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Shriram Properties raises Rs 1,000-Cr from ASK Group
Business Line
Bengaluru-based Shriram Properties has raised INR 1,000
crore from PE-RE investor ASK Group to set up a JV
invest vehicle that will invest in affordable,
mid-housing and distressed assets. The company will tap
projects in Bengaluru, Chennai, Coimbatore, Vizag and
Kolkata.
Private Equity Fund Investments
Lendingkart raises $87-M round led by Temasek
PTI
Fintech startup Lendingkart Technologies has raised USD
87 million (INR 565 crore) in equity funding, led by
Singapore's Fullerton Financial Holdings (FFH) which is
a wholly-owned subsidiary of Temasek, along with
existing investors. The company plans to expand its
credit product offerings to deepen its reach to small
enterprises. Credit Suisse acted as the exclusive
financial advisor to Lendingkart Technologies.
Lendingkart has also signed a memorandum of
understanding with Fullerton India Capital Company, a
wholly owned subsidiary of FFH, which will provide both
parties opportunities to collaborate on initiatives that
complement their respective credit businesses.
From the Venture Intelligence PE-VC Deal
Database: Between 2015 and 2017
Lendingkart had raised USD 37 Million from a clutch of
investors including Mayfield, Saama Capital, India
Quotient, Bertelsmann India Investments and Sistema Asia
Fund. (Subscribers to the database can login to view the
valuation, deal structuring and other transaction
details.)
PremjiInvest leads $71-M investment for US-based
payments firm YapStone
Press Release
PremjiInvest (PI) has led a USD 71 million
Series C round for US-based global payments firm
YapStone. PI was joined by Mastercard
and existing investors, Accel Partners and
Meritech Capital Partners. The latest funding
round will help YapStone expand its product
offering, broaden its geographic footprint and
pursue mergers and acquisitions. FT Partners
(Financial Technology Partners LP and FTP
Securities LLC) served as exclusive strategic
and financial advisor to YapStone on the
transaction.
UK’s CDC invests
Rs.200-Cr in Future Consumer’s NCDs
BSE
CDC Group, the UK government’s development
finance institution, is to invest INR 200 crore
in non-convertible debentures (NCDs) issued by
publicly-listed Future Consumer Ltd. The NCDs,
with a tenure of seven years, will be used
primarily to finance capex, long-term working
capital and support the growth of the business.
The facility has lower cash coupon rates in the
first two years coupled with repayments starting
after three years.
Techies
hiring platform HackerRank raises $30-M from
US-based investors
Press Release
HackerRank, a
platform that helps companies evaluate technical
talent based on skills (which was originally
founded in Bangalore as Interview Street), has
raised USD 30 million in Series C funding led by
JMI Equity. Existing investors, including Khosla
Ventures, Battery Ventures, Randstad Innovation
Fund and Chartline Capital Partners also
participated in the round, which brings
HackerRank's total funding to USD 58.2 million.
Suken Vakil, General Partner at JMI Equity, has
joined HackerRank's Board of Directors.
HackerRank will use the new capital to
accelerate its growth in the enterprise, expand
and support its community of more than 3.4
million developers and advance its data science
research and development.
HealthifyMe raises
$12-M in Series B from Sistema Asia, others
Mint
Healthcare startup HealthifyMe has raised USD 12
million in a series B round of funding led by
Russian conglomerate Sistema Asia Fund. Others
who participated in the round include Samsung
NEXT, Atlas Asset Management, Japan’s Dream
Incubator, IDG Ventures India, Inventus Capital,
Blume Ventures and NB Ventures. The startup
intends to use the fresh round of funding to
expand its presence in India by offering new
products and services like health foods,
diagnostics and insurance. The company also
intends to use the funds to strengthen its
artificial intelligence and data science
capabilities.
Founded in 2012, HealthifyMe helps users manage
their diet and workout schedule and track
progress.
Fintech firm Rupeek raises
Rs.44-Cr led by Accel India
Accel India (via Accel India V) has invested INR 32.56 crore for a
14.54% stake in online gold loans startup Rupeek FinTech Pvt Ltd. Anand
Daniel of Accel has joined the Rupeek board. Existing investor Sequoia
Capital India (via SCI Investments V) co-invested INR 11.44 crore for a
5.11% stake respectively in the Series B CCPS on Dec 21, 2017. The
investment was made at a pre-money valuation of INR 180 crore - 5.8
times the pre-money valuation of INR 31.22 crore that Sequoia had first
invested at in Jan 2017.
Post-deal, Sequoia Capital India will hold a 29.20% stake and Accel
India, 14.54% on a fully diluted basis. The company reported revenues of
INR 29 lakhs for FY17.
From the Venture Intelligence PE-VC Deal Database:
In Jan 2017, Sequoia Capital India invested INR 13.37 Cr for a 30% stake
in the company.
Biotech
startup Pandorum raises $3.6-M from 021 Capital,
IAN, KITVEN, Sunil Munjal
Economic Times
Pandorum Technologies,
a biotech startup which 3D print tissues, has
raised USD 3.6 million (INR 23 crore) in a
series A round from Indian Angel Network Fund,
021 Capital, 500 Startups and KITVEN. The round
also saw participation from Hero Enterprise
chairman Sunil Kant Munjal and IAN’s angel
network.
Pandorum, which develops 3D-printed human
tissues for medical research and therapeutics,
will use the money to scale up operations, hire
talent and deepen research and development.
Centrum’s Kalpavriksh fund invests $3-M in
edutech startup Littlemore
Mint
Littlemore Innovation Labs
Pvt. Ltd, a education technology
company, has raised INR 20 crore (USD 3 million)
from Kalpavriksh, a private equity fund of the
Centrum Group. Littlemore Innovation Labs
provides digital and scalable solutions for
conducting paperless descriptive exams online.
The company plans to use the funds for further
research and development and filing patents and
copyrights in Singapore and to expand its
presence in Southeast Asia and the Middle East.
The company also plans to tie up with private
universities in India.
Eduvanz Financing
raises $500-K from Blinc Advisors
Mint
Eduvanz Financing Pvt. Ltd, an education
technology startup that provides loans for skill
development to students, has raised USD 500,000
in a round of funding led by Blinc Advisors.
Eduvanz works with training partners, corporates
and certification providers across 16 industry
sectors to increase their enrolments by
providing innovative financial solutions to
students and skill-seekers. The company aims to
use the funds for strengthening its AI-based
lending technology for loan appraisal and expand
its operations across India.
Test prep co Toppr
raises Rs.65 Lakhs in addnl Series B funding
from Hong Kong’s Axis Capital
From the Venture
Intelligence PE-VC Deal Database:
Mumbai-based online test preparation service
Toppr had raised an additional INR 65 lakhs in
Nov-17 from Hong Kong based Axis Capital
Partners.- as part of its Series B funding which
begun in Aug-17-
In Aug 2017, Toppr had raised INR 45.60 crore
from existing investors SAIF, Eight Road
Ventures, Helion Ventures as part of its Series
B funding. The company has raised $19 M in
equity funding and also attracted Venture Debt
from Innoven Capital.
