Venture Intelligence
April 05, 2019
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The Big Story

Private Equity investments up 26% to $10-B in Q1’19

Private Equity and Venture Capital firms invested a record $10.1 Billion (across 159 deals) during the quarter ended March 2019. The investment value increased 26% compared to the $8.0 Billion (across 208 transactions) recorded in the same period in 2018 and 39% higher than the immediate previous quarter (which had witnessed $7.3 Billion being invested across 178 transactions). (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate).

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The largest investment reported during Q1’19 was Canadian asset management firm Brookfield's $1.8 Billion acquisition of Pipeline Infrastructure India - which owns the 1,400 km Natural Gas pipeline from Kakinada to Bharuch - from Reliance Industries. The second largest investment was the $715 million investment by Singapore sovereign wealth fund GIC in mobile services company Bharti Airtel.

Click Here for the detaiedl Press Release and interactive charts.

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Done Deals

Private Equity Fund Investments

Blackstone acquires 60% in One BKC for Rs.2,500-Cr

Times of India

Global real estate investor Blackstone is to pick up a 60% stake in Wing A of the One BKC office complex in Mumbai’s Bandra Kurla Complex (BKC). The deal between Blackstone and Radius Developers is estimated to be worth nearly INR 2,500 crore. The 18-storey building has around 6.5 lakh sq ft of space on lease. Tenants in this wing include Bank of America, Facebook, Amazon, JLL, ICICI Prudential, Cushman & Wakefield, Brookfield, Cisco and Trafigura.

The deal has been stuck for a few months owing to a dispute between Radius and MMRDA over payment for additional construction rights. MMRDA controls all lands in BKC. The HC, in its order of March 27, resolved the issue and directed MMRDA to issue an NOC and part occupation certificate to the building within seven days of the builder making the payment. Radius will repay the INR 1,700 crore loan taken from Indiabulls Housing Finance in 2017, while INR 541 crore will be paid to MMRDA for the extra FSI it had purchased to construct the tower.

General Atlantic Varde Partners acquire 13% in PNB Housing for Rs.1,852-Cr


PSU bank Punjab National Bank (PNB) has sold 13.01% stake in fellow publicly listed group firm PNB Housing Ltd (PNBHF) to General Atlantic Group and Varde Partners to realize a total of INR 1,851.60 crore. The two investors acquired 1,08,91,733 equity shares (or about 6.50% stake) each at INR 850 per share. Post deal completion, PNB would continue to hold a 19.78% stake in PNBHF.

D P World, NIIF to buy rail logistics unit of Kribhco for about Rs.1,000-Cr

Business Line

Global port operator D P World Ltd, in partnership with India’s National Investment and Infrastructure Fund Ltd (NIIF), is set to buy a controlling stake for close to INR 1,000 crore in Kribhco Infrastructure Ltd (KRIL) which has a license from the Indian Railways to run container trains pan India. The KRIL acquisition will be the third by Hindustan Infralog Private Ltd (HIPL), a joint venture set up by DP World and NIIF to invest as much as USD 3 billion to acquire assets and develop projects in ports, terminals, logistics, transportation and related sectors.

KRIL is a fully owned rail logistics unit of fertiliser making cooperative society Krishak Bharti Cooperative Ltd (KRIBHCO). KRIL offers multi-modal logistics services from its terminals/inland container depots at Hazira (near Surat), Hindaun City (Karauli) in Rajasthan, Pali (Rewari) in Haryana, Mohiuddinpur (Modinagar) in Uttar Pradesh and Timmapur near Hyderabad (a joint venture with CMTL). It runs 8 railway rakes and 1,350 containers.

IFC invests $125-M in L&T Finance to on-lend for farm equipment purchases

Investor Disclosure

IFC proposes to provide (5-year) senior, secured funding of up to INR 900 crore (USD 125 million) to L&T Finance Ltd. IFC’s investment will help L&T Finance augment its farm equipment financing portfolio. L&TF will match IFC’s investment 3x by contributing up to USD 375 million for the same end-use, and at least 60% of the combined fund will be used towards on-lending to the low-income states of India.

Fairfax acquires 41% in Seven Islands Shipping for Rs.500-Cr

Press Release

FIH Mauritius Investments Ltd, a wholly owned subsidiary of Fairfax India Holdings Corporation, has invested about INR 500 crore (USD 72.1 million) in Seven Islands Shipping Ltd for 41.4% stake. Seven Islands will use the proceeds of the direct subscription to expand its ocean-going fleet by acquiring additional vessels and for general corporate purposes. AZB & Partners advised Fairfax on the deal.

Mumbai-based Seven Islands is the second largest tanker private shipping company in India and transports products along the Indian coast as well as in international waters. Seven Islands owns 14 vessels with a total deadweight capacity of about 1 million tonnes.

From the Venture Intelligence PE-VC Deal Database: In June 2015, Wayzata Investment Partners had invested INR 75 crore in Seven Islands (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Suryoday SFB raises Rs.248-Cr from DEG, others


Suryoday Small Finance Bank has raised INR 248 crore from a clutch of investors including development finance institution DEG, a subsidiary of Germany’s KfW Group, and Kotak Mahindra Life Insurance Co. The fundraise also saw capital infusion from the bank’s promoters and its 13 existing investors, including Sarva Capital, HDFC, IFC, IDFC Bank, Gaja Capital and ASK Pravi.

Suryoday SFB, which initially provided microfinance loans, has diversified its product offerings to include retail loans such as home loans, commercial vehicle loans, and secured and unsecured loans. It operates across 10 states through a network of more than 380 branches and doorstep centres. The SFB’s loan portfolio stands at INR 2,900 crore. It has a deposit base of INR1,500 crore.

Following the latest round of fundraising, the bank has 20 institutional investors with a mix of development funds and private equity investors. In 2017, the SFB had raised around INR 160 crore.

Energy solutions co Livguard raises Rs.220-Cr from ChrysCap, Ncubate Captal

Economic Times

ChrysCapital has led a INR 220 crore investment round in energy solutions company Livguard Energy Technologies that makes, besides traditional automotive products, batteries that drive cars and bikes using the electric powertrain. The transaction has also seen participation from Ncubate Capital, the private investment arm of the SAR Group, which has put in INR 50 crore into the company. Grant Thornton acted as the advisor to the transaction

The five-year-old venture was founded by Rakesh Malhotra and Navneet Kapoor, the former founder-promoters of Luminous Power. With three manufacturing facilities in Himachal Pradesh, the company initially focused on traditional automotive batteries. The company looks to close FY19 with a revenue of INR 1,400 crore. Its top line in FY18 was INR 940 crore.

TPG Growth buys Nykaa shares worth Rs.100 Cr

Venture Intelligence Research

TPG Growth (via TPG Growth IV SF Pte Ltd) bought 283287 equity shares (1.99% stake) at INR 3530 per share of FSN E-Commerce Ventures Private Limited (which owns beauty products e-tail brand Nykaa) on Mar 28, 2019. The purchase aggregates to INR 100 Cr and values the firm at INR 5,027.61 Cr. AZB & Partners advised Nykaa on the deal

From the Venture Intelligence PE-VC Deal Database: Between Jul 2015 and Sep 2018, PE-VC had investors invested USD 65.32 million (INR 441.98 Cr) across several rounds in Nykaa. The company’s investors include Lighthouse (Sep-2018); Max Ventures (Dec-2016); Sharrp Ventures (since Sep-2016); TVS Capital (since Jul-2015); and Techpro Ventures (Jul-2015).

Fintech startup BharatPe raises $15.5-M from Insight Partners, others

Business Line

BharatPe, a fintech startup providing merchants with interoperable UPI QR codes, has raised USD 15.5 million in Series A funding. Insight Partners has joined the company’s existing investors, Sequoia and Beenext, in the round. Antares Legal advised BharatPe on the investment.

BharatPe plans to deploy the funding towards scaling its operations and pursue its mission of empowering millions of merchants with UPI payment within the next two years.

Lingerie e-tailer Zivame raises Rs.60-Cr bridge round led by Zodius, others

Economic Times

Online lingerie retailer Zivame has raised INR 60 crore in funding as part of a bridge round, led by Zodius Technology Fund and a group of high net worth individuals. The latest fund infusion is part of the company's Series C funding. The funds would be used for ongoing retail expansion, augmentation of technology, product development and strengthening of Zivame's omnichannel strategy. Currently, Zivame has over 30 retail stores and aims to expand to more than 60 in a year.

Zivame counts Zodius Capital, Unilazer and Khazanah Nasional Berhad (Government of Malaysia's strategic investment fund) among its investors. The company had raised INR 250 crore in funding in 2015.

