The deal, which is part of Xiaomi’s efforts to increase its presence in the Indian mobile application space, values chalo.com at around $75 million, they said. This will be the Chinese company’s 11th investment India’s startup space.
“The deal is almost done and would give an exit to some investors who had invested when the venture was launched. The investment fits well in Xiaomi’s plans to invest $1 billion in the Indian start space,” one of the people said.
Chalo.com did not respond to an email seeking comment. A Xiaomi spokesperson refused to comment on the deal but said: “Xiaomi, along with Shunwei Capital, has invested in over 10 startups in India, who operate in the mobile space, to boost the startup ecosystem. Some of the startups are Hungama, ShareChat, Zestmoney and Krazybee.”
Chalo.com, previously Zophop Technologies, was founded in 2014 by Vinayak Bhavnani and Mohit Dubey and displays schedules of buses, trains and metro services in several cities. The app shows availability of Ola, Uber and other cab services in the vicinity, as well as the cost, journey time, availability and real-time movement of traffic in different languages.
This is Dubey’s second venture. He had co-founded carwale.com, a platform that shows car prices, in the early 2000s. Carwale was bought in 2010 by German media conglomerate Axel Springer, from which online automobile classifieds firm CarTrade acquired it in 2015 for $88 million. Dubey quit Carwale in March 2017, as per his LinkedIn profile.
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