Private Equity Fund Investments
Blackstone to buy
100% of realty firm AlphaG in Rs.2,000-Cr deal
Blackstone's real estate division has agreed to buy 100%
equity stake in Gurgaon-based builder
Alpha G: Corp for INR 1,600 crore. The deal will
give an exit to the existing stakeholders including Morgan
Stanley (15%) C&C Alpha (50%) and G: Corp group (30%). The
current management team, which held the residual 5% stake,
will continue to run the realty firm for Blackstone, which
will also take over its debt of around INR 400 crore.
From the Venture Intelligence PE-RE
Deal database: Morgan Stanley had invested
$65 M for a 15% stake in Alpha G:Corp Development in July
Ola raises $225-M
led by Falcon Edge Capital
Mumbai-based ANI Technologies Pvt. Ltd that owns Ola has
raised around $225 million (INR 1,478 crore) as part of a
new funding round that could see the firm raise over $500
million. The latest funding is led by existing investor
Falcon Edge Capital. The New York-based hedge fund is joined
in the latest round by Ola’s other existing investors Tiger
Global Management LLC and Softbank Corp. and six other
Falcon Edge, investing via an entity called FO Mauritius I
Ltd, has invested INR 514.7 crore. Other major investors in
the “Series H” round are Tiger Global, investing via
Internet Fund III Pte Limited, and Softbank, which has
invested through SIMI Pacific Pte Limited. Tiger and
Softbank have pumped in INR 396.9 crore and INR.384 crore,
respectively. Other existing investors, Steadview Capital,
the Hong Kong-based hedge fund, Pittsburgh based technology
firm ABG Capital and Mauritius-registered FII LTR Focus Fund
have contributed INR 21.2 crore, INR 17.6 crore and INR 12.3
crore respectively. New investors in the round include JS
Capital (M) Ltd and Parkwood Bespin, both
Mauritius-registered entities, and Singapore-based high
net-worth individual Daniel E. Neary. The three together
contributed INR 131.2 crore. Ola has issued shares at a
price of INR 29.4 lakh apiece.
Khazanah leads $75-M round for
fashion e-tailer Yepme: report
Online fashion retailer Yepme has raised $75 million led by
Malaysian state fund Khazanah Nasional Berhad. The company
will use the capital towards brand building and the launch
of an ethnic India line ahead of the festive season.
From the Venture Intelligence PE/VC
Deal Database: YepMe has raised $43-M prior
to the latest investment. Existing investors in YepMe
include Helion Ventures (since Apr-11), Capricon (since
Mar-12), TCS Capital and JS Capital (since Jan-15).
participates in $18-M Series C for US enterprise software
Paxata, a provider of
Adaptive Data Preparation platform for enterprises, had
received $18 million in Series C funding led by EDBI, the
corporate investment arm of the Singapore Economic
Development Board, with participation from existing
investors Accel Partners India, Walden-Riverwood Ventures
and Toba Capital, and angels including Sanju K. Bansal,
co-founder and former COO of MicroStrategy. Paxata will
leverage the latest round of funding to further expand R&D
and the customer success organization, in addition to
fueling vertical and geographic sales/marketing expansion
efforts. Paxata is headquartered in Redwood City, CA (USA)
with offices in New York and Washington DC.
Paxata’s platform, built on Apache Spark and optimized to
run in Hadoop environments, leverages distributed computing,
machine learning and a dynamically visual workspace that
promotes transparent governance and ad hoc collaboration.
Eight Roads, DS, Saama invest $10-M in tea chain Chai Point
Mountain Trail Foods, owner of the Bangalore-based Chai Point
network of tea stores, has raised nearly $10 million, in a
funding round led by Eight Roads Ventures (formerly Fidelity
Growth Partners), DSG Partners and existing investor Saama
Capital. Chai Point is expected to touch a network size of 200
India Internet Fund, Vikram Pandit
participate in $10-M round for micro loans start-up
Mobile tech and data science firm InVenture, which provides
instant micro-loans service through user’s mobile wallet,
has raised $10 million Series A round led by Data Collective
with participation from India Internet Fund. The funding
will be used to launch into additional markets in
Sub-Saharan Africa and Asia. The Series A round was led by
Facebook co-founder and independent investor Chris Hughes;
Palantir and Paypal co-founder Nathan Gettings; former
Citigroup CEO Vikram Pandit; former Thomson Reuters CEO Tom
Glocer; Collaborative Fund; and Female Founders Fund.