Smart transportation service Shuttl raises Rs.50-Cr from Sequoia, LightSpeed, Times Internet

Sequoia Capital India (via Sequoia Capital India Investments IV and SCI Investments V), LightSpeed Ventures (via Lightspeed India Partners I LLC) and Times Internet Limited will invest INR 21.45 Cr, INR 21.45 Cr and INR 7.10 Cr respectively in Super Highway Labs Pvt Ltd (which owns Shuttl). The purchase, which will constitute 4.66% stake, aggregates to INR 50 Cr and values the firm at INR 1072.50 Cr.

The company will issue 3,754 Series B4 CCCPS at INR 27,356.20 per share to Sequoia Capital India Investments IV, 4,087 Series B4 CCCPS to SCI Investments V, 7,841 Series B4 CCCPS to Lightspeed India Partners I LLC and 2,595 Series B4 CCCPS to Times Internet Limited.

From the Venture Intelligence PE-VC Deal Database: Between Jul 2015 and Jan 2019, Shuttl raised USd 40.4 million (INR 260.14 Cr) over several rounds.

Food ordering service Box8 to raise Rs.46-Cr more from Redefine Capital, Ganesh Ventures

Venture Intelligence Research

Redefine Capital (via Redefine Capital Fund LP) and China-based Ganesh Ventures (via Ganesh Ventures Capital Limited) are to invest INR 43.55 Cr and INR 2.31 Cr respectively in Poncho Hospitality Private Limited (which owns online food ordering service Box8). The purchase, which will constitute 6.15% stake, aggregates to INR 45.86 Cr and values the firm at INR 746.25 Cr.

On Mar 25, 2019, the company had issued 1,603 Series C CCPS at INR 271,711.14 per share to Redefine Capital Fund LP (INR 43.55 Cr). The company will issue 85 Series C CCPS to Ganesh Ventures Capital Limited (INR 2.31 Cr).

From the Venture Intelligence PE-VC Deal Database: Between Jan 2015 and May 2017, Box8 raised $13.41 million (INR 87.44 Cr) from Mayfield, IIFL VC and Trifecta Capital.

Recommendations platform Little Black Book raises Rs.35-Cr from Inventus India, IAN Fund, others

Economic Times

Little Black Book (LBB), a recommendations platform for places, services and events, has raised INR 35 crore in a funding round led by Inventus India and IAN Fund. Japanese investors Dream Incubator and Akatsuki Entertainment Technology (AET) Fund. Existing investors Blume Ventures and Chiratae Ventures also participated in the round.

The new funds will be used to expand the technology and product teams with a focus on machine learning for discovery and for integration of content with commerce. For 2017-18, the company more than doubled its revenue from a year ago to INR 6.6 crore, while losses grew 27% to INR 4.7 crore. Till date, the company has raised about INR 53 crore.

General Atlantic to acquire Everstone’s 70% stake in contract research co Rubicon

Economic Times

General Atlantic is buying Rubicon Research from a private equity company in a deal that would value the homegrown contract research and manufacturing services (CRAMS) major at about USD 220 million. Everstone Capital Partners III will sell its 70% stake in the Mumbai-based Rubicon and generate a 4.5x multiple and a 92% internal rate of return on its three-year-old investment. GA would also infuse primary capital into the company.

Everstone had bought a controlling stake in Rubicon in 2016 for INR 220 crore (USD 33 million). Rubicon reported a revenue of INR 65 crore in FY18, compared with INR 49 crore in the previous year. Rubicon’s total debt stood at INR 29 crore.

Online wedding platform WedMeGood raises $2.6 M from China’s Orchid India

Business Standard

WedMeGood, an online wedding platform, has received USD 2.6 million in Series-A funding from Chinese investment fund Orchid India. The fund, which was an early investor in unicorns such as C-trip and Autohome, has also invested in the Chinese online wedding platform Hunliji.

AgriTech startup Intello Labs raises $2-M from Nexus Venture Partners and Omnivore

Press Release

Gurugram-based Intello Labs, an AI-focused agritech startup has raised seed round of USD 2 million from Nexus Venture Partners and Omnivore. Intello Labs is leveraging AI tools, including computer vision and deep learning, to build a platform for grading and quality monitoring of agricultural commodities. IC Universal Legal advised the transaction.

Intello aims to become the de-facto quality platform across agribusiness value chains for trading, procurement, grading, pricing, marketing, and traceability. It has validated these use cases with pilot customers. Intello had previously raised money from angel investors and participated in two accelerators: Indigram Labs and JioGenNext.

Network mgmt platform Lavelle Networks raises $2-M from YourNest VC, others


Lavelle Networks, a SDN (software-defined networking) management platform, has raised USD 2 million in Series A round of funding led by YourNest Venture Capital. The round also saw participation from existing investor Ideaspring Capital, KAAJ Ventures (B V Jagadeesh), and ASM Technologies Ltd. Bengaluru-based Lavelle Networks plans to use this fund to tap key digital transformation market opportunities.

From the Venture Intelligence PE-VC Deal Database: In March 2017 Ideaspring had invested INR 3.95 crores in Lavelle Networks. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Irish potato exporter IPM, Zephyr invest Rs.10-Cr in Utkal Tubers

Business Standard

Bengaluru-based Utkal Tubers, an agri-tech start-up developing new varieties of seed potato, has raised INR 10 crore from Ireland-based IPM Potato Group and existing PE investor Zephyr Peacock. Through the partnership with IPM, Utkal will license an extensive portfolio of new seed potato varieties with improved disease resistance and high yield potential for retailing in India.

Utkal Tubers was incubated in 2017 with initial funding from Zephyr Peacock India Fund and went on to raise INR 30 crore from CapAleph, a fund founded by former India Value Fund partner George Thomas. Through its network of tissue culture labs and contract farming, Utkal Tubers engages in research, cultivation and marketing for new and affordable varieties of seed potatoes.

Customer feedback s’ware SurveySparrow raises $1.4-M from Prime Venture Partners


Survey and customer feedback software, SurveySparrow has raised USD 1.4 million in seed funding from Prime Venture Partners. The SaaS (software-as-a-service) startup will use the funds for product development and for hiring across engineering, product development and marketing. The company has offices in Kochi and Palo Alto. It seeks to differentiate itself from other survey platforms by offering a chat-like user interface (UI) for surveys.

Premium tea brand Teamonk raises $1-M from Roots Ventures, Rajat Gupta


Premium tea brand Teamonk Global has raised $1 million in Pre-series A funding round led by former McKinsey chief Rajat Gupta and Roots Ventures. With this investment, the Bengaluru-based startup looks to scale up its portfolio of premium teas and targets to reach new geographies. Currently, Temonk is available in the US, Canada, and European markets.

Following the fundraising, Teamonk has also announced the appointment of FMCG professional, Nalin Sood as its Chief Executive Officer (CEO). Teamonk sells premium specialty tea sourced from the Nilgiri hills in Tamil Nadu and Darjeeling in West Bengal.

From the Venture Intelligence PE-VC Deal Database: In Sep-18, TeaMonk had raised capital from Hunch Ventures.

Micro-mobility electric vehicle maker Pi Beam raises funding from Eagle10 Ventures, Bluehill Capital, others

Press Release

Pi Beam, an IIT Madras startup engaged in building sustainable and affordable electric vehicles for the micro mobility market, has raised a Pre-Series A round led by Eagle10 Ventures, a Bengaluru based early stage investor with participation from Chennai-based seed VC firm Bluehill Capital and some HNIs. Pi Beam had previously raised angel funding from members of Keiretsu forum, Chennai. Pi Beam will use the fresh capital for ramping up sales, expanding team and new product development initiatives.

Pi Beam is the first Indian electric vehicle company to offer pedal assisted solar and electric trikes for logistics and passenger movement. With 3 variants of its trikes already in the market, Pi Beam is now eyeing new and innovative products in the E- Rickshaw, E-Cart and E-Auto segments to capitalize on new government initiatives including FAME 2.

Shapoorji Pallonji Infra sells 194 MW solar portfolio to Actis’ Sprng Energy platform

Business Line

Shapoorji Pallonji Infrastructure Capital (SP Infra) has sold 194 MW of operating solar portfolio to Sprng Energy, a renewable energy platform in India managed by London-headquartered private equity firm Actis. With this acquisition, the total operating and under-construction capacity of Sprng Energy will increase to 1,650 MW.

Budget hotels aggregator Oyo in JV with SoftBank for Japan launch

Economic Times

Oyo Hotels and Homes has entered into a joint venture with SoftBank, to launch its hotels business in Japan. Oyo will have a 50% stakeholding in Oyo Hotels Japan GK, while SoftBank Corp and its USD 100 billion Vision Fund will each hold a 25% stake in the venture. Oyo Hotels Japan will be led by Prasun Choudhary, a founding member of the company, as its operating partner.

