Venture Intelligence
August 05, 2016
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The Big Story

Lupin acquires 21 products from Japan’s Shionogi for $150-M


Listed pharma firm Lupin Limited, via its Japanese subsidiary Kyowa Pharmaceutical Industry Co, is to buy 21 products from Osaka, Japan-based Shionogi & Co for 15.4 billion yen (INR 1,008 Cr) or USD 150 million. The purchased products cover therapy areas such as Central Nervous System (CNS), Oncology, Cardiovascular and Anti-infectives and enjoyed sales of JPY 9, 400 million (USD 90 million) collectively on NHI price basis. Under the terms of the agreement, Kyowa will book the sales of the 21 products after December 1, 2016.

Kyowa is amongst the top 10 generic companies in Japan and a market leader in Central Nervous System (CNS) space well known for its AMEL brand, in addition to other generic pharmaceutical products in its portfolio. With this acquisition, Kyowa will rank 6th amongst generic companies in Japan.

From the Venture Intelligence M&A Deal Database: Lupin Ltd has made two previous acquisitions in Japan: Tokyo-based Irom Pharmaceutical Co. Ltd in 2011 and Kyowa Pharmaceutical Industry Co. Ltd in 2007.

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Private Equity Fund Investments

Warburg Pincus to invest $125-M in startup logistics co Stellar Value Chain

Economic Times

Private Equity firm Warburg Pincus has agreed to invest $125 million (INR 850 crore) in startup logistics company Stellar Value Chain Solutions Pvt Ltd. Stellar was founded earlier this year by Anshuman Singh, who previously set up and led Future Supply Chain Solutions for Kishore Biyani-promoted Future Group. Stellar intends to provide integrated logistics solutions that will include multiuser modern warehousing, primary and secondary distribution, e-fulfilment and cold storage. The company will serve customers in the food & beverages, FMCG, consumer durables, electronics, lifestyle, automotive, pharmaceuticals and engineering industries.

From the Venture Intelligence PE/VC Deal Database: Other logistics related investment by Warburg Pincus include warehousing focused Embassy Industrial Parks ($175-M in Oct-15); ecommerce logistics focused E-Com Express ($135-M in Jun-15); Bulk Liquid Storage firm IMC ($50-M in Oct-10) and Continental Warehousing Nhava Seva ($100-M in Apr-11)

Sequoia India, others invest $35-M more in S’pore shopping app firm Carousell


Singapore-based mobile marketplace Carousell has raised $35 million in a Series B funding round. The round was led by existing investor Rakuten Ventures, with participation from Sequoia Capital India, Golden Gate Ventures and 500 Startups. The capital will be used to accelerate Carousell’s international growth into new markets, as well as strengthen its product development teams.

From the Venture Intelligence PE/VC Deal Database: In August 2014 Sequoia Capital India had invested $6 million in Carousell along with existing investors Rakuten Ventures, Golden Gate Ventures, 500 Startups, and Darius Cheung (from whom it raised $800,000 seed investment in 2014). The investment was made from Sequoia Capital India IV fund.

Healthkart raises Rs.80-Cr Series E from Sequoia, Kae Capital, others


Online health products vendor Healthkart, owned by Bright Lifecare Pvt. Ltd, has raised INR 80 crore in a Series E round of funding from existing investors Sequoia Capital India and Kae Capital among others. The money will be used to enhance marketing initiatives and offline expansion. Healthkart, which sells consumables such as protein supplements and vitamins, has more than 200 brands and authorized vendors on its platform.

From the Venture Intelligence PE/VC Deal Database: The deal was closed in July 2016 with another existing VC investor, Omidyar Network, also participating - apart from Sequoia and Kae Capital. The company diluted a 18.70% stake in return for the INR 80 Cr. Others investors in the round included GHI Holdings, Rishabh Mariwala, Sameer Maheshwari, Prashant Tandon and Gaurav Agarwal (Subscribers to the database can login to view more detailed valuation multiples, deal structuring and other transaction details.)

Norwest invests $7.5 M more in primary care service Nationwide Healthcare

Norwest Venture Partners had invested $7.5 million for a 24% stake in Bangalore-based “family doctors” service Nationwide Healthcare. AZB & Partners advised Nationwide Healthcare.

From the Venture Intelligence PE/VC Deal Database: In September 2012 Norwest had invested $4.5 million (INR 25 crores) in NationWide Primary Healthcare Services.

Sequoia leads $7.45 M Series A for S’pore lending marketplace Funding Societies


Singapore based Funding Societies, a “peer-to-business” (P2B) lending marketplace, has secured USD 7.45 million Series A investment in a round led by Sequoia Capital India. The round also saw participation from Harvard University experts and existing investors such as Alpha JWC Ventures .The new funds will be channeled towards strengthening customer experience, streamlining services for borrowers and lenders.

Since June 2015, Funding Societies claims to have provided more than USD $8.5 million in loans to about 100 small and medium enterprises (SMEs) in Singapore to date.

Neo-natal care specialist Ovum Hospitals raises Rs.33-Cr from Norwest, IIML

Economic Times

Bengaluru-based Neonatal Care & Research Institute (NCRI), which runs Ovum Hospitals for pediatric and neonatal care, has raised INR 33 crore from MMIML (IL&FS Investment Managers) and Norwest Venture Partners. The company was launched by four doctor-entrepreneurs in 2011 with a shop-in-shop model by offering neonatal services to several major hospitals in the city. It runs a paediatric and delivery hospital and an in vitro fertilisation (IVF) centre.

Ovum plans to use the money to expand to three more hospitals in and around Bengaluru in the next 18 months. Ovum offers slightly lower cost packages compared to competitors such as CloudNine and Cradle, which are targeted more at the upper middle-class segments. Ovum had earlier raised funding from primary care clinic chain Nationwide, which is also backed by Norwest.

Women focused portal Sheroes raises Rs.12-Cr in Series A funding

Economic Times, a jobs and career platform for women, has raised Rs 12 crore in a Series-A funding led by Lumis Partners as part of a larger commitment. The fundraising also saw participation from The HR Fund, angel investor Rajul Garg and existing investor Quintillion Media. Sandeep Sinha and Flipkart co-founder Binny Bansal are set to join the board of Sheroes' parent, Applied Life Pvt Ltd. Dexter Capital was the exclusive financial advisor and Vertices Partners the legal advisor to Sheroes for the transaction.

Sheroes had last year raised funds in an angel round from Quintillion Media, 500 Startups and a group of individuals including Vijay Shekhar Sharma, Rajan Anandan, Binny Bansal, Mekin Maheshwari, Girish Mathrubhootham, Indus Khaitan and Krishna Mehra.

Preventive healthcare firm Xcode raises funding from RoundGlass Partners


Chennai-based Xcode Life Sciences Pvt Ltd, which provides preventive healthcare solutions, has raised funding from healthcare focused VC firm RoundGlass Partners and a few other investors. Mumbai-based law firm Clove Legal advised Xcode on the deal.

This is the third round of external funding raised by Xcode. In 2013, it had raised INR 1 crore in an angel funding from US-based Shead Holdings. In 2012, Xcode had received USD 250,000 from Shead Holdings and angel investor R. Narayanan. The company was incubated at Vellore Institute of Technology.

Ascendas to acquire 4th aVance IT Park in Hyd from Phoenix Infocity

Economic Times

Ascendas India Trust has entered into a pact to invest in the fourth aVance Business Hub property in Hyderabad. aVance 4, an IT building with a total space of 3,90,000 sq ft, is being constructed by Phoenix Infocity in Hyderabad's Hitec City. Ascendas India Trust would complete the acquisition of aVance 4 upon satisfaction of all conditions and the building's completion that is expected by the end of March 2017. Upon completion of this acquisition, a-iTrust will own 3.2 million sq ft of commercial space in Hyderabad spread across aVance Business Hub, The V and CyberPearl.

