| Our Sponsors | ||||
|
Reliance Communications to
acquire MTS mobile service in Rs.4,500-Cr deal
BSE,
Legally India,
BSE
In a stock swap deal, publicly listed Reliance Communications (RCom)
is to acquire Russia-based Sistema’s Indian wireless business,
carried on by Sistema Shyam Teleservices Ltd. (SSTL) under the
MTS brand, for INR 2,100 crore, while also taking on INR 2,400
crore of Sistema’s debt to the government. RCom will acquire
approx. 9 million customers and approx. INR 1,500 crore of
annual revenues by virtue of the transaction. In addition, RCOM
will acquire SSTL’s 800 / 850 MHz band spectrum, suited for 4G
LTE services, to complement its own nationwide footprint of
minimum 5 MHz contiguous 800 / 850 MHz spectrum aggregating
148.75 MHz. The target is not yet profitable.
As a result of the deal, SSTL will acquire and hold a 10% equity
stake in RCom which will issue and allot to SSTL, 27,65,53,305
fully paid up equity shares of INR 5 each. In addition,RCom will
assume the liability to pay the DoT instalments for SSTL's
spectrum, amounting to INR 392 crore per annum for the next 10
years. SSTL will pay off its existing debt prior to closing of
the transaction. An appropriate payment / earn-out mechanism has
been agreed in relation to disputed spectrum contiguity charges
claimed by DoT.
Khaitan & Co acted for Reliance Telecommunications while
J Sagar Associates advised Sistema Shyam Teleservices.
English law advice was provided by Herbert Smith Freehills
to ADAG and by Baker & McKenzie to Sistema.
Private Equity Fund Investments
KKR to invest $300-M in media JV
with The Chemin Group
Press Release
Global investment firm KKR and The Chernin Group,
LLC (TCG), a privately held media holding company,
have formed a JV to create Emerald Media, a new
vehicle to fund opportunities in the media and
entertainment industries across Asia. KKR has
committed up to $300 million to the Emerald Media
platform from its KKR Asian Fund II and TCG will
join as a minority co-investor. KKR has also
acquired a significant, minority stake in CA Media,
the existing Asian media portfolio of The Chernin
Group.
Rajesh Kamat and Paul Aiello will jointly head
Emerald Media, which will have offices in Mumbai,
Hong Kong, and Singapore. Kamat and Aiello will
continue to manage the CA Media platform, which
includes assets in India (Endemol Shine India,
Graphic India, Fluence, and Only Much Louder) and in
Indonesia. Emerald Media will focus primarily on
providing growth capital ranging from US$15
million-US$75 million for both control and
significant minority positions to media,
entertainment, and digital media businesses.
Macquarie to acquire 70% of
Swarna Tollway for Rs.685-Cr
Macquarie Infrastructure and Real Assets, through
its investment arm MAIF Investments India 3 Pte, has
acquired 70% stake in Swarna Tollway Pvt Ltd from
Malaysian firm IJM Corp Berhad for a total
consideration of $102.6 million (INR 685 crores).
AZB & Partners advised MAIF in this
transaction..
KKR acquires
58% in Avendus for $115-M: report
Mint
KKR has acquired a majority stake in financial services focused
Avendus Group from existing investors, paying $115-120 million
(Rs.750-780 crore). KKR has bought about 58% from 13 investors
led by Eastgate Capital Group (ECG), which alone holds about a
26% stake in Avendus. The remaining 42% is held by founders Ranu
Vohra, Gaurav Deepak and Kaushal Aggarwal who have no immediate
plans to dilute their stake. The deal places the enterprise
value of Avendus at $200 million (Rs.1,300 crore) The purchase
will give KKR a unit that has vaulted to the top ranks of
investment banks in India since 2014, benefiting from a
fund-raising spree by e-commerce firms.
ECG, the private equity unit of NCB Capital, the investment
banking arm of the National Commercial Bank of Saudi Arabia, had
invested INR.100 crore in Avendus in 2008. Avendus Capital Pvt.
Ltd, which started in 1999, operates through four units: Avendus
Capital Pvt. Ltd (M&As, structured finance, equity capital
markets, financial sponsors group, private equity syndication),
Avendus Wealth Management Pvt. Ltd, Avendus Capital (UK) Pvt.
Ltd and Avendus Capital Inc. (US).
Sequoia India participates in
$23-M Series B funding for Taiwan-based AI firm Appier
Nextbigwhat.com
Taiwan-based
Appier, a 3-year old artificial
intelligence company, has closed $23 million in Series B funding
from Sequoia Capital India, JAFCO Asia, UOB Venture Management
Pte Ltd (UOBVM), TransLink Capital and MediaTek Ventures. The
company will use the funding to further expand in Asia and
strengthen the R&D team behind its cross screen AI technology.
In total, Appier has raised $30 million including from the
Series A round in June 2014.
Fairfax India to buy 45% stake in
ADI Finchem for Rs.130-Cr
BSE
Fairfax India Holdings Corporation is to acquire
6,160,083 equity shares (representing 44.66%) at INR
212 per share in publicly-listed oleochemicals maker
ADI Finchem Limited
for INR. 130 crore. Fairfax India will also make an
open offer for an additional 26%. ICICI
Securities will manage the open offer.
Paytm puts $10-M more into on
demand auto-rickshaw service Jugnoo
knowstartup.com
Chandigarh-based autorickshaw aggregator Jugnoo has
raised $10 million in funding from Paytm. With this
investment, Paytm’s stake in Jugnoo has gone up to
around 20%. Three months back the startup closed
Series A round of $5 million led by Snow Leopard
with participation from Paytm. The company is also
reportedly in talks with Japan’s SoftBank for a
bigger round.
Jugnoo was founded in 2014 by Samar Singla and
Chinmay Agarwal. It is a hyperlocal on-demand
multi-service provider which employs autorickshaws
as its logistic partners. The startup manages both
transportation and delivery services. It runs three
apps – Jugnoo Autos, Jugnoo Meals, and Jugnoo
Fatafat. Earlier, Jugnoo acquired cab aggregator
BookMyCab to enter the taxi aggregator space in
Mumbai, Delhi-NCR, Chennai, Bangalore and Pune. Post
this acquisition, Jugnoo claims to have crossed
10,000 daily transactions.
Mobile Video ad platform Pokkt
raises $5-M from Segnel Venture, others
MediaNama
Pokkt, a mobile video advertising platform, has
raised close to $5 million in funding from new
investors Segnel Venture, Shinji Kimura and Sundar
Chanrai, as well as other existing investors. The
platform will use the funding to strengthen its
technology and product and for hiring. It currently
claims to be integrated by more than 150 game
developers in India, Indonesia, Philippines,
Thailand and Vietnam.
Founded in 2012, Pokkt previously raised $2.5
million in funding from JAFCO Asia, Singtel Innov8
and Jungle Ventures among others in July 2014. The
company also raised $500,000 from Jungle Ventures
and Qyuki CEO & MD Samir Bangara in October 2013. It
was also part of the inaugural batch of GSF
Accelerator.
