Venture Intelligence Deal Digest

The Top Deals. Each Week. In One Place. Friday, July 05, 2013
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The Big Story

Mega buyouts prop PE investments to $2.3 B in Q2’13; 6 month figure drops 19%

Manufacturing Cos grab a third of pie; Deal Volumes remain flat QoQ; Goldman steps on the Gas

Private Equity firms invested about $2,330 million across 82 deals during the quarter ended June 2013, according to early data from Venture Intelligence. The investment amount was 17.7% higher than that invested in the same period last year ($1,980 million across 114 transactions) and almost 2.3 times than that invested during the immediate previous quarter ($1,021 million being invested across 80 transactions). Note: The above figures do not include PE investments in Real Estate, the figures for which are here. Also the $1,260 M investment by Qatar Foundation in publicly listed Bharti Airtel has been excluded for the purpose of this analysis. The latest numbers take PE investments in the first six months of 2013 to $3,351 million (across 163 investments) down 19.1% compared to the corresponding period of 2012 ($4,143 million across 238 investments). There were seven PE investments worth over $100 million (with three above $200 million) during Q2’13 compared to three such transactions in the same period last year and just one during the immediate previous quarter, the Venture Intelligence analysis showed.

The top two PE transactions during Q2’13 involved the buyout of existing PE investors by new ones: KKR’s $460 million acquisition of a majority stake in off-highway tires focused Alliance Tire Group (from fellow PE investor Warburg Pincus and the promoters) and the $270 million buyout by Partners Group of the existing PE investors in IT Services firm CSS Group (SAIF, Goldman Sachs and Sierra Ventures). Baring Asia's $257 million investment in Lafarge India, the Indian subsidiary of French cement giant Lafarge, was the third largest in the period. Apart from exiting CSS, the PE arm of global investment banking firm Goldman Sachs was also particularly active on the investing side during the quarter. Goldman invested an additional $135 million in existing portfolio company ReNew Wind Power; $110 million in listed cable TV firm Den Networks and $20 million in medical devices firm BPL Medical Technologies.

Led by the Alliance Tire and Lafarge India deals, Manufacturing companies grabbed over a third of the PE investments (by value) in Q2’13. Manufacturing ($796 million across six investments) was followed by IT & ITES ($448 million across 31 investments) and Energy ($235 million across four investments) in terms of being the most favored industries for PE investments in the period. Outside of the CSS Group buyout, the top PE investments in IT & ITES companies in Q2’13 included the $50 million follow-on round raised by e-commerce firm from a consortium of investors (led by strategic investor eBay and including new investors Intel Capital and Russia based RuNet Holdings) and the $25 million investment by TA Associates in Fractal Analytics. Among Energy deals, the ReNew Power deal was followed by the $90 million raised by NSL Renewable Power from a consortium including IFC, DEG, FE Clean Energy, ADB, Asia Clean Energy and Proparco.

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Done Deals

Private Equity Fund Investments

IVFA invests $40-M in VKL Seasoning

Economic Times

India Value Fund is to invest up to $40 million in food ingredients maker VKL Seasoning. Haresh Chawla and Vikram Nirula, partners at IVFA will join VKL's board of directors. Avendus Capital and DSK Legal were the advisors on the deal.

The funding will help VKL to grow its domestic capacities and expand business development efforts in the Middle East & Africa. VKL manufactures food ingredients and flavouring solutions in India and the Middle-East with a strong focus on the quick service restaurants (QSR) and processed food industries.

Online Real Estate listings firm CommonFloor raises $7.5 M more from Tiger Global, Accel India


Bangalore-based real estate search engine and listings site CommonFloor has raised $7.5 million in additional funding from existing investors Tiger Global Management and Accel India. The funds will be used to expand into new markets, for sales and marketing and for product development.

From the Venture Intelligence PE Deal database: In August 2009 Accel India had invested $0.22 million and in September 2011 Tiger Global and Accel India had invested $3 million in CommonFloor.

Matrix invests Rs.30-Cr more in eye care chain Centre for Sight

New Delhi-based eye care chain Centre for Sight has raised Rs 30 crore in additional capital from existing investor Matrix Partners. The company has issued 65,435 CCPS of FV Rs.10 each at a premium of Rs.4584.70 per share to Matrix Partners India Investment LLC.

From the Venture Intelligence PE Deal database: In October 2010 Matrix Partners India had invested $11.20 million in Centre for Sight.

Kalaari Capital invests Rs.22-Cr in app development firm Robosoft

Economic Times

Udupi-based mobile application developer Robosoft Technologies has raised Rs 22 crore in a first round of funding from Kalaari Capital. Robosoft creates mobile applications for external clients and also creates its own apps through its 99Games and Global Delight units. The company, which has developed apps for brands like The Times of India, Sony, HP, Disney, Reliance and Vodafone, is now aiming to be an end-to-end service provider.

The company is planning to expand its sales team and set up offices globally, strengthen its design and product teams and invest in product development. The company is also looking to go in for a further round of funding of up to $10 million (about Rs 60 crore) by the next fiscal.

Baring India buys addl Indoco Remedies shares worth Rs.9.9 Cr

Baring India, via its fund Baring India PE III, has bought 1,599,596 shares of publicly listed pharma company Indoco Remedies on BSE worth Rs.9.92 Crore at Rs.62 per share on Jul 02, 2013. This constitutes 1.74% of total outstanding shares of Indoco Remedies Ltd.

From the Venture Intelligence PE Deal database: Between Jan 2013 and Mar 2013 quarter, Baring India invested INR 9.55-Cr for 1.65% stake through public market purchase.

Jungle Ventures leads $1.1 M Series A round for impacting funding platform Milaap

Milaap Social Ventures, an impact-focused fundraising platform, has raised a Series A round of $ 1.1 millionled by Singapore-based early stage investment firm Jungle Ventures. Other investors included Toivo Annus – co-founder & former Head of Engineering at Skype; Lionrock Capital – a Singapore-based family investment office; Jayesh Parekh – co-founder of Sony Entertainment TV; and existing investor Unitus Seed Fund.