Edtech startup eShiksa raises funding from Mentor Capital


Jaipur-based education service portal eShiksa has raised funding from Mumbai-based Mentor Capital as part of an extended seed round. The company enables school, colleges and university to go digital - for their processes ranging from admission to the eventual exit of the student, along with enabling digital payments, elearning and selling various services on the platform. The funds will be used for expanding the user base in India to over 2000 institutions in 12-18 months and geographical expansion, beyond the four countries it is already present in: India, Nepal, Malaysia and the Maldives.

eShiksa has, to date, raised INR 5 crore from angel investors such as Dewang Neralla, founder and CEO of Atom Technologies and others.

Medical grade wearable device startup ten3T raises funding from ITI, Pi, others

Press Release

Bengaluru-based health-tech startup ten3T Healthcare has raised a pre-Series A round of funding led by the ITI Growth Opportunities Fund with participation from earlier investors pi Ventures and previous angel investors. ten3T has commercialized patented technology for the early detection and prevention of medical episodes to patients in hospitals, during transport, and at home. The new funds will be used to expand the usage of the company’s product Cicer to home care scenarios, ambulance monitoring, and pharmacovigilance studies.

Angel investors who participated include Bhupen Shah (valley-based co-founder of Sling Media), Raghu Tarra (valley-based founding member of Sling Media), Krishna Prasad Chitrapura and Raghavendra Prasad (co-founders of QikWell), Dr. Vijay Chandru (co-founder of Strand Life Sciences), Deepinder Singh Dhingra (serial angel investor, chief product officer at, Ikuto Higashi (serial angel investor in healthcare startups in the US, Japan and India), and Rama Voruganti (a senior technologist). pi Ventures had led the company’s first round of investment in December 2016.

Samara Capital acquires 50% stake in Blue Heaven Cosmetics

Business Line

Samara Capital is to acquire a 50% stake in Delhi-based Blue Heaven Cosmetics Pvt Ltd, a family-run company manufactures and markets a range of cosmetic products. The company will use the funds for marketing, distribution and consolidation of group entities. Ethos Capital, HDSG & Associates and Jindagi Live Consulting were the advisors to Blue Heaven Cosmetics.

Blue Heaven and its group entities generate a sales of more than INR 160 crore, and have been registering 15% per annual growth. The company’s manufacturing facilities are located in Delhi and Baddi, Himachal Pradesh.

Insurance claims preparation portal SureClaim raises funding from Astarc Ventures

Astarc Ventures has invested in Bengaluru-based SureClaim, run by Sureserve Techsoft Pvt. Ltd, an online platform for insurance claim assistance.

Angel Funding

Delivery startup Baxi-Fresh raises Rs.2-Cr from existing investors

Business Standard

Delivery startup Baxi-Fresh has raised INR 2 crore from its existing investors, including Alok Mittal, founder and CEO of Indifi Technologies; Nitin Singhal, a UK-based angel investor; and Mahendra Pratap, founder and CEO of Shiksha Infotech. Baxi-Fresh employs part-time delivery staff who deliver milk, groceries and other household products in the morning hours. The company already has a fleet of 900 part-time bikers. The company aims to use the funds to launch its delivery services in 200 residential neighbourhoods in Gurugram and New Delhi.

Kids-focused news aggregator app KidzByte raises Rs.2-Cr


Kids-focused news app KidzByte has raised INR 2 crore from serial entrepreneur Pranay Goyal. KidzByte will use the funds to scale its technology, expand user base and resources. KidzByte combines media and technology to create a curated news platform exclusively for young readers to help them read on a daily basis and stay connected with the outside world.

Cataloguing platform Flatpebble raises $400-K more from IAN

Telangana Today

Indian Angel Network has invested about $400,000 in Hyderabad-based AI-driven, on-demand cataloguing platform Flatpebble, which enables business ventures to shoot and manage high-quality catalogues of their products across India. The startup had previously raised USD 600,000 from IAN.

Liquidity Events

GDL acquires Blackstone’s stake in subsidiary Gateway Rail for Rs.850-Cr


Publicly-listed Gateway Distriparks Limited (GDL) has completed its acquisition of the entire stake held by the private equity firm Blackstone in its subsidiary Gateway Rail Freight Limited, for INR 850 crore. GDL has also acquired shares from the management of Gateway Rail. With this, GDL’s shareholding in Gateway Rail, on a fully diluted basis, is now 99.93%. Blackstone, GDL and Gateway Rail have mutually agreed to terminate the arbitration proceedings initiated in December 2018.

Gateway Rail provides rail transport service through it Inland Container Depots (ICD) at Gurgaon, Faridabad, Ludhiana, Ahmedabad and Domestic Container Terminals (DCT) at Navi Mumbai. GDL and Gateway Rail together have a capacity to handle 2.1 million TEUs per annum and warehousing space of 1.73 million square feet across its 12 Container Terminals.

From the Venture Intelligence PE-VC Deal Database: In November 2009 Blackstone had invested INR 300 crore in Gateway Rail Freight (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Jubilant Life Sciences settles IFC loan with $135-M payout


Jubilant Pharma Ltd (JPL), a wholly owned subsidiary of publicly-listed Jubilant Lifesciences Ltd (JLL), has fully redeemed the outstanding zero coupon convertible loan of International Finance Corporation (IFC) on a one-time settlement of USD 135 million based on mutual agreement. Accordingly, the obligation to provide an exit to IFC by equity conversion of the convertible loan has been cancelled. With the above payment of the convertible loan, all loans outstanding to IFC have been fully paid.

From the Venture Intelligence PE-VC Deal Database: In May-14, IFC had proposed to invest a quasi-equity investment of USD 60 million in Jubilant Pharma Limited (JPL), Singapore, a wholly owned subsidiary of publicly listed pharma company Jubilant Life Sciences (JLS). IFC was to also arrange a financing package of up to USD 200 million, including a loan of USD 50 million.

Elara Tech acquires home rental platform FastFox for Rs.100-Cr

Economic Times

Elara Technologies, which owns three realty portals -, PropTiger and Makaan - has acquired home rental brokerage platform at a valuation of nearly INR 100 crore. With this acquisition, Singapore-based Elara, which is backed by News Corp and Softbank, has entered the online-to-offline home rentals. All 120 employees of FastFox would now become part of Elara. is an online-to-offline (O2O) brokerage firm that operates mainly in the Gurugram and is backed by Investors like Lightspeed Venture Partners and Blume Ventures.

From the Venture Intelligence PE-VC Deal Database: PE-VC investors in Oku Tech include Tekton Ventures, Purvi Capital, Blume Ventures, Lightspeed Ventures and Spiral Ventures (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Siguler Guff sells IEX shares worth Rs.81-Cr, registers 2.28x return

Venture Intelligence Research

Multi-strategy PE investment firm Siguler Guff (via Siguler Guff NJDM Investment Holdings Limited and SG BRIC III Trading LLC) has sold 3,000,000 shares on NSE and 2,000,000 shares on BSE respectively at INR 161.50 per share of publicly listed Indian Energy Exchange Ltd. on Apr 3, 2019. The sale aggregates to INR 80.75 Cr. Post-deal the investor would hold 2.98% stake (9,050,000 shares) in the company.

From the Venture Intelligence PE-VC Deal Database: In Nov 2015, Siguler Guff had invested INR 99.63 Cr for 4.63% stake. The company went public in Oct 2017 at INR 165 per share (adjusted for stock split in Oct 2018). Other PE investors invested in the company includes TVS Capital, WestBridge Capital, Motilal Oswal PE, Aditya Birla PE, LightSpeed Ventures, Global Environment Fund, Multiples PE, Madison India and Bessemer.

Other Private Equity/Strategic Investments

CPPIB buys SBI Life Insurance Co shares worth Rs.1,155-Cr


CPPIB (Canada Pension Plan Investment Board) has bought 20,000,000 shares (2% stake) at INR 577.50 per share on Mar 29, 2019 of publicly listed SBI Life Insurance Company Limited through a bulk deal. The purchase aggregates to INR 1,155 Cr.

From the Venture Intelligence PE-VC Deal Database: On Dec 30, 2016, KKR and Temasek invested INR 1,794 Cr for 3.90% stake in SBI Life Insurance. The company went public in Sep 2017 at INR 700 per share..On Mar 1, 2019, Carlyle had invested INR 4635 Cr for 9% stake at INR 515 per share.

US-based Airbnb invests $200-M in budget hotel startup Oyo


US-based home-sharing platform Airbnb Inc. has invested between USD 150 million and USD 200 million in budget hotel startup, Oyo (Oravel Stays Pvt. Ltd). The deal will allow Oyo’s 10,000 villas and homes in India, Dubai and other markets to be listed on the Airbnb platform, expanding Oyo’s international reach and strengthening Airbnb’s presence in Asia

Oyo is present in more than 259 cities, with more than 8,700 buildings and over 173,000 rooms, the hotel startup claims. Oyo raised around USD 800 million from Japan's SoftBank Group last year as part of Series E funding, which was followed by infusions from Chinese ride-hailing giant Didi Chuxing and Asian ride-hailing giant Grab. This round valued the company at around USD 5 billion.