IDG, Kalaari, 500 Startups
invest Rs.13-Cr in women’s portal POPxo
Economic Times
IDG Ventures India and Kalaari Capital, with
participation from 500 Startups, have invested $2
million (about INR 13 crore) in Series A funding of
POPxo, an online engagement platform for young
women. The company plans to use the money to expand
its editorial operations in English and Hindi,
launch new verticals and scale up video production
and new features for its recently-released mobile
applications.
From the Venture Intelligence
Angel Investments Database: In
Sep-14, POPXo had raised INR 3 Cr from Rajan Anandan
and Chennai Angels.
IDG Ventures invests $
750-K in intra-city bus aggregator CityFlo
KnowStartup
Mumbai-based bus aggregator CityFlo has raised
$750,000 funding from IDG Ventures. CityFlo was
founded in September 2015 by IIT-B graduates Jerin
Venad, Ankit Agrawal, Advaith Vishwanath, Rushabh
Shah, Subhash Sundaravadivelu and Sankalp Kelshikar.
It provides a platform for commuters to interface
with private bus owners for home to office commute.
The startup focuses on routes connecting business
hubs to residential areas. CityFlo claims to be
doing 2200 customer rides every day. It charges a
commission from the bus operator for the services it
provides.
The startup is also in talks with two other
investors for its next round. The funding will be
used towards developing the product and building the
team.
M&S Partners, Hyderabad
Angels invest Rs. 3-Cr in online car spares seller
SparesHub
Economic Times
Pune-based SparesHub.com, an online seller of car
spares, has raised about INR 3 crore from
Singapore-based M&S Partners and Hyderabad Angels.
The company retails components of more than 50 cars
brands including Skoda, VolksWagen, BMW and Audi. It
plans to use the money to strengthen its technology
and supply chain. More than 50% of the firm’s
business comes from B2B sales to medium and large
garages which have four to eight car bays. Prasad
Vanga and PS Sreekanth of Hyderabad Angels will join
SparesHub' board following the investment.
Homestay platform
MyIndianStay raises $200-K
KnowStartUp
Goa-based MyIndianStay, an online homestay
accommodation listing platform, has raised $200,000
in an institutional round. The funds raised will be
used by the startup to expand its presence and
develop its technology further.
BookMyBai.com gets Rs.1-Cr from
50k Ventures
Economic Times
Maid service provider BookMyBai.com has raised INR 1
crore from in seed funding from 50k Ventures and
Vineel Nalla, CEO of NBOS Technologies and founder
of 50K Ventures. BookMyBai.com is an online platform
to hire permanent domestic helpers like maids,
cooks, babysitters or nannies and caretakers. It
works through a combination of proprietary database
along with aggregation of trusted and verified maid
bureaus.
Ratan Tata invests in
Sabeer Bhatia’s Sabse Technologies
Times of India
Ratan Tata, through his investment company RNT
Associates, has invested in
Sabse Technologies,
a California-based Wi-Fi carrier. Sabse was founded
by Hotmail.com's co-founder Sabeer Bhatia. Sabse
claims to lower user’s bills, enhance coverage and
eliminate roaming charges.
Cisco’s VC arm invests in
two startups in IoT, video analytics space
Business Line
Cisco Investments, the venture capital arm of
networking major Cisco, has invested in two
early-stage Indian start-ups: an IoT (Internet of
Things) systems integration player a video analytics
firm. Cisco has earlier invested in four Indian
start-ups - Covacsis, Mobstac, Ineda and MobiKwik.
It typically make investments ranging from $800,000
to $15 million in each start-up, acquiring an 18-20%
stake.
Ex-Vodafone CEO Arun
Sarin’s Family Office invests in Ola
Legallyindia.com
Former Vodafone CEO Arun Sarin and his family have
acquired a minority stake in ANI Technologies which
runs taxi app Ola. AZB & Partners advised
Sarin and his family while Ola was advised by
IndusLaw. Arun Sarin will be joining Ola as an
independent director.
Founded in January 2011 by two IIT Bombay alumni,
Ola currently plies over 20,000 vehicles in over 100
Indian cities, is backed by investors such as DST
Global, GIC, Falcon Edge Capital, SoftBank Group
Corp., Tiger Global Management LLC, Steadview
Capital and Accel Partners.
Undone: Zomato investment
in hyperlocal delivery services co Pickingo falls
through
Economic Times
Gurgaon-based hyper-local delivery company Pickingo
has put on hold its plan to enter the food-delivery
segment after a proposed deal with online restaurant
guide Zomato failed to take-off. Zomato had
announced an investment in Pickingo two months ago,
but the deal was never sealed despite a term-sheet
being signed. Pickingo, which has an employee count
of 250, has since stopped a pilot project in food
delivery and plans to focus attention on its
existing business in reverse logistics where it has
clients such as Snapdeal, Paytm and Jabong. The
proposed deal would have seen Zomato pick up less
than a tenth of the stake in Pickingo.
Angel
Investments
E-grocer SatvaCart raises
Rs 12-Cr in second angel round
Economic Times
Gurgaon-based grocery retailer SatvaCart has raised
seed funding of INR 10-12 crore, its second angel
round from new and existing investors including
Palaash Ventures. The funding will be used to
strengthen technology backbone and expand into other
geographies. SatvaCart plans to use the money to
expand to other cities.
Budget hotels startup Deyor
Rooms gets $500-K from Dheeraj Jain, others
knowstartup.com
Deyor Inns Pvt Ltd, which operates Deyor Rooms, a
two-month old startup that aggregates budget hotels
in pilgrimage towns and tourist destinations, has
raised $500,000 (Rs 3.28 crore) in angel funding
from Redcliffe Capital’s Dheeraj Jain and other
investors. The firm will use the money raised to
expand operations into newer cities, standardise
hotel rooms and up marketing spend. Sanjeev Newar
and Chirag Gupta are the other co-founders of Deyor.
Deyor has tied up with hotels in 22 cities such as
Mathura, Noida, Mumbai, Rishikesh, Shimla and
Ranikhet among others. For catering to pilgrim
travelers, Deyor will also have vegetarian-only
hotels on its network. Deyor hopes to book 5,000
nights every month in 700 hotels in 38 cities by
March-end.
Online psychiatrist connect
service YourDOST.com raises Rs 2.5 Cr
Yourstory
YourDOST.com, which connects people looking to
discuss emotional issues with instant online access
to experts with anonymity, has raised Rs 2.5 crore
in angel funding.
Online retail loans
marketplace Loanbaba.com raises $320-K; IndiaLends
knowstartup.com
Fin-tech startup Loanbaba.com has raised $320,000
from the MD and CEO of a listed Indian company. The
funding will be used towards technology advancement
and marketing initiatives. Loanbaba, an online
marketplace for retail loan products, was co-founded
in August 2015 by Sanket Hasabnis and Satchit
Hasabnis. It offers an online comparison and
application platform for various retail loan
products like home loans, personal loans, car loans,
etc.