Contract management SaaS startup
SirionLabs attracts funding from RB Investments
Singapore-based
RB Investments has invested in Gurgaon-based
software startup SirionLabs along with existing investors. Founded in
2012, SirionLabs is an enterprise SaaS provider for post-signature
contract management.
From the Venture Intelligence PE-VC Deal Database:
In Jul 2016, SirionLabs had raised USD 12.25 million
(about INR 80 crore) from Sequoia Capital India, Qualgro and Canopy
Ventures. Prior to that in Apr 2014, it had raised INR 28 Cr from
Sequoia Capital.
Marketing automation
SaaS startup WebEngage attracts funding from
Social+Capital
Press Release
WebEngage, a marketing automation focused SaaS
service operated by Webklipper Technologies Pvt.
Ltd, has raised funding from US-based
Social+Capital Partnership. The new funds will
be used to build product pipeline for 2018.
Existing investors in WebEngage include Blume
Ventures, GTI Capital, Capillary Technologies
and angels such as Rajan Anandan.
B2B
marketplace Wydr raises addl funding from
existing investors
Inc42
Wydr, a mobile-based B2B marketplace, has raised
funding from its existing investors. The
proceeds will be used to strengthen seller base,
set up pan-India offices and improve product and
technology stack to penetrate deeper into the
Indian wholesale market. The company claims to
have 10,000 manufacturers and distributors.
From the Venture
Intelligence PE-VC Deal Database:
In Dec 2016, Wydr had raised INR 13.1 crore from
Bessemer, Jungle Ventures, Stellaris Venture
Partners, Axis Capital Partners and Shamser
Singh Sidhu and Ramakant Sharma.
Angel Funding
PetSutra raises Rs.95-L
ANI News
Gurgaon-based niche pet startup
PetSutra raised
INR 95 lakh s a seed investment from investors
from across the world. The raised funds will be
used to expand the brand’s presence across India
and globally.
Campaign mgmt firm
Corefactors raises funding from ah! Ventures
TechStory
Corefactors, a Bengaluru-headquartered campaign
management, business communication and analytics
company, has raised a pre-Series A round of
funding from growth catalyst firm ah! Ventures.
Corefactors will use the fresh capital for
branding, marketing and expanding its services
to other geographies.
Ed-tech startup Shirsa Labs
raises addl angel funding led by Cross Border Angels
BW Disrupt
Mumbai based Ed-tech startup Shirsa Labs has raised USD 0.5 million in
seed funding led by Cross Border Angels (CBA) and other existing
investors including ah! Ventures, Dewang Neralla, Mahesh Kothurdkar,
Purple Patch Ventures & family offices from Dubai and Goa, Atul Agarwal
(Founder of Mercator Lines, a listed company), and multiple investment
bankers from India and US. The fresh funds will be used by the company
to bolster its marketing in India.
Shirsa Labs’ online engagement platform ‘Planet of Gui’ is a social
platform that engages kids with multiple features and educational
content.
From the Venture Intelligence Angel Investments
Database: In Nov 2015, Shirsa Labs had raised $250,000
from ah! Ventures.
Social VC Investments
Education co IMAX Program raises Rs.87-Cr from
MSDF, others
Economic Times
IMAX Program, a Bengaluru-based personalised
education startup, has raised USD 13.5 million
(about INR 87 crore) from Michael & Susan Dell
Foundation (MSDF), LGT Impact Ventures and
existing investor Aspada. The firm plans to use
the funds for product innovation and for
expanding its customer base through multiple
distribution channels. The startup offers
textbooks, workbooks, school exams, feedback
reports and individualised remedial worksheets
along with teacher manuals and teacher training
modules. In 2015, Aspada had invested USD 1.8
million in IMAX.
Awaz De
Infosystems raises funding from
Aavishkaar-Intellecap Group
DealStreetAsia
Awaaz De Infosystems Pvt.
Ltd has received funding from angel
investors brought together by Tribe Impact
Capital LLP, a subsidiary of
Aavishkaar-Intellecap Group. The Ahmedabad-based
startup plans to use the funds for scaling up
operations in India and for hiring new talent.
Awaaz De provides customised solutions for
organisations to help communicate with customers
and stakeholders through text and voice
messages.
The angel investors that participated in the
round include Takeshi Kato, founder of Japanese
investment firm BWiz Capital; and Paula Mariwala,
founder, and Prashant Adurty, investor-member,
Stanford Angels & Entrepreneurs India. Pravin
Gandhi, co-founder of Seedfund Advisors; Ajay
Balvantray Parekh, director at Pidilite; and
Samir Shah, managing principal at Sattva
Investment Advisors also invested in this round.
Healthtech startup MedTel raises
seed funding
DealStreetAsia
Odisha-based health-tech startup MedTel has raised pre-Series A funding
led by the Villgro-managed Innovative Ventures and Technologies for
Development (INVENT). The proceeds will be used to improve its
technology and product offerings in addition to expanding to other
states.
Medtel, founded in 2017, operates an artificial intelligence and
cloud-based web and mobile platform which brings together pharmacies,
pathology labs, doctors and patients. It claims to have aggregated 850
pharmacies and diagnostic centres as digital health clinics. It offers
more than 400 registered specialist doctors with expertise in areas
including paediatrics, psychology, cardiology, neurology, oncology and
diabetology.
Liquidity Events
ChrysCapital exits City
Union Bank by selling shares worth Rs.99.60 Cr,
registers 2.83x return
ChrysCapital, via Lavender Investments Ltd, has
sold 6,000,000 shares (0.90% stake) on NSE of
publicly listed City Union Bank Ltd. on Feb 15,
2018. The sale, at INR 166 per share, aggregated
to INR 99.60 Cr. Post-deal, the investor might
hold 0.15% stake (981,768 shares) in the
company.
From the Venture
Intelligence PE-VC Deal Database:
In May 2014, ChrysCapital invested INR 142.86 Cr
at INR 63 per share. In July 2014, ChrysCapital
invested additional INR 7 Cr at INR 75.05 per
share.
Tano Capital sells Safari Industries shares worth Rs
51-Cr, registers 4.33x return
Tano Capital, via Tano India Private Equity FD II FDI,
sold 984,000 shares (4.42% stake) on BSE of publicly
listed luggage manufacturer Safari Industries Ltd. on
Feb 14, 2018. The sale, at INR 520.01 per share,
aggregated to INR 51.17 Cr. Post-deal, the investor
would hold 14.23% stake (3,166,000 shares) in the
company.
From the Venture Intelligence
PE-VC Deal Database: In Jun 2014, Tano
Capital invested INR 49.80 Cr for 21.72% stake in
publicly listed Safari.