Heart attack diagnostic service Tricog raises funding from Inventus, Blume, angels


Bengaluru-based Tricog Health Services Pvt Ltd has raised a Series A round from Inventus Capital Partners, Blume Ventures and a group of angel investors. Tricog ECG devices, located at local clinics, help doctors detect heart complications within minutes of the patents’ arrival. The diagnosis is shared with both the patient and the doctor in real-time. The system is designed to additionally enable continuity of care at a tertiary centre when required. Tricog is currently present in almost 250 clinics, nursing homes and hospitals across 12 cities and towns in urban and rural areas.The new funds will be used to enhance technology.

Liquidity Events

GIC sells addl Hero MotoCorp shares worth Rs. 558-Cr, registers 2x return

GIC, via Lathe Investment Pte Ltd, has sold 1,851,500 shares at an average price of INR 3011.25 per share of publicly listed Hero MotoCorp Ltd between April and June 2016, aggregating to INR 557.53 crore. This constituted 0.93% of total outstanding shares of Hero MotoCorp Ltd. Post-deal the investor would hold 3,702,980 shares (1.85% stake) in the target.

From the Venture Intelligence PE/VC Deal Database: In Mar 2011, GIC invested INR 1080 Cr in Hero Investments, a promoter holding company of Hero MotoCorp. In September 2012, Hero Investments was amalgamated with Hero MotoCorp (listed entity). As a result, GIC was allotted 7,405,980 shares (3.71% stake) of Hero MotoCorp.

Altruist Group acquires stake in UK BPO firm Vertex for Rs.300-Cr: report

Economic Times

US-based private equity firm Oak Hill Capital Partners has sold its entire stake in the India arm of business process outsourcing company Vertex Data Science to Altruist Group, a Panchla, Haryana-based IT Products & Services company, for INR 250-300 crores. Vertex's India revenue was around INR 250 crore ($31 million). Vertex currently employs around 12,000 people in India across 12 cities.

Oak Hill Capital had bought Vertex Group, the holding company for Vertex India, for $426 million in 2007.

ShoreCap sells MFI Satin Creditcare shares worth Rs.138-Cr, exits with 5.85x return

ShoreCap International, via ShoreCap II Limited, has sold 2,408,188 shares on NSE at INR 572.65 per share on Aug 3, 2016 of publicly listed Microfinance firm Satin Creditcare Network Ltd. aggregating to INR 137.90 Cr. This constituted 7.54% of total outstanding shares of Satin Creditcare Network Ltd. The latest sale also marks the Complete Exit of ShoreCap from Satin.

From the Venture Intelligence PE/VC Deal Database: In Feb 2011, ShoreCap International invested INR 21.85 Cr and further invested INR 13.75 Cr in Mar 2013. Other PE investors in the company include MicroVest, Norwegian Microfinance Initiative, SBI FMO, IFU (investment fund owned by the Danish Government). In Mar 2013, Lok Capital exited the firm with 1.92x return.

SP Apparels’ IPO subscribed 2.66 times

Times of India

The initial public offer (IPO) of SP Apparels has sailed through with the offer being subscribed 2.66 times. The issue received bids for about 1.74 crore shares as against offering of 65.57 lakh shares in the IPO. The retail portion was subscribed 1.89 times. The company has fixed a price band of Rs 258 -Rs 268 per share for the IPO.

SP Apparels, which is one of the largest knitwear exporters in Tirupur, has revenues of Rs 537 crore and profits of around Rs 35 crore in 2015-16. The IPO is managed by Motilal Oswal Investment Advisors and Centrum Capital.

From the Venture Intelligence PE/VC Deal Database: In November 2006 NYLIM Jacob Ballas Funds had invested INR 36 crores in SP Apparels

Angel Funding

IoT marketplace Gaia Smart Cities raises $300-K in angel round


Gaia Smart Cities, a Delhi-based IoT (Internet-of-Things) marketplace, has raised $300,000 in an angel funding round led by Devang Mehta and Sandeep Shetty. The latest round of funding will be used for product development at smart city initiatives, demonstrations and pilots for clients. The company has so far raised $1.5 million from over 14 investors. It plans to raise another $15-20 million in Series A round which is expected to close in the next quarter.

Gaia provides a slew of IoT solutions including remote access to water and gas meters and asset tracking. The company is also in the process of creating a public Network as a Service (NaaS) in India for low-cost and long-range IoT applications.

Neighbourhood medical services info portal Medinfi raises $200-K


Medinfi Healthcare Pvt. Ltd has raised USD 200,000 from Mudit Saxena, senior vice-president, Genpact, and Singapore-based angel investor Evan Lim. Existing investors Hemant Kaul, former chief executive officer, Allianz General Insurance, and Ram Kumar Kakani, professor, XLRI, also participated in the round.

Medinfi is a pure-play healthcare content platform which offers verified information on doctors and clinics available in the vicinity of users. With this funding, the company has raised over USD 500,000 overall. Currently, the company has 50,000 users and targets to grow this user base to 500,000 by March 2017. Medinfi, whose services are available in 12 cities, including Bangalore, Delhi, Mumbai and Pune, seeks is to expand to 50 Indian cities and also explore South East Asian countries by March 2017.

Intra-city logistics platform Transport on Demand raises $150-K funding


Ahmedabad-based Transport on Demand (ToD), an app-based online logistics platform for intra-city transport, has raised USD 150,000 from investor Dhruv Taneja, director at Empezar Logistics. While 50% of the amount raised will be spent on marketing, the company will set aside 30% for beefing up its technology and 20% for HR. The company’s services are offered within a 200 kilometer radius of Ahmedabad at present but an expansion through the franchisee model is on the cards in the next six months.

Laundry startup HelloDhobi gets funding from HK-based Swastika, domestic investors


Pune-based on-demand laundry startup, HelloDhobi Dry-Cleaners Pvt. Ltd, has raised funding from Hong Kong-based investment firm Swastika Company Ltd and a few Mumbai-based individuals. HelloDhobi will use the funds to expand operations in Pune and hire staff across verticals. The company offers subscription services to retail customers and also targets small restaurants, big hotels as well as clinics and hospitals. It claims to notch up a monthly billing between INR 10,000-15,000 from the first category and about INR 1-5 lakh from the second. It also claims to have fulfilled 10,000 orders since inception and has about 4,000 paying customers.

Gadget servicing startup Repaireasy raises seed funding


Pune-based online gadget servicing startup Repaireasy has raised USD 250,000 in seed funding from a consortium of investors, including Rohit Tiwari, CEO and MD of Morris Steel Advisors; P Krishnamurthy, former executive of JM Morgan Stanley; Ben James, GRT India CEO and few others. Founded in 2013 by Wahi and Naveen Goyal, Repaireasy is an online platform that offers services to fix smartphones, laptops and tablets. Run by Bhrmaa Software Solution Pvt Ltd, Repaireasy has invested most of the funding sum in marketing, hiring and technology.

Food startup Yumlane raises funds from Binny Bansal, Anupam Mittal, others


QwikPik Technology Pvt. Ltd, which runs food start-up Yumlane, has raised a seed round from Flipkart CEO Binny Bansal and People Group founder Anupam Mittal. Sachin Bhatia, co-founder of TrulyMadly, angel investor Kunal Khattar and Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund, were among other participants in the round. The funding round was under USD 1 million. The company will invest the money in brand building, marketing initiatives and increasing its footprint.

Yumlane was founded by Hitesh Ahuja, the former vice-president of New Silk Route, an Asia-focused private equity fund. The company offers ready to eat meals at Rs.50-80 through packaged consumer goods outlets. Currently it has tied up with 10 stores in Mumbai.

Hyperlocal delivery startup Daily Ninja raises seed funding

Economic Times

Subscription-based hyperlocal delivery platform Daily Ninja has raised a seed round from LetsVenture and Tracxn Syndicate investor network platforms. The round saw participation from angel investor Anupam Mittal and Kunal Shah of Freecharge, among others. Led by NuVentures' Venk Krishnan, the round also saw participation from other key investors such as TaxiForSure cofounder Aprameya Radhakrishna.