Milaap had earlier raised $250,000 in seed investments from Unitus Seed Fund, First Light Ventures, Vijay Shekhar Sharma (founder, One97) and Rajiv Madhok (founder, Oorja). Milaap’s platform has routed over $800,000 in loans impacting over 25,000 lives across 10 states.;

Liquidity Events (Private Equity)

Catamaran Ventures, Premji Invest sell their stake in Manipal Global Education Services

Economic Times

Catamaran Ventures and Premji Invest have sold their shares in Manipal Global Education Services to the promoters of the education company. The deal, which closed a fortnight ago, marks the completion of the buyback of investors' stake by the promoters of the Manipal Group led by Ranjan Pai. The process began with the exits of early investors IDFC Alternatives and Capital International in April. Premji Invest and Catamaran, each invested around Rs. 200 crore in the education company that manages a number of overseas university campuses including those in Malaysia and Antigua.

The promoters have raised debt of close to $190 million (Rs. 1,130 crore) from a consortium of overseas lenders while sale of assets brought in the rest of the capital required to fund the buyback.

Godrej Properties buys out HDFC PMS from Chennai, Chandigarh projects

BSE, Business Line

Mumbai-based, listed developer Godrej Properties has bought back the stake held by HDFC PMS in two of its projects: in Chennai and Chandigarh. HDFC had held a 49.9% in the Chennai residential project named Godrej Palm Grove (SPV Name: Godrej Sea View Properties Pvt Ltd). HDFC had held a 49% in the Chandigarh commercial project, Godrej Eternia (SPV Name: Godrej Estate Developers Private Limited).

HDFC PMS had initially invested about Rs.100 crore in both the projects in 2010. Both investments were made via HDFC Asset Management Company Limited Portfolio Management Services Real Estate Portfolio -1.

Temasek sells Firstsource shares worth Rs. 20.21 Cr, registers 0.6x return

Temasek, via it affiliate Aranda Investments Mauritius, has sold 20,189,244 shares of publicly listed BPO firm Firstsource Solutins Ltd on NSE worth Rs.20.21 crores at Rs.10.01 per share on Jul 4, 2013. This constitutes 3.07% of total outstanding shares of Firstsource. Post deal the investor would hold 0.28% stake of the company. Part of the shares were bought by well known public market investor Rakesh Jhunjhunwala.

From the Venture Intelligence PE Deal database: Temasek invested $45 million into the company over two rounds. Other PE investors in the company had include ICICI Venture, which exited the firm in 2007 with a 2.04x return and Sequoia Capital India which exited the firm in 2009 with 2.70x return.

Incubation / Acceleration

Streaming app maker Nityaa Labs selected for GSF Accelerator

Nityaa Labs, a Pune-based developer of AirStream, an app using which users can stream media content and other files from their PC to smartphone, has been selected to be a part of GSF Accelerators second batch.

Angel Investments

CashKaro to raise $750-K from UK angels

Business World, a subsidiary of UK-based Pouring Pounds is to close its first round of funding of Rs 4.5-5 crore ($750,000) from a group of angel investors in London. Cashkaro is a cashback and coupon website which works with over 350 companies and has about 40,000 registered users.

E-com firm Klip raises angel funding

Economic Times

Online product discovery site has raised funding from angel investors linked to start-up accelerator VentureNursery. The Mumbai-based company helps users discover unique lifestyle products from across the web by aggregating and curating them based on their social connections and interest graph. It was part of VentureNursery’s second batch that concluded in April.

Klip is part of Smursh Ecommerce, founded in 2011 by college friends Harsh Gadia and Maneesh Madambath. Klip, which claims to have a 1,000-strong user base, has curated products from over 100 sites.

Other Private Equity/Strategic Investments

Deepak Fertilisers buys 24.5% in Mangalore Chemicals for Rs.179-Cr

Times of India

Pune-based Deepak Fertilisers & Petrochemicals, through its wholly owned subsidiary SCMSoilfert, has acquired a 24.5% stake in listed UB Group company Mangalore Chemicals and Fertilizers for Rs 179 crore. The sellers were Delhi-based Burman family and Sundaram BNP and DSP Blackrock mutual funds.

UB Group holds 21% in Mangalore Chemicals while Zuari Fertiliser holds a little over 10%.

Hero MotoCorp to acquire 49.2% in US-based Erik Buell Racing for $25-M

Publicly listed automobile maker Hero MotoCorp Ltd. is to acquire a 49.2% stake in US-based racing bikes maker Erik Buell Racing, Inc. (EBR) for $25 million. The first tranche of $15 million has been invested on June 28, 2013. The second tranche of $10 million is proposed to be invested within the next nine months. The investments are to be made via a wholly owned subsidiary, HMCL (NA), Inc, incorporated in the US.

Secondary Issues

Govt raises Rs.260-Cr from Hindustan Copper share sale

Economic Times

The Government of India has raised Rs. 260 crores ($43 million) by selling shares in state-run Hindustan Copper Ltd. The government sold about 37 million shares, representing 4% stake in the company, through an auction at a floor price of Rs. 70 a share. The offering was subscribed about 1.2 times.

Shree Ganesh Jewellery to raise Rs 150-Cr

Kolkata-based listed jewellery manufacturer and exporter Shree Ganesh Jewellery House has proposed to allot 1.20 crore shares at a price of Rs 125 on a preferential basis to Progruss Investments to raise Rs 150 crore. The non-promoter foreign body will hold 14.52% in the company post the allotment.

Post the preferential allotment, the promoters’ shareholding in the company will come down to 42.92% from 50.21%, while that of foreign promoters’ will dip to 21.02% from 24.59%. The public shareholding including that of institutions, financial institutions and banks, FIIs and foreign bodies will increase to 26.39% from 13.88%.

From the Venture Intelligence PE Deal database: In March 2008 Credit Suisse had invested $21 million for an 11% stake in Shree Ganesh Jewellery. The company went IPO in June-10 providing a part exit for CS.

