RPS Investment Fund, a fund set up by SoftBank Investment Adviser’s Managing Partner Kabir Misra, is likely to invest in two Indian startups, social e-commerce Meesho and insurance provider Acko, as reported by LiveMint.
If the investments come through, they will mark Kabir Misra’s first investments in India.
According to reports, RPS is looking to invest around $10-15 million in Meesho, as part of a larger funding round. There are also reports of RPS being in advanced talks with Acko, to invest around $5 million. The $200-$250 million fund counts SoftBank Group Corp, as a limited partner.
Following the close of the fund, Misra is expected to step down from his position at SoftBank, after being a part of the SoftBank team for over a decade.
So far, the reports have not yet been confirmed by either Misra, Meesho, or Acko.
Bengaluru-based Meesho was founded by Sanjeev Barnwal and Vidit Aatrey in 2015. The startup provides a platform to connect sellers directly to re-sellers including college students and homemakers, enabling them to sell to their networks, using social networking platforms like Facebook, Instagram and WhatsApp.
In June 2018, Meesho raised $11.5 million in a series B funding round led by Sequoia Capital India, along with participation from SAIF Partners, Y Combinator, and Venture Highway.
In October 2018, it was reported that Meesho was in talks with investors to raise around $40-50 million.
Started in 2017 by ex-Coverfox co-founder Varun Dua, Mumbai-based Acko promises to get car and bike insurance to the customers in under 1 minute. Currently, the startup sells insurance in 4 categories, including cars, bike, ola ride and mobile protection.
Earlier this year in May, Acko raised $12 million in a funding round led by Amazon. Other investors that participated in the round include Ashish Dhawan, Founder ChrysCap, and Catamaran Ventures, a personal investment arm of NR Narayan Murthy.