ICICI Venture, the country’s largest private equity firm, is in the final stages of selling its majority stake in i-mint to a German company and a private equity firm.
i-mint, India’s first multiple partner consumer rewards programme, will be taken over by German company Loyalty Partner and Peepul Capital. The transaction is said to have valued the company at Rs 120 crore or around $27 million.
The company was initially funded by ICICI Venture and its founding CEO and MD, Vijay Bobba. ICICI Venture had around 85% stake in the company while the remaining stake was held by some employees and a couple of other outside stakeholders, said officials close to the transaction.
ICICI Venture, which had initially invested around Rs 16-17 crore, will get around Rs 100 crore and will continue to hold a 10% stake in the company, said officials close to the transaction, who did not want to be quoted.
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