Social VC Investments

MFI Chaitanya raises Rs.47-Cr from ShoreCap, others

Bengaluru-based Chaitanya Rural Intermediation Development Services Pvt.Ltd. (“Chaitanya”), has raised INR 47 crore (USD 7 million) from ShoreCap II Limited, few HNIs, existing individual investors and the promoters in its Series C round of funding. The funds raised in this round will be used to increase its branch network and operations in the existing states as well as for expansion into the northern states of India. Unitus Capital was the exclusive financial advisor to Chaitanya for this transaction.

Chaitanya provides full bouquet of financial products (micro finance, livestock financing, 2-wheeler financing, micro housing loan) to the low-income rural population. Chaitanya has a portfolio outstanding of INR 273 crore as on July 31st, 2016 spread across Karnataka and Maharashtra.


Pitney Bowes names 6 Indian Startups for Summer Batch


Six startups from India have been selected for the summer session of the Pitney Bowes Accelerator Programme. The startups will be placed in Pune or Noida for incubation and will have opportunities to network with prospective investors. The six startups include:

eCourierz – Based in Bangalore, it is an online, automated shipping tool.

Infinite Analytics – It is a big data and social analytics company for a 360-degree-view of the customer. Based out of Mumbai, it has raised funding from Ratan Tata in August 2015.

Medimojo – A digital health platform for simplifying healthcare. It aims at improving health outcomes by early detection and evidence-based treatment.

Niki – It is an artificial intelligence-powered bot that simplifies the ordering experience. It helps users book cabs, order food, recharge, pay postpaid, electricity, datacard, DTH bills and much more simply via chatting.

Sponsifyme – Based in Gurgaon, it is a real-time geolocation-based marketing platform for offline businesses.

WeDoSky – Delhi-based company designs and manufactures drones and provides these services to a range of clientele — from real estate moghuls to private universities and the media.

Ginserv incubates Digikrit, Ideamart Ventures and iAccept

Global Incubation Services (GINSERV) a Technology Business Incubator has incubated Digikrit, Ideamart Ventures and iAccept.

Digikrit is currently working on various open source projects & ejabberd based chat and collaboration products. Ideamart Ventures’ products include Smartverify (product verification program that uses QR verification to help customers ensure purchase of genuine products) and Payjourney (a local transit app that tracks bus locations).iAccept has a suite of platforms catering to the Employer-Employee relationships. Its products include iAccept (routing platform which connects the job seeker and prospective employer), Thijori (helps organizations & educational institutions to park documents of their ex-employees / students) and Pehechano (an identity tracking repository, with a focus on Safety & Security of blue collar workers in the manufacturing sector, security personnel, staff from the healthcare or hospitality industry. It is a risk mitigation platform for Administrative & Facility Managers) etc.

Other PE/Strategic Investments

GE to invest $31-M in Mytrah Energy wind project

Business Line

GE has decided to invest up to USD 31 million in Mytrah, the renewable energy focussed independent power producer, to support a 200 MW wind energy project in Andhra Pradesh. Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services, will acquire a 49% stake in Mytrah Vahu (Tungabhadra) Pvt Ltd (MVTPL), the SPV of Mytrah Energy operating the project,

Mytrah Energy, with 15 projects across eight states, has over 200 wind masts installed across the country.

Infosys invests $4-M in Israelis SaaS firm Cloudyn

Publicly-listed IT services company Infosys has made an investment of $4 million for a minority stake in Israel-based Cloudyn, a company that provides SaaS solutions for management and optimization of hybrid, multi-cloud deployments.

Rental homes startup Fella Homes raises Rs.3-Cr from DS Group

Gurgaon-based fully furnished home rental service startup Fella Homes has raised INR 3 crore from diversified conglomerate DS Group. DS Group, via DS chewing products LLP, subscribed to 70,000 equity shares at the price of INR 440 each.

Fella Homes recently acquired Noida-based LifePad home, in an all cash deal.


IPO of Dilip Buildcon subscribed 20 times

Business Standard

The Rs 650-crore initial public offering (IPO) of infrastructure firm Dilip Buildcon saw 20 times more demand than shares on offer. The 21.4-million share offering saw 444 million bids. The high net worth portion of the IPO was subscribed around 80 times, while the institutional investor portion saw nearly 10 times more demand than shares on offer. The retail investor segment saw two times subscription.

The company raised Rs 430 crore by issuing fresh shares in the IPO, while the remaining Rs 220 crore of the issue was an offer for sale by the existing shareholders, including BanyanTree Growth Capital. The price band for the IPO was fixed at Rs 214-219 per share. The firm plans to deploy the capital raised from the IPO towards repayment of loans and for working capital requirements. Axis Capital, IIFL Holdings, JM Financial, and PNB Investment were the lead managers of the issue.


BPCL acquires 21% in Fino Paytech for Rs.251-Cr


Listed PSU oil marketing company Bharat Petroleum Co Ltd (BPCL) has acquired a 21% stake in Fino Paytech for INR 251 crore in cash. The target had acquired a licence for payments bank last year. Fino PayTech is looking at launching its banking operations by December 2016. The company would be able to leverage BPCL’s marketing network, post transaction completion - which is also expected by December.

Major shareholders of Fino Paytech include The Blackstone Group, ICICI Bank, IFC, HAV3 holding and Intel Capital. FINO's Operational Revenues and Net Profit for FY15 were INR 218.95 Cr and INR 9.99 Cr respectively. Its networks as of March 31, 2015 was INR 276.59 Cr.

Fortis hikes stake in Lalitha Healthcare to 80%; mulls sell off of unit

Fortis Healthcare via its step down subsidiary Fortis Cancer Care Ltd (FCCL) has increased its stake in Lalitha Healthcare Pvt Ltd (LHPL) by 98972 equity shares (12.2%). Post acquisition the shareholding of FCCL in LHPL shall be 644596 equity shares (79.43%). FCCL has acquired these shares worth INR 9.89 lakh from one of the directors of LHPL. (Established in 2007, LHPL runs a 75-bedded multi speciality hospital in Seshadripuram, Bangalore.)

FCCL is also contemplating to sell its entire holding in LHPL which had a turnover of Rs. 21.5 crore in the year ended March 31, 2015, and Rs. 18.7 crore in the preceding year.

Jaydev Mody acquires 65% in Goan football club

Press Release

Jaydev Mody, chairman of Delta Corp, has bought the 65% stake jointly held by Dattaraj Salgaocar and Shrinivas Dempo in Goan Football Club Pvt Ltd, which runs the FC Goa football team, part of the Indian Super League (ISL), for more than $5 million. The remaining stake in the team continues to be held by the Videocon Group and India cricket captain Virat Kohli. AZB & Partners was the legal advisor to the buyer.

Borosil acquires 60% in pharma packaging maker Klasspack


Publicly listed Borosil Glass Works Ltd has announced the acquisition of 60.3% shares in Nashik-based Klasspack Pvt. Ltd. While a majority of the funds were by way of primary infusion into the company, there was a smaller secondary purchase of shares as well. Klasspack, a closely held company with manufacturing facilities in Nashik, is a leading manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharmaceutical companies. Avendus Capital was the sole financial advisor to Borosil for this transaction.

Wipro Infrastructure to acquire Israeli aerospace parts maker H R Givon

Economic Times

Wipro Infrastructure Engineering (WIN) is to acquire Israel-based H R Givon, supplier of metallic parts and assemblies to the aerospace industry, in an all-cash deal. Givon manufactures structural parts and assemblies that form part of the fuselage, wings and empennage of an aircraft. The 46-year-old target company is a supplier to firms like Boeing, Hindustan Aeronautics Ltd (India) and KAI (Korea). It has three manufacturing plants -- two in Israel and one at Everett, Washington. Givon has a global workforce of over 290 people.