IndiaLends, a Delhi-based credit and financial
technology startup, has also recently raised about
$1 million in its bridge round of funding.
ah! Ventures invests $250-K
in gaming-based learning startup Shirsa Labs
Shirsa Labs, an
Ed-tech startup has raised $250,000 angel capital
funding through ah! Ventures. Founded in 2013 by
Sukhada Tendulkar and Mandar Desai, Shirsa Labs uses
online engagement platform "Planet of GUI" to
entertain and educate children mainly in the age
group of 6-13.
Shirsa offers multiple games, worksheets, videos,
DIYs which engages kids and boosts their cognitive
learning. Every child undergoes a free assessment
and is provided with a detailed report on his / her
cognitive profile with a customized program. This
program is scheduled for kids to play 30 minutes a
day and 3/4 times a week. A detailed quarterly
report is sent to the parents to help them monitor
child's progress on the platform.
Next Gen Paper raises Rs
1.5 Cr via Grex platform
Business Standard,
Business Line
Next Gen Paper Solutions Private Ltd (Kleeto), an
end-to end record and information management
company, has raised around INR1.5 crore on GREX, an
exchange-like platform where investors can discover
companies, invest and keep track of their
investments. The funds raised will be used for
technology enhancement and increasing their
geographical reach. Separately, Kleeto is looking to
raise $2 million (about ₹13 crore) in its first
institutional funding that would be used to improve
technological enhancement and geographical reach.
Founded by Sunil Mahajan and Naresh Chand, Kleeto is
engaged in end to end record management and creating
intelligence around documents / information for
instant access. It also helps to store physical
documents in secure warehouses. The company claims
to have more than 150 corporate accounts including
multinational companies. Including the pre-Series A
funding, Next Gen Paper has raised Rs 7.3 crore till
date, including angel capital.
Rajan Anandan, 500 startups
invest in e-learning firm Qustn
Yourstory.com
Qustn, which runs Capabiliti, a mobile-first SaaS
platform that helps companies, institutes and
governments train, assess and engage with remote
workers, has raised $390,000 from 500 startups and
others including Rajan Anandan, Head of Google
India. Qustn claims to have seen over 7,00,000
transactions in a year, from clients such as Airtel,
Indus Towers, Shopclues and Flipkart.
Capabiliti allows any type of content to come onto
the platform (PPT, video, text, images), and their
platform automatically converts/encodes/processes
the content for mobile/web based rendering.
PayTunes raises capital
from CIO Angel Network, Others
NextBigWhat
Delhi based PayTunes, which provides a digital
advertising platform, has raised funding from CIO
Angel Network, Sanjay Mehta and Anoop Mathur. The
startup has built an Android app which replaces
user’s ringtones with jingles and user can earn
points through incoming calls which will be redeemed
during recharges or bill payments. The new funds
will be used to acquire users and improve its
product.
Hotel reputation management
portal RepUp raises funds from IAN
Economic Times
Online reputation management startup RepUp has
raised funding from Indian Angel Network (IAN). On
behalf of IAN, Sanjay Mehta, Keshav Murugesh and
Apurva Parekh led the funding and Mehta will join
the board of RepUp. The company aggregates online
comments and feedback on hotels based on data from
about 100 websites, helping owners make decisions on
operations, service and pricing. RepUp aims to
onboard about 500 hotels and then expand to other
categories and overseas.
Saina Nehwal invests in
sanitary napkin maker Paree
Economic Times
Shuttler Saina Nehwal has invested in Paree, an
affordable brand of sanitary napkins manufactured by
Noida-based Soothe Healthcare. Nehwal, who has been
the brand ambassador for Paree since 2014, comes in
as a strategic investor with a minority stake after
Soothe raised funds from the company's advisor and
former president of Reliance Infrastructure, Anil
Gupta, last month.
Incubation
/ Acceleration
Traxn, angels invest $200-K
in food marketplace Twigly
Livemint
Gurgaon-based health food supplier Twigly has raised
seed funding of $2,00,000 from Tracxn Labs and angel
investors, including Amit Gupta (Co-founder, Inmobi),
Aloke Bajpai (Founder of Ixigo), founders of
Delhivery, Ashish Kumar (founder of Staybees and
Techriti), and partners and employees of SAIF
Partners.
Twigly, inspired by US-based Sprig, was founded in
August by Minhas, Rohan Dayal and Naresh Kumar
Kachhi. It works on an online kitchen model: the
food is made at a central kitchen and shipped to
customers directly. The menu is limited and changes
on a weekly basis. Twigly ships close to 40 orders a
day with an average ticket size of Rs. 500.
PayPal selects four fintech
startups for incubator programme
Medianama
Global payments company PayPal has selected four
financial technology startups as part of its “Start
Tank” incubation programme at its Chennai, India
office. The startups include CashFree, D-Rewards,
Notifie and ftcash. PayPal will offer the companies
with technology and business mentorship,
infrastructure support and networking opportunities.
Liquidity
Events (Private Equity)
JLL exits 11.9% stake in
Dhule Palesner Tollway via sale to Sadbhav for
Rs.8.19 Cr
BSE
Sadbhav Infrastructure Project has completed the
stake acquisition in Dhule Palesner Tollway Ltd (DPTL)
from its JV partners, HCC Concessions (HCON) and JLL.
SIPL has acquired 60% equity stake from HCON and
11.9% equity from John Laing Investments Ltd and
John Laing Investments Mauritius (No. 1) Ltd
(together as JLL) in Dhule Palesner Tollway Ltd (DPTL).
SIPL has paid INR 142.94 crore to HCON towards
tranche one payment and INR 8.19 crore to JLL as
against total book value of INR 241.52 crore. SIPL
shall also acquire 27.2% equity stake in the target
company from its parent company - Sadbhav
Engineering Ltd (SEL) - for which purchase
consideration is already paid by SIPL to SEL. Upon
completion of the actual transfer of shares, SIPL
will hold 100% of the equity shares in DPTL.
Wassup buys laundry brand
Chamak
Yourstory
Hybrid laundry platform Wassup has acquired angel
funded Chamak in all equity deal. Chamak has strong
presence in Mumbai and is backed by Kensington
Capital, Index Advisory, Innosight Ventures, Calvert
Investments and HNIs including Rajan Mariwala and
Sandeep Tandon.
Wassup offers laundry, dryclean, shoes and bag
refurbishments in 11 territories.
Multiples part exits Delhivery as part of latest
round: report
Economic Times
Multiples Alternate Asset Management has made a
partial exit from Delhivery as part of the recently
announced (in May-15) Rs 542 crore round of capital
raising led by Tiger Global.
Other
Private Equity / Strategic Investments
ICICI Bank to sell 9% in
insurance arm to JV partner Fairfax for Rs. 1,550-Cr
Times of India
ICICI Bank is to sell a 9% stake in ICICI Lombard
General Insurance to its Canadian partner Fairfax
Financial Holdings (promoter of Lombard) for INR
1,550 crore, valuing the company at INR 17,225 crore.