Other
Private Equity/Strategic Investments
Zee Learn
acquires 44% in test prep firm MT Educare for Rs.200-Cr; makes open
offer
BSE ,
BSE
Zee Learn has acquired a 44.53% stake in fellow publicly listed
MT Educare through a preferential allotment (of 3,19,64,200 equity
shares of INR 10 each at a price of INR 62.57 per share) aggregating to
INR 200 crores. It will make an open offer which is to be managed by
Axis Capital.
MT Educare, founded in 1988, provides education support and
coaching services. It also offers specialized coaching for national
level examinations like JEE for engineering, NEET for medical, CA for
commerce and CAT / CET for MBA aspirants. MT Educare had reported
consolidated revenues of INR 301.06 CR for FY17 (vs INR 287.08 Cr in
FY16).
US fintech co MoneyOnMobile
raises $5-M from S7 Group
Press Release
US-headquartered fintech startup MoneyOnMobile has raised USD 5 million
in Series H round of funding from the S7 Group. MoneyOnMobile is an
India-focused company offering mobile payment services. It enables
Indian consumers to use mobile phones to pay for goods and services or
transfer funds from one cell phone to another. It claims to have more
than 350,000 retail locations throughout India.
Foodtech starup Holachef raises
Rs.4.95 Cr more in extended Series B funding
Venture Intelligence Research
Mumbai-based foodtech startup Holachef has raised INR 4.95 Cr ($0.77 M)
in an extended Series B1 funding. The additional funding was raised in
2017 from a clutch of individual investors including Ashok Kumar Gajera,
Ashwin Bharambhe & others as well as corporate entities including
Rajasthan-based software publishing and consultancy firm IPI Technolab
Pvt. Ltd.
From the Venture Intelligence PE-VC Deal Database:
In 2016, Holachef had raised INR 32.5 Cr ($4.85 M) in its Series B
funding from Kalaari Capital, SIDBI VC and India Quotient across 2
tranches. In 2015, it had raised INR 21.75 Cr ($3.40 M) from Kalaari
Capital, India Quotient and Ratan Tata as part of its Series A funding.
(Subscribers to the database can login to view the valuation, deal
structuring and other transaction details.)
Network18 to invest in
e-commerce firm Infibeam
BSE
Media firm Network18, through its subsidiary
company, will make a strategic investment in
fellow publicly listed Infibeam Incorporation
Limited. Through this tie-up, Infibeam plans to
market itself through multiple Network18
properties.
ONGC Videsh-led
consortium acquires 10% stake in UAE oil
offshore concession
BSE
An ONGC Videsh led Indian Consortium has
acquired 10% stake in Lower Zakum Concession,
Offshore Abu Dhabi. The consortium includes
Indian Oil Corporation Ltd and the international
arm of Bharat Petroleum Corporation Ltd (Bharat
Petro Resources Ltd). The Indian Consortium
would contribute a sign-up bonus of USD 600
million to enter the concession for a 10% stake.
IPOs
Aster DM Healthcare IPO
subscribed 1.3 times
MoneyControl
,MoneyControl
Healthcare services provider Aster DM
Healthcare’s initial public offering (IPO) was
oversubscribed 1.3 times on the last day. The
IPO, which aimed to raise INR 980 crore,
received bids for 4.87 crore equity shares
against issue size of 3.73 crore shares
excluding anchor investors' portion. The
reserved portion of qualified institutional
investors was subscribed 2.09 times and
non-institutional category, 55%. The retail
investors portion saw a subscription of 1.2
times. The company already raised INR 294 crore
from anchor investors. even anchor investors
subscribed 1,54,75,843 equity shares at INR 190 per share. The
investors are SBI MF, Sundaram MF, Karst Peak
Asia Master Fund, DB International Asia, Societe
Generale, Caisse De Depot Et Placement Du Quebec
- First State Investments International and
First State Indian Subcontinent Fund.
The IPO comprised of fresh issue of equity
shares worth up to INR 725 crore and an offer
for sale of up to 1,34,28,251 shares by the
company's promoter, Union Investments. Proceeds
of the fresh issue would be used towards
repayment of debt, purchase of medical equipment
and for general corporate purposes. Kotak
Mahindra Capital Company, Axis Capital and
Goldman Sachs (India) Securities are the
global co-ordinators and book running lead
managers to the offer. ICICI Securities, JM
Financial & YES Securities (India) are the
book running lead managers.
From the Venture Intelligence
PE-VC Deal Database: Starting in
Feb-08, Aster had attracted $210-M from India
Value Fund (now True North) and Olympus Capital.
In Jan-12, India Value Fund had sold a part
stake to Olympus Capital. (Subscribers to the
database can login to view the valuation, deal
structuring and other transaction details of the
investments and return details of the part
exit.)
M&A
M&M to sell 22% stake
in Mahindra Sanyo to JV partner for Rs.146-Cr
BSE
Mahindra & Mahindra has agreed to sell a 22%
stake (26,36,401 equity shares of INR 10 each)
in joint venture firm Mahindra Sanyo Special
Steel Pvt Ltd (MSSSPL) to Sanyo Special Steel Co
Ltd for INR 146.32 crore. Post-sale, M&A’s
shareholding in MSSSPL would come down to 29%
from 51% of its share capital.
Turnover of MSSSPL for the year ended March 31,
2017 stood at INR 918 crore.
ZiffyHomes acquires rival home
rentals service FellaHomes
INC42
New Delhi-based ZiffyHomes has acquired fellow home rental marketplace
FellaHomes
in an cash and equity deal. Post acquisition, Ziffy plans to consolidate
the expansion database for both the companies, wherein they will
continue to serve exclusive rooms and FellaHomes would provide rentals
at affordable pricing. FellaHomes founder Virender Pratap Singh will
join the leadership of ZiffyHomes.
Digital
creative agency The Glitch acquired by GroupM
Economic Times
GroupM, a global media investment group, is set
to acquire digital creative agency,
The Glitch.
This acquisition will continue GroupM's growth
strategy in India and offer clients access to a
range of digital marketing services and holistic
content solutions.
Travel tech co Tavisca
acquired by US-based Affinion Group
Press Release
Stamford, CT (USA)-based Affinion Group has
acquired
Tavisca Solutions,
a Pune-based provider of technology to the
travel industry. Tavisca Solutions works with
loyalty and leisure travel companies, including
Affinion Group's Connexions Loyalty division, to
help them support and grow their online travel
solutions. Tavisca powers millions of travel
bookings per year for leading travel companies
globally. Founded in 2008, Tavisca has an US
office in Plano, TX and employs over 300
technology developers and support staff.