Punj Lloyd sells entire stake in Simon Carves Engineering for $2-M

Pt Engineering Limited, a subsidiary of publicly listed Punj Lloyd Ltd has sold its entire stake in UK-based Simon Carves Engineering to Engineers and Constructors International Inc for $2 million. The acquirer is part of Mitsui Group and is based out of Baton Rouge, Louisiana, US. The target has a turnover of INR 76.24 crores (1.73% of total income) and has a netwoth contribution of INR 7.53 crores.

Auroile Technologies acquires digital assets protection firm iValue

Auroile Technologies Private Limited, a 100% subsidiary of IRIS Computers Ltd, has acquired Bangalore-based iValue Infosolutions Private Limited, which provides Value Added Distributor (VAD) and consultancy services in the Digital Asset Protection (DAP) and Data, Network & Application management areas. J Sagar Associates acted as the legal advisor to iValue and its promoters.

Other Deals - Listed Firms

GCPL buys 100% in Zambia-based Hair Credentials; creates JV in Senegal

Publicly-listed Godrej Consumer Products Ltd through its Africa-based step down subsidiary Darling Group has acquired 100% stake in Hair Credentials Zambia.

GCPL has also entered into a JV to manufacture and market hair products in Senegal through a newly formed company, Weave Senegal, in which GCPL will hold a 51% stake.

Other Deals

Uber folds China biz into Didi


Taxi-booking app Uber has agreed to sell its business in China to rival Didi Chuxing. Uber's China business will retain its separate branding, and Uber's global business will receive a 5.9% stake in the combined company. Uber China’s other shareholders, including search giant Baidu Inc., will get 2.3% of the economic interest in Didi Chuxing. As part of the agreement, Cheng Wei, founder and chief executive of Didi Chuxing will join the board of Uber, while Uber chief executive Travis Kalanick will join Didi's board. The valuation of the combined business will be $35 billion.

3 women founded startups win prize money from Zone Startups


Mumbai-based Zone Startups India, a venture fund and accelerator housed at BSE, handed out equity free seed funding of INR 10 Lakhs, INR 7 Lakhs and INR 5 Lakhs to three women founded startups - Saral Designs, DAZL and Shubh Puja. In April 2016, Zone Startups India had launched a six-week accelerator programme – “empoWer” to support women entrepreneurs who are building technology ventures. The program was in partnership with Department of Science and Technology, Vodafone, Google and Nishith Desai Associates. During the 6-week program, 15 founders got to interact with over 40 mentors

Real estate transactions

Cognizant buys 15-acre SEZ and in Kolkata

Economic Times

The Shapoorji Pallonji Group has sold 15 acres from its 50 acre land parcel at Action Area III of New Town-Rajarjat in Kolkata to IT services firm Cognizant Technology Solutions (CTS). This 50-acre land parcel owned by Bengal Shapoorji Developers, a subsidiary of Shapoorji Pallonji Group, enjoys special economic zone (SEZ) status.

The Shapoorji Pallonji Group firm bought the land from Hidco in 2006 for setting up an IT and ITeS SEZ. Later, it got a formal approval in 2007 and 2008 and it was notified as an SEZ. However, the company had delayed the project following global recession in 2008. Shapoorji is in talks with other IT companies for the remaining 35 acres.


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Realty funds Rising Straits, Arthveda Fund to raise offshore funds


Asset management firms Rising Straits Capital and Arthveda Fund Management Pvt. Ltd have started raising money from offshore investors to invest in real estate projects. Rising Straits Capital, founded by Subhash Bedi, co-founder of Red Fort Capital, plans to raise nearly USD 1 billion over the next three years from institutional investors in the US, West Asia and South-East Asia through the managed account route. This would be Rising Straits’ first fund-raising initiative after it was formed last year. The fund will invest both in residential and commercial office space and will deploy both structured debt and equity

Arthveda Fund Management, an associate firm of Dewan Housing Finance Corp. Ltd (DHFL), is raising about USD 150 million from institutional investors, The capital will be raised through a blind pool arrangement and will only invest in low- and middle-income housing projects.

Agri-biz fund Mandala Cap to raise $250-M 2nd fund

Economic Times

The food and agri-business focused private equity firm Mandala Capital is in the process of raising up to $250 million for its new fund. The firm, which has invested INR 1,200 crore (about $180 million) in Indian companies so far, is looking at a first close of about $75 million.

Fulcrum Ventures to raise Rs.800-Cr third fund


Healthcare-focused private equity firm Fulcrum Venture India is planning a third fund which could attract as much as INR 700-800 crore (USD 100-120 million). The firm is in the process of tying up soft commitments from limited partners. The latest fund will see Fulcrum raise more than half of the money from overseas.

Mohandas Pai, Ranjan Pai float Rs.250-Cr realty fund Neev

Times Of India

Ranjan Pai and Mohandas Pai have floated a real estate investment fund to make small-sized investments in tier II property developers in Bengaluru and Mumbai, among others, The INR 250 crore fund, named Neev, also counts three other investors as its co-founders. All the five partners have pooled in 35% of the first fund while the remaining would be contributed by other HNIs. The founders also plan to start a larger fund of up to INR 1,000 crore by next year.

Neev will look to invest through debt deals or construction finance and finance against inventory, in small builders. The size of individual investments will range between INR 10 crore and INR 20 crore.

Infosys to invest $15-M in Stellaris Ventures’ fund

Economic Times

Infosys has begun discussions for what will be its first investment in an Indian venture capital fund. The software services company is in talks to invest up to USD 15 million in Stellaris Venture Partners, launched by a team of former Helion Ventures executives, who are aiming for a final corpus of USD 100 million from both local and global investors. The Infosys investment - from its $500-million Innovation Fund set apart for early-stage investments - will mark the second such deal by the company in a venture capital fund. In December 2015, it had backed Silicon Valley-based early-stage venture capital firm Vertex Ventures.

UK’s TCP acquires education infra-focused investment firm Cerestra from Religare

BSE, Economic Times

RGAM Investment Advisers Pvt Ltd, a wholly owned subsidiary of publicly-listed Religare Enterprises Limited, is to sell its stake in education real estate investment fund Cerestra Advisors Limited to The Capital Partnership (TCP), a London-based independent asset manager. Cerestra's real estate investments are focused on the educational infrastructure, acquisition of rent-yielding school and college buildings, to create a specialist real estate investment trust (REIT) to be listed on the bourses. Cerestra reported revenue of INR 0.25 crores in FY 2015-16 and its net worth as on March 31, 2016 was INR 2.66 crores.

Abhay Havaldar tipped to join Avatar Growth Capital


Abhay Havaldar, a former managing director at private equity firm General Atlantic Partners, may join Avatar Growth Capital Partners, a new India-focused PE fund launched in May by Vishal Bakshi, a former managing director at Goldman Sachs. Havaldar is currently an adviser to the boards of General Atlantic portfolio companies in India.

Darius Pandole quits NSR to head JM Financial’s PE unit: report


Darius Pandole, partner at New Silk Route, is moving to JM Financial Ltd to head its private equity unit which is currently looking to raise a new fund. JM Financial’s PE business, which had previously raised a Rs.1,000 crore fund in 2006, is planning to raise a second with a similar corpus. The first fund was co-sponsored by Old Lane Partners, a hedge fund run by Vikram Pandit, which was acquired by Citigroup.

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Venture Capital Handbook; Inviting Knowledge Partner Articles

Venture Intelligence is glad to inform you about the launch of the updated version of India's first and only Handbook on Early Stage Investments. The publication aims to address the key issues in start-up investing - from the perspective of entrepreneurs, investors and advisory firms - through detailed branded articles. The handbook will also feature a directory section with a listing of active Early Stage Investors in the country.  Please let us know if you would be interested in showcasing your firm as a thought leader in this space by contributing a branded article to the Handbook. Email Us at  with your contact details to receive more info and detailed proposal


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Leverage the Venture Intelligence Deal Digest newsletter to showcase your opening to the Right Candidates in the Private Company Transactions Eco-system. Like with the newsletter issue you are scanning now, your job posting will reach 5,000+ professionals among PE/VC Investors, Investment Bankers, Lawyers and other related advisory firms and help attract the right set of candidates. 