Following the stake sale, the shareholding of ICICI
Bank and Fairfax will be approximately 64% and 35%
respectively. The general insurance venture, a JV
between ICICI Bank and Prem Watsa-promoted Fairfax,
has the Indian promoter holding 73.19% stake, while
Fairfax has 25.71% stake. It is the largest private
non-life company in India. The company reported a
net profit of INR 143 crore in the second quarter
compared to INR 158 crore in the corresponding
quarter last year and Rs 116 crore in the preceding
quarter.
Yuvi Hospitality raises
Rs.100-Cr from Chandralekha Construction
Economic Times
Gurgaon-based Yuvi Hospitality Pvt. Ltd has raised
about INR 100 crore in funding from construction
company Chandralekha Construction Pvt. Ltd. The
company, founded by former Google India executive
Vivek Bhargava, plans to open premium dining lounges
and cafes across the country.
The investment will enable opening of 15 new
restaurants including the "Molecule" brand that will
be opened this month in Gurgaon. Yuvi Hospitality
has also finalised a property in Connaught Place,
Delhi, to open another fine-dining restaurant and
will partner with four different hospitality
companies to open premium, single-brand food
concepts such as Unplugged, Uncensored, Emly
(vegetarian restaurant), and Ab ki Bar in the next
six months.
Brand Capital acquires
stake in homeopathy clinics marketplace Welcome Cure
Bennett Coleman & Company, via its unit
ads-for-equity investment unit Brand Capital, is to
subscribe to warrants and acquire equity shares of
Welcome Cure Private Limited
from its existing shareholders. The company proposes
to utilise the advertisement space for promoting its
business through the print and non-print media
offered by BCCL. Rajani Associates was the
legal advisor to Welcome Cure.
Mumbai-based Welcome Cure operates an online
marketplace for homeopathy clinics.
Brand Capital invests in
services marketplace FindYahan
INC42
The Times Group’s Brand Capital unit has invested in
NCR-based hyperlocal online marketplace for service
providers, FindYahan. The funds raised will be
primarily used for marketing.
Prior to this investment from Times Group, FindYahan
has raised two rounds: a seed funding round led by
Karan Bajwa (MD Microsoft India), Sunjay Kapur (MD
Sona Koyo Steering), Amanpreet Bajaj (India Head of
Airbnb) and Parvesh Kumar (MD of Helios Packaging).
Later, it had closed an investment from The Phoenix
Fund in April 2015.
M&A
Wirecard acquires Great Indian
Retail Group for 230-M euros
Medianama
German payments company Wirecard has brought Great Indian Retail
Group for 230 million euros ($254 million) in a cash deal.
Wirecard will acquire 100% of the shares from Great Indian
Retail Group and financial investors of its group companies
operating payment services in India, Philippines, Indonesia and
Malaysia. In addition, Wirecard also bought 60% of the shares in
GI Technology (GIT), a subsidiary which has a prepaid payments
instrument licence from the Reserve Bank of India. Wirecard will
get over more than 900 employees in offices out of Delhi,
Chennai, Hyderabad, Bangalore, Mumbai, Kolkata, Lucknow, Manila,
Batam and Kuala Lumpur. Further payments of up to a total of 110
million Euros are linked to the overall financial performance of
the acquired businesses in calendar years 2015 to 2017.
GI Retail operates the brands “iCASHCARD”, “Smartshop”, “StarGlobal”,
“Commerce Payment” in the four countries it is present in.
Virtusa to acquire 53% of IT
Services firm Polaris Consulting for Rs.1,173-Cr
BSE
Massachusetts, US-headquartered Virtusa is to buy a 53% stake in
Chennai-based BFSI-focused listed IT Services firm Polaris
Consulting for INR 1,173 crore from its promoter group,
including the entire stake held by Founder and Chairman Arun
Jain, and other shareholders including Orbitech Pvt Ltd (an unit
of Citibank). The deal has been struck at INR 220.73 per share.
It triggers a mandatory open offer to public shareholders to
purchase an additional 26%.
Credit Suisse acted as primary financial advisor and
Spark Capital as co-advisor to Polaris. J Sagar
Associates acted as legal advisors for Polaris and AZB &
Partners acted as legal advisor for Orbitech. J.P.Morgan
acted as financial advisor to Virtusa. Goodwin Procter
and ALMT Legal Bangalore acted as legal advisors to
Virtusa.
Mother’s Recipe acquires
Elmac Agro for Rs. 30-Cr
Business Line
Mother’s Recipe (MR), a Pune-based maker of a range
of pickles, condiments and ready to eat/cook
products, has acquired Kolkata based brand Elmac
Agro Manufacturing Ltd in a transaction valued at
INR 30 crore. Post deal, Elmac will continue to
manage its manufacturing operations while Mother’s
Recipe will take care of the marketing, sales and
distribution. The company makes a range of sauces,
including kasundi, the famed mustard sauce from
Kolkata. The acquisition will enhance MR's existing
product portfolio and strengthen its volumes from
the eastern region. It is targeting a sales turnover
of INR 70 crore under the Elmac brand from the
region.
Currently, MR, which comes under the Food Division
of Desai Brothers Ltd has an annual turnover of Rs.
200 crore and is growing at a CAGR of 25%. Around
35% of its total turnover is from exports.
Gomalon acquires Bookmyspa
for Rs.12 Cr
Economic Times
Two-year old salon and spa booking portal, bookmyspa,
has been acquired by Gomalon, a startup that lists
wellness services in Bangalore, in an equity deal
worth about INR 12 crore. With this, Gomalon now has
the strength of over 2,000 vendors listed on the
platform. Sriharsha BK, who founded bookmyspa, has
joined as head of Product Management at Gomalon. The
bookmyspa website, which gets about 40 appointments
a day, will continue to exist and take bookings for
the next six months.
TaskBob acquires Zepper
Services
Economic Times
Mumbai-based home utility services startup TaskBob
has acquired Zepper Services to help expand into the
Bangalore market for house cleaning, plumbing,
drivers and other services. Zepper will shut down
its services. TaskBob is planning to launch
operations in Bangalore in a month, and the deal
gives them 300 servicemen and 2,500 customers.
TaskBob is already present in Mumbai, and does 700
orders a day with home cleaning and on-demand
drivers accounting for a chunk of sales.
TaskBob has raised $1.2 million (INR 7.5 crore) seed
funding from Orios Venture Partners and Mayfield
Fund in April 2015 and is in talks to raise another
round.
Blue Star acquires 51% in
Omani MEP services firm
BSE
Engineering conglomerate Blue Star Ltd has acquired
51% stake in Oman Electro Mechanical Contracting Co
LLC (OEMC), a 100% subsidiary of W J Towell & Co
LLC. The joint venture entity called Blue Star Oman
Electro-Mechanical Company LLC will offer
Mechanical, Electrical & Plumbing (MEP) contracting
services in Oman. Blue Star Oman also plans to
expand into the after-sales service business in
Oman.