Digital payments firm Transerv raises Rs.46-Cr from Indiabulls Consumer Finance


Indiabulls Consumer Finance Ltd, a wholly owned subsidiary of publicly listed Indiabulls Ventures Ltd, is to acquire 42% stake in Transerv Pvt Ltd for INR 46 crore. Transerv is a digital payments enterprise providing payment products to consumers and businesses. It has an authorisation from Reserve Bank of India for issuance and operations of prepaid payment instruments.

From the Venture Intelligence PE-VC Deal Database: Transerv had raised INR 100 crores across 4 rounds of funding starting June 2012 from Nirvana Ventures, Faering Capital, IDFC PE and Micromax (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Online tutoring startup Vedantu raises funding from China's TAL Education Group

Business Standard

Beijing-based TAL Education Group, an education and technology enterprise, has invested USD 5 million (close to INR 35 crore) in Bengaluru-based live online tutoring company Vedantu. The investment was part of the USD 11 million Series B round that Vedantu raised last November led by Omidyar Network with participation from Accel. Vedantu offers individual and group classes for K-12 segment delivered by experienced teachers in a real-time virtual learning environment.


Metropolis Healthcare raises Rs.530-Cr from anchor investors

Economic Times

Diagnostics company Metropolis Healthcare has allotted INR 530.05 crore worth of shares to 26 anchor investors at INR 880 apiece. The investors include Small Cap World Fund, Neuberger Berman Emerging Market Equity Fund, Fundsmith Emerging Equities Trust Plc and First State Indian Sub-Continent Fund, among others.

The company is looking to sell 13,685,095 shares to raise INR 1,204 crore through the IPO. Of these, promoter Sushil Shah will sell 6,272,335 shares, while investor CA Lotus Investments, a subsidiary of US-based private equity firm Carlyle Group will offload 7,412,760 shares. The price band has been fixed in the range of INR 877-880 per share.

RVNL IPO scrapes through

Economic Times

The Rs 482 crore initial public offer (IPO) by Rail Vikas Nigam (RVNL) was subscribed 1.10 times on the fourth and final day of the bidding process. The IPO received bids for 27,90,32,520 shares against the total issue size of 25,34,57,280 units. Qualified Institutional Buyers (QIBs) quota was subscribed 0.54 times, Non Institutional Investors (NII) 0.65 times and retail 2.31 times. The RVNL offer comprises of 12.12% of paid-up equity share capital of the company.

RVNL is engaged in railway projects including setting up of new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges and institution buildings.


Welspun Corp to sell two assets worth Rs.940-Cr

BSE, Mint

Publicly listed Welspun Corp is sell its two of its assets worth INR 940 crore to Laptev Finance and Welspun Captive Power Generation. Laptev Finance will acquire Welspun’s plates and coils mill division (PCMD) for INR 848.5 crore. The sale consideration, after closing adjustments pertaining to net current assets as of closing date (expected to be about INR 25 crore), takes the total expected consideration to INR 873.5 crore. The turnover of PCMD was INR 1,230 Cr for FY18, with an EBITDA OF INR 126 Cr.

Welspun Corp will also sell a 43-megawatt coal based power plant to Welspun Captive Power Generation (WCPGL), in which Welspun Corp holds 19.75 %, for INR 66.9 crore. The turnover of the target power division in FY18 was INR 9 Cr with a negative EBITDA of INR 1 Cr.

Wipro to sell “Workday” and “Cornerstone OnDemand” business to US-based Alight for $110-M

BSE, Press Release

Publicly listed Wipro Limited IT Services firm is to sell its HR tech-focused “Workday” and “Cornerstone OnDemand” cloud practices to Lincolnshire, IL (USA)-based Alight Solutions for $110 million. The business being sold has a presence across 11 countries including Australia, India, the United States, and several others across Europe. As part of the deal, more than 300 employees will join Alight’s existing team of over 1,000 certified Workday and Cornerstone OnDemand experts.

The transaction has already been completed for various jurisdictions except Portugal, France and Sweden and Wipro has received $95.27 million out of the $100 million up front payment. The remainder $4.73 million is expected to be received by June. The deferred payment component of $10 million is to be paid at the end of 12 months based on milestones.

From the Venture Intelligence PE-VC Deal Database: In July 2018, Wipro had acquired Alight Solutions' captive operations in India - Alight HR Services India - for $117 million.

Manappuram Finance infuses Rs. 264-Cr to up stake in microfinance unit Asirvad

Business Line

Publicly listed Manappuram Finance has infused INR 264 crore in its microfinance arm, Asirvad Microfinance, through a rights issue. After this transaction, Manappuram will hold 93.33% stake in the microfinance entity. The capital infusion will enable Asirvad’s portfolio grow from the present level of INR 3,800 crore to more than INR 5,500 crore by March 2020.

Promoted by SV Raja Vaidyanathan and his family members in 2007, Asirvad was acquired by Manappuram in February 2015. The company caters to 1.8 million microfinance clients in 22 States.

Titan invests Rs.100-Cr more in jewelry e-tailer CaratLane; hikes stake to 69.5%


Publicly-listed Titan Company Ltd has subscribed to 30,48,780 additional Equity Shares of CaratLane trading Pvt Ltd for INR 99.99 crore, increasing its stake in CaratLane from 66.39% to 69.47%. CaratLane is in the business of manufacturing and sale of precious and semi-precious jewellery online and also through retail showrooms. CaratLane's total revenue for the financial year ended 31st March, 2018, was INR 292.50 crore.

Salarpuria Sattva Group to acquire 50.1% in C-Live for Rs.47-Cr

Press Release

Salarpuria Sattva Group is to acquire 50.1% stake in Co-life Advisory Private Limited for INR 47 crore (USD 6.9 million). Co-life Advisory is engaged in the business of providing maintenance and other ancillary services, to co-living spaces managed under an operator model. Cyril Amarchand Mangaldas advised Salarpuria Sattva Group.

L&T sell off 51% in Kobelco Machinery to Japanese JV partner for Rs.43.5 Cr


Publicly-listed Larsen & Toubro Ltd is to sell its entire 51% stake in L&T Kobelco Machinery Pvt Ltd (LTKM)to its Japan-based JV partner Kobe Steel for INR 43.5 crore.

LTKM's total income during 2017-18 was INR 82.03 crore. LTKM reported a net worth of INR 40.13 crore as on 31 March 2018, of which L&T's 51% share was INR 20.47 crore.

Classifieds portal Quikr acquires online laundry service LaundryAnna


Online classifieds marketplace Quikr is acquiring fellow Bengaluru-based online laundry services startup LaundryAnna. The deal will involve sharing of technical expertise and expansion of LaundryAnna’s physical stores. LaundryAnna, founded in 2015 by Prateek Rana and Rohit Melwin, offers laundry and dry cleaning services. It allows users to schedule a pick-up using its platform.

The unit will be part of QuikrEasy, the home services arm of Quikr which offers a host of services including repair, electrician, trainers, and other day to day needs including laundry services.

Mundkur Law Chambers merges with Bharucha Partners

Legally India

Bangalore firm Mundkur Law Chambers, which was set up in 2007 by Ramanand Mundkur, has merged its practice with Mumbai-headquartered Bharucha & Partners, under the new branding Bharucha Singh Mundkur (BSM). This will give Bharucha a 12-fee-earner base in Bangalore, including husband-and-wife team and partners Ramanand Mundkur and Divya Balagopal. BSM will be 12 partners strong after the merger, with a total of 75 lawyers.

Ramanand Mundkur specialises in corporate finance deals, M&A and private equity.

Wipro Infra Engg unit buys Incite Cam Centre’s automation business


WIN Automation, the industrial automation business of Wipro Infrastructure Engineering, has acquired Bengaluru-based Incite Cam Centre’s Automation Business. The acquisition is expected to enhance WIN Automation's capabilities to offer integrated and end-to-end automation solutions. WIN Automation caters to the industrial automation needs of manufacturing industries in India and the ASEAN region.

Incite Cam Centre, founded in 2000, has executed over 3000 diverse automation projects. The company has developed a range of products for robotic welding automation including MIG Lines, TIG Lines, Spot-Welding Solutions, Inspection Automation, Auto Gauging Systems, Vision Systems, and Assembly and Handling focussed solutions.

Electronics retailer Vijay Sales buys Hyderabad-based TMC for southern foray

Economic Times

Mumbai-based electronics retailer Vijay Sales has acquired Hyderabad-based electronics retail chain TMC Electronics. The buy gives the hitherto west & north India-focused Vijay Sales an immediate foothold in the southern market. TMC has 19 stores spread across Telangana and Andhra Pradesh.