A leading Mumbai-based boutique Investment Bank and a well known Asia-focused Fund-of-Funds had used the Deal Digest platform recently for advertising their openings.    You too can post your firm's job openings as part of the Deal Digest newsletter for just INR 10,000+ST - for a week's exposure.

For more Details contact or call +91 91760 33455


Deal Showcase

The Deal: Series E round of funding of Bright Lifecare Pvt. Ltd. (Healthkart)

Advisor: Link Legal – India Law Services

Client: Bright Lifecare Pvt. Ltd.

Deal Date: July, 2016.

Deal Value: INR 80 crores (approx.)

Deal Description: Healthkart in its Series E round of funding has raised Rs. 80 crores (approx.) from Sequoia Capital, Omidyar Network, Kae Capital, GHI Holdings and Rishabh Mariwala. The round was led by Sequoia Capital.

Advisory Role: Link Legal’s role involved drafting of the transaction and ancillary documents, negotiations with different counsels of the investors, restructuring its various clauses including complicated liquidation preference to take into account its recent demerger of Bright Lifecare Pvt. Ltd.

Advisory Team: Manish Gupta (Partner) and Shivam Tandon (Associate).


Deal Showcase

The Deal: Sirion Labs Pte. Ltd. (Singapore) in its Series B round raised USD 12.25 million. The round was led by its existing investor Sequoia Capital and joined by new investors, Canopy Group and QualGro.

Advisor:  Link Legal – India Law Services

Client: Canopy Group

Deal Date: June, 2016.

Deal Value: USD 12.25 million (approx.)

Advisory Role: Link Legal’s role involved review and revisions of the transaction documents and negotiations with the Company and Sequoia, including dealing with various intra-investor group issues.

Advisory Team: Manish Gupta (Partner) and Shivam Tandon (Associate).


Deal Showcase

The Deal: Sterlite Ventures invested INR 10 crores in Career Power (Metis Eduventures Private Limited)

Advisor:  Link Legal – India Law Services

Client: Sterlite Ventures

Deal Date: July, 2016.

Deal Value: INR 10 crores

Deal Description: Metis in its Series A round of funding raised Rs. 10 crores (approx.) from Sterlite Ventures.

Advisory Role:
Link Legal’s role involved drafting of the transaction and ancillary documents and negotiations.

Advisory Team:
 Venkat Satyanarayana (Partner) and Apurbalal Mallik (Senior Associate)

Return of Confidence: VCs Sign Larger Cheques even as Green Shoots Emerge on the Liquidity Front

July witnessed Venture Capital investors write out 49 cheque worth $330 million to Indian startups - the second highest in 2016 both in terms of both volume (no. of deals) and value. Nine of these cheques were worth $10 million or more - just short of the high of 10 such investments in January.

Click here to read more.

New on VI-Gyan

Is TN nearing its AP moment in Microfinance?

A Scroll article titled
A tsunami of debt is building up in Tamil Nadu – and no one knows where it is headed writes about rising level of debt in Tamil Nadu with signs of stress heading to a mass default.

In 2001, the average annual income of these families was Rs 16,000 and average debt at Rs 10,000. Come 2016, annual income has risen five-fold to Rs 80,000. Average debt, however, stands at Rs 2,50,000. This is a 25-fold increase.


VI Market Place


Early morning delivery focused Morning Cart looks to raise seed funding

IIIT Bangalore-incubated Morning Cart satisfies the daily morning needs of customers through a simple ordering system and a reliable doorstep-delivery service. By creating a technology-enabled marketplace for their partners, Morning Cart helps streamline and professionalize their distribution network without disrupting the current eco-system.

The company’s network delivers milk and dairy products, newspapers, fresh tender coconut, pooja flowers as well as other grocery products to the doorstep early each morning. Using its mobile app and website to subscribe customers and register orders, the company’s partners gain complete control of their business from managing inventory to monitoring deliveries. The company is rapidly increasing its customer base every month and is targeting revenues of Rs. 13 Crore in FY17 with plans to cover the whole of Bangalore and launch a pilot in a second city to demonstrate the scalability of its unique social entrepreneurship model.  The company is founded by
Anuj Bishnoi, a serial entrepreneur formerly with Infosys, and Satish Shetty, who has over 10 years of experience in customer acquisitions at Airtel and business solutions at Future Group.

Click here to view company presentation.


Contact Anuj Bishnoi,


VI Market Place

Livestock firm Warrior Agro looking to raise $8-M

Business: Agro based livestock business.

Use of Funds: $6.7 million in first 6 months as Capital Investment and $1.0 million in working capital for first year. There after earning of $3.06 million or PBIDT of $2.0 million every year.

For more details contact
with Warrior Agro in the subject line.

Cookfinder looking to raise Rs.10-Cr

Cookfinder, a marketplace for cooks / chefs and allied help, is looking to raise INR 10 Cr.

Speciality: From Domestic to Guest house from takeaways to 5 star hotels, Cookfinder specializes in providing Cuisine Specific Cooks and Services.

To connect with the founder, email with Cookfinder in the subject line.

The Sport Mall looking to raise Rs. 10-Cr

Business: The Sport Mall brings together an assortment of the sports brands under one roof. Consumers can go into a store, pick from a number of different Brand Options that suit to their individual choice on site and walk out with the product shortly thereafter. One of the primary purposes of sport mall is to push the boundaries of what is possible in retail design, experience and product. We hope to then share this knowledge with our manufacturers to elevate their presentation and consumer experience.

All the brands have their own identity and heritage, but the unifying theme in sport mall makes them Look stronger and better.

Use of Funds: For launching private labels & opening more outlets.

To connect with the founder, email with The Sport Mall in the subject line.

Cloud Tech startup DigiKonnect looking to raise $500,000

DigiKonnect focuses on hybrid cloud orchestration and management with assured quality of service using principles of software defined networking (SDN) leading to a Capex and Opex savings of 10-30%. The offerings are focused towards telcos, data centres and enterprises. DigiKonnect has an in-principle marketing agreement with a US based private cloud service provider and a Europe based SDN leader to leverage their IP to stitch together the market facing solutions.

DigiKonnect’s founder has over 20 years of experience with large enterprises and startups with robust P&L experience. The founding team will have an average experience of over 15 years in networking (telecom and data centre) space.

To connect with the founder, email with DigiKonnect in the subject line.

Media Mentions

Ovum gets Rs 33 crore from Norwest, IL&FS Invest: The Economic Times

An ET article quotes Venture Intelligence data on investments in the Healthcare space:

The maternity and child care healthcare sector has seen increasing interest from venture capitalists, with close to $100 million dollars invested in the sector in less than a year, according to Venture Intelligence.

In December last year, maternity care chain Cloudnine Hospital raised an investment of Rs 400 crore from India Value Fund. Cloudnine's early investor Matrix Partners India made a seven times return when it made a partial exit from the company, piquing more interest the space.

Earlier this month, TPG Growth invested $33 million (Rs 220 crore) in Rhea Healthcare Pvt. Ltd, which runs a chain of mother- and child-care hospitals under the brand Motherhood.

Highlighted Sponsor


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Contact Information

Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E:


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PE/Strategic Investment

JSPL in talks with Yamato Steel to sell 15% for Rs. 2,500-Cr

Economic Times

Jindal Steel & Power (JSPL) is in talks to sell a 15% stake in the company to Japan's Yamato Steel for INR 2,500 crore to reduce its leverage ratio. Indian companies with a Japanese stake of 10% or more get preference in raw material and execution contracts for the USD 90 billion Delhi-Mumbai freight corridor being built with the aid of Japanese banks and multilateral funding institutions.