GVK Power divests stake
in 3 subsidiaries
BSE
GVK Power & Infrastructure has entered into an
agreement with Anagha Constructions Pvt Ltd and
Visakha Constructions Pvt Ltd to sell the entire
equity stake in three of its subsidiaries. The
sale relates to Goriganga Hydro Power Pvt Ltd
and GVK Oil & Gas Ltd, both wholly owned
subsidiaries, and GVK Energy Ventures Pvt Ltd, a
step-down subsidiary of the company. There was
no turnover from these subsidiaries. The
networth of Goriganga arm was INR 35.23 lakh,
GVK Oil & Gas INR 7.53 crore and that of GVK
Energy Ventures INR 407. Anagha Constructions
will acquire Goriganga arm and GVK Oil & Gas
while Visakha Constructions will acquire GVK
Energy Ventures.
Other Deals
Shapoorji
Pallonji Group buys Japanese chemical tanker for $13.8 M
Press Release,
Splash247.com
Shapoorji Pallonji Forbes Shipping Limited has acquired a
Japanese built chemical container named “FSL Tokyo” from
Singapore-based FSL Trust for USD 13.8 Million. The acquisition
was financed by Axis Bank. Juris Corp acted as Indian
legal counsel to Axis. The chemical tanker, FSL Tokyo, is a
2006, Japanese-built, 20,938 deadweight tonnage vessel that has
been deployed in the spot market.
SEBI buys IDBI’s BKC
office building for Rs.1,000-Cr
Business Line
Market regulator SEBI has acquired IDBI Bank’s
seven-storey office building at the Bandra-Kurla Complex
(BKC) for INR 1,000 crore. The IDBI building, which has
3.41 lakh sq ft built-up area, is located in the same
‘G’ block area of BKC where SEBI has its offices.
Car
rental platform Drivezy raises $5-M through ICO
DealStreetAsia
Mumbai-based online car rental platform
Drivezy has
raised USD 5 million from its first round of
initial coin offering (ICO). Existing investors
and high net worth individuals (HNIs) from Japan
and Singapore participated in the round. For the
current round, Drivezy limited the ICO to
investors who have a minimum net worth of USD 1
million or those with an income of more than USD
200,000 per year. Drivezy plans to use the money
to add 800 cars and bikes to its platform. In
the ICO, Drivezy’s investors were allowed to
purchase cryptographic tokens which entitle them
to a share of revenue, generated by rental
transactions on the platform. For the current
round, the company sold close to 3 million
tokens.
Till date, the company has raised around USD 15
million from the regulatory route—VCs and other
investors. Its earlier Series A round in October
2017 saw participation from Das Capital, Axan
Ventures, CrowdWorks, IT-Farm, White Unicorn
Ventures and others.
Debt
Financing
Used
phone platform Cashify raises $1-M from Trifecta
Capital
Inc42
Gurugram-based online used phone platform
Cashify has raised USD 1 million in a venture
debt funding round from Trifecta Capital. The
proceeds will be used to meet its growing
working capital requirements. Cashify is backed
by Bessemer Venture Partners, Blume Ventures and
M&S Partners.
Earlier in 2016, the company acqui-hired
Bengaluru-based MobiBing, a B2C marketplace to
buy, sell overstock, refurbished and unboxed
gadgets.
EDM firm Kaynes Tech
raises structured debt
Media Release
Kaynes Technology Pvt Ltd, a Mysore-based
electronics design and manufacturing firm has
raised structured debt from a Category II
Alternative Investment Fund. Veda Corporate
Advisors was the exclusive financial advisor
to Kaynes & its promoters in the transaction.
With 7 manufacturing plants across India, Kaynes
focuses on the design and manufacture of high
mix, high tech, low volume products across
industry verticals. It is a market leader in
railway signalling systems and has established
significant presence in systems catering to
Automobile, Industrial, Defence & Aerospace and
Medical sectors. Kaynes will use the new funds
to further strengthen design capabilities and
grow the business globally.
NowFloats raises debt from
BlackSoil Capital
Blacksoil Capital has invested INR 5 Crores in NowFloats
Technologies for working capital requirements. NowFloats provides a
location-based platform that helps smaller and medium-sized businesses
to grow bigger by getting them online and getting discovered by
potential customers around them.
Real Estate
Transactions
Max India's Analjit Singh buys house
owned by Singh brothers for Rs.185-Cr
Economic Times
Max India group founder Analjit Singh has
acquired a bungalow owned by his nephews
Malvinder and Shivinder Singh in Delhi for INR
185 crore. The funds from the sale will be used
to repay the lender to whom the Singh brothers
had pledged the house. The 0.5-acre bungalow
situated at 1 Rajesh Pilot Lane was part of a
three-acre plot owned by Bhai Mohan Singh,
father of Analjit Singh and grandfather of the
Singh brothers. The remaining property i.e. 2
Rajesh Pilot Lane and 15 APJ Abdul Kalam Road is
owned by Analjit Singh.
Sunteck Realty to acquire Orbit
Corp’s Malabar Hills building for Rs.34-Cr
Mint
Mumbai-based Sunteck Realty Ltd is to acquire BSE-listed troubled
developer Orbit Corp. Ltd’s property Baug-E-Sara situated in the Malabar
Hills area for INR 34.20 crore.
Reliance
Nippon Life floats 3 AIFs to raise Rs.1,500-Cr
Economic Times
Anil Ambani-controlled Reliance Nippon Life Asset Management
has floated three alternative investment fund schemes to
raise at least INR 1,500 crore. The plans, which are open
for subscription, are Reliance Yield Maximiser AIF - Scheme
4, Reliance Equity Opportunities AIF - Scheme 2 and Reliance
Equity Opportunities AIF - Scheme 3.
Omnivore Partners
make first close of 2nd fund with $46-M
Press Release,
Economic Times
Omnivore Partners has raised USD 46 million for
the first close of its second fund. Investors
that participated in the fund include SIDBI, RBL
Bank, Sorenson Impact Foundation, The
Rockefeller Foundation, Dutch Good Growth Fund (DGGF),
Ceniarth, and KfW, the German development bank.
The firm is targeting a total of USD 75 million
or INR 500 crore for its second fund and aims to
complete the fund raising by August.
Omnivore aims to invest in technology-focused,
seed-funded and series-A stage startups working
in varied agriculture sub-sectors, besides in
food, nutrition, farmer and rural
innovation-focused ideas. The farmer-focused
innovations can include storage and logistic
solutions, farm automation, energy & water
solutions and financial inclusion. The fund is
to invest in 18 to 20 startups over the next
four years.
Puravankara to
raise Rs.2,000-Cr fund for affordable housing
MoneyControl
Property developer Puravankara plans to set up a
real estate fund of up to INR 2,000 crore to
develop affordable housing projects, primarily
in Bangalore, Mumbai, Pune, Chennai and
Hyderabad. The Bengaluru-based developer is in
talks with a few investors to set up this
platform within six months.