Founded in 2012 by Shivani Siroya, Inventure is based in
Santa Monica, CA (USA) with presence in New York and
InVenture’s product amasses more than 10,000 data points per
user to create a living credit score and approve customers
for a line of credit. It then disburses the loan directly to
the user’s mobile money account.
IDFC invests Rs.60-Cr in Parag Milk
IDFC, via its IDFC (S.P.I.C.E. Fund), has invested INR 60
Parag Milk Foods Pvt Ltd.
Kotak was sell side advisor to Parag Milk for the
From the Venture Intelligence PE/VC
Deal Database: Parag Milk has earlier raised
$57.5 M in PE funding since May-08 from investors like
Motilal Oswal, IDFC PE and IFC. in Sep-12, IDFC PE had
invested INR 155-Cr in the company via IDFC Private Equity
Fund III. (Subscribers to the database can login to view the
valuation, deal structuring and other transaction details.)
Helion leads $4.25 M investment in
mobile user analytics platform MoEngage
Bangalore-based MoEngage, a user analytics and engagement
platform for mobiles, has raised $4.25 million led by Helion
Venture Partners with participation from Exfinity Ventures
and angel investors Kunal Bahl, Rohit Bansal and Raghunandan.
MoEngage helps retain and engage users by enabling mobile
app companies to deliver individual-level personalised
interactions via push notifications, in-app recommendations,
email campaigns and other retargeting channels which help to
reduce churn and improve customer lifetime value. The
company will use the funds for product innovation and for
geographical expansion in the US and emerging markets.
invests Rs 19.5 Cr in UE Lifesciences
Health technology developer UE LifeSciences has raised $3
million (about Rs 19.5 crore) in a funding round led by
Aarin Capital. Social impact fund Unitus Seed Fund also
participated in this round. UE LifeSciences' low-cost,
portable iBreastExam device helps detect breast cancer at an
early stage. The company will use the funds to start
migrating fabrication of the core sensor technology to India
at its own facility in Mumbai in the first phase, develop
back-end IT and scale the sale of the device nationally
across public and private healthcare providers .
Bessemer invests Rs
8-Cr in CanvasFlip
Bangalore-based app prototyping firm, CanvasFlip Solutions,
has raised a $1.2-million seed round from Bessemer Venture
Partners. The company offers a DIY prototyping and usability
testing platform where product managers or a user experience
team can validate their app ideas, flow and user experience
without writing a single line of code. The company plans to
set up an office in California to explore the global market
and will also expand its product and marketing team in
Online health startup CureJoy
raises Rs 7.6 Cr from Accel, angels
CureJoy, a San Francisco, CA and Bangalore based online
health and wellness startup, has raised $1.15 million (INR
7.6 crore) in Pre-Series A funding led by Accel Partners.
Subrata Mitra, Larry Braitman and Venk Krishnan (Founder of
Nuware Technologies), also participated in the latest round.
The company would use the funds to further expand its
services in India as well as in Australia, UK, Germany and
Spain. CureJoy helps users find fresh and credible content
and answers using backend algorithms and technology to some
of the most common health-related questions.
Ratan Tata invests
in lingerie e-tailer Zivame
Tata Sons chairman emeritus Ratan Tata has invested in
Zivame prior to the online lingerie retailer’s recently
closed Series-C funding round of INR 250 crore led by Zodius
Technology Fund and Khazanah.
Saha Fund invests in
Saha Fund has invested in Kaaryah, a fashion portal offering
western and non-casual wear for Indian women, that has also
received investment from Ratan Tata. The other two
investments include Fitternity, a Mumbai-based fitness
discovery and marketplace platform founded by Neha Motwani,
and Stelae Technologies, a cloud-based content conversion
software solutions provider founded by Aruna Schwarz.