Mergers & Acquisitions

RGF signs Rs.150-Cr deal to acquire HR firm Stanton Chase India

Economic Times

RGF Executive, the executive search arm of Japanese company Recruit Holdings, has signed a deal worth nearly Rs 150 crore with Stanton Chase India managing director R Suresh to buy the domestic search firm as well as two other companies owned by him - NuGrid Consulting and Orane Consultants. The deal is likely to be completed by this week.

In India, Stanton Chase works on a franchise model where Suresh is a majority owner and the India franchisee pays a licence fee to Stanton Chase International for using the brand name. Suresh co-owns NuGrid and Orane with Sanjay Muthal. The payment will be on a milestone basis, where Suresh will enter into a three-to-five-year contract as head of the new alliance in India. RGF Executive has more than 40 consultants in Tokyo, Hong Kong and Singapore.

German magazine Burda buys publisher EMM; to invest Rs 150-Cr

German magazine major Burda has acquired Indian media house Exposure Media Marketing (EMM). Burda will also invest Rs 150 crore in EMM which was founded in 2003 by Rajiv and Parineeta Sethi. EMM publishes the Indian editions of AsiaSpa, Millionaire Asia, Asia-Pacific Boating, Selling World Travel, Designer Mode and Audi magazine. It also hosts a range of key events and trade fairs.

Burda International GmbH is active in 17 markets and currently publishes over 230 magazines as well as a large number of digital media services.

Amtek to acquire majority stake in JMT Auto in Rs.113-Cr deal

Publicly listed Amtek Auto Limited has purchased a 38,30,358 equity shares (26.61%) from the promoters of fellow publicly listed auto components firm JMT Auto Ltd through a Share Purchase Agreement for about Rs.56.96 crore and has also obtained complete management control of the target company. The deal has triggered an Open offer for acquisition of up to additional 37,42,760 shares (26%) from public shareholders at Rs.149 per share (aggregating Rs.55.77 crore). The acquirer aims to have a 51.27% in JMT Auto post open offer.

From the Venture Intelligence PE Deal database: Jamshedpur-based JMT Auto has attracted over $10 million from ChrysCapital over two rounds starting in Oct-05. ChrysCapital has also been an investor in Amtek Auto since Jul-2008.

Bharti Airtel hikes stake in Qualcomm BWA entities by 2% to 51%

New Delhi-based, publicly listed telecom services provider Bharti Airtel, has purchased an additional 2% stake in all the four India Broadband Wireless Access (BWA) entities of Qualcomm Asia Pacific (Qualcomm AP). The acquired entities hold BWA licenses in Delhi, Mumbai, Haryana and Kerala. On May 24, 2012 Bharti Airtel had acquired a 49% stake in the entities.

From the Deal Digest archive (May 25, 2012): Bharti Airtel acquired the 49% stake in Qualcomm AP Indian BWA entities for $165 million. Bharti had said it will acquire the stake partly by way of acquisition of a 26% interest equally held by Global Holding Corporation and Tulip Telecom Ltd., and the balance by way of subscription of fresh equity in those entities. Outside of the acquired licenses, Bharti has BWA licenses in four circles - Kolkata, Karnataka, Punjab and Maharashtra - and 3G licenses in 13 circles in India.

Rane Diecast to be merged with Rane (Madras)

Business Line

Auto components maker Rane group has merged Rane Diecast Ltd with Rane (Madras) Ltd effective April 1. The exchange ratio will be one share of Rane (Madras) for every 30 shares of Rane Diecast. The Hyderabad-based Rane Diecast makes precision high pressure aluminium die castings mainly for the export market. The venture turned around last year. The company’s sales were around Rs 65 crore for the year ended March 31. Rane (Madras), which makes steering and suspension products, clocked sales of Rs 640 crore in 2012-13, with a net profit of Rs 23 crore.

Elder Pharma buys UK OTC drugs firm Max Healthcare

NutraHealth Ltd, a wholly owned subsidiary of listed drug company Elder Pharmaceuticals Ltd , has acquired UK-based Max Healthcare Ltd. The target company as an OTC business and owns a range of marketing authorisations and provides own label and branded OTC medicines. Max Healthcare will be a subsidiary of NutraHealth Ltd. and will be managed in parallel with its subsidiary Brunel Healthcare Manufacturing Ltd.

Max Healthcare is predominantly an outsourced operation with most of its manufacturing taking place in India. Opportunities for Elder Pharma to collaborate in the supply chain will be explored and vertical integration will be exploited wherever possible.

Aurionpro to sell trading software unit E2E Infotech to Camerontec

Mumbai-headquartered, publicly listed software and consulting firm Aurionpro Solutions is to sell its capital markets technologies business, housed under E2E Infotech, to Stockholm, Sweden-based CameronTec Intressenter AB.

Axiss Dental acquires Narayana Hrudayalaya Dental Clinic

Axiss Dental has acquired Narayana Hrudalaya Dental Clinic (NHDC) which has a network of over 30 clinics in Bangalore. NHDC was started in 2008 as a subsidiary of cardiac speciality hospitals group Narayana Hrudayalaya.

Promoted by Dr. Sandeep Sharma and Dr. Amit Sachdeva, Axiss Dental operates 30 centres across India.

Ikya buys out Chennai food services firm, residual 26% in facilities management firm Avon

Economic Times

in a small transaction, Bangalore-based Ikya Human Capital Solutions has bought a food services company in Chennai last week. Also, in May 2013, it bought the residual 26% in Avon Facilities Management (earlier Avon Management Services). Avon Facility Management services offers housekeeping and janitorial services, mail room management, pantry, pest control, engineering and maintenance services and other specialized services. Avon has 16 offices across India and more than 40 million sq ft area under its management across 600 client locations. Ikya spent Rs.60 crore to acquire this stake along with the balance 49% in subsidiary Magna Infotech. The Avon and Magna deals, in total, cost Ikya Rs.120 crore.

Diageo completes United Spirits takeover


Diageo Plc has completed its takeover of Vijay Mallya-promoted United Spirits Ltd, nearly eight months after the companies announced the transaction. United Breweries (Holdings) Ltd (UBHL), the holding company of the UB Group, and other promoter companies sold 14.98% in United Spirits for 344.19 million sterling pounds (around Rs.2,070 crore) to Diageo. Diageo is now the largest shareholder in United Spirits with a 25.02% stake, while UBHL and other promoter firms own 11.08%. Diageo also named two of its nominees and three independent directors to the board of United Spirits.

