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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).
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.
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
BSE
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
Mint
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
YourStory
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
INC42
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
Entrackr
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
INC42
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 Noodle.ai), 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
Entrackr
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
BSE
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
BSE
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 - Housing.com, PropTiger and Makaan -
has acquired home rental brokerage platform
FastFox.com 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.
FastFox.com 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
BSE
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
Mint
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
BSE
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.
IPOs
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.
M&A
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%
BSE
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
BSE
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
Inc42
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
Mint
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
PTI
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
BSE
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.
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
TechinAsia
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
DealStreetAsia
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
Mint
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
DealStreetAsia
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
Nikkei
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
Entrackr
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
Updates
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Legal Showcase |
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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
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stressed assets. |
Highlighted Sponsor
Technology Holdings is an M&A and strategic
advisory group that assists companies and
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acquisition, growth and exit strategies. We are
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companies. Technology Holdings has offices
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information, please visit:
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Private Equity/Strategic Investments
CPPIB may invest $2-B in Piramal’s
renewables, roads platforms
Mint
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
Mint
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
Mint
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 Chalo.com for Rs.50-Cr
Economic Times
Chinese smartphone manufacturer Xiaomi and
its investment unit Shunwei Capital are
close to buying around 10% stake in
Chalo.com, 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.
Chalo.com 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.
IPOs
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.
M&A
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
Mint
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
Mint
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.
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.
Expansion/Diversification
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
INC42
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.
People
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
News18
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.
Bankruptcy
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.
Others
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".
Avalon Consulting
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India with Investments in the Food Industry”.
This is part of our “Avalon
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papers/ insights/ industry relevant
literature which identifies and analyses
current industry trends.
With changing food consumption patterns,
demographic shifts, a positive private
equity and venture capital investment
scenario backed by government policies and
initiatives, India is all set to experience
the new wave of growth in the food industry.
This paper dseep-dives into the opportunity,
hot-spots in food and agri-business and how
investors can benefit from the India growth
story. You can download this document at the
link
here.
We hope you find this content insightful and
look forward to your thoughts and feedback
on the same. We would be happy to engage in
a more detailed conversation, should you
have any questions. Please feel free to
write back to us.
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