Bengaluru: Practo is reported to have been negotiating for a new round of funding. Whats also interesting is that if the deal goes through, Practo may get an estimated value of whooping over $600 million (Rs. 4000 Crore). This fund when raised will help practo join the elite club of enduring Indian start ups, drawing exacting investors to it.
According to sources, the companies in advanced round of talks with the group include New York-based investment firm Thrive Capital, Russia’s ru-Net Holdings and existing investor- Chinese online giant Tencent.
“The round currently being negotiated is in the range of $50-60 million but this may change,” said a source who is directly aware of the negotiation. According to him the term sheet is still being hashed out and may take two more weeks to finalise.
The deal once clicked will be Thrive Capital’s first Indian Investment. Thrive was founded by 31 year old Joshua Kushner in 2009, whose younger brother Jared is married to Ivanka Trump, the Republican US Presidential nominee, Donald trump’s daughter. It’s important US investments include photo-sharing app- Instagram, live-streaming platform- Twitch and collaboration tool- Slack.ru-Net holdings that has been into business enterprises in India for the past five years is backing companies like Free Charge and Pepper Tap.
Practo, Tencent, Thrive Capital and ru-Net kept away from commenting to the press.