Italy’s FILA acquires 32.5%
in stationery make Writefine
Legally India
Italian art products maker and distributor Fabbrica
Italiana Lapis ed Affini (FILA) has acquired 32.5%
stake in Gujarat-based stationery maker Writefine
Products. Post the transaction FILA has increased
its stake in Writefine to 51% valuing the target at
around INR 740 crore (around $114 million). FILA was
advised by AZB & Partners and Italian law
firm Studio Legale Salonia Associati while
Khaitan & Co advised Writefine Products.
Sundram Fasteners sells
stake in German venture Windbolt to JV partner
BSE
Publicly listed Sundram Fasteners has transferred
its shares in Windbolt GmbH, Germany for EUR 19,999
to its Joint Venture Partner, Mr. Wolfgang Naumann.
As a result, the shareholding of the company in
Windbolt has been reduced from 24.99% to 9.9998%.
Sundram had entered into the Joint Venture in 2011
for manufacture of bolts for the wind energy
industry in Germany with an investment of EURO
33,332 (constituting 24.99% equity stake in the
total capital of EURO 133,332)
Cloud telephony firm Exotel
acquires customer feedback platform Voyce
Business Standard
Cloud telephony company Exotel has acquired customer
feedback platform Voyce. Varun Raj and Nikhil Kumar,
co-founders of Voyce, will join the Exotel team and
will lead the alliances and partnerships efforts at
the company. Voyce, which began its operations in
2014 built solutions to enable businesses engage
with customers in real time through an intelligent
on-premise customer feedback system. The company had
over 20 customers in the enterprise hospitality
space across India.
TN Petro sells off stake in
Petro Araldite JV
Business Line
Publicly listed Tamilnadu Petroproducts Ltd (TPL)
has sold its stake in its joint venture Petro
Araldite Pvt Ltd (PAPL). It has also surrendered
sub-lease of the land by PAPL and transfer of its
plant assets to TPL. The company is looking to put
to use the assets for manufacture of other
petrochemicals.
Economic Times
Rakesh Jhunjhunwala is to become the largest investor in the Rs.25 crore second fund of Exfinity, a venture capital firm that invests in technology startups. Others who have shown interest include Sidbi venture capital and SBI.
Exfinity Venture Partners was floated by technology industry veterans such as former Infosys board members V Balakrishnan and Mohandas Pai; former Wipro execs Suresh Senapaty and Girish Paranjpe and ex i-flex top exec Deepak Ghaisas.
Tata Capital plans 2nd healthcare fund
Mint
Tata Capital Healthcare Fund (TCHF) is looking to raise its second fund next year. TCHF focuses on the healthcare and life sciences sector. It counts Swiss fund HBM Healthcare Investments Ltd as its anchor investor. TCHF is currently deploying capital from its maiden fund of $75 million which it had raised from domestic and foreign investors.
Venture Intelligence Updates
The Deal:
Reliance Communications Limited enters into definitive
agreements for acquiring Sistema Shyam Teleservices
Limited’s wireless business in all stock deal
Advisor: J. Sagar
Associates (JSA)
Client: Sistema Shyam
Teleservices Limited (SSTL) and its majority shareholder
Sistema JSFC
Deal Date: November 2,
2015.
Deal Description: J. Sagar Associates (JSA) is advising
Sistema Shyam Teleservices Limited (SSTL) and its majority
shareholder Sistema JSFC, a leading Russian conglomerate (Sistema)
in connection with the demerger of SSTL’s telecom wireless
business operated under MTS brand to Reliance Communications
Limited (RCOM) in exchange for 10% of the issued and paid up
capital of RCOM. The Parties entered into definitive
agreements in this regard on November 2, 2015.
This deal is the first major consolidation in the Telecom
sector since 2009, and is the first announced merger deal
after the Department of Telecommunications came out with its
merger guidelines in February 2014.
Some of the salient aspects of the deal are:
1. RCOM will acquire around 9 million subscribers and annual revenue of around Rs. 1.5 million;
2. RCOM will acquire spectrum owned by SSTL in the 800-850 MHz band which is efficient for launching 4G LTE services;
3. In consideration for the transfer, RCOM will issue and allot to SSTL 27,65,53,305 fully paid up equity shares comprising 10% of the issued and paid up capital;
4. RCOM will take over SSTL liabilities towards instalment payments to DoT for the spectrum SSTL acquired in 2013 auction;
5. A payment / earn-out mechanism has been agreed in relation to disputed spectrum contiguity charges claimed by the DoT;
6. SSTL will pay off its existing debt before the transfer.
Advisory Role: JSA is
advising SSTL and Sistema in all aspects of the transaction
including structuring, drafting of definitive documents and
negotiations.
Advisory Team: The
core JSA Team comprises of Partners – Rohitashwa Prasad &
Akshay Nagpal, Senior Associate – Nidhi Sahay; and Associate
– Akanksha Mahapatra. Partners – Amar Gupta, Mansoor Ali
Shoket, Amitabh Kumar, Divyanshu Pandey, Vibha Dhawan &
Arpita Garg; Head of Telecom Practice - S.P. Purwar; Senior
Associates – Divyam Agarwal, Vaibhav Chouksey & Gautam Shahi;
and Associates – Radhika Gupta, Nikhil Bahl & Rityunjay
Gupta are advising on certain specific aspects of the
transaction e.g. the merger scheme sanctioning process,
telecom regulatory advisory, competition law issues, and
banking & finance matters. Chairman & Founder Jyoti Sagar
provided strategic inputs from time to time
Why Uber is Not Going to Stop
Anyone (in India) from Owning A Car Anytime Soon
Deepak Shenoy of Capital Mind has an interesting post on
MediaNama titled "The Economics of Using Uber in India".
Extracts:
Uber advertises its lowest fare in Bangalore at Rs. 7 per km charge but that is utter bull. ...These add up to Rs. 13.5 per kilometer....So if my car gives me 12 kms to a liter of petrol, i’m still paying just Rs. 5.5 per km for petrol and Rs. 1 for parking. Add to this the convenience of owning a car, the ability to get groceries from hypermarkets that can’t or won’t deliver, the ability to drive your kids to a location just 2 minutes away because walking will kill you (welcome to Bangalore, just don’t walk anywhere). And the underappreciated advantage of being able to just up and leave at 6 am to smell the fresh air in the western ghats.
And then, Uber cars are not available when you want them – wait times are upwards of 10 minutes most of the time, unless you’re in a favoured location. Then, there are spikes – if it rains, Uber goes to 1.5x “surge” pricing. All this will not vanish because drivers too have their economics which ensures such practices (long wait times, surge pricing) will continue.
PE/Strategic Investment
UK-firm
New Call scouts for $500-M to expand WiFi unit
Economic Times
UK-based internet service provider New Call
Telecom is scouting for investors to pump
$400-500 million (Rs 2,600-3,250 crore) to help
recently acquired Delhi-based Wi-Fi company
Ozone Networks expand outside India. Ozone
Networks is aiming to deploy a million hotspots
in India by 2020. Ozone plans to reach 30,000
locations in India with the help of Swedish
telecom gear maker Ericsson.
New Call Telecom is also looking to acquire
three-four new companies in the software and
infrastructure segments to support its
over-the-top, or app, strategy in India.