IFC to
invest $15-M in Faering Capital’s Fund II
DealStreetAsia
IFC proposes an equity
investment of up to USD 15 million in Faering Capital
Evolving Fund III Ltd, a Mauritius-based limited life and
limited liability company. The Fund is focused on providing
growth capital to mid-market companies in India spanning
sectors such as financial services, consumer
products/services, healthcare, logistics and other
consumption enabling sectors.
Faering Capital is seeking to raise USD 200 million in
capital commitments with a hard-cap of USD 250 million. The
fund will be managed by Faering Capital International.
Global
Steering Group plans twin impact funds of $1-B each
Mint
Global Steering Group for Impact Investment (GSG) plans to
launch two funds, each estimated to reach up to USD 1
billion by October, to provide social enterprise initiatives
in India greater access to investment capital. The India
Education Outcomes Fund (IEOF) will aim at improving the
quality of K-12 education, while the other, the India Impact
Fund of Funds (IIFF), will look at other developmental
programmes.
The two funds will seek to bring private capital with the
discipline that it brings to support government policies in
important (intervention) areas. For IEOF, the potential
stakeholders include bilateral agencies, philanthropists,
local and global institutional donors, corporate social
responsibility (CSR) budgets and government institutions.
IIFF will raise anchor funds from Indian diaspora and high
networth individuals domestically. These outcome funds would
provide investments for both for-profit and nonprofit
education service providers.
IvyCap plans
$100-M Israel-India fund
Economic Times
Ivy-Cap Ventures is in talks to set up a
cross-border equity fund between India and
Israel, likely to be sized at USD 100 million
(about INR 640 crore). It will see IvyCap
Ventures participate along with an Israeli
investor group or fund equally. The fund will
focus on startups that are based in Israel but
working on India-specific solutions in areas of
water, healthcare, agriculture and cybersecurity.
The fund will aim to enable good technology
solutions and products for India while giving
Israeli entrepreneurs a market with scale to
test and market their products. It will be
structured as a dollar fund and will have the
India component designed as a category 2,
alternative investment fund (AIF). The fund will
invest in ticket sizes between USD 0.5 million
and USD 7 million (INR 3-45 crore).
Axis AMC to
venture into realty funds; hires Balaji Rao to
head the biz
Business Standard
Axis Asset Management Company (AMC), a unit of
Axis Bank, is entering the real estate funds
business through the alternative investment fund
(AIF) route. Axis AMC has hired real estate
funds veteran Balaji Rao to head the business
and build a core team of eight to 10 people in
the investment and asset management verticals.
Before joining Axis, Rao was managing director
at Indic Capital Advisors, supervising the
operations of the USD 630-million Sun Ares Real
Estate Opportunity Fund. He also served as MD of
Starwood Capital.
VI
Updates
Media Mentions
What’s
Driving India’s Fintech Boom?:
Knowledge@Wharton
A Knowledge@Wharton quotes Venture Intelligence data on Fintech
investments:
According to information and analysis firm Venture Intelligence, in 2016
and 2017 there were around 103 private equity/venture capital
investments in the fintech sector in India amounting to $2.39 billion.
The biggest investment in 2017 was $1,400 in Paytm by the Japanese
conglomerate SoftBank. Others who received funding include insurance
marketplace PolicyBazaar ($77 million), SME lending platform Capital
Float ($45 million) and payments firms Mswipe Technologies ($31 million)
and Razorpay ($20 million).
A purple patch for investors:
Fortune
Fortune magazine features Venture Intelligence data
on Private Equity exits in its Editor’s Letter of
the February 2018 issue.
A PwC India report on PE trends in 2017 calls that
year a landmark one for exits. Quoting Venture
Intelligence figures, the PwC report points out that
there were 259 exits worth $12.5 billion as of
mid-December 2017. And this is excluding real estate
deals. This is 40% higher than the previous best,
recorded in 2015. And as initial public offers (IPOs)
became a preferred exit route, 2017 saw $1.2 billion
of PE-backed IPOs. By all accounts, the trend of
exits is expected to continue in 2018, particularly
by way of IPOs.
Deep tech
back in flavour:
Times of India
A Times Of India article
quotes Venture Intelligence data on VC investments in Deep tech
companies:
Enterprise deep tech companies was the only major theme to see an
increase in investment activity in 2017 nearly doubling from the 12 in
2016 to 23 in 2017, according to data from Venture Intelligence.
Artificial Intelligence (AI) and big data companies shared 33% of the
investments, while security tech companies grabbed 17% of the VC
investments in deep tech. The large rounds went to fraud protection
company Similty, big data company Flutura and speech recognition company
Uniphore, Venture Intelligence data reveals.
Bessemer
Venture Partners hits a pause in India:
The Ken
An article by The Ken quotes Venture Intelligence data on investments
and exits by Bessemer Venture Partners in India:
According to data shared by Venture Intelligence, BVP India earned 3.27
times the return on its investment in online marketplace Snapdeal in a
secondary share sale to SoftBank in 2015. This was ahead of the drop in
valuation of Snapdeal from its peak of $6.5 billion in 2016 to $850
million in 2017. BVP India’s other exits include TaxiForSure (which was
sold to Ola) as well as companies like Matrimony.com and Shriram City
Union Finance being publicly listed. BVP India has invested in 47
companies in India since 2004 when it set up an India office. It has
exited 20 companies, through strategic sale and IPO.
According to data from research platform Venture Intelligence, the
number of deals by BVP has shrunk from 10 in 2016 to six in 2017.
Spark Capital
is one of India’s leading mid-market,
full-service Investment Banks. Having our
genesis from the south in 2001 and now
having a pan-India presence, we offer
services encompassing Investment Banking,
Institutional Equities, Fixed Income
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experience of our founding members and the
contemporary thinking of our young
leadership team. Our core values of
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seeking partnerships that are mutually
beneficial, help us build sustainable,
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raising in private and public markets; M&A
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www.sparkcapital.in
Actis set to buy Bhoruka Group’s green
energy assets for Rs.2700-Cr
Economic Times
Multi-asset emerging market investor Actis
is set to acquire renewable energy assets of
Karnataka-based Bhoruka Group at an
enterprise value of about INR 2,700 crore.
Bhoruka Group, which also has interests in
real estate, coal mining, gas and steel, is
selling its entire renewable energy
portfolio of 321 MW under its subsidiary
Bhoruka Power Corp to Actis. Yes
Securities is the sole investment
manager for the deal.
Health services co MediAssist to raise
Rs.250-Cr ahead of IPO
Economic Times
Private equity fund Bessemer Venture
Partners and IDFC-backed MediAssist Health
Services are in talks with private equity
funds to raise up to INR 250 crore before
the planned IPO. Bengaluru-based Medi-Assist
offers services in wellness, pharmacy
programme management, medical network
management and benefits administration.