Catamaran participates in online
insurance firm Coverfox’s 2nd round
Times of India
Mumbai-based Glitterbug Technologies which runs Coverfox, an
online insurance seller, has received an investment from
Catamaran Ventures, the family office of Infosys' co-founder
N R Narayana Murthy. The investment from is part of the
Series B round raised by the two-year-old start-up from
venture capital funds Accel Partners and SAIF Partners.
Coverfox.com sells car, bike, health, travel and home
insurance with a significant contribution coming from the
auto segment. The investment will help the portal accelerate
technology-driven insurance comparison and sales platform.
Coverfox claims to be clocking a monthly growth rate of
approximately 30-40% and was poised to reach a run rate of
Rs 100 crore in annual gross sales. Coverfox, founded in
2011, has in all raised around $14 million in venture
capital, which excludes the amount put by Catamaran.
From the Venture Intelligence PE/VC
Deal Database: Coverfox had raised INR 79.08
Cr in its 2nd round from Accel USA, SAIF, Accel India and
Catamaran. (Subscribers to the database can login to view
the valuation, deal structuring and other transaction
Banyantree invests in Rotomag
Banyantree, via its BanyanTree Growth Capital - II fund has
Rotomag Motors & Controls Pvt Ltd
(“Rotomag”), a manufacturer of high performance solar pumps,
specialised electric drive systems and industrial motors.
Scube Financials acted as the financial advisor for the
Rotomag exports over 60% of its production. It has a JV with
an Italian company, Motive Srl to manufacture industrial AC
motors, gearboxes and geared motors. The Rotomag Group has
three plants located at Anand, Gujarat, with an installed
capacity of 195,000 electric motors and 16,000 pumps.
Kalaari Capital invests in B2B
E-commerce startup Unilog
B2B ecommerce company Unilog has raised funding from Kalaari
Capital to accelerate the company’s product development
efforts and expansion into global markets. Unilog
specializes in ecommerce solutions and enriched product
catalogs for the B2B marketplace.
Unilog had started building enterprise-grade software
products a couple of years ago. In the last 18 months, the
company has seen its number of customers go up to 100 for
its B2B ecommerce platform. Its customers are typically
mid-sized enterprises with annual revenues between $300
million to $800 million.
From the Venture Intelligence PE/VC
Deal Database: Kalaari had invested INR 19 Cr
in Apr-15. (Subscribers to the database can login to view
the valuation, deal structuring and other transaction
Oliphans Capital, angels invest in
surplus textiles marketplace XSTOK
Oliphans Capital and a group of angel investors have
invested INR 3 crore in
business-to-business platform to sell surplus textile goods.
The company will use the fund to expand its reach to a
larger target audience.
Liquidity Events (Private Equity)
Practo buys hospital
mgmt software firm Insta Health for Rs 76-Cr
Times of India
Practo, the Bangalore-based online healthcare platform
backed by Chinese firm Tencent and Russian billionaire Yuri
Milner, has acquired hospital information management company
Insta Health Solutions for $12 million (INR 76 crore) in a
cash and equity deal. Insta Health provides an ERP for
hospitals and diagnostic labs, allowing them to automate
their clinical, operational and financial processes. Insta
Health's cloud-based solution is used by over 500 hospitals
and clinics in 12 countries in India, Middle East, South
East Asia and Africa. It has 100 employees.
Insta Health will operate as a wholly-owned subsidiary of
Practo and will continue to be led by Ramesh Emani, founder
and CEO of the venture. The Insta Health buyout is Practo’s
third acquisition in less than six months.
From the Venture Intelligence PE/VC
Deal Database: In Apr-09, Inventus capital
had invested INR 5.52 Cr in Insta Health. In Feb-10, Tholons
Capital had invested INR 0.25 Cr. (Subscribers to the
database can login to view the valuation, deal structuring
and other transaction details.)
Sequoia sells Manappuram shares
worth Rs.31-Cr, registers 0.55x return
Sequoia Capital India, via its unit Beaver Investment
Holdings, has sold 12,803,803 shares on Sep 15, 2015 at INR
24.55 per share through NSE of publicly listed Manappuram
Finance Ltd. aggregating to INR 31.43 Cr. This constituted
1.52% of total outstanding shares of Manappuram Finance Ltd.
Post-deal the investor would hold 3,844,162 shares (0.46%
stake) in the target.