Social VC Investments

Veritas Finance raises Rs 80-Cr via listed NCDs


PE-backed Non-banking finance company Veritas Finance has privately placed INR 80 crore worth listed Non-Convertible Debentures (NCDs) to two BlueOrchard managed funds: Microfinance Initiative for Asia Debt Fund and BlueOrchard Microfinance Fund.

Chennai-based Veritas had raised equity funding of INR 200 crore in October 2018 led by Norwest Venture Partners along with United Kingdom’s Development Finance Institution CDC Group Plc and P Surendra Pai. Veritas is focused on lending to micro, small, medium enterprise and has presence in seven states and in a union territory.

Other Deals

PNB sells off entire stake in Experian Credit


Publicly listed Punjab National Bank (PNB) has sold its entire stake of 42 lakh shares (3% stake) in unlisted Experian Credit Information Company India Ltd. as on March 28, 2019.

Other Deals - Listed Firms

Promoters of Zee Entertainment sell Rs.332-Cr worth of shares

Business Standard

The promoters of Zee Entertainment have sold INR 332 crore worth of the firm’s shares in recent months. The disclosures show that promoter entity Cyquator Media Services has sold shares worth INR 227 crore between February 13 and March 29. Post-sale, Cyquator’s shareholding has reduced to 22.8% from 23.36%.

Meanwhile, Essel Corporate has sold INR 105 crore worth of shares between March 13 and March 25, bringing down the promoter entity’s stake to 3.04% from 3.28%.

Real Estate Transactions

Nitesh Estates sells land parcel in Bengaluru for Rs 55-Cr

Business Line

Bengaluru-based property developer Nitesh Estates has sold a 21,000 square feet residential land parcel located in the city’s Cunningham Road for INR 55 crore. It will use the proceeds to retire debt including INR 40 crore from HDFC Ltd.

Fund News
Fund News

MORE achieves second close of realty fund with commitments of Rs.850-Cr

Economic Times

Motilal Oswal Real Estate (MORE) has achieved the second close of its fourth real estate fund – India Realty Excellence Fund IV (IREF IV) – with commitments totalling INR 850 crore. It has raised funds mainly from high-net-worth individuals and family offices. MORE’s cumulative assets under management (AUM) stand at more than INR 3,000 crore.

MORE plans to deploy the capital in mid-income and affordable residential projects across India’s top six cities and also selectively invest in commercial projects.

BAce Capital raises $100-M to fund startups in Southeast Asia, India


BAce Capital, a venture capital firm targeting early-stage startups from India and Southeast Asia, has raised USD 100 million from Alibaba-affiliated fintech giant Ant Financial as well as institutional investors and high net-worth individuals from the US, China, India and Southeast Asia. BAce Capital is aiming to raise up to USD 150 million. The firm seeks to invest in Series A and B rounds with check sizes ranging from USD 500,000 to USD 15 million. Indonesia and India will be the biggest focus areas, taking up 70 to 80% of the fund. BAce Capital will back mobile-first, consumer internet startups.

The investment team comprises three former Alibaba and Ant Financial executives including Benny Chen, Kshitij Karundia and Mulyono Xu.

Axis AMC raises Rs.400-Cr for maiden real estate fund

Press Release

Axis AMC has final closed its maiden real estate fund, the Axis RERA Opportunities Fund – I with commitments of over INR 400 crore. The investors include domestic institutions, HNIs and the sponsor (Axis AMC). The fund is targeting investments through structured debt route in the top 8 cities of India and aims to work with developers with an established track record.

DSG Consumer Partners makes first close of third fund at $30-M


Singapore-headquartered venture capital firm DSG Consumer Partners (DSGCP) has announced the first close of its third fund with USD 30 million in committed capital. Investors in the first close were primarily existing limited partners, including family offices and other institutional funds from Europe, Singapore and USA.

The third fund, which is targeting USD 50 million, will continue DSG’s strategy of seed and Series A investments in startups looking to build consumer brands focused on India and Southeast Asia.

NIIF, Canada’s Roadis tie up for $2-B road investment platform


Infrastructure investment company Roadis, a wholly-owned subsidiary of the Public Sector Pension Investment Board (PSP Investments) of Canada, and the National Investment and Infrastructure Fund (NIIF) have announced the creation of a platform that will invest in road projects in India. The platform will invest up to USD 2 billion of equity to target toll-operate-transfer models, acquisition of existing road concessions and investment opportunities in the road sector with the aim of creating a large roads platform in the country.

Roadis owns 710 km of highways in India. NIIF is a fund manager that invests in infrastructure and related sectors in India, anchored by the government of India.

Apollo to launch $1-B India-focused special credit vehicle


Apollo Global Management LLC is looking to raise a USD 1 billion fund called "AION II India", focused on special credit.

Sequoia Surge to raise $200-M

Economic Times

Sequoia Capital India, which roped in Google India's Rajan Anandan to lead its Surge accelerator and seed funding programme, is expected to raise a separate fund of $150-200 million. Surge intends to invest in startups across India and Southeast Asia.

Surge combines $1.5 million of seed capital with company-building workshops, global immersion trips and support from a community of exceptional founders.

Japan’s Incubate Fund to raise $27-M India fund


Tokyo-based venture capital fund The Incubate Fund will launch a new fund with the aim of investing in promising Indian startups. The Incubate Fund India plans to invest 3 billion yen (USD 27 million) by the end of the year. Its general partner is Nao Murakami, who previously worked at Nomura Securities and has business experience in India. He will be based out of Bangalore.

AngelList launches India-dedicated fund ‘The Collective’

Economic Times

Silicon Valley-based AngelList is launching an India-dedicated fund - The Collective - which will deploy about INR 1 crore each across 60-80 companies annually. Sponsors of the fund include Flipkart’s cofounder Binny Bansal, Salil Deshpande of Bain Capital Ventures, Matrix Partners’ Avnish Bajaj, Tarun Davda and Vikram Vaidyanathan, Navroz Udwadia of Falcon Edge Capital, DST Global’s Rahul Mehta as well as venture funds like Kalaari Capital, FJ Labs, Beenext and others.

Utsav Somani, Partner, AngelList India; Pankaj Jain, ex-partner, 500 Startups India; and Nipun Mehra (formerly with Sequoia Capital India, Flipkart and Pine Labs) would be on the investment committee of The Collective.

SoftBank’s CFO Alok Sama quits active role


Alok Sama, President and Chief Financial Officer of Japanese investment firm SoftBank is leaving active role. He will continue as a senior adviser to SoftBank and represent the company on the boards of SoFi, the online lender, and SB Energy, its renewable energy business.

Sama, a former Morgan Stanley banker, joined SoftBank in 2014 as an adviser before becoming the CFO of the group’s international holdings a year later. He helped founder Masayoshi Son steer through the USD 32 billion acquisition of chip designer Arm Holdings in 2016.

PAG hires Nikhil Srivastava from KKR: report

Times of India

The Hong Kong-headquartered Pacific Alliance Group (PAG), headed by Weijian Shan and which manages assets over USD 20 billion, is to name Nikhil Srivastava from KKR as the head of private equity operations in India. Srivastava is a director with KKR India and was earlier with Goldman Sachs.

Rajan Anandan joins Sequoia Capital India; to head accelerator program

Fund Announcement

Prolific angel investor Rajan Anandan has joined Sequoia Capital India as Managing Director. Anandan, who was most recently Google’s India & Southeast Asia head, will focus on developing Sequoia’s recently launched accelerator program Surge by acting as an mentor to the program’s founders. Anandan has previously led Microsoft and Dell in India, and was earlier a Partner at McKinsey & Co in Chicago.

SoftBank India Head Sumer Juneja joins Ola board

Economic Times

SoftBank’s India head Sumer Juneja will join the board of ride-hailing platform Ola, replacing David Thevenon.



VI UpdatesVI Updates


Legal Showcase


J. Sagar Associates (“JSA”) represented the Association of Power Producers, Rattan India, GVK, GMR and Coastal Energen in the landmark judgment where Supreme Court has squashed the RBI 12 February circular on stressed assets.

The circular had been challenged by power companies through Association of Power Producers as being arbitrary and ultra vires Article 14 as well as provisions of the Banking Regulation Act. In proceedings before the Supreme Court, it had been highlighted that the power sector is suffering on account of external factors such as non-availability of fuel, non-payment of dues, regulatory delays etc. Referring power assets to IBC will result in severe value erosion since the systemic issues have not been addressed. The Supreme Court held that RBI could not have issued a generic circular mandating reference under IBC more so since the specific power to mandate reference to IBC under Section 35AA of the Banking Regulation Act is to be exercised on case-to-case basis. The Supreme Court has also quashed all consequential proceedings including IBC proceedings initiated under section 7 of IBC. This provides much needed relief to power companies which had been taken to NCLT under the RBI Circular including Rattan India, GMR, GVK, ILFS and Coastal Energen.

