Scouting potential companies to be added to its Vision Fund portfolio is rather ‘easy’ for Masayoshi Son led Japanese conglomerate SoftBank.
In the latest media reports being circulated the winds are indicating that the investor is looking to lead $100 million rounds each in PharmEasy and Drivezy. Not just that, another well known Indian startup Faasos is also expected to receive the majority proportion of its $100 million round from SoftBank Vision Fund.
SoftBank had hired Sumer Juneja as its India head quite a while ago to ramp up its Indian investments, and these developments look like the steps taken towards executing that plan.
The online healthcare portal, sells and delivers medicines, connects patients with pharmacies and diagnostic centers and provides self-diagnosing kits for diabetes, thyroid, and liver based problems as well.
As per Mint‘s sources, the company is in the process of closing a $100 million investment from SoftBank banking on the fact that the Japanese investors want to onboard market leaders in its portfolio. PharmEasy itself expects to dominate the market soon despite the ban on the online sale of medicines by the government.
The revenue is reportedly growing 4X year-on-year for the company and is expected to go upto Rs 450 crore by the end of current fiscal, which is 6 days away. It expects to be valued at $400 million for this round, which is double the valuation since last round.
The other ‘easy’ investment for SoftBank is Drivezy, a self-driving vehicle provider specifically a market leader in the two-wheeler segment. Here both SoftBank and Amazon are in talks with the company to co-lead a $100 million equity round. Drivezy also expects to raise a $400 million in asset financing apart from this.
For Amazon, however, this play is more about Drivezy’s metasearch platform Ravvy, as per ET’s sources.
Even though both the companies declined to confirm the speculations and there is no certainty around the materialisation of this deal, the transaction is expected to take place via both equity and debt methods.
SoftBank, itself is slated to invest via both the Vision Fund and its Telecom and Media arm.
Last we hear, Drivezy was looking at a $60 million round at a $400 million valuation, but if this deal materialises the final close of the round will go $40 million over the expected fundraise. Just before this announcement, it had raised a $120 million worth asset and equity round.
As per a Business Standard report, SoftBank is also in talks with Rebel Foods Private Limited, the parent entity of foodtech startups like Faasos and Behrouz Biryani, to lead the ongoing $100 million round. Till now the company had raised $37 million from existing investors like Kersiwood, Lightbox, Sequoia, and Evolvence among others.
With this, Faasos will onboard a major league investor on its board, taking it even further in its dominance in the cloud kitchen space.