From the Venture Intelligence PE/VC
Deal Database: Sequoia Capital India made
complete exit from the firm in Apr 2010 with 7.33x return on
a investment of INR 40 Cr and re-entered the company in
2011. Sequoia Capital India invested INR 122.83 Cr between
Jul 2011 Mar 2012. Other PE investors in the company include
Baring India, India Equity Partners, Singular Guff,
WestBridge (exited) and Ashmore Alchemy (exited).
Toshiba hikes stake in water
treatment firm UEM India to 80%
Japan’s Toshiba Corporation has acquired hiked its stake in
water and waste-water management firm UEM India Pvt Ltd by
54% to 80%. PE investor India Value Fund and the founder
Krishan Kshetry remain invested as minority shareholders.
Toshiba Corporation’s Koichi Matsui has been appointed as
Chairperson and Managing Director of UEM.
From the Venture Intelligence M&A Deal
Database: In March 2014, Toshiba had acquired
a 26% stake in UEM India for INR 125 Cr.
GazeMetrix acquired by Canada’s
gazeMetrix (a product of Uberlabs) has been acquired by the
Canadian firm Sysomos Inc in a cash and equity deal.
gazeMetrix is an image recognition and visual listening
listening platform that helps brands and agencies capitalize
on the opportunity presented by the increasingly visual
social web. This acquisition will make Sysomos the first
social intelligence platform to expand into visual
gazeMetrix has raised a more than $300K funding from 500
Startups and a few angel investors.
From the Venture Intelligence
Acceleration Database: In March 2015,
UberLabs had joined the Microsoft Accelerator program.
Tea Trails raises Rs 6.6 Cr
Tea Trails, a chain of tea cafes in Mumbai, has raised $1
million in its first round of funding from a group of HNIs
led by Anil Matai, former CEO of pharmaceuticals business of
Novartis India, Vikram Tandon, regional head, Middle East at
Back Office Associates, and Shyam Sundar R, partner at
Dubai-based CPM Consulting. The cafe chain plans to use the
funds for its growth and expansion in focus markets even as
it plans to open 250 outlets by 2018. Tea Trails currently
operates eight outlets in Mumbai. The startup plans to open
45 outlets across the country this year.
startups Zapyle raises $1-M
Online fashion start-up Zapyle has raised around $1 million
in seed funding from real estate and investment companies.
The company will utilise the funds raised for adding new
features to its mobile application and acquire more
customers. Zapyle sells leading brands such as Vera Moda,
Chemistry, Mango and other designer wears at 30 – 80%
The company is trying out a unique model in fashion by
listing pre-owned fashion attire on its platform. In the
first stage, Zapyle has brought fashion bloggers, TV
actresses, and models to list their fashion attire.
Food tech startup Bueno raises
Bueno, a Gurgaon based online food tech startup which
delivers gourmet food, has raised $600,000 from an
undisclosed angel investor. Ramesh Mantri from Ashoka
Capital was the advisor to the transaction. Bueno will
utilize the funding for mainly talent acquisition,
technology upgradation, data-analytics, operations, and
marketing. It also plans to focus more on physical
operations, customer relationship management(CRM), supply
chain, building an improved technology platform and
IAN invests Rs 2.7 Cr in Wedmegood
Gurgaon-based wedding planner portal Wedmegood.com has
raised INR 2.7 crore from Indian Angel Network (IAN) led by
Hemant Kanakia and Alok Mittal. It will invest a large part
of the funding into technology as well as expanding to other
cities and increasing supply on vendors. The platform is
building a mobile app which will be launched in the next few
months. Besides Delhi and Mumbai, it is planning to expand
its operation in other cities such as Bangalore, Hyderabad,
Kolkata, and Chennai.
Flipkart founders, others invest Rs
2.3 Cr in online realty broker platform Plabro
Flipkart’s co-founders Sachin Bansal and Binny Bansal, along
with some others investors, have invested INR 2.3 crores in
real estate start-up Plabro Networks. The Gurgaon-based
start-up has recently launched a mobile application to
connect property brokers and help them in closing the deals
Budget hotel accommodation platform
Room On Call raises $300-K
Room on Call, a branded budget accommodation marketplace,
which allows business and leisure travellers to book a
budget room online or through direct booking in the absence
of internet connection while travelling, has raised $300K in
funding from the US based senior Yahoo executive Payal Syal.