In light of the Supreme Court judgment, RBI may have to issue revised guidelines / circulars for restructuring of stressed assets keeping in view the observations of the Supreme Court. There is also a question mark over existing processes which may have been completed / nearing completion. However, with the threat of IBC proceedings mitigated, it will give some breathing space to power companies and lenders as well as flexibility to restructure debts in a manner which ensures continuity and value maximization for lenders as well as power companies.

The Supreme Court verdict along with recent CCEA, MoP and MoC notifications implementing the recommendations of the High Level Empowered Committee will provide much needed respite and impetus to regulatory reform in the power sector.

The JSA Team comprised Joint Managing Partner - Amit Kapur, Partner - Vishrov Mukerjee and Associates - Catherine Ayallore and Ameya Vikram Mishra.

VI Updates


VI Updates



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Deals in the Making
Deals in the Making

Private Equity/Strategic Investments

CPPIB may invest $2-B in Piramal’s renewables, roads platforms


The Ajay Piramal-led Piramal Group, which has set up platforms to acquire operating renewable energy and roads assets, has roped in Canada’s largest pension fund manager Canada Pension Plan Investment Board (CPPIB) as an anchor investor. The proposed platforms for roads and renewable energy assets will see a total commitment of close to USD 2 billion.

Piramal plans to deploy around USD 1 billion in acquiring solar and wind assets under the renewable platform, while it would invest USD 800 million to USD 1 billion under the roads platform.

Mahindra to lead $500-M in self-drive car service Zoomcar


Self-drive car rental platform Zoomcar operated by (ZoomCar India Pvt. Ltd) is in talks to raise around $500 million in a fresh funding round led by automaker Mahindra and Mahindra Ltd. The funding round will include a mix of debt and equity financing. Mahindra is expected to pump in $300-400 million into the company. Zoomcar’s existing investors from the US are also likely participate in the current round. A large portion of the funding will be used to finance vehicle purchases.

Till date, Zoomcar has raised a little over $100 million. The company had raised $40 million in a Series C round led by Mahindra in February 2018 (when it was valued at around $170 million); $24 million in a Series B round in August 2016 (led by Ford Smart Mobility), and another $21 million in two tranches between October 2014 and July 2015, from Sequoia Capital India, Empire Angels and T.V. Mohandas Pai, among others.

Shared office space provider Cowrks to raise $350-M


Bangalore-based Shared office space provider CoWrks will raise USD 350 million equity to fund domestic and foreign expansion. The company, backed by property developer RMZ Corp., has appointed Morgan Stanley and Bank of America Merrill Lynch for the fundraise.

CoWrks has 23 centres across Bengaluru, Mumbai, Hyderabad, Chennai, Delhi and Gurugram and is also looking to expand into tier-II cities like Pune, Ahmedabad, Chandigarh, Indore and Jaipur, apart from overseas locations.

Micromax founder to raise $100-M for electric motorcycle firm Revolt Intellicorp

Economic Times

Rahul Sharma, the co-founder of mobile phone maker Micromax, is looking to raise USD 100 million as growth capital for Revolt Intellicorp, the venture that marks his foray into the personal mobility space. Rahul Sharma has invested INR 500 crore of his personal capital in Revolt, which has firmed up plans to launch its first product—an electric motorcycle with a range of 150 km on full charge—in June.

The electric motorcycle will be the first of ‘multiple connected products’ the company has firmed up for launch over the next three to five years. The motorcycle will be launched first in Delhi and then across multiple cities. Currently, Revolt Intellicorp has a manufacturing facility with a production capacity of 120,000 units in Manesar, Haryana. Additional resources raised will be used to expand the company’s product portfolio and set up a new manufacturing facility.

Electric scooter-sharing startup Mobycy to raise $30-M

Business Line

Electric scooter-sharing company Mobycy is looking to raise USD 25-30 million in funding over the next year. Mobycy is currently operational in Gurugram, parts of Delhi on a pilot-project basis, and in Hyderabad’s HITEC city. Gurugram has its biggest fleet, with 500 e-scooters, while Hyderabad has about 100. The startup manufactures its e-scooters that are optimised for the Indian consumers. Mobycy has a current capacity to build 3,000 to 4,000 e-scooters a month.

Gifting platform FlowerAura in talks to raise $15-M

Business Line

Gurgaon-based e-commerce platform FlowerAura is in talks to raise USD 15 million to scale up its operations across the country and deliver personalised gifting experiences to its customers. The company is looking to scale operations beyond metros to Tier-2 and -3 cities.

The bootstrapped company claims to deliver 7 lakh orders in FY 2018 at an average order value of INR 800 and ended fiscal 2019 with a revenue of INR 55 crore.

Xiaomi, Shunwei Capital to buy 10% in commute solutions co for Rs.50-Cr

Economic Times

Chinese smartphone manufacturer Xiaomi and its investment unit Shunwei Capital are close to buying around 10% stake in, a daily commute solutions startup, for about INR 50 crore. The deal would give an exit to some investors who had invested when the venture was launched. displays schedules of buses, trains and metro services in several cities. The app shows availability of Ola, Uber and other cab services in the vicinity, as well as the cost, journey time, availability and real-time movement of traffic in different languages.

Indonesia’s Go-Jek in talks to invest in Faasos, MPL

Economic Times

Jakarta-based transportation network and logistics company Go-Jek is in advanced talks to close two investment deals with Indian companies - Rebel Foods (which runs cloud kitchen service Faasos) and gaming company Mobile Premier League. (All three companies have a common investor in Sequoia Capital India.)

Go-Jek is in talks to set up a joint venture with Rebel, which is behind over half a dozen online restaurant brands like Faasos and Behrouz Biryani. The two companies may jointly invest USD 8-10 million initially in the venture where the idea is to take the cloud kitchen expertise of Rebel to the Southeast Asian market.

Go-Jek is leading a USD 30 million round in gaming startup Mobile Premier League (MPL), along with Times Internet and existing backer Sequoia Capital India, which value the 10-month-old startup at around USD 150 million. MPL, registered in Singapore, had earlier raised over INR 35 crore from Sequoia.

Bain Capital to refinance debt borrowed for Axis Bank investment

Economic Times

Bain Capital is refinancing the debt it had borrowed for investments in Axis Bank as it prepares to convert warrants into shares, hold its marquee investment for a longer period and reduce funding costs, which will help it increase returns on its investments. Bain Capital, through its investment arms, BC Asia Investments and Integral Investments South Asia, had led an equity infusion of a total of USD 1.8 billion in Axis Bank in November 2017. The US-based PE firm had invested USD 1.05 billion on its own to acquire a total of 87.5 million preference shares and 40 million convertible warrants in Axis Bank. It currently owns more than 3.4% in the bank and can hike its stake to 4.87% of expanded capital after converting warrants into equity.

Since Bain bought the shares in November 2017, the Axis Bank stock has risen to INR 761 per share from INR 544, giving the private equity company a handsome 40% returns on its investment.

Liquidity Events

KKR to sell its HDFC stake for $300-M

Times of India

Private equity fund KKR is offloading its shares in Housing Development Finance Corp (HDFC) for about USD 300 million about 15 months after it acquired them in a preferential share allotment. The shares are being sold for about a 15% gain and have been transferred to the proprietary book of a global bank, which is selling them.

KKR had picked up the shares at INR 1,726 apiece, along with Singapore’s sovereign wealth fund GIC and Canadian pension fund OMERS, among others, in January 2018. GIC is also expected to pare a part of its holdings.

Virtuous Retail in talks to acquire 2 malls from Tatas for Rs.700-Cr

Economic Times

Xander-backed Virtuous Retail is in advanced talks with Tata Realty and Infrastructure (TRIL) to buy two mall projects in a deal valued at around INR 700 crore. TRIL will be exiting the two mall properties, totaling 1.15 million square feet, in Amritsar and Nagpur. TRIL owns 90% stake in these assets. While the Amritsar mall is operational, Nagpur is expected to open in the next two months.

TRIL would create an exit route for Tata Realty’s maiden fund Tata Realty Initiatives Fund I, which had invested in these assets.

General Atlantic looks to sell its 32% stake healthcare analytics co CitiusTech

Economic Times

Five years after buying a significant minority stake in healthcare technology company CitiusTech, private equity firm General Atlantic has appointed JPMorgan to find a buyer for its stake. The investment bank has sent feelers to bulge-bracket funds such as Apax Partners, Advent, Bain Capital, Carlyle, Blackstone, CVC Capital Partners and Warburg Pincus. GA had invested USD 111.25 million in March 2014 and owns around 32% of the company with founders Rizwan Koita, Jagdish Moorjani and employees holding the rest. The company is currently being valued at around USD 800 million - USD 1 Billion.

CitiusTech has 3,000 employees and centres in India, Singapore, the UAE, the UK and the US. It clocked USD 175 million in revenues with 27-30% Ebitda margin in the year to March.