The company is currently seeking a debt recast for its steel business under the so-called 525 scheme. This involves banks providing 20-25 year loans that will be refinanced every five-seven years.

Vini Cosmetics in talks with Apax, TA Associates & Advent to raise Rs.600-Cr

Economic Times

Vini Cosmetics, Ahmedabad-based maker of Fogg deodorant, is in talks with private equity firms Apax Partners, TA Associates and Advent International to raise about INR 600 crore by selling minority stake. Vini Cosmetics, started by Darshan Patel, who was among the family promoters of Paras Pharmaceuticals, manufactures personal care, pharmaceutical and cosmetic products. The company is looking to expand in the cosmetics business and is likely to use the funds raised for acquisitions. In 2013, it had raised about INR 150 crore from Sequoia Capital by parting with a minority stake. Patel is expected to hold majority stake in the company after fresh investment by private equity firms.

Maini Precision to raise Rs. 500-Cr


The Bengaluru-based Maini Precision Products Ltd is in talks to raise up to Rs.500 crore from private equity funds and is likely to drop its planned initial public offering (IPO). Maini Precision is a manufacturer and supplier of high-precision components and assemblies, catering to automotive, industrial and aerospace companies across the world. ICICI Securities, one of the bankers hired to advise Maini on its IPO, is advising the company on the private fundraise. The money will be majority primary capital that the company will use to set up a new manufacturing facility and other capital expenditure to increase manufacturing capacity. Some of the funds may also be used to reduce debt. In 2014-15, Maini Precision reported a revenue of Rs.286 crore against Rs.258.5 crore in the previous year. The company’s profit stood at Rs.10.5 crore in 2014-15 against Rs.11.9 crore the previous year.

Wadhwa Group to raise Rs.500-Cr for affordable housing foray


Mumbai-based developer Wadhwa Group is planning to raise around Rs.500 crore through a mix of debt and equity to fund the first phase of its 450-acre township at Panvel, which it expects to launch by November this year. This will also mark the company’s entry into the affordable housing segment. In the first phase of the project, the company plans to build around 2,500-3,000 units priced in the range of Rs.21 lakh to Rs.55 lakh, in the next three years. So far, the company has spent over Rs.600 crore in acquiring land for the township.

Last year, the company raised around Rs.270 crore from Piramal Fund Management to fund acquisition of additional land for the project.

Blackstone in talks to invest Rs. 300-Cr in Pune-based realty firm Paranjpe


Blackstone Group is in talks to invest about Rs.300 crore in a group company of Pune-based real estate developer Paranjape Schemes Construction Ltd. Blackstone’s investment will essentially be for construction and development of the project. Founded in 1987, Paranjape Schemes has developed real estate projects in Pune, Mumbai, Bengaluru, Nashik and other cities. The company claims on its website that it has completed at least 165 projects. In 2014-15, Paranjape Scheme reported consolidated revenue of Rs.375.6 crore, compared to Rs.581.1 crore in the previous year. Consolidated net profit was Rs.14.3 crore, as against Rs.26.6 crore in the previous year.

Mahindra Sona in talks to raise Rs.150-Cr

Economic Times

A group of investors including IL&FS is selling an aggregate 25% stake in Mumbai-based auto-parts maker Mahindra Sona to private equity investors for INR 130-150 crore. PE investors Renuka Ramnath's Multiples Alternatives, ChrysCap and Barings Private Equity Partners India are in talks with these investors to purchase the stake. Investment bank ICICI Securities has been appointed to look for a buyer.

Mahindra Sona is a joint venture between Mahindra & Mahindra and Sona Group in which IL&FS owns 5.25%, Khattar Holdings owns 13%, Sona Group owns 37% and Mahindra owns about 30%. The rest is held by other investors.

Fashion e-tailer YepMe to raise $15-20 M; to open 400 stores

Economic Times

Gurgaon-based fashion e-tailer Yep-Me is planning to hive off the software unit into a separate entity and is talking to investors to raise USD 15-20 million for it. It also plans to open 400 stores by the end of this financial year. The company, which has four stores in the suburban city, has plans to have presence in Noida, Meerut, Bengaluru, Hyderabad, Ludhiana and Latur through franchise route.

From the Venture Intelligence PE/VC Deal Database: YepMe, founded in 2011, raised USD 75 million in its latest round in September last year from Malaysian state fund Khazanah Nasional Berhad and existing investor Helion Advisors. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Personal care brand Organic Harvest to raise $10-M

Business Line

Personal care range brand Organic Harvest is looking to raise up to USD 10 million this year as it aims at a turnover target of INR 500 crore in 3-5 years. It plans to invest bulk of this in sales, marketing and capital expansion. It is also looking at expanding its retail and distribution presence ramping up its international presence. It aims to increase the distribution from 5,000 outlets to 20,000 outlets and from 16 standalone stores to 30 by end of this fiscal.

Organic Harvest had launched operations in 2013 with distribution in Delhi and Punjab. It sells over 100 products in skin, hair and body care for women. At present, the company sells its products in the UAE, Bangladesh and Nepal.

Payday loans startup EarlySalary to raise $6-M

Mint, financial technology start-up that offers personal loans, will raise $5-6 million in the coming months as it looks to expand its presence across cities like Hyderabad, Visakhapatnam and Jaipur. The Pune-based firm offers loans ranging from Rs.10,000 to Rs.1 lakh for a tenure of seven to 30 days, operating on similar lines of salary advance, and charges an interest of about 2%.

The company had raised $1.5 million seed capital, led by Ashok Agarwal of Transcorp Group last year.

Inter-city car rental firm Zyppys looking to raise Rs.5-Cr

Business Line

Zyppys, an online inter-city car rental service, is planning to raise INR 5 crore. The company which offer its services in 44 cities with an aggregated fleet of 5,000 cabs is planning to increase the network to 60 cities.

Carlyle Group emerges front-runner for PEs’ 30% stake in Bharat Biotech

Economic Times

Global private equity player Carlyle Group has emerged as the front-runner to buy-out the collective stake of 30% of three PE investors in Hyderabad-headquartered biotechnology firm Bharat Biotech. The company has been working on two vaccine candidates to combat Zika virus. Rival TPG which had expressed interest earlier, has dropped out of the race.

Bharat Biotech, which was founded by scientist Krishna Ella, holds a portfolio of 50 patents and has delivered over 2 billion doses of vaccines in over 65 countries.

From the Venture Intelligence PE/VC Deal Database: In Jan 2004, Subhkam Ventures invested in the first round and in May 2005, IFC and ICICI Venture led the second round of INR 29.17 crore in Bharat Biotech. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Oberoi Realty in talks with Morgan Stanley, GIC for JV

Business Standard

Mumbai-based Oberoi Realty is in separate talks with US-based investor Morgan Stanley and Singapore’s sovereign fund, GIC, to set up a joint venture (JV) for developing malls. The venture would have a corpus of INR 1,000 crore and Oberoi is expected to hold about 75 per cent. Oberoi is planning to build malls in this city’s Worli and Borivali areas. It already has an operational mall at Goregaon, which will come under the new JV. It could also initiate talks with Canada Pension Plan Investment Board, which has shown interest in buying into malls. JPMorgan has been appointed the banker to find investors for the JV.

From the Venture Intelligence PE-RE Deal database: In January 2007, Morgan stanley had invested about INR 675 crore for about 10% stake in Oberoi Realty.

Gaming startup Empower Labs to raise funds

Business Line

Hyderabad-based Empower Labs, a gaming startup has developed time-travel augmented reality mobile game and is looking for about INR 15 crore. The company has previously raised INR 3 crore in seed funding for the game design, development, and beta launch.