On 9 November 2012, Diageo agreed to buy a 53.4% stake in United Spirits for about Rs.11,166.5 crore. The transaction included the purchase of a 19.3% stake from UBHL and fresh preference shares from United Spirits. The British distiller was to buy the remaining 26% from the public shareholders.

Real Estate Transactions

Singapore’s L&W Construction acquires land in Bangalore for Rs 100-Cr

Business Standard

L&W Construction Pvt Ltd, a 100% subsidiary of Singapore's Lee Kim Tah Woh Hup Pte Ltd, has acquired 25 acres in Devanahalli, one of Bangalore's most up and coming locations for a high-end residential project for Rs 100 crore. International property consultant Jones Lang LaSalle was advisor to the deal.

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Fund News

GIC, Temasek, Oman fund to invest $200-M in HDFC property fund: report


The Government of Singapore Investment Corp (GIC), investment firm Temasek and Oman's State General Reserve Fund have committed to invest $200 million in a new $500 million real estate private equity fund from HDFC Property Fund. The fund's first close is expected by mid-August and the balance $300 million is expected to be raised by end-December. The seven-year fund, for overseas investors only, aims to generate annual returns of 23 - 24% and will invest in residential projects.

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Deals in the Making

Private Equity/Strategic Investments

Morgan Stanley to invest Rs.1,000-Cr in Wadhwa Group’s BKC project


Morgan Stanley Real Estate Investing (MSREI) is in talks to invest Rs.1,000 crore in a commercial space project of the Wadhwa Group in Mumbai’s Bandra-Kurla Complex. The deal is expected to conclude in the current quarter.

Piramal to buy 10% in Shriram Cap for Rs. 700-Cr

Economic Times

Ajay Piramal promoted Piramal Enterprises is to purchase a 10% stake in Shriram Capital, the holding company of Shriram Group's financial services business and an aspirant for a banking licence, for a consideration expected to be between Rs 650 crore and Rs.700 crore. The deal will provide Piramal Enterprises access to businesses spanning transport finance, consumer finance, asset management as well as life and general insurance.

TPG Capital owns 11% stake in the company while South African financial services group Sanlam owns 26%. The rest is owned by Shriram Ownership Trust. In May, Piramal purchased a 9.9% stake in Shriram Group's truck finance company for Rs 1,652 crore from TPG Capital. The stake was bought via block trades on the stock market.

From the Venture Intelligence PE Deal database: In April 2010 TPG Capital had invested $ 158 million in Shriram Capital.

Mobile handsets, peripherals maker Intex plans fund raise for Rs.200-Cr expansion

Business Line

IT peripherals and electronic items manufacturing and mobile phone marketing company Intex Technologies Limited is looking to raise fund for expansion.

The firm has planned to invest about Rs 200 crore in business expansion. The funding will be through a mix of internal accruals, debt and equity investment.

Ex-Godrej exec Mahendran to raise PE funding; buyout pest control firm ISS Hi-care

Economic Times

Arumugham Mahendran, who signed off as managing director of Godrej Consumer Products (GCPL) last week, is close to inking two deals worth Rs 600-900 crore. He is in talks to buy a majority equity stake in ISS Hi-Care, a pest control services company, in partnership with strategic investors. (The target company was set up as Godrej Hi-Care in 2009. The Godrej Group had sold the unit to ISS, a Danish company.)

Mahendran is also separately planning another venture in the FMCG space with a substantial upfront investment commitment from a large private equity fund.

Oil India in talks to buy 20% in Petroceltic's Algerian asset for $170-M

Business Standard

Oil India Ltd is in talks with Irish exploration firm Petroceltic International Plc to acquire up to 20% in Isarene, an Algerian asset of the company for $170 million (about Rs 1,010 crore). OIL will pay $20 million upfront and the rest at a later stage.

Enel SpA, an Italian company, holds a participating interest of 18.37% in Isarene, while Sonatrach, another Italian firm, holds a 25% interest.

Temasek, Ascendas in talks to acquire Shriram’s IT SEZ in Chennai for $150-M

Business Standard

Bangalore-based Shriram Properties, the realty arm of the Shriram Group, has lined up discussions with global players including Mapletree (a unit of Temasek) and Ascendas to sell its Gateway SEZ, a 1.3 million square feet information technology special economic zone in Chennai for $150 million.

The company was earlier in talks with Singapore-headquartered Ascendas, but had to stop the transaction to iron out some key issues. Shriram Properties was earlier looking at a $100 million worth of space to sell, but it has since scaled up the portfolio to include a few more residential and commercial assets so that the deal value rises to $150 million.

The SEZ - IT park has the potential to develop 3.2 million sq ft on the 58-acre land parcel, which Shriram Properties brought from Standard Motors in 2006. It may use the proceeds to settle its long-pending Rs 600 crore debt, which was raised from German bank Hypo Real Estate Group during late 2007.

MustSeeIndia looking to raise Series A capital

Online travel guide MustSeeIndia is in talks to raise series A funding to focuss on its holiday package business. The company had raised a seed round of Rs.1.5 crores from TutorVista founder K.Ganesh in 2011.

Manpasand Beverages in talks with WP, Everstone

Business Standard

Warburg Pincus and Everstone Capital are in talks to acquire 10-15% in Vadodara-based juice manufacturing and marketing firm Manpasand Beverages. Manpasand, with a turnover of Rs 300 crore, is looking for a valuation of Rs 1,000 crore for the business. Deloitte and IDFC Capital are advising Manpasand to find a suitable investor.

SAIF Partners, already owns a minority stake in Manpasand with an investment worth $10 million (Rs 60 crore).

E-Commerce firm ShopClues in talks to raise $50-M

Business Standard

Gurgaon-based is talks with Warburg Pincus, SoftBank, Digital Sky Technologies and Goldman Sachs to raise $30-50 million (Rs 180-Rs 300 crore). In January this year, ShopClues had raised $10 million from Helion Venture Partners, Nexus Partners and Japanese business group So far, the company has raised $16 million, including the angel round.