The funding will go towards expanding the team and
increasing the Room On Call’s reach and its facilities. The
company is also planning to launch a mobile application
studded with a range of features to enable the customers to
book their favourite accommodation more conveniently.
Video streaming app InstaLively
raises $120K from six angel investors
InstaLively, an android application that lets one live
stream in the form of a video, has recently raised $ 120,000
from six angel investors including Niraj Singh of Outbox
Ventures; Mera Events; Rajan Anandan – MD, Google India;
Amit Ranjan – co-founder, Slide share; Rajesh Sawhney –
founder, GSF and AECAL of Germany.
Founded in 2014 by Karthik Vaidyanath and Prakhar Khanduja,
the firm has a team of 20+ people and claims to have
broadcasted over 1000K+ minutes with 10K + viewers and has
recently filed a Patent in ‘Mobile Live Streaming to You
ticketing platform YatraGenie gets funding from Ash Bhardwaj
YatraGenie.com, an online bus ticketing and cab booking
platform run by Bangalore-based Paxterra Software Solutions,
has raised Series-A round of funding from Silicon
Valley-based entrepreneur and investor Ash Bhardwaj. The
funds raised will be used towards expansion in Karnataka and
to increase market base in Telangana and Andhra Pradesh.
Bhardwaj would join YatraGenie as a board member.
Founded by Renil Komitla, YatraGenie launched its services
in Bangalore in March 2015. It is currently operational
across 21 cities in Andhra Pradesh and 10 cities in
platform Envoged raises funding from Jackky Bhagnani, Alok
Envoged, a social platform for buying and selling pre-used
luxury fashion goods, has raised seed round from a
consortium of angel investors led by serial entrepreneurs
Ankush Nijhawan, Manish Dhingra and Gaurav Bhatnagar (AMG
investments). The funding also included participation from
Himanshu Aggarwal, CEO, Aspiring Minds; Bollywood actor
Jackky Bhagnani; Wholetime Director and Head, New Media,
Indian Express, Anant Goenka and angel investor Alok Mittal..
QSR procurement app AdUrCup raises
capital from Dineout Founders
Adurcup, a procurement application for Quick Service
Restaurants (QSR), has raised funding from the founders of
Dineout.. As an extension to procurement, it enables
advertising on such inventory thus converting a cost center
for QSR businesses, disposables, which accounts from a 5% to
12% of the bill value, into an asset.
Nandan Nilekani invests in
Bangalore-based mobile payments data startup Mubble
Infosys co-founder Nandan Nilekani has invested in
Bangalore-based mobile payments data start-up Mubble, a
smartphone app that helps users track their telecom spending
as well as mobile data usage, using an in-built
self-learning analytics tool. It was co-founded in 2013 by
former Bharti Airtel executive Ashwin Ramaswamy, Pranav Jha
who previously worked at Appnomic and BMC Software and
former OnMobile and Infosys executive Raghvendra Varma.
Mubble would spend the investment on hiring top engineering
talent. Mubble claims that its app has clocked over half a
million downloads in less than six months. The app, which is
available in multiple Indian languages, has also been
designed to work offline, thereby helping users limit mobile
Amod Malviya invests in AI image
search start-up SnapShopr
SnapShopr, a start-up that helps online retailers improve
their retention and conversion numbers using its image
search platform, has raised seed round of funding from Amod
Malviya, Ex-CTO Flipkart. The funding will be used to bring
in more people and advance R&D. Currently a team size of
six, SnapShopr has already onboarded 10 clients in the space
of fashion and home decor, including Voonik, Arvind Group
and Homelane. It was founded by Navneet Sharma and Debashish
Pattnaik in September 2014.
Bath fixtures marketplace FYNE
Bangalore-based online bath fixtures and fittings startup,
FYNE, has raised Pre Series A round of funding led by a
group of investors. Sandeep Dama of Lotus Partners also
participated in this round of funding. The capital will be
used to expand the product catalogue in the bathroom segment
and into new categories and also sign up new brands.
