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Mitsui and Co. of Japan has acquired a minority stake in Mumbai-based services commerce firm, Suvidhaa Infoserve for $12 million (Rs. 60 crore).
Trilegal advised Mitsui with a team led by Partner Charandeep Kaur along with Counsel Sameer Guha, Senior Associate Rachika A. Sahay and Associate Mahima Ahluwalia Sinha.
The Bangalore office of Amarchand Mangaldas advised Suvidhaa with a team led by Partner Reeba Chacko.
The monies raised will be used to enhance its technology platform, broaden its portfolio of consumer service offerings and aggressively expand its market presence in neighbourhood stores pan India, reports VCCircle.
Mitsui & Co specialises in businesses like energy, machinery, chemicals, food, textile, logistics, finance and more.
According to VCCircle, in August 2010, Suvidhaa had raised $7 million (Rs 32.63 crore) in its second round of funding, led by International Finance Corporation (IFC). Prior to that funding, the company had raised undisclosed sum from Norwest Venture Partners and Reliance Assets Management. Suvidhaa also raised seed funding from construction tycoon, Shapoor Pallonji Mistry. With this third round of funding, Suvidhaa has now raised a total of $25 million in venture backing.
Suvidhaa has established more than 45,000 neighbourhood stores called Suvidhaa Points across India. These points enable consumers to walk into the local stores and purchase every day ‘services’ they need, such as money remittance, air, railway and bus tickets purchase, mobile recharge, insurance premium payment and a wide variety of other services. Suvidhaa has also partnered with leading companies like IRCTC for railway ticketing, all major airlines for airline ticketing, telecom services providers, leading banks, key financial services and insurance players, more than 400 bus operators covering 7000-plus routes (for bus ticketing) and multiplexes such as Fun Cinema, among others.