E-waste recycling firm Attero in talks to raise Rs.208-Cr

Economic Times

Noida-based electronic waste recycling company Attero Recycling is at an advanced stage of discussions with a number of global investors for fresh capital to fund its overseas expansion plans. Texas-based Waste Management is a leading contender to invest in Attero which expects to raise up to Rs 208 crore in this round of funding. Along with Waste Management,a number of global clean technology-focused private equity funds are also in talks with Attero. The existing investors are also expected to participate in this round of investment

The company has received up to Rs 89.2 crore in equity and convertible debt over two previous rounds of funding from investors including Draper Fisher Jurvetson, Indo-US Venture, Granite Hill Capital Partners and IFC. Attero,which earned a monthly revenue of up to Rs.18 crore in the last financial year, expects to open its second recycling plant in Bangalore this August. The first one at Roorkee in Uttrakahand was set up in 2008.

Future Group to tap PE firms for Rs.500-Cr stake sale in Biba, AND

Times of India

Kishore Biyani led Future Group is in talks with private equity investors for selling stakes in two apparel companies - Indian ethnic wear brand Biba and designer Anita Dongre's AND - to raise about Rs 500 crore. CX Partners, ChrysCapital, TA Associates and General Atlantic Partners are named among the potential investors to acquire about 30% stake in Biba valued at Rs.1,000 crore. L Capital and Kedaara Capital are in the short-list to buy stake in AND.

Future had invested around Rs.40 crore in both these brands almost six years ago. Future Ventures owns 22% in AND. The designer's fashion businesses include AND, Global Desi and eponymous brand Anita Dongre, which together reported a Rs 275-crore revenue from 95 stores. Biba has 118 standalone stores with Rs 350 crore of annual sales and an operating profit of about Rs 80 crore.

Experiential travel services firm The Backpacker Co to raise funds

Economic Times

Mumbai-based Serendipity Travels, which offers experiential foreign travel services under the brandnames of The Backpacker Co and Villa Estate (for luxury trips), is looking to raise venture capital funding. The Backpacker Co was started in 2004 by Yogesh M Shah (who earlier worked with his family's logistics company) and his wife, Suchna (who was formerly a cabin attendant with Singapore Airlines).

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Emcure Pharma plans to raise Rs.600-Cr via IPO

Blackstone-backed Pune-based pharma company Emcure Pharmaceuticals is looking to raise around Rs 600 crore through an initial public offering. The company has filed its draft prospectus with capital markets regulator to sell up to 29% stake in the company. The company has appointed investment banks DSP Merrill Lynch, IDFC Capital Limited and Morgan Stanley to manage the issue. Blackstone which currently holds 5,918,386 shares (13.09%) is to sell 1,716,332 equity Shares.

Emcure Pharmaceuticals develops, manufactures and markets a broad range of pharmaceutical products in major therapeutic areas including blood related, cardiology, pain and analgesics, HIV, gynecology, nephrology, anti-infective, and vitamins, minerals and nutrients products.

From the Venture Intelligence PE Deal database: In July 2006 Blackstone had invested $50 million in Emcure Pharmaceuticals.

Amrapali Capital and Finance Services files for SME IPO

Ahmedabad-based Amrapali Capital and Finance Services is issuing 24,01,200 shares of Rs 10 each at a price of Rs.100 per share to raise Rs 24.01 Crore. The net issue will constitute 25% of the post issue paid up share capital of the company. Corporate Strategic Allianz is the book building lead manager to the issue. The company will be traded on the BSE-SME exchange.

The company is in the business of providing various financial services under one roof that are well diversified from trading services in Equity,Future & Options segment and Currency derivatives segment.

Secondary Issues

McDonald’s franchisee may look at QIP, FPO for funds

Economic Times

Hardcastle Restaurants, a development licensee of American burger chain McDonald's Corp for the south and west of the country which merged into a listed group company Westlife Development six months ago, may look to raise funds through a qualified institutional placement (QIP) or a follow on public offer (FPO). The company is looking at doubling the number of restaurants from the current base by financial year 2015. Hardcastle had 105 restaurants during the financial year 2010-11 and currently has 161.

This aggressive rollout will parallel the moves by McDonald's biggest competitor Yum! Brands, which aims to open 1,000 stores and clock a billion-dollar revenue across its brands KFC, Pizza Hut and Taco Bell by 2015 in India.

GCM Commodity & Derivatives files for SME IPO

Kolkata-based GCM Commodity & Derivatives has filed the DRHP to issue 35,10,000 shares of Rs 10 each at a cash price of Rs 20 per share to raise Rs 7.02 Crore. The net issue will constitute 47.26% of the post issue paid up share capital of the company. Inventure Merchant Banker Services Pvt Ltd is the book building lead manager to the issue. The company will be traded on the BSE-SME exchange.

The company is engaged in the business of investing in National Spot Exchange Limited (NSEL) Investment Products for arbitrage opportunities and commodity broking.

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R-Digital close to selling 80% stake to Sun TV for Rs. 2,500-Cr

Business Standard

Reliance Digital TV, the fully-owned subsidiary of Reliance Communications that runs its direct-to-home (DTH) operations, is close to selling over 80% stake to Sun TV in a deal valued at around Rs 2,500 crore.

Under the agreement, which is being prepared to be signed within a few days, Reliance will get a one-time cash payment in return for infrastructure and assets of Reliance DTH, while Sun TV will get full management control over the company. The due diligence for the deal has already been completed. After the deal, the combined entity will have a subscriber base of 13.1 million.

IDFC PE looking to exit Hanjer Biotech: report

Economic Times

IDFC PE is seeking an exit from unlisted waste management firm Hanjer Biotech Energies. IDFC PE along with other institutional investors own 51% stake in the company. The company is planning to raise Rs.1,000 crore by selling anywhere between 20% and 25%. IDFC holds around 25% stake, other institutional investors 26% and rest by promoters. The exit at this valuation would mean around 5-6 times returns for IDFC PE which had invested Rs 250 crore in the waste management company which is promoted by the Mumbai-based Furniturewala family. The investors are in the process of hiring a global investment bank for the deal.

