Former Karnataka Chief Minister HD Kumaraswamy plans to invest up to INR 50 crore in new mobile-based cab-hailing venture, HDK Cabs. Kumaraswamy would make an initial investment of INR 2- 3 crore, which could go up to INR 50 crore in the next two years.
pi Ventures, an early-stage venture capital firm, which recently marked first close of its maiden fund, has received an investment commitment of $3 million from the International Finance Corporation. The Bangalore-based VC firm plans to invest in 18-20 startups from this fund over a 3-4 year time frame.
On-demand beauty services provider MyGlamm has raised INR 35 crore from French cosmetic giant L’Occitane to expand its offerings in India ahead of beginning operations overseas. MyGlamm, seeking to establish itself as a fullstack beauty business, is preparing to introduce about 100 makeup products in India by July and take its operations global by the end of this year, with the Middle East being the first stop.
Timothy Cook Draper, the founder of venture capital firm Draper Associates, wants to resume investing directly in early-stage Indian startups almost a year after he exited the country. The American venture investor plans to write cheques of about $1 million each, on average, for Indian startups working in areas such as Bitcoin, Blockchain, artificial intelligence and big data.