EPC co Annai Infra files draft papers to float Rs.225-Cr IPO

Business Line

Engineering, procurement and construction (EPC) company, Annai Infra Developers, has filed draft papers with the markets regulator SEBI for its initial public offer (IPO).

The IPO size is about INR 200-225 crore. The IPO proceeds will be used to finance the purchase of plant and equipment, funding the working capital requirement and for general corporate purposes. Pantomath Capital Advisors Pvt Ltd will manage the issue

The company is mainly engaged in the EPC activities of water management and irrigation projects. The company’s order book consists of 19 projects, of which 14 are from Tamil Nadu and five from Kerala.


Filipino co SPi leads race for e-publishing firm SPS

Times of India

E-publishing business service provider Scientific Publishing Services (SPS) has entered the last leg of deal making with the Philippines-headquartered SPi Global, which seem to be having its nose ahead of Infosys and Wipro. Privately held SPS, part of the Springer Nature group of Germany, operates a 3,500 seat e-publishing services operation.

The company provides end-to-end services for e-publishers and counts its parent Springer Nature, Wiley and Hindavi among others as its clients. SPS ended the fiscal with revenues of nearly INR 250 crore and net profits of INR 85 crore. Springer Nature holds 90% stake in the company while the original founders, Wasani and family, have the rest. SPi Global, fully owned by PE firm Partners Group, is an active player in the e-publishing space.

Mindtree panel names advisors for L&T’s open offer

Business Standard

Mindtree’s Committee of Independent Directors (IDC) appointed Khaitan and Co as legal counsel and ICICI Securities as the financial advisor to provide assistance on Larsen & Toubro’s (L&T’s) open offer. The Bengaluru-headquartered IT services firm had, on March 26, decided to form the IDC as part of a regulatory requirement.

After sealing a deal to purchase V G Siddhartha’s 20.32% stake in Mindtree on March 18, L&T has mounted a takeover bid on the mid-tier IT services firm by placing orders to buy a further 15% stake from the open market, besides making an open offer to buy an additional 31% stake at INR 980 per share. The deal had been vehemently opposed by Mindtree founders and the current management in the initial phase. However, founders of the company recently indicated that they were open to negotiations.

Sony, ZEE deal off over valuation differences

Economic Times

Sony Corp’s bid to buy Subhash Chandra-controlled Zee Entertainment Enterprises(ZEE) has been derailed on differences over valuation, pushing a rival consortium of US cable major Comcast to the forefront. Comcast owns NBC Universal, while its partner for the bid, Atairos, is a USD 4 billion investment company led by former Comcast chief financial officer Michael Angelakis.

Chandra had also bought time from his lenders, including mutual funds and non-banking finance companies (NBFCs), till September to sell assets and repay debt after Zee group shares plunged. The funds will now amend the debenture trust deeds to allow this. The current promoter holding in ZEE is about 36% and market cap, about INR 40,157.10 crore. Zee has 66 television channels across 171 countries.

Banks to invite bids for Jet Airways stake sale on 6 April


Lenders to Jet Airways (India) Ltd have invited bids for a stake sale in the cash-strapped airline on Saturday 6h April 2019. In the absence of satisfactory bids, lenders may explore initiating bankruptcy proceedings against Jet Airways.

Jet Airways’ lenders intend to pursue the bank-led bailout plan for a stake sale in the company under the present legal and regulatory framework and intend to invite expressions of interest. The bailout plan will lead to lenders becoming the majority shareholders of Jet Airways.

Other Deals

Allahabad Bank to sell south Mumbai land parcel at min price of Rs.166-Cr


State-owned Allahabad Bank is selling several prime properties across the country, including a land parcel in south Mumbai, as part of plans to raise funds by selling off non-core assets. Spread across 1,241 sq. metres, the south Mumbai property has a base price of INR 166 crore. Property consultant CBRE has been hired as adviser for the land sale.

Allahabad Bank is also planning to sell 11 commercial office spaces located in Mumbai, Lucknow, Nainital, Moradabad and Mussoorie among other places. The bank has been looking to dilute its stake in general insurance joint venture, Universal Sompo, with other banks apart from selling its non-core real estate assets as part of its fundraising plan.

Other News
Other News

New Venture

Godrej Properties inks JV for 4.25 acre sea-facing residential project in Bandra

Economic Times

Godrej Properties has entered into a joint venture with a realty developer to develop a 4.25 acres sea-facing property in Bandra suburb of Mumbai. The project will offer around 1.1 million sq ft saleable area and will be developed as a luxury residential project.

New law firm Meraki Chambers launched

Legally India

Verus Advocates partner Charles De Souza has started up Meraki Chambers with his team, which he is intending to be a “hybrid between a partnership and a barrister style chamber”. Meraki currently consists of 8 lawyers, one intern, plus support staff. Meraki Chambers seeks to provide end-to-end services to clients under one roof.


Electronics co Detel to expand into ‘affordable’ segment

Business Line

White-goods maker Detel plans to expand its portfolio and gain a pan-India presence. The focus will be on “affordable segment” and price-sensitive markets. The company’s current portfolio includes mobile phones, accessories (SD cards, earphones, Bluetooth speakers) and television sets. It is aiming to close the year with a turnover of INR 100 crore. It is also eyeing B2B clients for its TV business. Detel is also in talks to acquire land in Manesar where it may start its own manufacturing.

Oyo launches coworking space brand Powerstation


Budget hotel rooms aggregator Oyo has launched Powerstation, a coworking space brand. Powerstation is a fully managed workspace for medium and large businesses, startups and freelancers. The company has opened its first centre with a 500-seater space in Pioneer Square, Sector 62, Gurugram and aims to expand to Bengaluru, Mumbai and Hyderabad.

Raymond enters real estate mkt

Economic Times

Diversified group Raymond is foraying into real estate sector and has launched its first housing project in Mumbai with an expected revenue of INR 3,500 crore. Raymond Realty, the new division of the group, will develop a 14-acre housing project at Thane. The company will construct 3,000 apartments in the first phase.

JSW Group to sell steel furniture under the brand ‘Forma’

Business Standard

Sajjan Jindal-promoted JSW Group has annou­nced its entry into the furniture business. JSW Living, which will house the furniture brand, will invest INR 250 crore in the next five years and operate from 400 stores at a pan-India level. The company aims to earn INR 250 crore in the next two years and take it to INR 1,000 crore in five years. The company will sell furniture under the brand name Forma.


Vijay Chandok to head ICICI Securities

Business Line

Private lender ICICI Bank has appointed Vijay Chandok as the MD and CEO of its subsidiary ICICI Securities with effect from May 7, 2019. Chandok is at present Executive Director of ICICI Bank.

Trilegal promotes six lawyers to partnership

Legally India

Trilegal has promoted six of its lawyers to its equity partnership growing to a total partnership size of 50.

The six new partners are:

Amar Narula (Energy and Infrastructure, New Delhi)
Anirudh Agarwala (Corporate, Mumbai)
Anuradha Agnihotri (Disputes, Bengaluru)
Harsh Jain (Corporate, Mumbai)
Tine Abraham (Disputes, New Delhi) and
Wiseroy Damodaran (Corporate, Bengaluru).

Srabonee Roy joins Samvad Partners

Bar & Bench

Former J. Sagar Associates Partner Srabonee Roy has joined Samvad Partners. Roy specialises in Cross Border Investments & Acquisitions, Joint Ventures (financial and strategic), Business Transfers, Financial & Technical Collaboration, Corporate Commercial Transaction, Franchising Arrangements and Corporate Advisory.

Vipin Anand named new MD of LIC

Business Today

Vipin Anand has taken charge as the Managing Director of the Life Insurance Corporation of India (LIC). Prior to this, he was in charge of LIC's western zone, comprising of 23 divisions, covering the states of Maharashtra, Gujarat, Goa and Union Territories of Daman and Diu, and Dadra and Nagar Haveli.

HSA promotes APs Rahul Talwar, Shreshth Sharma to partnership

Legally India

HSA Advocates has promoted Delhi-based associate partners Rahul Talwar and Shreshth Sharma to its partnership. Rahul Talwar specialises in corporate, commercial and real estate work. Shreshth Sharma is part of the firm’s disputes, regulatory and policy practice.

JSA makes 12 Partners, 11 Principal Associates

Bar & Bench

J. Sagar Associates (JSA) has made 12 Retained Partners, 11 Principal Associates and 13 Senior Associates as part of its annual promotion.

Regulatory News

Graphite India closes its B’luru plant permanently

Times of India

Graphite India is permanently shutting its plant in Whitefield, Bengaluru. The controversial plant had come in for scrutiny from the Karnataka State Pollution Control Board and the National Green Tribunal. The company said there will be an impact on its balance sheet post-closure, as the Bengaluru plant accounts for 17% (INR 508.64 crore) of its annual turnover. Graphite India (a KK Bangur group firm) has five factories in India and one in Nuremberg, Germany. The company makes makes graphite electrodes used in electric arc furnaces to make steel.