Ankur Capital invests in vocational
Ankur Capital has invested in
Skillveri Training Solutions,
a Chennai-based company that creates simulators for hard
skills training. The target will utilize the investment to
strengthen its market presence in newer segments and for the
development of newer simulators for adjacent markets.
Currently, the company offers tailor made solutions for
welding training requirements for industries, vocational
training institutes and polytechnic and engineering
colleges. It is expanding its simulation technology for a
variety of manufacturing and construction sectors including
crane handling and spray painting.
Founded by Sabarinath C and L Kannan, the company is
incubated at the Rural Technology & Business Incubator (RTBI)
at IIT Madras. Kannan is also the Founder & CTO of low cost
ATM firm Vortex.
Incubation / Acceleration
$100-K from GHV Accelerator
FitMeIn, which provides users access to fitness studios and
gyms on a subsidized monthly package, has raised $100,000 in
a seed round from GHV Accelerator. It will use the money for
technology enhancement and geographical expansion. Pasta
Lifestyle Solutions Pvt. Ltd owns and operates FitMeIn. The
start-up offers monthly multi-studio membership to premium
fitness workout centres in Delhi, Noida and Gurgaon. The
company plans to expand its services across top five metros
including Mumbai and Bengaluru by the end of this year. The
company will be launching its Android and iOS apps soon.
Other Private Equity / Strategic Investments
China New Era Group
to pick up equity in infra services firm Transstroy
New Era Group Corporation (CNEGC), a state-owned enterprise
dedicated to overseas investment and EPC business, will make
an equity investment in Hyderabad-based infrastructure firm,
Transstroy India Ltd. The two companies are already engaged
in EPC cooperation for road projects and are taking their
relationship to next level with strategic FDI at corporate
JK Tyre to buy Kesoram's Haridwar unit for Rs 2,200-Cr
JK Tyre & Industries is to acquire fellow Publicly listed
Kesoram Industries Ltd’s 100%
equity in Cavendish Industries Ltd (CIL), which houses a tyre
business undertaking located at Haridwar (Laksar) which
manufactures a range of tyres, tubes and flaps, at a value of
INR 2,200 crore. Aurum Equity Partners is acting as
transaction advisors to JK Group for this deal.
The acquisition is proposed to be funded, by combination of debt
and internal accruals raised by JK Tyre and other JK Group
entities. The financial exposure of JK Tyre in the acquisition
is expected to be of the order of INR 450 crore. The acquisition
will provide JK Tyre with further impetus towards ready
expansion in the truck and bus radials segment where it is a
market leader as well as entry into the fast growing two-three
wheeler tyre market.
Sun Pharma to acquire US eye care
firm Insite Vision for $48-M
Sun Pharmaceutical Industries
is to acquire US-listed InSite Vision Inc. through a tender
offer for all of the issued and outstanding common stock of
InSite Vision at a price of$0.35 per share in cash, a 30%
premium to the implied price per share. The transaction has
a total equity value of approximately $48 million on fully
diluted basis plus related debt and other transaction costs
assuming all shares of InSite Vision are tendered in the
InSite Vision focuses on developing new specialty ophthalmic
products, including three late stage programs. The deal
gives Sun Pharma access to four late stage branded
ophthalmic products in the US.
Texmaco to buy 76% in railway electrification EPC firm
Bright Power for Rs.100-Cr
Texmaco Rail & Engineering is
to acquire a 76% stake in Bright Power Projects (India)
Private Limited at an enterprise value of about INR 100
crores. Bright Power is an EPC company specialising in
overhead electrification (OHE) solutions for the Indian
Railways. It also serves diverse sectors such as power,
utilities, petrochemicals, pharmaceuticals and real estate.
Bright Power had a net turnover of INR 67.1 crore in
financial year 2012-13, INR 77.9 crore in financial year
2013-14 and INR 78.2 crore (unaudited) in financial year
2014-15. The acquisition will be funded out of internal
Suvidha Infoserve acquires mPos
firm AasaanPay for Rs.3-Cr
Mobile point-of-sale (mPoS) technology solution AasaanPay
has been acquired by payments and remittances company,
Suvidhaa Infoserve, in an all-cash deal, estimated to be
close to INR 3 crore. The acquisition of the AasaanPay
technology platform and IP will allow Suvidhaa to enable
offline transactions at PoS through a smart phone. The
target company was incubated at IIIT Hyderabad.
