Axiata invests $16m in Bengaluru start-up StoreKing
The Dollar Business Bureau Axiata Digital, an arm of Malaysian telecom major Axiata Group Berhad, has made an investment of $16 million (around Rs.106 crore) in StoreKing, a Bengaluru-based e-commerce start-up. While this is the first investment by Axiata Digital in India, its holding company already has a 20 percent share in the Indian telecom major Idea Cellular. Earlier, StoreKing had raised $6 million from Luxembourg-based venture capitalist - Mangrove Capital Partners. Sridhar Gundaiah, Chief Executive Officer, StoreKing, said, “From the beginning, our aim was to support thousands of marginal businesses in rural India to attain a brighter future by making them capable to use technology. We hope to gain from the experience of Axiata in widespread geography-based services.” With the fresh capital, Storeking is planning to ...
