Venture Intelligence
Weekly Edition; September 18, 2015
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The Big Story

Blackstone buys back BPO firm Intelenet for Rs.2,500-Cr

Times of India

Blackstone has acquired the business process outsourcing (BPO) operations of London-headquartered Serco Plc for INR 2,558 crore, or $383 million. The PE major will acquire Serco's BPO operations in India and most of its global offshore businesses through a combination of $340 million in cash and $43 million as a loan note. The business will be re-branded as Intelenet Global Services. Susir Kumar, the current CEO of Serco Global Solutions, will continue to be the CEO of the new entity. The business has expected annual revenues of approximately 235 million pounds (INR 2,405 crore) this year. Serco is selling the international private offshore BPO operations, comprising of erstwhile Intelenet business that provided a range of middle and back office services, primarily to reduce debts.

Intelenet has strong presence in the offshore banking and travel and hospitality verticals. It has 51,000 full-time employees across 67 centres in eight countries.

From the Venture Intelligence PE/VC Deal Database: Blackstone had sold its 66% in Intelenet Global Services to Serco for $418 million in June 2011, making a 1.6x return on its 2007 investment.


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Private Equity Fund Investments

Blackstone to buy 100% of realty firm AlphaG in Rs.2,000-Cr deal

Economic Times

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 2006.

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 investors.

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).

Accel India participates in $18-M Series C for US enterprise software startup Paxata

US-based 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 stores.

India Internet Fund, Vikram Pandit participate in $10-M round for micro loans start-up InVenture

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 Nairobi.

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 crores in Parag Milk Foods Pvt Ltd. Kotak was sell side advisor to Parag Milk for the transaction.

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

Economic Times

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.

Aarin, Unitus invests Rs 19.5 Cr in UE Lifesciences

Economic Times

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

Economic Times

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 India.

Online health startup CureJoy raises Rs 7.6 Cr from Accel, angels

Business Line

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

Economic Times

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 3 cos

Business Standard

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. 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 details.)

Banyantree invests in Rotomag Motors

Banyantree, via its BanyanTree Growth Capital - II fund has invested in 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 transaction.

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 details.)

Oliphans Capital, angels invest in surplus textiles marketplace XSTOK


Oliphans Capital and a group of angel investors have invested INR 3 crore in XSTOK, a 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%

Business Line

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 Sysomos


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 listening.

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.

Angel Investments

Tea Trails raises Rs 6.6 Cr

Economic Times

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.

Online fashion startups Zapyle raises $1-M

The Hindu

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% discount.

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 $600-K


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 expansions.

IAN invests Rs 2.7 Cr in Wedmegood


Gurgaon-based wedding planner portal 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 quickly.

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 Tube.’

Online bus ticketing platform YatraGenie gets funding from Ash Bhardwaj

Business Standard, 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 Telangana.

Fashion recommerce platform Envoged raises funding from Jackky Bhagnani, Alok Mittal, Others


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

Economic Times

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 data usage.

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 raises funding


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.

Social VC Investments

Ankur Capital invests in vocational firm Skillveri


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

FitMeIn raises $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

Business Line

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 level.


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

Publicly listed 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 offer.

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

Publicly-listed 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 accruals.

Suvidha Infoserve acquires mPos firm AasaanPay for Rs.3-Cr

Economic Times

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 Zigwheels

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 a year ago. The combined entity of CarDekho,, and Zigwheels would compete with the likes of and, 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, 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

Gympik acquires FitnessPapa


Gympik Health Solutions, which owns and runs, 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 2015.

TAM acquires Thai electronics brand Abaz World

Financial Chronicle

TAM International, a global logistics company, which also owns and, 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

Economic Times

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 brands

Legally India

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

Business Standard

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 Industries.

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 products.

ARSS Infra to transfer 51% in subsidiary to Welspun

Business Line

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 manufacturing unit

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.

Secondary Issues

Indiabulls Housing 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 business.

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.

Debt Financing

CLP Wind Farms raises Rs. 600-Cr via 'green bond' issue

Business Line

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 space.

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 Yes Bank.

Other Deals

IFCI offloads 1.5% stake in NSE for Rs 263-Cr

BSE, Business Standard

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%.