Last year, Hanjer had mandated investment banks Citigroup Capital Markets, Enam Securities and ICICI Securities to raise money through a public offer of shares. However, the IPO did not go through. In 2010, Hanjer Biotech has acquired 70% stake held by Uflex in a portfolio of municipal solid waste processing projects for 98 crore ($21 million).

Alok Industries puts UK retail chain Store Twenty One on the block

Economic Times

Textile company Alok Industries is planning to sell UK retail chain Store Twenty One, which it had acquired five years ago. Alok's management has been closing down unprofitable outlets as part of the company's ongoing cost-cutting and restructuring efforts. The textile firm has a long-term debt-equity ratio of almost 2:1.

Established in London in 1932, Store Twenty One has evolved from being a third-party manufacturer to retailers like Marks & Spencer to an apparel and lifestyle chain, with nearly 200 stores in England, Scotland and Wales.

JSPL looking to acquire iron ore mine in Liberia

Business Line

Jindal Steel and Power (JSPL) is in talks with the government of Liberia to acquire the West African country’s largest iron ore mine Wologisi in which China has also evinced interest. The deal could be as big as $2 billion. If the deal goes through, JSPL may also set up a 150 MW or 175 MW coal-based power plant in the West African country.

Srei arm scouts for wind power farms


Srei group-promoted thermal power generation and distribution outfit DPSC Ltd has floated expression of interest (EoI) for acquiring wind power farms. The company is looking at expanding wind power portfolio through buyouts, both within the country (where the company is planning to add another 100 mw) and also outside the country (where it’s in advance talks to acquire farms in Europe).

DPSC is primarily a distribution company with a licence area of 618 sq km in the Asansol-Ranigunj industrial belt of West Bengal. Additionally, it has been running a 12 mw plant near Asansol. IPCL, the unlisted holding company with which DPSC is being merged, operates windmill capacity of 100 mw in Gujarat and Rajasthan. DPSC-IPCL is currently setting up two thermal power projects in West Bengal, a 540 mw project in Raghunathpur and another 450 mw plant at Haldia. In Haldia, DPSC is investing Rs 2,500 crore, while in Raghunathpur, close to Rs 3,000 crore would be invested. In distribution, the group now plans to go pan-India in the public-private and also franchisee model.

Unitech in talks with PEs to sell Gurgaon IT SEZ

Business Standard

Real estate developer Unitech Group, through its bankers, had approached global investors like Morgan Stanley, the Singapore government-owned GIC and Blackstone to sell its Infotech Special Economic Zone (SEZ) in Gurgaon. The 3.6-million-sq-ft project at Dundahera in Gurgaon could have an estimated value of around Rs 1,800 crore.

Unitech Corporate Parks (UCP), promoted by the Unitech group’s Chandras and listed on London’s Alternative Investment Market (AIM), holds a 60% stake in the SEZ, while real estate firm Unitech holds the rest. The sale of the SEZ is part of UCP’s strategy to exit the assets that are substantially leased out and completed.

FIs, HNIs in race for Novotel hotel

Times of India

Fourteen financial institutions and wealthy individuals have shown interest to acquire Hyderabad-based five-star hotel, Novotel. The 305-room property, located at the Rajiv Gandhi International Airport, has been put on the block by its owner infrastructure major GMR Group.

Hospitality specialist HVS India is running the sale process of Novotel Hyderabad Airport Hotel, which could fetch a price of Rs 350 crore. Launched in 2009, the property is managed by French hospitality group, Accor. GMR's goal to sell the property is to use the proceeds to invest in its other business ventures. Selling the asset would also help in cutting GMR's debt, which is over Rs 37,000 crore.

IL&FS Energy eyes Australian coal miner Resource Generation


IL&FS Energy Development Co has shown interest in the Boikarabelo mine of Resource Generation, the Australia headquartered developer of one of South Africa’s richest coal assets. IL&FS has formed a special purpose vehicle, Valu Investments Pte, in joint venture with entrepreneur Jaimin Vyas for the current bid.

The Boikarabelo mine has about 6.4 billion tonnes of thermal coal resource in South Africa’s Waterberg coalfield region, which is being developed in two stages at a cost of $530 million. Production would kick off from 2015 at 6 million tonnes a year, which is to be scaled up to 25 mtpa later.

GMR to sell SEZ land to raise Rs. 550-Cr

Business Standard

Bangalore-based publicly held infrastructure developer GMR Infrastructure is in talks with two potential buyers to exit a part of its land holdings on which it was planning to develop a special economic zone (SEZ) in Krishnagiri district of Tamil Nadu. GMR is understood to be looking to sell a total of 1,100 acres of the close to 3,000 acres it has for Rs 550 crore.

The SEZ at Krishnagiri was part of GMR's strategy to get into urban infrastructure space spanning industrial investment zones as well as domestic tariff areas. The GMR Krishnagiri Industrial Investment Zones Limited is developing an area of approximately 3,000 acres jointly with Tamil Nadu Industrial Development Corporation.

Deepak Fertilsers may buy Poddar stake in MCF

Business Standard

Publicly listed Deepak Fertilisers And Petrochemicals Corporation is in talks with Saroj Poddar to buy out his stake in UB Group promoted Mangalore Chemicals & Fertilisers. Poddar, chairman of the Adventz Group, acquired a 10% stake in MCF in April with the intent of eventually taking over MCF. Deepak Fertilsers is eyeing a board berth with an intent that signals towards management control.

Deepak Fertilisers stands as the holder of the largest block of shares in MCF with a 24.5% stake. The UB Group has 22% stake in the company, followed by Poddar’s 10% stake.

Other Deals - Listed Firms

Govt to sell 7.64% stake in National Fertilizers to meet norms

Business Line

The Government will divest 7.64% of its stake in National Fertiliers Ltd (NFL) to make the public sector unit compliant with SEBI norms on public shareholding. Approximately 3.74 crore shares of Rs.10 each will be divested by the Government, which currently owns 97.64% of the fertiliser maker. At current market price of Rs 34.60, the Government could possibly mop up around Rs 130 crore from the disinvestment.