Rothschild mandated for KIMS $400-M share sale
Times of India
Kerala-based healthcare network KIMS, with
footprint in southern India and the Middle East,
has appointed investment bank NM Rothschild
for a $400 million fund raise that is drawing
the interest of private equity giants including
Carlyle, Apax Partners, Baring Asia, Bain
Capital and TPG.
The deal will see Ascent and OrbiMed selling
their controlling interest for about $200
million and the company raising an equal amount
of fresh capital for expansion and inorganic
growth. The KIMS management led by Dr M I
Sahadulla will retain shares and continue to run
the operations.
Oxigen
Services to raise $200-M for wallet biz
Economic Times
Payments solution provider Oxigen Services plans
to hive off its online business that runs Oxigen
wallet into a separate company called Phi
Enterprises. It is in talks with investors to
raise $200 million (INR 1300 crores) to build
the new brand. Phi Enterprises will operate the
online business while Oxigen Services will
manage the Noida-based firm’s offline activities
such as remittances and act as a business
correspondent for banks that do not have a
footprint in the hinterland. The move is aimed
at preventing the online business from eating
into the profits of the company's offline model.
Phi Enterprises will acquire new customers and
build the Oxigen brand through online marketing.
Hero
FinCorp plans minority stake sale to raise
$100-M
Mint
Hero FinCorp Ltd, the financial services arm of
two-wheeler maker Hero MotoCorp Ltd, plans to
raise $100 million (Rs.650 crore) by selling a
significant minority stake. Hero FinCorp has
hired global investment bank Credit Suisse
to find buyers and discussions have started with
a clutch of global PE funds.
GIC in
talks to invest $50-M in deals app Little
Times of India
Singapore's sovereign wealth fund GIC is in
talks with deals discovery app Little for a
possible $50-million financing round. Little app
helps consumers discover deals across services
like restaurants, movies, salons and spas, while
also acting as a sales channel for merchants. It
was founded by Manish Chopra and Satish Mani who
had started the online fashion brand Zovi which
they continue to run. Zovi had both SAIF and
Tiger Global as its investors. Little's services
are operational in 11 cities and the funds being
raised will be used for expansion and also for
hiring talent. Little is aiming to clock a gross
merchandize value of about $170 million by end
of March 2016.
Little had raised $50-million fund-raise in July
this year, led by the Alibaba-backed Paytm,
Tiger Global and SAIF Partners along with an
undisclosed investor.
Ozone
Group to raise upto Rs.200-Cr
Mint
Ozone Group is raising about Rs.200 crore in the
next one month through a mix of private equities
and debts to fund its first residential project
in Mumbai. For its entry into the Mumbai real
estate market, Ozone Group has entered into a
joint venture with city-based K Mordani Realty
Pvt. Ltd to develop a residential building of
over 100 units near Bandra-Kurla Complex in the
city.
In the last one year, Ozone has raised more than
Rs.1,000 crore from private equity firms such as
Piramal Fund Management Pvt. Ltd and Aditya
Birla Realty Fund. These funds have been
primarily used in financing its two township
projects in Bangalore and Chennai.
Insurance comparison portal PolicyX looks to
raise $ 25-M
Business Standard
PolicyX.com, an insurance comparison portal, is
looking to raise Series A funding of around $25
million within the next 6-12 months to support
the company's growth targets. The company has
around 100 employees now. It works on a
commission based model and gets paid by the
insurance companies after consumers make the
purchase decision post comparison from the
portal.
Travel
start-up Guesthouser looks to raise $5-7 M
Business Line
Gurgaon-based travel start-up Guesthouser plans
to raise Series A round of funding worth $5-7
million. It will use the funds to hire human
capital, upgrade technology and branding
exercises.
MyNewCar.in looks to raise $2.5 M
Economic Times
Online marketplace MyNewCar.in is looking to
raise $2.5 million to fund expansion of
operations, improve back-end technologies and
develop brand awareness and marketing. About 200
vehicles have been sold on the platform since it
started seven months ago. It recently launched
an for Android smart phones.
Nandan
Nilekani to invest in logistics management
software firm Fortigo
Economic Times
Infosys cofounder and former UIDAI chairman
Nandan Nilekani is in the process of backing
logistics management software firm Fortigo.
Founded by technology industry executives Vivek
Malhotra and Anjani Mandal, Fortigo is also
currently in talks to rope in other investors,
including Accel Partners, to raise close to $2
million in seed funding.
Kryptos
Mobile in talks to raise funds
Techstory
Kryptos Mobile, a cloud-based, self-service
mobile app development and publishing platform,
has entered into talk with potential investors
and is expecting to raise its first round of
funding. It is currently bootstrapped. The
company has grown from zero to more than 130
clients in last two and half years.
Mirah
Hospitality to sell 49% stake in FB, hotel biz
Economic Times
Restaurateur Gaurav Goenka owned Mirah Group is
in talks to sell up to 49% of its stake in the
food & beverage and hotel business to raise up
to Rs 350 crore. The funds will be used to
almost triple the outlets under its F&B brands
and also make strategic investments and tie-ups.
The company also is trying to bring some foreign
brands into the country.
Mirah Hospitality owns brands including Khandani
Rajdhani, Cafe Mangii, Falafel and United Sports
Bar & Grill, apart from being a strategic
investor in restaurant companies that own Masala
Library, Farzi Cafe, Smoke House Deli, Social
and Mad Over Donuts. The company plans to
increase the number of F&B outlets to 120 over
the next five years from 42 at present, with an
investment of about Rs 150 crore. Besides, the
group, which also owns the midscale hotel chain
Citrus Hotels and Resorts, plans to invest
nearly Rs 200 crore to increase its hotel count
to 40 over the next three years from 17 at
present.
Piramal,
TPG in race for ICICI Home Finance
Economic Times
Piramal Group, TPG Capital and Baring Private
Equity Asia are in the race to acquire ICICI
Home Finance Company. Parent ICICI Bank had been
expecting a valuation of about INR 4,400 crore
for the unit, which focuses on home loans in
smaller cities. The potential buyers submitted
non-binding bids in the first round on Friday.
Standard Chartered and ICICI Securities
are advising the bank.
IOC
eyeing stake in Russia's Vankor Field
Times of India
Indian Oil Corp wants to buy a stake in
Rosneft's Vankor field in Russia as it aims to
source at least 160,000 barrels per day (bpd)
oil through its own assets by 2020.
Kids’
learning models maker Smartivity looks to second
round of funding
techstory.in
New Delhi-based Smartivity, which sells books
and models that offer interesting learning
activities for children across Science,
Technology, Engineering, Arts and Mathematics
domains, is working towards raising a second
round of funding that will help the firm take
their technology enhanced physical products to
children across the world. Smartivity had raised
first-round of funding from S Chand Group.
Founded by Tushar Amin, Apoorv Gupta, Ashwini
Singh and Rajat Jain, Smartivity launched
operations in January this year and claims to be
present in over 50 cities.