Empower, co-founded by Krishna Milan Rao, Nelvin Joseph and Karthik Chandra Isola, announced its entry to a global audience in a unique way, with a short video of a ‘time traveller ghost’ who walks in and out of closed doors of a store which went viral on YouTube and garnered over 3 million hits in record time. Empower Labs’ MMO (massively multiplayer online) ‘Delta T’ integrates game-play, in-depth plot lines, and real world interaction with A new technology called augmented reality.

Baring Asia rejoins race for ICICI Home Finance

Economic Times

Baring Asia has launched a last-minute counter-bid to wrest control of ICICI Home Finance, outbidding US PE giant TPG by 10%. While TPG may still have a chance, Baring's higher offer may tilt the scales in its favour.

ICICI Home Finance, the 100% subsidiary of ICICI Bank, contributes less than 10% to the book value of total home loans given by the bank. ICICI Bank put the home finance arm on sale last year expecting a value of around INR 4,400 crore. The first round attracted interest from TPG, Baring Asia, Piramal Group, Bajaj Finance and Partners Group.


BSE looks to divest up to 30% in CDSL through IPO: report


Stock exchange BSE is preparing to divest a stake of up to 30% in depository firm Central Depository Services (India) Ltd through an initial public offering (IPO) that could fetch the exchange up to Rs.500 crore. The company and BSE are currently in discussions with various investment banks for the issue. CDSL was set up in 1999 by BSE along with banks such as State Bank of India (SBI), Bank of India, Bank of Baroda, HDFC Bank Ltd, Standard Chartered Bank and Union Bank of India. BSE holds a 54.2% stake in the company.

From the Deal Digest Archive (via Business Line): Life Insurance Corporation of India (LIC) was "close" to picking up a 10% stake in Central Depository Services Ltd (CDSL) from BSE for Rs 800-850 crore. CDSL’s profit stood at Rs 43 crore on revenues of Rs 105 crore for the year ended March 2015.


IDFC looks at merger with bank subsidiary

Times of India

IDFC—the finance firm that acts as the holding company of IDFC Bank— is in talks with regulators to explore the possibility of a merger of the bank with the parent. The move follows the new bank licensing guidelines announced by the RBI on Monday, which do not insist on a holding company for banks in some cases.

Sexual wellness brand Japani put up for sale


Japani, an Ayurvedic brand in the sexual wellness space, is up for sale. The brand has a presence in Uttar Pradesh, West Bengal, Bihar and Rajasthan. Promoters of its owner, Uttarakhand-based Chaturbhuj Pharmaceutical Co., are looking at an enterprise valuation of INR 500 crore. Anand Rathi Investment Banking has reportedly been hired to find suitable buyers.

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India Ahoy!

Alibaba-owned 9Apps plans to launch shopping discount aggregator hub in India


Alibaba-Owned 9Apps has announced its foray into the lucrative e-commerce space in India, which will now offer e-commerce shopping aggregation on its app. Users of the app will also be able to compare prices from Paytm, Flipkart, Myntra, Snapdeal, Jabong, Askmebazar, Voonik and Shopclues. Serving over 250 million monthly active users globally, it will also offer discounts and coupon codes in a separate section.

Lockheed Martin offers to shift F16 production line to India

Deccan Herald

American defence major Lockheed Martin has offered to move its lone production line of the latest version of fighter aircraft F 16-Block 70 to India from Texas to meet Indian and global requirementS. However, the company made it clear the proposal is "conditional" to IAF choosing the world's largest-sold fighter aircraft for its fleet.

New Incubators

Mobile tech incubator PadUp opens in NCR

Economic Times

PadUp Ventures, a mentor-driven incubator focused on technology and mobile startups, has been launched in the National Capital Region. It is the brainchild of Rajat Jain, former MD of Xerox India; Pankaj Thakar, a tech and mobile evangelist; and finance professional Deepak Sogani. PadUp, which launched on July 16, plans to grow across a few other cities across India over the next couple of years. In beta mode, it has built up around 10 incubatee startups across different sectors.

Wired Hub launches accelerator program targeting Tier II cities


Jaipur-based co-working space Wired Hub has launched its accelerator programmes for Tier II cities that will start in Jodhpur and also extend to Chandigarh, Jaipur and Pune.

In June, the company raised funding led by angel investors Ankit Maheshwari and Anand Singh.

Student incubator SV.CO launched

Business Standard

SV.CO., a digital incubator for students, has rolled out a four-phase nationwide campaign called “StartInCollege” to give an edge to its programme of building student startups from engineering colleges across the country. The campaign, starting from Kerala, aims to select 50 top students' teams for the programme and help them select an idea, build a product and launch to early customers in six months with the last week in Silicon Valley, USA.

New ventures

AION Cap in JV with ICICI Bank for ARC

Financial Chronicle

Private sector lender ICICI Bank has roped in private equity firm Apollo Global and AION Cap as strategic partners for launching an asset reconstruction company (ARC). The collaboration will bring together ICICI Bank’s experience and understanding with respect to the Indian corporate sector, and Apollo’s experience of more than two decades in private equity and alternative investments including special situations.

Recently, State Bank of India (SBI) has announced setting up a distressed asset management fund in a joint venture with Toronto-headquartered Brookfield Asset Management to revive stressed companies.

Swedish windmill firm FlowOcean scouting for Indian partners

Business Line

Swedish company FlowOcean AB, which plans to set up floating offshore windmills for power generation, is looking for partners in India and European countries for its first commercial venture. It is talking to its potential partners in India, Scotland, Belgium and Sweden, to set up such windmills under a patented new technology invented by Bertil Moritz.

Apollo Hospitals sets up focus unit for cancer care


Apollo Hospitals has carved its cancer management units into an independent specialty called Apollo Cancer Institutes. In the first phase, cancer institutes were established at Chennai, Hyderabad, New Delhi, Kolkata, Ahmedabad, Bilaspur, Bengaluru and Madurai. In the coming months, Apollo plans to add two more such institutes in Bhubaneswar and Navi Mumbai, where Apollo is setting up a new hospital. It is also setting up first ever proton beam therapy centre in Chennai at an estimated investment of INR 650 crore.

Lodha, Piramal to set up ARCs focused on real estate: report

Economic Times

Piramal Group and Lodha Group are looking to set up asset restructuring companies (ARCs) focused on the real estate sector. The two groups would look at investing initial money in their respective ARCs and then partner with a foreign fund. The Lodha Group's plan would be spearheaded by Abhinandan Lodha and under the group entity, Lodha Ventures.


API manufacturer Hetero Healthcare to set up units in three states

Business Line

Hetero Healthcare, a global supplier of APIs (including cytotoxics), is setting up three new units at Andhra Pradesh, Telangana and Assam, to manufacture formulations for the domestic market which will add roughly around 20-25 % to the turnover of the company.

MakeMyTrip plans intercity taxi services

Business Line

Online travel firm MakeMyTrip is planning to enter inter-city taxi service as it aims to become a one-stop shop for all travel-related needs. The company may look at acquiring start-ups or build an in-house team for this. It currently works with vendors for inter-city taxi services.

Paytm expands services to film ticketing biz

Business Standard

Paytm is expanding its online movie ticket business by bringing smaller single-screen theatres into the fold and reaching to more tier-II and tier-III cities. It had entered into tie-ups with a slew of multiplexes and is now getting into direct collaborations with films. Paytm will bring offline single-screens on its platform over a period of time. Currently, Paytm has a little over 2,250 screens for which tickets can be booked online. This number will go up to 3,000 in the coming months. It has tied up with PVR, Cinepolis, Inox, Wave, Miraj, MovieTime, Gold Cinemas and quite a few other chains and single-screen theatres.