DB Corp to merge IMCL’s internet & mobile biz into itself


Publicly listed regional language newspapers publishing firm DB Corp plan to demerge the Internet and mobile interactive business of its digital arm I Media Corp Ltd (IMCL) into the holding company DB Corp Ltd. The process of demerger is expected to be completed in 2013-2014 and following the demerger, IMCL will continue its events business. IMCL is presently the digital arm of DB Corp and manages the group’s website and mobile properties which includes group portals like,,,,, and mobile properties.

Synergy Media Entertainment Ltd (SMEL) that runs conducts outdoor events and offers outdoor advertising solutions to brands, has been demerged from DB Corp merged with IMCL with effect from April 1, 2012.

Tata Global buys 10.59% more in plantations firm Kanan Devan

Business Standard

Publicly listed Tata Global Beverages has acquired an additional 10.59% stake in Kanan Devan Hills Plantations Company Private Ltd, a division it hived off in 2005. Tata Global Beverages stake has now increased to 28.52%. The increase in stake was to facilitate exit for some shareholders.

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Other News

New Ventures

NMDC picks IL&FS Energy as JV partner for power foray

Economic Times

State-owned iron ore miner NMDC has roped in IL&FS Energy Development Company as joint venture partner for setting up a 500-MW thermal power plant in Uttar Pradesh with an estimated investment of Rs.2,000 crore. IL&FS will have 74% stake in the venture and NMDC will have the remaining. IL&FS would arrange coal for the power plant either through purchase, auction or long-term fuel supply agreement. NMDC may also make coal available for the plant from the Shahpur East and Shahpur West blocks in Madhya Pradesh at the prevailing price. The power to be generated from the plant would be used for plugging the demand-supply gap of the state. The balance would be transmitted to meet the need of NMDC's upcoming three million tonnes per annum (mtpa) steel plant at Nagarnar in Chhattisgarh.

Three companies, including IL&FS Energy and Jindal Power, had evinced interest to be a JV partner of NMDC for the power plant.

Shruti Shibulal launches organic products retail store

Times of India

The family office of Infosys CEO and co-founder S D Shibulal, Innovations Investment Management Pvt Ltd (IIM), has entered the $490-billion Indian retail sector with the launch of its first store, Organic World, in Bangalore. Led by Shibulal's daughter Shruti Shibulal, Organic World stocks over a 1,000 SKUs of certified organic food, beverages, home care, apparel, health and personal care products. The store retails organically produced apparels ranging from jeans, inner-wear, kidswear, a range of menswear and womenswear, and will soon be adding organic sarees to its basket of products.

MSC, Adani Ports form JV to run new Mundra port container facility


Geneva-based Mediterranean Shipping Co. SA (MSC) and Adani International Container Terminal Pvt. Ltd, have formed an equal joint venture to run a new container loading facility at Mundra port in Gujarat. Adani had constructed the facility at an investment of Rs.1,650 crore.

AirAsia Group to enter general insurance biz

Business Standard

AirAsia Group Chief Executive Officer Tony Fernandes is looking to enter India’s insurance market through Tune Money. The venture will be separate from the airline business. The insurance business will provide travel, accidents and personal insurance.

The Group also runs a Tune Hotel operational in Gujarat.


Online restaurant reservation service TableGrabber expands to Brazil & Chile


Online restaurant reservation service TableGrabber has expanded its operations to Sao Paulo and Rio De Janeiro in Brazil and Santiago in Chile. It has recruited local staff in these regions and is currently in talks with restaurants for tie-ups. Launched in April 2012, Tablegrabber is an online restaurant reservation service which claims to offer real time reservations along with dynamic pricing depending upon the dining time. The company focuses on premium hotel, fine dining restaurants and bars and claims to offer online reservations for more than 450 restaurants across Delhi, Mumbai and Bangalore.

The company was part of the recently graduated second batch of Microsoft’s accelerator program. It is also a part of Startup Chile’s forthcoming seventh generation of startups.

QSR operator GFA to invest Rs.40-Cr on expansion in South India

Times of India

Global Franchise Architects (GFA), a Quick Service Restaurants (QSR) player that owns brands like Pizza Corner and Cream & Fudge, is to invest around Rs 40 crore to add 35 stores across South India this year. By the end of the year, the company would have 75 Pizza Corner outlets from 61 now, and will add around 10 Cream & Fudge stores to the 15 existing ones. GFA will also add seven Coffee World outlets and about 15 The Donut Baker outlets across India.

Omaxe to invest Rs.200-Cr to set up five-star hotel

Economic Times

Real estate firm Omaxe will invest Rs 200 crore to set up a five-star hotel in New Chandigarh, where it is developing an integrated township. The company has joined hands with the Intercontinental Hotel Group (IHG) to manage and set up the 150-room Holiday Inn hotel. This hotel is a step forward towards creation of a commercial hub in Omaxe New Chandigarh that will house two offices and retail spaces - International Trade Tower and India Trade Tower, alongside the hotel.

Welspun Energy to set up 32 MW solar project in Punjab

Times of India

Welspun Energy's subsidiary Welspun Solar Punjab will set up two projects of 30 MW and 2 MW each, under the Punjab New & Renewable Sources of Energy (NRSE) Policy 2012. The project is expected to be commissioned during the second quarter of 2014. With the commissioning of this project Welspun Energy will be annually feeding 56 million units of energy into the state grid for 25 years.


Pankaj Kalra joins Kotak I-Banking as Senior ED

Business Standard

Kotak Mahindra Capital Company Limited has appointed Pankaj Kalra, former MD at Credit Suisse, as Senior Executive Director. In this role, Pankaj will oversee and guide servicing of a number of large corporate and sectoral relationships. He will report to TV Raghunath, Managing Director & Chief Executive Officer, Kotak Investment Banking.