Incubated by Infosys co-founder NS
Raghavan’s private investment firm Nadathur
Group, MediAssist was acquired by the Anil
Ambani-owned Reliance Health in 2006. In
2011, Bessemer Venture Partners and Vikram
Jit Singh Chattwal, operating partner of
Advent International Corporation, picked up
a significant minority stake for USD 20
million from Reliance and the Nadathur
Group. Subsequently in 2013, IDFC acquired a
minority stake in the company for INR 125
crore.
Furniture rental startup Furlenco to raise
$15-M
Mint
Furniture rental startup Furlenco is in the
process of raising equity capital of USD
10-15 million from new and existing
investors. Besides early investor Lightbox,
Furlenco is in talks with other venture
capital firms for the round. Furlenco is
likely to use the proceeds to launch
operations in Hyderabad and Chennai, where
it is setting up warehouse infrastructure.
Operated by Bengaluru-based Kieraya
Furnishing Solutions Pvt. Ltd, Furlenco
raised USD 15 million from Lightbox in
tranches over the last two years after the
VC firm’s first investment of USD 6 million
in 2015. The firm has also raised debt at
regular intervals to support business
operations.
Train travel info provider RailYatri to raise
$10-M from Omidyar, Blume, others
Economic times
Omidyar Network is in talks to lead an
investment of USD 10 million in existing
portfolio company RailYatri, a crowd-sourced
platform that provides train-related travel
information. This internal round will also see
participation from other existing investors
including Blume Ventures, Nandan Nilekani and
Helion Venture Partners. Omidyar is expected to
lead the round with an investment of about USD
4-5 million. The fresh capital will be used to
expand the firm’s offerings to capture the
long-distance market through a deeper
geographical spread of buses as also the
introduction of long-distance taxis.
RailYatri has raised USD 6 million since
inception in 2011.
Logistics firm Cogoport in talks with Accel to
raise Rs.50-Cr
Mint
Online logistics marketplace Cogoport, which
aggregates ocean and airline freight carriers,
is in talks to raise INR 40-50 crore from
venture capital firm Accel Partners. Founded in
2016, Cogoport (Cogo Freight Pvt Ltd) helps both
exporters and importers move their cargo to
their destination through tie-ups with
international freight carriers.
Sports marketing co Baseline Ventures to
raise Rs. 25-Cr
Economic Times
Sports marketing firm Baseline Ventures,
which manages sports stars like PV Sindhu,
Ravindra Jadeja, Prithvi Shaw, Kidambi
Srikanth and Smriti Mandhana, is in talks
with investors to raise INR 20-25 crore in a
fresh round of funding. The company had
recently raised fresh equity of USD 1
million (about INR 6.3 crore) in private
placement from a Singapore investor at a
valuation of USD 25 million (about INR 150
crore).
Carlyle, Kedaara in fray to buy Vishal
Mega Mart from TPG, Shriram
Economic Times
Carlyle is competing with a consortium of
Kedaara Capital and Partners Group to buy
Vishal Mega Mart from current owners TPG and
Shriram Group. Online retailer Flipkart is
also said to be in the fray. TPG had
mandated Kotak Mahindra Bank last
year to find a buyer for its seven-year-old
investment.
Vishal Mega Mart is a fashion-led
hypermarket chain with 204 stores occupying
3 million square feet in 110 locations
across India. It posted sales of INR 3,000
crore in FY16. The sellers expect a
valuation of about INR 5,000 crore.
TPG teamed up with Chennai-based Shriram
Group to buy the distressed company after it
piled up loans, forcing founder Ram Chandra
Agarwal to sell at the behest of lenders
State Bank of India, HSBC, HDFC and ING
Vysya among others.
Accel, Sequoia to fund motor vehicles rental
co Metrobikes
Economic Times
Accel India and Sequoia Capital India are in
talks to lead a USD 10-million series-A
round in peer-to-peer motor vehicle rental
startup Metrobikes. The Bengaluru-headquartered
startup allows one to pick up a vehicle from
their pool closest to one’s location and
drop it at one’s end-trip location on an
hourly rental basis.
Other Private Equity/Strategic Investments
NSE looking to buy 25% stake in Dhaka
Stock Exchange
Bloomberg
National Stock Exchange is looking to buy a
25% stake in Dhaka Stock Exchange, rivaling
an offer from a Chinese bourse. The Shenzhen
Stock Exchange has offered 22 taka per share
to buy 25% of the Dhaka Stock Exchange. The
bourse will hold a meeting on Feb 19 to
finalize its pick the buyer.
Liquidity
Events
Tata Global Beverages in talks to acquire
Paper Boat
Economic Time
Tata Global Beverages has approached key
shareholders of Hector Beverages with a
proposal to buy out the company along with
its popular brand Paper Boat. Investors in
Paper Boat include Catamaran Ventures and
Sequoia Capital. Hector had last raised
funding at a INR 650 crore valuation.
IPOs
Broadband services provider ACT hires investment
banks for Rs.2,000-Cr IPO
Mint
Atria Convergence Technologies Pvt. Ltd (ACT), a
broadband services provider controlled by
private equity firms TA Associates and True
North, has hired investment banks to help it
raise INR 1,500-2,000 crore through an IPO.
Founded in 2000, ACT reported a consolidated
revenue of INR 873.6 crore in financial year
FY16, as compared to INR 616.8 crore in the
previous year and a profit of INR 126.8 crore,
as against a profit of INR 74.1 crore in the
previous year.
NBFC IndoStar Capital files papers with
Sebi for Rs.2,000-Cr IPO
Mint
Non-banking finance company IndoStar Capital
Finance has filed draft papers with the
Securities and Exchange Board of India (Sebi)
to raise an estimated INR 2,000 crore
through an initial public offering (IPO).
The IPO comprises issuance of fresh shares
worth INR 700 crore. Besides, existing
shareholders will offer up to 2 crore scrips.
The company’s current shareholders include
Everstone Capital, Beacon India Fund, ACPI
Investment Managers and CIDB Capital. JM
Financial, Kotak Mahindra Capital, Morgan
Stanley India, Motilal Oswal Investment
Advisors and Nomura Financial
Advisory and Securities will manage the
company’s public issue.
Secondary Issues
Idea to raise addnl Rs.3500-Cr through QIP route
Economic Times
Idea Cellular has finalised plan to raise an
additional INR 3,500 crore through QIP route as
part of its stated plans to raise INR 6,750
crore to cut debt and free up cash ahead of its
upcoming merger with Vodafone India. Idea has
raised first tranche of INR 3,250 crore through
a preferential allotment of 32.66 crore equity
shares at INR 99.50 a share to three promoter
group entities.
M&A
Realtor Supertech to sell 2 hotels for
Rs.250-Cr
Economic Times
Realty firm Supertech Ltd plans to sell its
two hotels - one in Uttar Pradesh and the
other in Uttarakhand - for about INR 250
crore as part of its strategy to monetise
commercial assets and boost cash flow. The
Noida-based firm has decided to sell Country
Inn Hotel in Meerut having 85 keys and
Radisson Hotel in Rudrapur that has 124
keys.