FlyEasy
in talks to sell 49% to Air Arabia
Economic Times
Bangalore-based regional airline aspirant
FlyEasy is in talks to sell a 49% stake to the
Sharjah-based low-cost carrier, Air Arabia. If
the sale goes through, it will be the fourth
instance of FDI from a foreign airline into an
Indian carrier, after Jet Airways sold 24% stake
to Abu Dhabi's Etihad Airways in 2013 and Tata
Sons formed two airlines through joint ventures
with Malaysia's AirAsia Berhad and Singapore
Airlines last year. It will also be the first
instance of FDI into a regional carrier.
IPOs
Mahanagar Gas plans Rs 1,200-Cr IPO
Economic Times
Mahanagar Gas, jointly owned by state-owned GAIL
and British Gas, is planning to list on the
domestic bourses. It may file a Red Herring
Prospectus with the Securities and Exchange
Board of India (SEBI) this month seeking
approval for promoters to sell 25% stake in the
firm through an IPO. GAIL and British Gas will
sell 12.5% each in the company, for a total of
Rs. 1200 crore,
valuing the firm at Rs 4,800
crore. The issue will be managed by Kotak
Investment Bank and Citigroup.
PNB
Housing hires bankers for IPO
Economic Times
PNB Housing Finance Ltd has hired banks
including Barclays, JPMorgan and
Morgan Stanley for a 25 billion rupees
(about $385 million) initial public offering.
Indian investment banks Kotak and JM
Financial will also advise PNB Housing in
the planned IPO. The state-run Punjab National
Bank owns a 51% stake in PNB Housing, while
Carlyle Group owns the remainder.
M&A
Ex-GE
top execs Pramod Bhasin, Anil Chawla to buy GE
Capital’ loan biz for $400-M
Economic Times
Pramod Bhasin and Anil Chawla, former top
executives at General Electric India, have
teamed up to jointly pitch for the purchase of
GE Capital's consumer and commercial loan
portfolio for an estimated $400 million. The two
are said to be also in talks with international
banks and private equity funds including Baring
Asia, India Value Fund, Blackstone, Goldman
Sachs and Kedaara Capital among others. GE
Capital has financed mid-sized companies such as
PVR, Ballarpur Industries and the local unit of
Alcatel-Lucent. The business has a turnover of
around $390 million.
Bhasin was the former CEO of back-office firm
Genpact, which was spun off from GE. Chawla was
MD of GE India before launching local operations
for US hedge fund and private equity advisor DE
Shaw in 2006.
Vocational training firm Orion Edutech plans
global expansion, acquisitions
Business Line
Chennai-based Orion Edutech is looking to foray
overseas with MoUs for skill development and
vocational training courses, in Malaysia,
Vietnam, Sri Lanka, Indonesia, and African
nations. In 2010, Orion got funding from
Ventureast ($4 million). And with international
expansion as well as acquisitions on the cards,
another round of funding may be explored.In
January 2015 Orion had acquired a majority stake
in Brain Valley, a cloud-based assessment
company that provides a platform for an array of
competitive exams and corporate recruitments.
Ipca
Labs makes open offer to buy shares of Krebs Bio
BSE
Mumbai-based formulates and API maker Ipca
Laboratories Ltd has made an open offer to the
shareholders of Hyderabad-based Krebs
Biochemicals and Industries to acquire about
35.73 lakh shares of Krebs (of the face value of
Rs. 10 each) at a price of Rs. 54 per share Ltd
(KBIL). Arihant Capital Markets is
managing the open offer.
Amtek
puts Barista coffee chain on the block: report
Economic Times
Barely a year after it acquired Barista Coffee,
debt-laden auto component maker Amtek Group is
looking to sell off the loss making Italian
coffee chain. The deal could be structured in a
way that the Arvind Dham-promoted Amtek Auto
could liquidate about a third in Carnation
Hospitality, which manages Amtek’s food
business.
Carnation Hospitality had bought out Barista
coffee for Rs 100 crore from Italian coffee firm
Lavazza Spa.
Govt
looking to sell off IDBI Bank
Economic Times
The government has hired SBI Capital Markets to
draw up plans for the sale of a strategic stake
in IDBI Bank and is open to a range of options
including merger with a nonstate lender and
preferential allotments to institutions. Other
proposals that have emerged in early talks
include a follow on public offer and sale to
institutional investors through the open market.
The government currently owns 76.5% of IDBI
Bank.
Secondary Issues
IDBI
Bank plans QIP of Rs.2,800-Cr
Business Standard
IDBI Bank plans to raise equity capital up to Rs
2,800 crore through qualified institutional
investors (QIP) or a follow-on public offer
before March 2016. The bank has estimated
capital requirement of Rs 5,000 crore for the
financial year ending March 2016. Out of this,
the government would infuse Rs 2,200 crore. The
balance would have to be raised from the market.
Den
Networks mulls capital raise
Medianama
Listed cable TV distributor and multi system
operator Den Networks has filed an application
with the Foreign Investment Promotion Board
(FIPB) to modify the approval to include the
primary market route as well. The primary market
route could include issuing long term securities
to include equity, quasi equity, GDR, QIP, FCCB,
preferential allotment, bonds etc subject to
shareholder approval and other laws. At the
quarter ended September, FPIs held 22.79% stake
in the company, while the promoter’s stake was
40.05%.
India Ahoy!
National Bank of Abu Dhabi enters India
Business Standard
The National Bank of Abu Dhabi (NBAD) has
entered the country through the wholly-owned
subsidiary (WOS) route with wholesale banking
operations in Mumbai. The Mumbai branch will
provide wholesale banking services covering
areas of debt origination and distribution,
project finance, trade finance and asset
finance, helping to enhance NBADs ability to
service corporate and financial clients apart
from providing more capital to businesses. The
opening of the branch comes as NBAD has
completed migration of an Indian corporate loan
portfolio worth around $900 million from Royal
Bank of Scotland.
New Ventures
Ex-Brookfield exec Bamasish Paul sets up
telemedicine venture Healthenablr
KnowStartUp
Bamasish Paul, who was serving as Senior
Vice-President in a Canada based private equity
firm Brookfield Asset Management, has quit to
set up tele-healthcare venture Healthenablr. The
company has developed a proprietary web and
mobile based platform that helps patients
connect with physicians using its telemedicine
platform – DocTalk.
RPP Infra forms JV with China’s Hunan
BSE
Publicly listed RPP Infra Projects has formed a
joint venture with China-based state-owned firm
Hunan Construction Engineering Group. Hunan will
be the lead partner in the JV.
Bharat Light enters into JV with Norway’s
Statkraft
Moneycontrol
Renewable energy firm Bharat Light & Power has
entered into equal joint venture with Norwegian
power company Statkraft for providing
distributed solar energy solutions in India.
Statkraft BLP Solar Solutions Pvt Ltd (SBSS),
the 50:50 JV, will provide industrial and
commercial consumers with both rooftop and
ground mounted solutions with world class
technology and execution.
New Incubators
Quintype launches SpeakWrite to invest in
digital media start-ups
Business Standard
Digital publishing company Quintype, backed by
Indian media baron Raghav Bahl, has launched
SpeakWrite, an accelerator programme through
which it hopes to invest in digital media
start-ups.