Real Estate Transactions

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.

Pune-based Industrialist Cyrus Poonawalla buys Lincoln House in Mumbai for Rs. 750-Cr

Economic Times, Business Line

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 central Mumbai.

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Everstone Capital raises $730-M for its third fund

Everstone Capital Partners III, the private equity fund of Singapore-headquartered Everstone Group, has raised $730 million for its third fund. Over 50% of the capital commitment has come from North America, 37% from Europe and rest from other geographies. Campbell Lutyens acted as exclusive global placement agent and Akin Gump acted as lead counsel for the fund-raising.

The fund will continue to focus on doing 70% control deals with a focus on India and South East Asia.

India Quotient closes second fund at Rs.130-Cr

Economic Times

Early-stage venture capital firm India Quotient is closing its second fund at $20 million (INR 130 crore) from institutional investors and high net-worth individuals. The Mumbai-based firm has already backed seven startups from the new fund. Anand Lunia and Madhukar Sinha have contributed up to 10% of the corpus of the new fund, whose other investors include entrepreneurs, angel investors and institutions from both India and overseas. The fund is targeting mobility and smartphones-focused consumer ventures from the second fund. It will typically start with investments between INR 30 lakh and INR 3 crore building a portfolio of not more than 20 companies.

K2 Global to make pre-IPO tech investments

Economic Times

K2 Global, a venture growth firm backed by Asian billionaires and family offices, is investing in technologies companies in India, China and the US that are mulling an Initial Public Offerings (IPOs).

Venture fund for women entrepreneurs launched

Business Standard

Saha Fund, India's first Securities and Exchange Board of India-approved venture capital fund focused on women entrepreneurs, is to have a corpus of Rs 100 crore. It would invest in companies run by women entrepreneurs as founders or senior management. The fund would also invest in companies where women account for more than half the employee base. Firms that create services and products focusing on women and children would also be under Saha Fund's radar. The fund would invest anywhere between Rs 1.5 crore and Rs 6 crore.

Investors in the fund include former Infosys veteran T V Mohandas Pai, Kiran Mazumdar-Shaw, chairman and managing director of Biocon; and Avinash Vashistha, past chairman and managing director of Accenture in India, also the chairman emeritus of Tholons, an outsourcing advisory firm.


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VI Market Place

Name:  PPPL
Sector: Injection Moulded Plastic Components for automotive sector
Purpose: 100% divestment or majority stake Sale
Amount to be raised: INR 25 Crores   Current Turnover: INR 32 Crores - EBITDA: 12 %

The company is engaged in the manufacture of injection moulded plastic components and based out of Bengaluru which is an automotive Hub close to the OEMS in Chennai and Bengauluru. The company has marquee clients which includes some of the OEMs and Teir – 1 suppliers.

Speciality: The company has state-of-the-art facility with 24 nos of machines ranging from 80 to 850 tones which includes Toshiba, Omega, Engel, DMAG/ Ferromatic and also 16 nos of machines which are in the range of 80-150 tonns and mostly DMAG . The press shop includes 8 machines in the rangeof 30-100 tonnes and all are pedal operated mechanical presses. Other facilities include tool room, laboratory and the company has a new land and building. Business spread include automotive 50% - Main Client being AutoLiv , electrical 30% mainly Schnedier, Austria and Home Furnishing 20% with Wipro. Further, the company has no labour union and the staff members are approximately 40. The business turnover or F/Y 14-15 has been 35 crores and expected to grow in excess of 40 crores this year.

For Further details contact :
Email :
Mob: 9810008023

VI Updates

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Email Us  if you would like to showcase your firm as a thought leader in this space by contributing a branded article to the Handbook / explore advertising & listing options. Upon your revert, happy to send you a detailed proposal for the same.

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PE/Strategic Investment

Bain to buy $300-M stake in L&T Finance: report

Times Of India

Bain Capital is set to announce the acquisition of a $300-million (nearly Rs 2,000crore) stake in L&T Finance Holdings, the financial services unit of construction and engineering conglomerate L&T. Bain may acquire 15-20% along with a board seat in which L&T owns 72%. The transaction is being concluded at Rs 70-75 per share.

