiated talks with a host of PE firms, Carlyle has emerged as a serious contender.

NB Ventures, Go-Ventures, Lets Venture, Grip Invest and Anicut Capital joined the round.