Baring Vostok is reportedly in talks to invest half of the money being raised by the taxi hailing company.
It is less than a week since taxi hailing app company GetTaxi announced that it had raised $150 million from foreign investors. The company only chose to disclose the name of Swedish fund Vostok Nafta Investment, which invested $25 million in the financing round.
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Sources inform “Globes” that the largest investor in the financing round is likely to be Baring Vostok, the largest private equity fund in Russia, which is in talks to inject up to $75 million into the Israeli start-up – half of the financing round. The money will be invested, subject to the signing of an agreement, through a loan than can be converted to equity, at a variable company value (according to various milestones) that will start at less than $500 million.
GetTaxi said in response, “This information is incorrect.” Baring Vostok was not available for comment.
GetTaxi CEO and founder Shahar Waiser was born in Russia (his original family name was Smirin) and he was one of the founders of Comverse Russia. Since its founding GetTaxi has raised, before the latest financing round, $50 million from investors including Kreos Capital loan fund and Len Blavatnik’s Access Industries.
Published by Globes [online], Israel business news – www.globes-online.com