Clove Dental to raise $25-M

Economic Times

Global Dental Services, the owner and operator of Clove Dental clinics in north India, is eyeing up to $25 million (INR 166 crores) in fresh funding to expand its flagship brand across the country. The four-year-old chain has initiated talks with venture capital firms, while existing investors are also expected to participate in the potential funding round. The company counts Scott Bayman, former chief executive officer of General Electric India, and a Brussels-based family office among its backers and has raised about $18 million in equity financing till date. The company is looking to use the proceeds from a new round of funding to expand into metros such as Mumbai, Bengaluru and Hyderabad and also enter tier-II and tier-III markets such as Kochi.

Solar equipment firm SmartTrak in talks to raise $25-M


SmartTrak Solar Systems Pvt. Ltd, a maker of solar trackers and inverters, is in advanced talks to raise $25 million from a US-based private equity investor. This would be the firm’s first external round of funding which could help it enter newer markets such as Africa and West Asia. The funds will be used to enter new markets and develop products. SmartTrak has so far installed 50 MW of tracking systems and has 120 MW under execution.

VBHC in talks to raise $20-M frm Tano Capital, Ambit


VBHC Value Homes Pvt. Ltd (VBHC) is raising almost $20 million (approximately Rs.133 crore) from Tano Capital and Ambit Corporate Finance. The deal values the firm close to Rs.700 crore. The firm was previously known as Value and Budget Housing Corp. Pvt. Ltd. The funds will be used by the firm for its under-construction projects as well for upcoming projects.

The existing investors in the firm include The Carlyle Group, International Finance Corp. (IFC), Caspian Investment Advisors and HDFC Bank Ltd. Carlyle is the biggest investor in the firm, holding almost a 19% stake, followed by IFC (13.5%), Caspian (5.37%), Stichting Van Herk (3.27%) and HDFC Bank (1.81%). The firm also counts several high net worth individuals (HNIs), including PE fund ChrysCapital founder Ashish Dhawan and Singapore-based investor Sat Pal Khattar, as investors.

Vega Schools to raise Rs. 100-Cr

Economic Times

The Gurgaon-based Vega Schools is looking at investing about Rs 200 crore over the next five years to expand its footprint in India and is introducing a customised approach to education in the country. The two founders, Steven Edwards and Sandeep Hooda, are infusing the initial Rs 200 crore and claim to have admitted over 100 students. Further, the duo is looking at raising additional Rs 100 crore in the next year for expansion.

Car services aggregator MotorExpert to raise funds

MotorExpert, an online network of franchised and non-franchised car repair and service workshops, plans to raise funds. Launched in July 2013 by Runal Dahiwade and Alpesh Jain, the firm deals with general car general servicing to non-standard services related to brakes, suspension and body work. In February this year, the platform raised Rs 1.7 crore funding from angel groups, HNIs and industry veterans from automotive, lubricants, technology space based in India, Middle-East, and Europe. With an investment of Rs 3.8 crore as of August 2015, the platform has launched a mobile app offering new features and services for both end customers and car workshop owners.

Wellness app maker CareonGo looks for funding

CareOnGo, a wellness and care platform providing services in preventive and curative care through hyperlocal business model, is looking for a strategic investor. The platform claims to have had more than 15,000 app downloads. Currently, it is present in Delhi-NCR and Bangalore and plans to ramp up its operations to 20 cities by first half of next year. The venture is bootstrapped with an investment of Rs 60 lakh spent on technology, database building, running operations and marketing.

Auto cos eye stake in Ola’s cab leasing biz

Times of India

Auto manufacturers like Maruti Suzuki and Mahindra & Mahindra may pick up an equity stake in online cab aggregator Ola's newly-launched leasing business. Ola has set up a subsidiary, which would invest Rs 500 crore initially to finance cabs for drivers, who want to join its platform. Over a period of one year, about Rs 5,000 crore would be infused into the cab leasing business, which could add another 1 lakh cabs to Ola's fleet by 2016. Ola has already started the cab leasing as pilot with Mahindra and Maruti cars in select cities in India with an initial investment of Rs 50 crore.