Calcutta HC sets aside Bengal Chemicals’ surplus
land sale
Economic Times
The Calcutta High Court has set aside the
decision of the Union government to sell surplus
land owned by Bengal Chemicals & Pharmaceuticals
(BCPL). The company was the first in India’s
pharmaceutical space, set up by legendary
scientist Acharya Prafulla Chandra (APC) Ray in
1901. In December 2016, the Centre took a
decision to sell excess land of the company to
meet their outstanding liabilities and implement
voluntary retirement (VRS) benefits to its
employees. The Bengal Chemicals Sramik
Karmachari Union had filed a petition in the
high court challenging the centre’s decision.
Delhi HC stops sale of Srei Infra’s
Odisha unit Slurry Pipeline to Numetal
Economic Times
The Delhi HC has stopped Srei Infrastructure
Finance from selling Odisha Slurry Pipeline
Infrastructure to Mauritius-based Numetal
until April 15. The order was given on a
plea filed by SBI, whose lawyer argued
Odisha Slurry cannot transfer stake without
the lender’s approval.
Numetal Mauritius — a special purpose
vehicle in which the Ruia family has an
interest — earlier confirmed that it had
entered into an agreement to purchase Orissa
Slurry, a key pipeline which supplies raw
material to Essar Steel’s Odisha plant
New Ventures
Ekki in waste water pumps JV with Germany’s Homa
The Hindu
Coimbatore-based Ekki Group, which manufactures
pumps for domestic and agricultural
applications, has entered into a 50:50 JV
agreement with German pump maker Homa
Pumpenfabrik Gmbh to make waste water pumps.
Suresh Productions, Anthill Ventures launch
accelerator
The News Minute
Anthill Ventures has partnered with film
production and distribution company Suresh
Productions to launch a business accelerator
program called Anthill Studio. Film actor Rana
Daggubati and Prasad Vanga, technology investor
and founder of Anthill Ventures, will spearhead
the studio. Anthill Studio will focus on
technology startups that are building solutions
for the media and entertainment sector by
engaging global startups in a 3-month long
acceleration program. Media & Entertainment
domain is a key focus area for Anthill Ventures’
upcoming USD 100 million fund. Startups will be
able to raise over USD 1 million each at the end
of the program.
Expansion/Diversification
Aditya Birla Capital to launch ARC biz
Mint
Aditya Birla Capital Ltd (ABCL), the financial
services business of the Aditya Birla Group,
will begin investing in its asset reconstruction
company (ARC), for which it has got the nod from
the Reserve Bank of India (RBI).
India Ahoy!
UK appliances-maker Dyson opens store in
Delhi
Business Line
Dyson, UK-based tech company has opened its
first store in India, launching a select
range of products, including supersonic hair
dryer, connected intelligent air purifiers
and cord-free vacuum cleaners. The first of
these opened at DLF Promenade Mall in
Delhi’s Vasant Kunj area. Over the next six
months, it will open a store each in
Bengaluru and Mumbai.
Indonesian hyper-local transporter Go-Jek to
launch bike-taxi service in India
Economic Times
Indonesia’s hyperlocal transport startup Go-Jek
plans to launch bike-taxi service in India in
the second half of 2018. A portion of the
company’s most recent fundraise, which is
approximately USD 1.2 billion, will be allocated
towards expansion plans into developing markets
such as India.
People
Fmr Facebook India MD Umang Bedi joins news
aggregator DailyHunt
Economic Times
Local language news and entertainment aggregator
Dailyhunt has roped in Umang Bedi as President.
Bedi will report to founder Virendra Gupta. Bedi
was the managing director of Facebook for India
and South Asia.
Singh brothers step down from Religare board too
Economic times
Malvinder and Shivinder Singh have quit the
board of financial services firm Religare
Enterprises. They had earlier quit the board of
Fortis Healthcare. Shivinder was the
non-executive vice-chairman of Religare, while
Malvinder was a non-executive, non-independent
director. Francis Daniel Lee, another
non-executive, non-independent director on the
board, has also resigned.
DSK Legal hires former CAM director
Padmini Rathore as CEO
Bar & Bench
Padmini Rathore has joined DSK Legal as its
new Chief Executive Officer (CEO), after
working with the firm as a consultant.
Padmini was earlier Principal & Head of
Consulting at Rainmaker. Prior to that, she
was Director of the Business Planning &
Compliance team at the Managing Partner’s
Office at Cyril Amarchand Mangaldas.
Padmini has over 15 years of experience in
the fields of business strategy,
organizational governance, process
improvement, efficiency management,
financial management and marketing
communications.
Logistics marketplace BlackBuck hires Venkatesh
Bhat as CFO
Economic Times
Logistics marketplace BlackBuck has appointed
Venkatesh Bhat as its Chief Financial Officer
(CFO). Bhat was previously the group CFO and
later COO at Atria Convergence Technologies (ACT
FiberNet).
Avendus Capital appoints Alok Vajpeyi as
chairman of alt asset management biz
India.com
Avendus Capital has appointed public markets
veteran Alok Vajpeyi as chairman of its
alternative asset management business,
Avendus Capital Public Markets Alternative
Strategies LLP. Vajpeyi will also serve as
external advisor to the Avendus Group CEO
Ranu Vohra.
Regulatory News
RBI withdraws SDR, S4A, sets banks 180-day
timeline for bad loan resolution
Mint
The Reserve Bank of India (RBI) has set
timelines for resolving large NPAs, failing
which banks will have to mandatory refer them
for insolvency proceedings. It has also
withdrawn existing debt restructuring schemes
such as SDR and S4A. The large accounts are
mainly those where banks have initiated
resolution and are classified as restructured
standard assets. As per the new rules, if the
banking sector’s aggregate exposure is above INR
2,000 crore, then lenders must implement a
resolution plan within 180 days, starting from 1
March 2018.
No grandfathering benefits for investments
through Mauritius
Economic Times
The Authority of Advance Ruling (AAR) has
disallowed grandfathering benefits to a
company routing its investments in India
through Mauritius. The ruling has denied any
benefit of the India-Mauritius tax treaty
under which the applicable rates are a bit
lower. If investments were made before the
amendment of the tax treaty in 2016,
benefits were grandfathered - that is income
from such investments or capital gains would
attract concessional tax rates prevalent
before 2016. Several FPIs and PE funds that
route their investments through Mauritius
will have to prove that they are not merely
using the tax haven for lower tax rates.
Others
ED seizes Rs.5,100-Cr worth gold, jewels
from Nirav Modi firms
Times of India
,
Economic Times
The Enforcement Directorate conducted
searches at several properties linked to
billionaire jewellery designer Nirav Modi in
Mumbai, Delhi and Gujarat and seized
diamond, jewellery and gold worth INR 5,100
crore. The ED has also written to external
affairs ministry to revoke the passports of
Nirav Modi and his partner Mehul Choksi.
