PE Fund Investments
Spiritual wellness focused AppsForBharat to raise $30-M; Trell to exit stake: report
AppsForBharat, a product studio focused on building apps for the spiritual and devotional needs, is in talks to raise a USD 30 million Series B round. Existing investors in the firm, including Elevation Capital, Sequoia Capital, Beenext and Matrix Partners, are expected to invest. Cash-strapped social commerce platform Trell - which has been under a probe for alleged financial irregularities - is reported to have sold its 10% stake in AppsForBharat to one of Trell's existing investors, Mirae Asset Management. The secondary transaction - amounting to USD 9-9.5 million - will reportedly also see Middle East investment fund MSA Novo buying AppsForBharat shares from Trell. (Prashant Sachan, founder of AppsForBharat, is a co-founder of Trell and had worked there until March 2021.)
From the Venture Intelligence PE-VC Deal Database: AppsForBharat had raised USD 10 million Series A in September 2021 and USD 3.7 million in August 2021 from investors including Elevation Capital, Sequoia Capital India, Beenext, Matrix Partners India, WEH Ventures and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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