On demand repair marketplace Fixall in talks with Aussie group for funding


Kochi-based Fixall that focusses on on-demand repair and maintenance of homes and offices is in discussion with a Melbourne-based business group for funding. The team currently is in the process of expanding to Kottayam and Thrissur, and later expanding to all major cities in Kerala by December 2015, and to other major cities in the country in 2016.
Credihealth to raise VC funding


Gurgaon-based digital healthcare company Credihealth is looking for a VC investment. Credihealth helps users to seek information such as hospital, doctor credentials, procedure, feedback, price comparison, etc. and ensures delivery part through partners who support the patient through the entire experience of their hospital journey. It is operational in six cities and planning to have its presence in 15 major cities in India by the end of 2015.

PE Exits

PE investors in InterGlobe unit scouting for exit

Times of India

Standard Chartered Private Equity, along with Credit Suisse and DBS Group, are offloading a 37% stake in travel outsourcing firm InterGlobe Technology Quotient ITQ), a strategic business unit of InterGlobe Enterprises that operates budget carrier IndiGo, in a deal valuing the company at $350-$400 million. The company has mandated Citigroup to manage the deal. The three investors had bought a little over one-third stake in the Gurgaon-based travel technology solutions company for $140 million in 2008.

Aviation entrepreneur duo Kapil Bhatia and his son Rahul Bhatia own 64% in ITQ, while DBS Nominees, Marina Private Equity Singapore and Unity Stone Investments own 10%, 18.75% and 7.5% respectively


Staffing firm TeamLease files draft prospectus for Rs. 450-500 Cr IPO

Economic Times

Staffing firm TeamLease Services has filed draft papers with capital market regulator SEBI to raise an estimated Rs 450-500 crore through an initial public offer (IPO). The IPO comprises fresh issue of shares worth Rs 150 crore and an offer for sale of up to 32.2 lakh shares by existing shareholders, including Gaja Capital, India Advantage, HR Offshoring Ventures and GPE (India). A total of 10,000 shares have been reserved for the company's employees. The proceeds would be used for acquisitions and other strategic initiatives, upgradation of the existing IT infrastructure, working capital requirements and other general corporate purposes. The issue is being managed by IDFC Securities, ICICI Securities and Credit Suisse Securities (India) Pvt Ltd.

TeamLease Services is India's largest people supply chain company with 8 regional offices and 1,200 core employees. It offers the following services -- temporary staffing, permanent recruitment, regulatory compliance, payroll processing and learning services.

Dr Lal Path Labs files for IPO

Economic Times

Diagnostic chain Dr Lal PathLabs has filed draft papers with market regulator Sebi to raise funds through an IPO. The promoters and other existing shareholders will collectively sell 1.16 crore shares of the company amounting to 14.1% stake. Those participating in the share sale include main promoter Arvind Lal, as also other investors such as Wagner Ltd, Westbridge Crossover Fund and Sanjeevini Investment Holdings Ltd. The company will not receive any proceeds from the offer. Kotak Mahindra Capital and Citigroup Global Markets India are the book running lead managers for the IPO.

From the Venture Intelligence PE/VC Deal Database: Investors in Dr Lal Path Labs include Westbridge and TA Associates


Amtek Auto plans to sell assets worth Rs 6,500-Cr

Business Standard

Amtek Auto plans to raise about Rs 6,500 crore by selling assets. The proceeds will go towards reducing the company’s debt of about Rs 15,000 crore. The company plans to sell some surplus industrial estates in India that are not being used. It is also looking to sell non-core assets and businesses, mainly in India. The company is also in talks to sell a minority stake in its foreign business.

Shiv Nadar's $500-M fund eyes US health tech companies

Times Of India

HCL's billionaire founder and chairman Shiv Nadar and former Tech Mahindra CEO Sanjay Kalra are establishing a $500-million proprietary fund to acquire US healthcare technology companies and invest in IT products and platforms that can bring greater efficiencies to the US healthcare system. Of the total fund size, $200 million is the combined capital infusion by Nadar and Kalra, with Nadar owning 80% and Kalra the rest. The remaining $300 million is debt.The fund plans to acquire mature US healthcare technology companies with investments in the range of $50 million to $200 million.

