Former Tiger Global execs’ VC fund bets on home appliances maker

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  • May 31, 2019
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Former Tiger Global execs’ VC fund bets on home appliances maker

Tanglin Venture Partners, a venture capital firm floated by former Tiger Global executives Ravi Venkatesh and Edwina Yeo, has invested in home appliances brand Lifelong Online.

Citing people it did not name, The Economic Times reported that Singapore-headquartered Tanglin had pumped Rs 40 crore ($5.7 million at the current exchange rate) into Lifelong Online in a mix of primary and secondary transactions.

Lifelong co-founder Bharat Kalia told the publication that the company would look to facilitate fair and honest pricing.

Email queries sent to Tanglin Venture Partners and Lifelong Online seeking further details did not yield an immediate response.

Three-year-old Lifelong Online offers a range of products and appliances in the home, kitchen, personal care, wellness and lifestyle categories via an online platform.

The company claims to have stock-keeping units (SKUs) of around 70 products that include items such as ovens, gas stoves, cookware, sandwich makers and mixer grinders.

Besides its own website, Lifelong’s products are also available on other e-commerce platforms such as Amazon, Flipkart and Paytm Mall, among others.

The company had posted net sales of Rs 21.4 crore for the financial year 2017-18 as compared to Rs 5.2 crore in the previous fiscal as it turned in a profit, as per VCCEdge, the financial data platform of News Corp VCCircle.

Tanglin Ventures

Tanglin was founded last October, according to the LinkedIn profiles of its founders.

The firm had earlier this year raised capital from a clutch of high-profile domestic entrepreneurs including Flipkart co-founder Binny Bansal for its $50 million fund.

The fund will invest in early-stage technology startups in India and Southeast Asia. The average ticket size of the fund is likely to be $3 million initially.

TechCircle had reported last month that Tanglin had put in Rs 22.5 crore as part of the Rs 250 crore ($35 million) Series B round of funding for Bengaluru-based 63Ideas Infolabs Pvt. Ltd, which owns business-to-business (B2B) agri-marketing platform NinjaCart.

Deals in the home appliances segment

In June last year, consumer durables firm Bajaj Electricals had acquired non-stick cookware company Nirlep Appliances Pvt. Ltd for Rs 42.5 crore ($6.28 million) in a cash deal.

Around the same time, home appliances manufacturer Whirlpool of India Ltd bought a 49% stake in kitchen equipment maker Elica PB India Pvt. Ltd for around Rs 162 crore ($24.2 million).

[“source=vccircle”]