SC strikes down tough RBI circular on loan defaulters as unconstitutional


The Supreme Court quashed a Reserve Bank of India circular on resolving bad debt, providing relief for some major corporate defaulters but throwing India's nascent bankruptcy regime into question. The Supreme Court said the RBI's circular from Feb 12 last year on how banks should handle defaulters was unconstitutional and "ultra vires", essentially meaning that the central bank has acted beyond its powers.

The circular directed banks unable to agree upon a resolution plan with a defaulter within 180 days, to drag the defaulter into a time-bound insolvency process.


Banks drag JBF Petro to NCLT as KKR deal falls through

Economic Times

Banks have decided to drag the debt-laden JBF Petrochemicals to the bankruptcy court after a deal by private equity fund Kohlberg Kravis Roberts (KKR) to take majority stake in the company was stalled. KKR was supposed to infuse more funds and take a controlling stake in JBF’s Mangaluru-based subsidiary JBF Petrochemicals under a mid 2018 deal. However, that was dependent on JBF promoters restructuring their Singapore-based subsidiary JBF Global and paying back INR 450 crore of intra-corporate deposits. Both these conditions have not been met, stalling the KKR infusion.

JBF makes polyester value chain products used in consumer goods, textile and packaging industries. In August 2018, JBF Industries said KKR will buy 100% of JBF Petrochemicals. In 2015, the PE firm invested USD 150 million for a 20% equity in JBF Industries and to buy zero-coupon compulsorily convertible preference shares.

NCLT orders insolvency proceedings for construction co IDEB Projects

Economic Times

The National Company Law Tribunal (NCLT) has ordered corporate insolvency resolution process for IDEB Projects, an engineering and construction firm that worked as a subcontractor to metro rail projects in Bengaluru and Delhi, for defaulting on loans. NCLT, based on a petition filed by Oriental Bank of Commerce (OBC) under the Insolvency and Bankruptcy Code, has appointed an interim resolution professional to carry out the proceedings.

Bengaluru-headquartered IDEB Projects is into offering engineering construction services in the areas of road projects, bridges, buildings, steel plants and treatment plants, apart from building metro rail projects. A consortium of lenders had lent INR 380 crore to IDEB Projects as working capital. The consortium includes State Bank of India and its associate banks State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore that have now merged with SBI, apart from OBC and private sector ICICI Bank. The company had availed of a working capital credit of INR 38 crore from OBC in July 2007.

Essar Steel: SBI moves SC on NCLAT's nod for more cash to StanChart

Business Standard

Essar Steel’s debt resolution battle has reached the Supreme Court (SC) with State Bank of India (SBI) moving the apex court against the National Company Law Appellate Tribunal’s (NCLAT) advice to give more cash to Standard Chartered Bank, which has made a claim of INR 3,487 crore against the company. During the NCLAT hearing, SBI had said Standard Chartered was not a secured creditor and should not be allowed to make any additional claim from ArcelorMittal’s INR 42,000 crore offer.

Stanchart had informed the tribunal that it was only getting 1.7 % of its dues or INR 60 crore, while other lenders are getting 92%, based on ArcelorMittal’s payments plan. But SBI had opposed giving equal treatment to Stanchart, saying the bank was not a secured creditor as its loan was not directly to Essar Steel but to a promoter entity.

Real Estate News

SC: Contracts skewed against homebuyers are not binding

Economic Times

The Supreme Court has said a real estate company could not be allowed to bind homebuyers with one-sided contractual terms that protect the company at the cost of buyers. The court’s pronouncement came while directing a builder to refund INR 4.83 crore with 10.7% interest to a homebuyer. In this case, the buyer had invested INR 4.83 crore in 2012 to buy a flat in Sector 62, Golf Course Extension Road, Gurgaon, and was assured possession in 2015. But the company failed to fulfil its promise and the buyer filed a case for refund in 2017.

The court took note of the common dilemma of homebuyers who are confronted with thick contractual documents while purchasing a house. The procedures for bank loans are also similar where homebuyers have little choice but to sign up to the terms offered. The agreement usually entails the buyers paying a higher rate of interest in case of delayed payment and builders having the option of cancelling allotment in case of default. But punitive clauses for builders are lenient in case of delay in possession and low interest rates by way of penalties.


JSW Energy drops plans to enter electric vehicle business

Business Line

JSW Group has dropped plans to venture into the electric vehicle (EV) business. Despite having no experience in vehicle manufacturing, Sajjan Jindal, Chairman of the JSW Group, had made a surprise announcement two years ago to enter the EV business — including energy storage and charging infrastructure — through its subsidiary JSW Energy.

SFIO arrests ex-chairman of IL&FS Hari Sankaran

Economic Times

The Serious Fraud Investigation Office has made its first big arrest in the Infrastructure Leasing & Financial Services (IL&FS) case by taking former vice chairman Hari Sankaran into custody. Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd (IFIN). He was part of the erstwhile board that granted loans to undeserving or ineligible entities, according to the investigative wing of the ministry of corporate affairs that is probing IL&FS under provisions of the Companies Act.

German payments co Wirecard faces questions in Indian suit over unit buy

Business Line

Wirecard AG, the German online payments company dogged by an accounting scandal, faces new questions in a lawsuit about how much it paid for an Indian subsidiary. The former owners of Hermes I-Tickets, a company Wirecard bought in 2015, are suing the German company over allegations it made false claims about how much it paid to them at the time, according to a lawsuit filed in Chennai.

GI Retail Pvt. Ltd. is asking Wirecard to clarify details of the transaction. The lawsuit is the latest headache for Wirecard about alleged accounting issues at its Singapore operations. Hermes is also being investigated by the Singapore police as part of the wider probe into potential wrongdoing at the German company’s Asian division.

Wirecard announced in October 2015 it agreed to pay USD 382 million to GI Retail to acquire its payment businesses. Wirecard bought Hermes, which specialised in selling travel tickets, for 216 million euros up front with an option to pay a further 110 million euros. GI Retail claims that it was paid a fraction of that in a deal with a Mauritius-based fund called Emerging Markets Investment Fund 1A.

GVK moves HC to stop Bidvest from selling MIAL stake to third party

Economic Times

GVK filed an injunction in the Delhi High Court to block South African partner Bidvest from selling its stake in Mumbai International Airport Ltd (MIAL) to a third party to preempt a possible takeover by the Adani Group.

In February, GVK had said it will exercise its right of first refusal (RoFR) under the shareholders’ agreement to buy out 162 million equity shares representing 13.5% of MIAL from Bid Services Division (Mauritius) Ltd, a subsidiary of Bidvest Group Ltd. It has time until Wednesday to complete the transaction, failing which the partner could offer the stake back to the Airports Authority of India (AAI), a 26% shareholder in MIAL. If AAI doesn’t exercise its right, as per the contract, consortium partners can sell to a third party.

MIAL is a joint venture of GVK, AAI and South African investors Bidvest and ACSA. GVK Airport Developers owns 50.5% of MIAL and ACSA owns 10%. The Adani Group made a formal offer earlier this year for the 23.5% held by the two South African companies at a valuation of INR 9,500 crore, prompting GVK to ring-fence itself.

ED seizes Rs.315-Cr worth properties of Viceroy Hotels in bank fraud case

Times of India

The Enforcement Directorate (ED) has attached assets worth over INR 315 crore of Viceroy Hotels Ltd, Hyderabad on money laundering charges in a bank fraud case. The ED had registered a case under the Prevention of Money Laundering Act based on a CBI FIR against Best Crompton Engineering Pvt Ltd (BCEPL) and their officials, who allegedly entered into a conspiracy between 2010 and 2013 for defrauding Central Bank of India, Andhra Bank and Corporation Bank.

The CBI FIR alleged that the total loss caused to the consortium of banks due to the above fraud was to the tune of INR 364 crore. BCEPL is a part of Sujana Group of Companies.

Canada’s Brookfield shuts realty advisory arm in India

Economic Times

Canadian alternative asset manager Brookfield has shut its property management services in India and retrenched about 20 executives in Mumbai and Bangalore as part of the company’s exit from this line of business globally. Brookfield had started its facility management services in India about three years ago.

PVR files complaint with SEBI against Ronnie Screwvala’s allegations

Business Line

Leading multiplex operator PVR filed a complaint with SEBI against filmmaker Ronnie Screwvala for “propagating false information to the detriment of the investors and the securities market”. This follows Screwvala filing of a complaint with the Competition Commission of India (CCI) against the four leading multiplex operators — PVR, Inox Leisure, Carnival Cinemas and Cinepolis India, for charging discriminatory virtual print fee (VPF) from movie makers. In its complaint to SEBI, PVR termed Screwvala’s statements as “slanderous and malicious allegations".

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