Regulatory News

RBI puts bank licences on tap


Universal bank licences will now be available on tap, with the Reserve Bank of India (RBI) releasing the final set of guidelines for eligible entities to apply for licences as and when they choose to, and keeping the doors closed to large business houses. Non-banking financial companies (NBFCs), qualified individuals and some private companies will be eligible to apply for licences. NBFCs that are part of large conglomerates with more than 40% of their total assets coming from non-financial businesses will not be eligible. Those who will be eligible to apply for licences include NBFCs that are controlled by resident Indians and have a successful track record of at least 10 years. In addition, individuals and professionals who are residents and have more than 10 years of banking experience can apply. Entities/groups in the private sector that are ‘owned and controlled by residents’ and have a successful track record for at least 10 years”, will be eligible to apply if the entity has total assets of less than Rs.5,000 crore.

The initial minimum paid-up voting equity capital for a bank shall be Rs.500 crore. Thereafter, the bank will need to have a minimum net worth of Rs.500 crore at all times. Foreign shareholding in universal banks would be as per existing rules and hence capped at 74%.

UK Homes' MD, CMD get jail for non-compliance of court order in Chandigarh

Economic Times

District consumer disputes redressal forum has awarded two years' imprisonment to the officers of UK Homes Pvt Ltd including Udey Raj Singh, MD, Amarjit Singh, CMD, Kashmir Singh, manager-cum-director, and Prehlad Gulati, director, for non-compliance of its order. They have also been asked to a pay a fine of INR 10,000 each within 30 days.


Anant Maheshwari named President of Microsoft India

Economic Times

Microsoft has appointed Anant Maheshwari as the president of its India operations. He will take over from Bhaskar Pramanik, Chairman, Microsoft India who will retire with effect from March 2017. Maheshwari joins Microsoft from Honeywell where he was its President for India. Pramanik will retire from the company in March 2017.

JM Financial honcho and veteran deal maker Nimesh Kampani to retire


Veteran investment banker Nimesh Kampani, managing director of the JM Financial Group, who was key to a slew of marquee arrangements and also brokered the division of Reliance Industries between the Ambani brothers, will retire on September 30, on turning 70. He will continue to be the non-executive chairman of the group and a director on the board of a few group companies. The company's board has appointed his 39-year-old son Vishal to succeed him as the managing director.


Axilor launches new batch

Economic Times

Bengaluru-based Axilor has opened applications for its accelerator programme starting in September. It is looking to induct up to 15 startups in the upcoming batch. Axilor will also be expanding its investment portfolio to 12-15 startups this year. Axilor, which concentrates on the ecommerce, health-tech and clean-tech sectors, has invested in 12 startups over the past 18 months. The selection process for the flagship accelerator programme, which lasts for 100 days, is rigorous and takes in less than 4% of applicants. At the end of 100 days, most startups achieving the programme goals get funding of up to INR 25 lakh.

Singh brothers return to Religare Board

Business Standard

As their financial services venture Religare Enterprises continues an asset sell-off exercise, Malvinder and Shivinder Mohan Singh, the two Singh brothers, the main promoters of the company, have made a return to the company's board after a gap of over six years. The company's regulatory filing disclosed that Malvinder Singh has become non-executive chairman and Shivinder Singh has been designated as non-executive vice-chairman with effect from July 29.

Madras HC restricts sale of SunEdison assets in Karnataka

Business Line

The Chief Restructuring Officer of SunEdison, the US-based renewable energy major, has been restrained by the High Court of Madras from selling stakes in its three subsidiaries, which own solar power plants in Karnataka. This was in response to a suit filed by Chennai-based solar EPC company, Refex Energy Ltd, to which SunEdison owes money.

Fashion portals Freecultr, Zovi and Fashionara on verge of closure: report

Economic Times

Sequoia Capital-funded e-commerce company Freecultr, which was in talks with Arvind Group for a possible sell-off, has shut down its website. Another fashion portal, Zovi, backed by SAIF Partners and Tiger Global, has stopped selling directly and buyers are directed to its products sold on Flipkart and Amazon.

Fashionara, an online retailing venture focussed on fashion and lifestyle, folded up few months ago after dwindling business and cash crunch. It was backed by Lightspeed Venture Partners and Helion Venture Partners. Its founder Arun Sirdeshmukh has joined Amazon as the head of its fashion portfolio. Older fashion e-commerce portals, like are struggling with fund raising options.

Sequoia backed concierge app GoodService shutting down: report


Delhi-based chat based concierge startup GoodService seems to have shut down its operations. The app is not working for existing users and moreover, apps from Play store and Apple store have also been removed. Also, there has been no social media update on its Facebook page since 8th May.

GoodService app acts like a personal assistant, which offers users services like, cooking classes, educational classes, health and beauty services, etc. via chat. Last year in June, GoodService raised $1.6 Mn in a funding round led by Sequoia Capital.

Quikr shuts down CommonFloor unit Flatchat


Six months after online classifieds major Quikr acquired online realty portal CommonFloor, it has shut down Flatchat, a rental flatmate-finding application owned by CommonFloor. Quikr has given employees of Bangalore-based Flatchat an option to join one of its portfolio companies and move geographically, but not all the employees were comfortable with relocation. Majority of the people have quit Flatchat and the office has been shut down. Employees were given a month’s notice but no severance package. There were around 52 people in Flatchat, of which only technology team got absorbed in Quikr. Flatchat had a user base of 300,000 users, including 10,000 in Singapore where the app was launched in 2015. It had raised $2.5 million in funding from CommonFloor last June, after being acquired by it in April 2014.

Quikr bought CommonFloor in a $200 million all-stock deal in January to deepen its real estate business, just four months after Quikr launched its own home search business, QuikrHomes. It shut down the CommonFloor office in May. Post the acquisition, in March about 150 employees of CommonFloor were asked to leave the company.

ED arrests 2 ex-officials of First Leasing in bank fraud case

Business Standard

Two former officials of First Leasing Company of India Limited (FLCIL) were arrested by the Enforcement Directorate (ED) in connection with a bank fraud case of over Rs 500 crore. ED officials arrested S Dilliraj, former Vice President and Chief Financial Officer (CFO) and L Sivaramakrishnan, former CFO of FLCIL, a NBFC, under the provisions of Prevention of Money Laundering Act, 2002. A money laundering case was registered by ED against the company in relation to a case filed against it for "cheating" IDBI Bank and SBI to the extent of over Rs 500 crore a few years ago. The company’s MD, Farouk Irani, had already been arrested in this case. The arrested were remanded to judicial custody by a court till August 11.

Air Costa halts operations

Business Standard

Vijayawada-based Air Costa has suspended operations. Air Costa is the second regional airline to halt flights, after Air Pegasus which halted operations a week ago.

iD Fresh partners with Nilgiri Dairy Farm to produce dairy products

Economic Times

Ready-to-cook packaged food company iD Fresh Foods, which is known for its packaged idli and dosa batter, has partnered with Nilgiri Dairy Farm to produce dairy products such as paneer and curd. The dairy products will be sold under iD Fresh Food's brand.

From the Venture Intelligence PE/VC Deal Database: In March 2014 Sequoia Capital India had invested INR 3 crores and in October 2014, Helion Ventures had invested INR 35 crores in ID Fresh Foods

Essar to lose Jharkhand mine for not paying upfront amount

Economic Times

Due to non-payment of the upfront amount, Essar Power is likely to lose the Tokisud coal mine in Jharkhand which it had won in a highly competitive auction. Essar is reported to be facing some legal and technical issues post-allocation of the Tokisud block. Until the issues are resolved, the company won't be in a position to start developmental and mining activities.

Flipkart lays off at least 700 employees to cut costs: report

The Hindu

E-commerce player Flipkart is sacking at least 700 employees, or over 3 per cent of its workforce, as it looks to cut cost to compete with rivals like Amazon and Snapdeal. Flipkart is asking “under-performing” employees to either resign or face the prospect of being sacked. The number of employees who may be handed pink slips could run as high as 1,000. The development comes as the Bengaluru-based firm is reportedly facing falling valuation after investment management firm, T Rowe Price shed the value of its holding in the company for the second time this month.

Flipkart also faced criticism earlier this year after it deferred the joining dates for campus recruits from the Indian Institutes of Management and IITs.


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