CarDekho to acquire
Times of India
Jaipur-based CarDekho is acquiring Zigwheels, an auto portal
owned by Times Internet. Zigwheels will work as an
independent entity within the group.
Girnar Soft, which runs the CarDekho, had bought out Naspers-backed
Gaadi.com a year ago. The combined entity of CarDekho,
Gaadi.com, and Zigwheels would compete with the likes of
Cartrade.com and Carwale.com, besides the horizontal online
classifieds services like Quikr and Olx.
Deals site DesiDime merges with
international social commerce network Pepper
Online deals site DesiDime has merged with social commerce
site, Pepper.com. Post deal, Desidime will continue to work
in India, apart from rolling out its platform in Southeast
Asia, starting with Indonesia within six months. Mehul
Jobanputra, chief executive officer and co-founder of
Desidime will join the board of Pepper.com.
Gympik acquires FitnessPapa
Gympik Health Solutions, which owns and runs Gympik.com, an
online marketplace for fitness service providers has
acquired FitnessPapa. As part of the deal all employees of
FitnessPapa will be absorbed into Gympik, while Sourabh
Kumar, the Founder of FitnessPapa, will join Gympik’s core
team. Fitnesspapa claims to have more than 500 fitness
centers in its network spread across Bangalore, Chennai, and
Coimbatore. Their ‘Passport’, a monthly fitness program
membership, allows users to join fitness centres in their
network for a variety of workouts.
Gympik recently raised a $2 million in an ‘ads for equity’
deal with Brand Capital, to be utilized for online and
offline marketing initiatives.
Lenders sell Gangotri Textile units
The lenders of publicly-listed
Gangotri Textiles have
taken physical possession of its Unit 4&9 (Ring Spinning
Unit) at Pushpattur Village, Palani Taluk, Dindigul District
and have sold the units in the e-auction held in July 2015.
The lenders have also sold the Unit 2&5 (Open End Spinning
Unit & Stitching Unit) at Ponnandampalayam, Annu Taluk,
Coimbatore through e-auction.
The lenders had earlier taken possession of Unit 8 (Weaving
& Processing Unit) and Unit 6 (Garmetn Washing Unit) at
SIPCOT Industrial Complex, Perundurai, Erode District in May
TAM acquires Thai electronics brand
TAM International, a global logistics company, which also
owns Surpluss.in and Bizpluss.in, has acquired the
Thailand-based electronics brand Abaj World. As part of a
mix of cash-equity deal, Abaj World will merge its entire
operations into TAM International.
HomeLane acquires home decor
visualisation platform Doowup
Online modular kitchen and home-furnishing solutions
provider HomeLane has acquired technology startup Doowup.
Doowup's founding team will join HomeLane and its founder,
Vivek Seetharaman, will take up the role of chief innovation
officer at the firm.
HomeLane had raised $4.5 million from Sequoia Capital.
Hero Cycles acquires premium cycle
maker Firefox Bikes
Times of India
Bicycle manufacturer Hero Cycles has acquired 100% stake in
premium bicycle brand Firefox Bikes in an all-cash
transaction. Post deal, the target will continue to have its
distinct brand identity and remain a separate business
entity. The deal includes Firefox brand of cycles,
accessories and spares along with exclusive distribution
rights of “Trek” and other brands.
Cipla acquires Percos’ cosmetics
Publicly listed Cipla has acquired cosmetics maker Percos
India’s brand rights for INR 90 crore ($13 million). Percos
will continue to manufacture the products for five years,
after which the rights will be transferred to Cipla.
Indus Law advised Cipla while Percos was advised by N
South Law Associates.
New Call acquires public wi-fi
provider Ozone Networks
British telco New Call has acquired India’s public wi-fi
provider Ozone Networks. The start-up deployed 2,000 public
wi-fi hotspots in educational institutions, hospitals, and
hotels across major cities of India. Ozone had secured a
seed round of funding in 2008 from New York-based Access
Jugnoo acquires Bistro, Yelo
Jugnoo, a hyper local marketplace, has acquired two
companies: Bistro Offers, a restaurant discovery app and
yelo, a Bangalore based mobile-only services marketplace.