Vivimed Labs to sell part of speciality chem biz for Rs 380-Cr

Business Line

Vivimed Labs Ltd plans to divest part of its specialty chemicals business to a strategic investor or special purpose vehicle of the company or third party on slump sale basis for a consideration of not less than Rs 380 crore. The objective behind the move is to optimise the capital structure of the company.

Fortis looking to exit Dubai hospital


Fortis Healthcare is evaluating proposals for the sale of its Dubai pathology business.

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New Ventures

China firm joins Vapi company to set up industrial park in Bharuch

Times of India

China's Guangdong Wangtat Construction and Investment Holdings Group, also known as Wangtat Group, has teamed up with Vapi-based Payal Properties Pvt Ltd to develop an industrial park in Bharuch district. The two groups will form a joint venture to establish the park, which will be spread over 300 acres. The project is likely to witness an investment of Rs 1,000 crore from the developer and the industrial units to come up at the park. The park is expected to house industrial units from automotive, pharmaceuticals, textiles, electricity generation equipment as well as electric transmission and distribution sectors.

Sony India, BBC form JV channel


Multi Screen Media Private Ltd, part of Sony Corporation, has entered into a joint venture with BBC Worldwide to set up Sony BBC Earth, a new premium factual channel, in India. Sony BBC Earth will combine information and entertainment in real surroundings and would cater to Indian audiences looking for thrill and adventure of exploring natural environments. Multi Screen Media will own the majority stake in the channel which would be broadcast in HD will be available in Tamil, English and Hindi across India.

Expansion / Diversification

Oxxy to launch chain of hospitals

Times Of India

Oxxy, one of the largest healthcare networks in India, is all set to launch a chain of hospitals in India. It aims to bring 50 hospitals under its belt by the end of 2015, the work on which has already started.

Mahindra forays into e-commerce


The Mahindra group has announced its debut into the e-commerce space with the launch of, an e-marketplace for Mahindra products and services. The operations began with “frugal investments”, and will incrementally go up as the business scales up. M2ALL will enable all the Mahindra businesses to sell products at the marketplace, and going forward, also offer other manufacturers and sellers of complementary products a platform.

Fullerton India to float housing finance company

Business Standard

Non-banking financial company (NBFC) Fullerton India Credit Company Ltd, a fully owned subsidiary of Singapore-based Fullerton Financial Holdings, is to float a housing finance company by November 2015. Through this company, Fullerton would add housing loan portfolio to its suite of products that includes personal loans, business loans, SME (small & medium enterprises) loans and loans for rural livelihoods.The company would be floated with a paid-up equity of Rs 100 crore


Two more Jabong co-founders to exit


Online fashion retailer is searching for a new chief executive officer (CEO) as co-founders Praveen Sinha and Arun Chandra Mohan are leaving the company. While Mohan is expected to leave this month, Sinha may exit the company by the year end.


Virat Kohli starts tennis innings as UAE Royals co-owner in IPTL

Businesss Standard

Indian test captain Virat Kohli has now invested in the Dubai frnachise of Mahesh Bhupati-promoted Coca-Cola International Premier Tennis League (IPTL). The franchise, called UAE Royals also has on board Neelesh Bhatnagar and Sachin Gadoya as co-owners.

JP Morgan mutual fund to move Amtek investments into separate units


In a first for Indian mutual funds industry, JP Morgan Asset Management, aims to carve out the troubled portions of two of its schemes - JP Morgan India Short Term Income Fund and JP Morgan India Treasury Fund - into separate units. One set of units will contain the investments made in Amtek Auto Ltd while the other set of units will contain all other investments and cash holdings. The fund house has sought unit holders’ approval for the move.

RBI cancels Sahara's NBFC licence

Business Standard

The Reserve Bank of India (RBI) had cancelled the licence of Sahara India Financial Corporation Ltd (SIFCL), the Sahara group’s non-banking financial company (NBFC). Besides prohibiting it from taking deposits, RBI has directed the Sahara group entity to repay the money as and when the deposits mature. SIFCL has also been asked to lodge all securities with the designated bank for custody.

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