Daily Deal Round Up: August 3, 2022

M&A

Ride hailing service Uber has sold its remaining 7.8% stake in India-based food delivery platform Zomato for $390m, a source privy to the development told TechCrunch. Uber had taken a 9.99% stake in Zomato in early 2020 as part of the latter’s purchase of its Indian Uber Eats subsidiary, shortly after it had raised money at a $3bn valuation. Uber recently revealed it had booked a $707m unrealised loss from its Zomato stakeholding in the first six months of this year.

Credit card management services provider Cred has acquired Smallcase, an India-based wealth management platform backed by e-commerce group Amazon and financial services firm HDFC Bank, for roughly $400m. The company had last raised funding in a $40m series C round in August 2021 featuring both corporates that reportedly valued it at $200m.

Animal feed producer Nutreco is set to increase its stake in India-based agricultural data aggregator Eruvaka from 25.5% to 93.7%, and the corporate intends to fully purchase it in 2023. Nutreco acquired its existing shares when it led a series B round of undisclosed size for Eruvaka in 2018.

Private equity firm Gryphon Investors has acquired a majority stake in Rootstock Software, a US-based enterprise resource planning platform backed by enterprise software provider Salesforce. The corporate‘s investment arm, Salesforce Ventures, and Rootstock’s management team re-upped their commitment to the company along with Gryphon, but the size of the transaction is undisclosed.

Pharmaceutical firm Bayer has purchased portfolio company CoverCress, a US-based developer of sustainable winter oilseed crops, for an undisclosed sum. Oil and gas producer Chevron took part in a $26m series C-1 round in April 2021, after Bayer had invested in the company through its Leaps by Bayer unit in a $5m round the previous year that included packaging producer Hermann Companies. Leaps by Bayer’s predecessor, Bayer Growth Ventures, had taken part in a $2m round two years before.

Funding