UTI names Leo Puri as MD


UTI Asset Management Co Ltd has appointed financial executive Leo Puri as its managing director, concluding a process that has taken more than two years because of disagreements among stakeholders. Puri, who previously worked with McKinsey and Co and Warburg Pincus, has long been tipped to be the next UTI chief.

The company had been operating without a head since its previous chairman and managing director, U.K. Sinha, departed in February 2011 to take the top job at Securities and Exchange Board of India.

Citi GC Sandip Beri joins Amarchand Delhi as partner

Legally India

Law firm Amarchand Mangaldas has hired Citibank former South Asia general counsel Sandip Beri as a partner in Delhi. Beri, who resigned from the bank in May, has 27 years of practical experience as a lawyer.

ELP partner Yashojit Mitra to join Amarchand

Leagally India

Economic Laws Practice (ELP) Mumbai partner Yashojit Mitra will join Amarchand Mangaldas Mumbai as a partner in August. Mitra, who heads the corporate and private equity practice at ELP, has been with the firm for over seven years now.

Meanwhile ELP will add Amarchand principal associate Vinayak Burman as an associate partner. Vinayak Burman worked at Rajinder Narain & Co in Delhi until he joined Amarchand Mangaldas in 2007. He is currently a principal associate in the corporate practice at the firm.

Bharat Rawla appointed MD of Macquarie Securities India

Economic Times

Banking and financial advisory group Macquarie Securities India has appointed Bharat Rawla as its managing director. He was earlier the MD of Morgan Stanley, London.

Regulatory News

Defence units in special economic zones may get 100% FDI nod

Economic Times

The government may allow up to 100% foreign direct investment in defence units located in special economic zones (SEZs) on a case-to-case basis in order to boost manufacturing of defence equipment and exports. The current SEZ policy allows 100% FDI in sectors excluding defence, atomic substances, narcotics and hazardous chemicals, distillation and brewing of alcoholic drinks and cigarettes etc.

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Deal Showcase
The Deal: Partners Group’s buyout of CSS Corp

Advisor: S&R Associates

Client: Partners Group

Deal Date: June 26 2013

Deal Value: US$270 million

Deal Description: S&R Associates acted as Indian counsel for Partners Group, a global private markets investment manager, in its acquisition of a majority stake in CSS Corp, a global technology support services provider, in a US$270 million transaction.

Advisory Role: S&R Associates acted as Indian counsel for Partners Group

Advisory Team: Sandip Bhagat, Sudip Mahapatra, Dhruv Agarwal, Amy Bharucha and Srishti Gupta.

More Info:

The Deal: Partners Group’s buyout of CSS Corp

Advisor: Spark Capital Advisors

Client: Selling Shareholders

Deal Date: June 26 2013

Deal Description: CSS Corp (“CSS”) is a global technology consulting and support company, in which a group of private equity funds including SAIF Partners, Goldman Sachs and Sierra Ventures held controlling ownership. A consortium of investors led by Partners Group and technology investor Sanjay Chakrabarty (“Investor Consortium”) has acquired majority stake in CSS Corp from the above mentioned institutional investors and other shareholders (“Selling Shareholders”) by way of a leveraged buyout. The management of CSS Corp (led by Tiger Ramesh) will collaborate with the Investor Consortium going forward to take the Company into its next phase of growth.

This landmark transaction ranks among the few leveraged buyouts in the unlisted Indian IT services space and has, through a unique and complex mechanism and structure, brought to fore the use of leverage to engineer a buyout and provide a successful exit to existing institutional investors.

Advisory Role: Spark acted as exclusive financial advisor to the Selling Shareholders. Spark was instrumental in ideating the transaction, identifying investors and forging the consortium, building an investment thesis and marketing the buyout idea to the Investor Consortium. Subsequently Spark, representing the interests of the Selling Shareholders, led the transaction negotiations on their behalf and prepared the Company for a detailed due diligence by the Investor Consortium. Spark played a key role in structuring the transaction, negotiating the definitive documents and advising on evolving a suitable mechanism for distribution of purchase consideration among the Selling Shareholders.

More Info:


The Deal: Aurionpro to sell E2E Infotech to Camerontec

Advisor: Rajani Associates

Client: Aurionpro Solutions Limited

Deal Description: Acquisition of 100% stake in E2E infotech by CameronTec Intressenter AB.

Advisory Role: Rajani Associates acted for and advised Aurionpro Solutions Limited in the sale of its capital markets technologies business, E2E infotech ("E2E"), to CameronTec Intressenter AB ("CameronTec").

Advisory Team: Reena Grover, Tejasvini Shirodkar and Ankur Singhania

More Info:

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About Headland Capital
Headland Capital Partners
Headland's team began advising Asian private equity funds in 1989 and operated its business as HSBC Private Equity (Asia) Limited (HPEA) until 2010. The funds advised by Headland have made investments in more than 140 companies, primarily in Greater China, South Korea, Southeast Asia and India. Headland currently has active capital of approximately US$2.4 billion.

Contact Information

Alok Gupta
Partner, India
Headland Capital Partners (India) Private Limited
The Capital
701, Plot No. C-70, G Block , B-Wing, 7th Floor, Bandra Kurla Complex
Bandra(E), Mumbai-400051
Tel: +91 22 3953 7447 I Email:

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About Ascent Capital
Ascent Capital

Ascent Capital, a leading Indian Private Equity firm focused on growth capital, manages about $600 million across three funds. The funds are backed by marquee investors from India and overseas.

Contact Information

Ascent Capital,
Concorde Block, 16th Floor, UB City,
#24 Vittal Mallya Road
Bangalore 560 001

Tel: + 91 80 3055 1200

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About Basiz

Basiz fund service is a India-based fund accounting service provider that services Fund administrators, Custodians and Prime brokers. We specialize in various accounting standards and instrument structures. The primary focus is on servicing Hedge Funds, Mutual Funds, Private Equity Firms, Family Offices, Insurance Portfolios and Managed Accounts.

Contact Information

Sesh A.V ACA
Managing Director
Basiz Fund services Pvt. Ltd
Phone: +44 207 1934298; Hand Phone: +919840168554

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