Both companies will continue to run as independent offerings
and the respective teams will continue to build their
ARSS Infra to transfer 51% in
subsidiary to Welspun
ARSS Infrastructure Projects Ltd, a New Delhi based
construction company, has decided to transfer its 51%
holding in ARSS BUS Terminal Pvt Ltd to fellow publicly
listed Welspun Enterprise Ltd, which already holds a 49
%stake, for setting a long standing dispute and litigation.
CMI acquires FLD Smidth’s Haryana
BSE-listed specialty cable manufacturing company
CMI has acquired a
manufacturing unit of Danish company FL Smidth at Rewari,
Haryana. The unit is spread over 1,01,115 sq. ft with built
up area of 67,000 sq. ft. CMI Ltd. is planning to invest
approximately INR 20 crores on the acquisition and setting
up a new manufacturing facility at Bawal, Haryana.
Finance raises Rs 4,000-Cr via QIP
Times of India
Indiabulls Housing Finance (IBHFL) has raised Rs 4,000 crore
($600 million) from a clutch of institutional investors
through its just-concluded qualified institutional placement
(QIP). The issue was priced at Rs 702 per share, which was
4% discount to IBHFL's Friday closing price of Rs 730 on the
BSE. The funds will be used for expanding IBHFL's lending
According to reports, Capital International, an FII, bought
half the total offering, while marquee investors like
Blackrock, GIC of Singapore and Wellington also invested.
Bank of America Merrill Lynch, CLSA, SBI
Capital Markets and Axis Capital were the
arrangers to the issue. Post-issue, FII holding in the
company will be 58%, up from 39.2% as of end-June disclosure
to the bourses.
CLP Wind Farms raises Rs. 600-Cr
via 'green bond' issue
Independent power producer, CLP Wind Farms, has raised Rs.
600 crore through a ‘green bond’ issue at a coupon rate of
9.15 %. The bonds have been issued in three series of equal
amounts, and will mature every April in 2018, 2019 and 2020.
CLP Wind is committed with projects worth 1,000 MW besides
running a 1,320 MW coal-fired power project in Haryana. The
company is examining the option of entry into the solar
Yes Bank lends $18.6
M to MP solar project
Yes Bank has invested approximately $18.6 million availed by
Globus Steel, a subsidiary of Focal Energy Holdings B.V.,
for setting up a 20MW solar project in Mandsaur, Madhya
Pradesh. Khaitan & Co acted as the legal counsel to
IFCI offloads 1.5% stake in NSE
for Rs 263-Cr
Publicly listed IFCI has sold 1.5% of its stake in the
National Stock Exchange of India (NSE) for INR 263 crore at
INR 3,900 per share. The sale will bring down IFCI's stake
in the NSE to 3.5%.
Abbott buys office space in
Mumbai’s BKC for Rs.1,400-Cr
Pharmaceutical firm Abbott India has bought 500,000 sq. ft.
in office space at Godrej BKC in Mumbai’s Bandra Kurla
Complex (BKC) for INR.1,400 crore. Cushman & Wakefield
was the advisor to the deal. Godrej BKC is an upcoming
19-storey commercial project, jointly developed by Godrej
Properties Ltd (GPL) and Jet Airways (India) Ltd.
Industrialist Cyrus Poonawalla buys Lincoln House in Mumbai
for Rs. 750-Cr
Cyrus Poonawalla, chairman of the Pune-based Serum
Institute, has bought the iconic Lincoln House property
located at the Breach Candy area of Mumbai, which used to
house the US Consulate, for Rs 750 crore. The 2-acre
Grade-III heritage property at Breach Candy has a built-up
area of around 50,000 sq ft. The property, which has been on
the block since 2011, was sold at a lower price than the
reserve price of Rs 850 crore.
The property once belonged to the Maharaja of Wankaner. The
8,345 sq m plot was given on a 999-year lease to the US
government half a century ago. In 2011, the US Consulate had
it on the block after shifting operations to the BKC area in