Expansion / Diversification
Snapdeal launches Snapdeal Motors platform
for bikes, cars
Mint
Online marketplace Snapdeal.com has introduced
Snapdeal Motors, a dedicated platform for
automobiles, nearly 10 months after it started
selling two-wheelers online. Snapdeal Motors
users can book automobiles and get assistance
for instant loans through Snapdeal’s finance
platform RupeePower. The company, which
currently offers two-wheelers from Hero MotoCorp
and Piaggio, will introduce Nissan Motor India
Ltd’s Datsun cars, besides two-wheelers and
four-wheelers from Mahindra and Mahindra Ltd and
Suzuki Motorcycles. India Pvt. Ltd.
The platform allows customers to connect with
dealers on the basis of their location and
estimated delivery date. Consumers will have to
pay a nominal booking amount. They can do a test
drive or get the product delivered at their
doorstep.
People
Sanjeev Mohanty named Jabong CEO
KnowStartUp
Gurgaon-based fashion and lifestyle e-commerce
portal Jabong.com has appointed Sanjeev Mohanty
as its new CEO and MD . Mohanty was previously
the MD of apparel brand Benetton India for 11
years. Prior to that he worked with Madura
Garments, Levi Strauss and Walt Disney.
Federal Bank appoints new Chief Operating
Officer
Business Standard
Private sector lender, Federal Bank has
appointed Shalini Warrier as the Chief Operating
Officer. Prior to this, Warrier was the Chief
Executive Officer and Head of Consumer Banking
at Standard Chartered Bank in Brunei.
Govt appoints MDs of four PSU banks
Business Standard
The government has appointed MDs of four public
lenders, including UCO Bank, Corporation Bank
and Andhra Bank. Suresh N Patel, Executive
Director of Oriental Bank of Commerce, has been
appointed managing director of the
Hyderabad-based Andhra Bank. R K Takkar, ED,
Dena Bank, will now head the Kolkata-based UCO
Bank while J K Garg has been named as the MD of
Corporation Bank. Mahesh Kumar Jain, ED, Indian
Bank, has been elevated as the MD and CEO for
three years.
Housing appoints Jason Kothari as CEO
NextBigWhat
Housing.com has appointed Jason Kothari as its
new CEO. Kothari had joined the firm as Chief
Business Officer in August. He was earlier the
co-founder & CEO of Valiant Entertainment.
Others
Ad-tech startup AdMagnet shuts down ops,
Vizury lays off staff
NextBigWhat
Ad Network startup AdMagnet has reportedly
suspended operations since Oct 30th. Co-Founder
Ratish Nair is reported to have left the
company, “suffering from serious health issues”
in June this year. Executives listed on the
company’s board too seem to have quit.
In another development, the online advertising
company, Vizury has reportedly laid off 50
people in 3 cities, and pivoted its ad
retargeting business into a data management
platform. The company is shutting down its
Mumbai office. Vizury secured $27 million from
multiple seed rounds from Intel Capital, Nokia
Growth and Inventus Capital.
Tatva Legal is a full service law firm with offices across five locations in Bengaluru, Chennai, Gurgaon, Hyderabad and Mumbai founded in 2010 with 16 Partners and 80 Lawyers. The firm acts for both national and international clients.
As a full service firm, Tatva Legal provides a broad range of legal services whilst focusing on its core areas of practice corporate advisory, private equity and mergers and acquisitions, banking and finance, infrastructure and real estate.
The M&A team has extensive experience in representing private equity players, venture capitalists and corporates (including several Fortune 500 companies) in a multitude of specialised and sophisticated transactions, in both domestic and cross border deals.
The firm has an active practice in advising Banks and Non-banking Financial Companies in their fund deployment including listed corporate bonds, mezzanine debt and lending.
The firm is highly recommended for Real Estate transactions and has advised Developers, Funds and End Users like Hotels & Hospitals, SEZ, IT Parks across India.
The other areas of Practice include Insurance, Competition / Anti Trust, Projects Technology & dispute resolution.
N.K.Dilip
E:
nk.dilip@tatvalegal.com
Tel. +91 80 43311433
"China has been at the centre of a lot of
controversy following its currency devaluation and the
sudden crash of the stock market. Many observers especially
in the developed world are accusing it of currency
manipulation to defibrillate exports and hence the economy.
In a talk delivered at the Indian Chemical Council, Mr.
Sridhar Venkiteswaran, Executive Director, Avalon
Consulting, explored these issues and their impact on both
China and India.
Click here to read more.
Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is among the Top 15 Consulting Firms Overall in Asia (Vault List 2014).
Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.
Basiz is a high end and specialized fund accounting service provider with international footprints, with offices in Mumbai, Chennai and Coimbatore in India, besides Singapore, London and New York. Basiz primarily focuses on servicing Fund administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.
Contact Information
Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E:
sesha@basizfa.com
http://www.basizfa.com
J. Sagar Associates (JSA) is a leading national law firm in India comprising over 350 professionals, with offices in Ahmedabad, Bengaluru, Chennai, Gurgaon, Hyderabad, Mumbai and New Delhi. The firm represents international and domestic clients and is known for its outstanding work and legal solutions in highly complex matters. Clients benefit from the expertise and experience of a large firm while still enjoying the privilege of personal attention and responsiveness of a small firm. JSA's advice is delivered by well-informed, accessible, partner - led teams, which strive to provide the highest quality of service to their clients by understanding their needs and living up to the commitments that are made. JSA's practice extends across diverse sectors of industry and services.
Practice Areas:
Private Equity; Mergers & Acquisitions; General Corporate Commercial; Projects; Regulatory & Policy; Tax, Customs & Trade; Banking & Finance; Capital Markets & Securities; Corporate Compliance, Anti-Corruption & Investigation and Dispute Resolution.
For Details visit http://www.jsalaw.com/
Deal Digest Daily
Delivered by email on all working weekdays, the Deal Digest
Daily newsletter summarizes Private Equity / Venture Capital
Investment & Exits, IPO, M&A activity in India. Our coverage
includes not just completed deals, but "Deals in the Making"
as well: i.e., companies planning to raise PE/VC funding or
on the IPO path, looking for acquisition etc. The Deal
Digest also includes news on new funds being raised,
executive movements and much more – making it “start the day
with” update for executives in the Indian deal ecosystem. It
is a companion to the weekly Deal Digest that is published
each Friday.
Click Here to request
a trial.
Recommend the Digest
Please note that the Deal Digest is a PAID FOR newsletter.
We encourage forwarding of this newsletter to your industry colleagues on a once-per-user basis, provided you also copy
subscription@ventureintelligence.in
In return, we will be glad to provide your referrals with free trial issues. Any other unauthorized redistribution is a violation of copyright law.
Other Venture Intelligence Products Databases PE Deal Database, Pvt Cos Financials Database, M&A Deal Database, PE RE Deal Database PE Reports, VC Reports, Directories, LP Directory. Click Here for details