State-run lender PNB detected a scam where
the billionaire jeweller (Nirav Modi)
allegedly acquired fraudulent letters of
undertaking (LoU) from a branch in Mumbai to
secure overseas credit from other Indian
lenders. The Bank has been hit by an
embezzlement of the size of INR 11,300 crore
at its Mumbai branch. Nirav Modi had left the country on
January 1 much before the CBI received a
complaint from Punjab National Bank on
January 29 about a INR 280 crore fraud. His
brother Nishal, a Belgian citizen, also left
the country on January 1, while wife Ami, a
US citizen, and business partner Mehul
Choksi, the Indian promoter of Gitanjali
jewellery chain, departed on January 6.
UK court awards BOC Aviation $90-M
against Vijay Mallya’s Kingfisher Airlines
Times of India
Embattled liquor tycoon Vijay Mallya has
lost another legal battle linked to his
defunct Kingfisher Airlines after the UK
High Court awarded Singapore-based BOC
Aviation an estimated USD 90 million in
claims. The latest case is related to the
leasing of aircraft by Kingfisher Airlines
dating back to 2014.
The legal claim relates to a leasing
agreement between Kingfisher Airlines and
aircraft leasing company BOC Aviation
involving four planes, of which three were
delivered. The delivery of the fourth was
reportedly withheld due to unpaid amounts
due in advance under the lease arrangement.
BOC Aviation claims that the security
deposit, which is a course of redress in
such matters, was inadequate to cover the
payments that Kingfisher was contractually
bound to make, resulting in the High Court
claim in London.
SC allows banks to sell pledged shares of
Fortis Healthcare
Times of India
The Supreme Court has said the financial
institutions with whom shares of Fortis
Healthcare Ltd were pledged, can sell or
transfer them.
The apex court passed this order while
hearing an appeal of Japanese firm Daiichi
Sankyo Co Ltd, which is seeking to enforce
the INR 3,500 crore arbitral award against
Malvinder Singh and Shivinder Singh, the
original promoters of pharma company Ranbaxy
and Fortis.
NLC to call for fresh bids for Andaman
storage-cum-solar project
Business Line
Mahindra Susten’s landmark storage-cum-solar
power project in the Andaman and Nicobar islands
has been scrapped as there has been a change in
requirement. The company had last year won the
bid to set up the 28-MWh project for NLC
(formerly Neyveli Lignite Corporation). NLC
India will now call for bids for a smaller 8 MWh
project.
Mahesh Murthy held for sexual harassment,
gets bail
Times of India
Venture Capital investor Mahesh Murthy was
arrested for alleged stalking and sexual
harassment of a Delhi woman in early 2017.
He was released on bail hours later. The
woman had moved the National Commission for
Women in April 2017 accusing Murthy of
making objectionable, derogatory and sexual
remarks and obscene signs. Later, the
commission received four other similar
complaints against Murthy.
Bank of Baroda pulls out of South Africa
Economic Times
Bank of Baroda (BoB) has informed the South
African banking regulator of its decision to
exit the country, where it has had operations
for 21 years. The announcement comes in the
after the scandal involving the lender’s funding
of Gupta family, accused of being cronies of the
Jacob Zuma-led administration. There have been
news reports that BoB has facilitated dealings
between the Gupta brothers and South Africa’s
President Jacob Zuma’s family.
Flipkart loses appeal against Rs.110-Cr tax
demand, ruling may affect other e-tailers
Medianama
An income tax tribunal refused to stay a INR 110
crore tax demand on Flipkart after the
e-commerce platform was asked to reclassify
discounts and marketing spend as capital
expenditure. The move is expected to have an
impact on Amazon and other online retailers who
face similar tax liabilities. The revenue
authorities demanded taxes of about INR 110
crore on an estimated profit of INR 408 crore
for the financial year 2015-16 when Flipkart
originally reported a loss of INR 796 crore.
With the new classification, Flipkart will now
be a profit making company and liable to pay
taxes.
Income Tax Appellate Tribunal (ITAT) in
Bengaluru asked Flipkart to deposit INR 55 crore
and provide bank guarantees for the payment of
INR 55 crore by February 28. While the tax
assessed is for 2015-16, similar demands may be
made for subsequent years.
Ricoh accounting fraud: SEBI bans 7 from
securities market
Business Line
Markets regulator SEBI has banned 7 people,
including Ricoh India MD and Chief Executive AT
Rajan, from the securities market for falsifying
the company’s accounts. The other six barred
from market are T Takano, Manoj Kumar, Arvind
Singhal, Anil Saini, Bibek Chowdhury and
Amalendu Mukherjee. Takano and Kumar have held
the positions of managing director and CEO of
Ricoh India in the past.
The auto-parts maker, backed by Japanese
promoter Ricoh Co, did not present a “true and
fair picture” in 2015-16 and ended up reporting
losses of INR 1,118 crore in its financial
statements for that fiscal. This led to a crash
of more than 50% in Ricoh India’s share price.
Economic Laws Practice
("ELP") is a leading full-service Indian law
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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 a member firm of Cordence Worldwide, a global management consulting partnership.
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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
Spark Capital
is one of India’s leading mid-market,
full-service Investment Banks. Having our
genesis from the south in 2001 and now
having a pan-India presence, we offer
services encompassing Investment Banking,
Institutional Equities, Fixed Income
Advisory and Wealth Advisory. Our key
differentiator is the ability to offer
services that benefit from an amalgam of the
experience of our founding members and the
contemporary thinking of our young
leadership team. Our core values of
integrity; putting customers first; and
seeking partnerships that are mutually
beneficial, help us build sustainable,
long-term relationships with clients. Our
services include equity and debt capital
raising in private and public markets; M&A
advisory; research-led public-market stock
ideation; and customised wealth advisory
solutions. Sectors where we have built
considerable domain strength and transaction
experiences are BFSI, Healthcare, Consumer,
Technology, Infrastructure and Industrials.
Our commitment to staying the course with
respect to our core values; our strong
entrepreneurial culture; an ability to
attract and retain high quality talent; and
our gradual expansion of markets and
services has served as cornerstones of our
evolution. Over the past three years, we
have advised on over 30 deals aggregating to
USD 1.8 billion; scaled up research coverage
to over 200 listed stocks; and rapidly grown
assets-under-advice on the back of
above-market performance of client
portfolios.
For more details please visit
www.sparkcapital.in
Technology Holdings is an M&A and strategic advisory group that assists companies and private equity funds globally with their acquisition, growth and exit strategies. We are exclusively focused on creating strategic transactions for IT Services & BPO, Technology & SaaS, Analytics, Digital Transformation, Healthcare IT/BPO and Engineering Services companies. Technology Holdings has offices across India, USA and the UK.
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For more information, please visit:
http://www.technology-holdings.com/
Write to us at:
anurag@technology-holdings.com
or call us at +91-9108671235
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