Venture Intelligence
February 09, 2018 - Weekly Edition
Our Sponsors
Economic Laws Practice Basiz Tech Holding Avalon Consulting Spark Capital
The Big Story

Singtel to invest Rs.2,649-Cr more in Airtel’s promoter co.; increase stake to 48.9%

BSE, Medianama

Singtel International Investments, a unit of the Singapore-government owned telecommunications company, is to invest INR 2,649 crores in Bharti Telecom Limited, the promoter of publicly listed mobile telco Airtel, by subscribing to new shares under a proposed preferential allotment. This will mark Singtel's second investment in Airtel in less than two years and will increase Singtel’s stake in Bharti Telecom by up to 1.7%. Singtel will be allotted up to 85.45 million new equity shares in Bharti Telecom at an issue price of INR 310 per equity share. Singtel’s total stake (along with its affiliates) in Bharti Telecom will increase to 48.90% from 47.17%. Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.

Done Deals
Done Deals

Private Equity Fund Investments

Swiggy raises $100-M from Naspers & Tencent unit

Economic Times

South African media giant Naspers has led an investment of USD 100 million in food delivery firm Swiggy along with new investor Meituan Dianping, which is backed by Tencent. The deal is reported to have attached a pre-money value of USD 600-650 million to the company compared to the USD 400 million when Naspers had led an USD 80 million investment in May 2017

Xander buys Bangalore office asset from Ghodawat Group for Rs.350-Cr


Xander Group has bought an office building of around 250,000 sq. ft at Embassy Golf Links Business Park in Bengaluru for INR 350 crore from Sanjay Ghodawat Group. The office building, Pinehurst, is fully leased out to Fidelity India. Colliers advised the Ghodawat Group on the sale process.

Contract management s’ware maker Icertis raises $50-M

Economic Times

Cloud-based enterprise technology startup Icertis has raised a $50 million (about INR 321 crore) fourth round led by Meritech Capital Partners with PSP Capital Partners and Cross Creek Advisors also participating. The Seattle and Pune-based contract management software provider's existing list of backers, which includes Eight Roads Ventures, B Capital Group (the venture capital firm founded by Facebook co-founder Eduardo Saverin), Ignition Partners and Greycroft, have also invested in the new round. The latest round also brings Icertis' total funding to $96 million, with the new equity infusion valuing the company at about $500 million.

The company will use the proceeds to expand its presence, further build its team, and go deeper into creating AI-based products.

Asian Institute of Medical Sciences attracts Rs.138-Cr investment from CDC Group

Media Release

Blue Sapphire Healthcares Pvt Ltd, which operates the "Asian Institute of Medical Sciences" branded healthcare chain in North India, has attracted an INR 138 crore equity investment investment) from CDC Group. Veda Corporate Advisors acted as the exclusive financial advisor to the company on this transaction. Alpha Partners were the legal advisors to the promoters and the company.

Established in 2010, Asian Institute of Medical Sciences commenced operations with a 350-bed facility at Faridabad focusing on key tertiary care specialties including Cardiology, Oncology, Nephrology, Critical Care and Orthopaedics. Over the last three years the company has further expanded the business with four more hospitals at Dhanbad, Moradabad, Sambhal, Yamuna Vihar and three primary healthcare clinics in & around Faridabad. As part of the next phase of expansion, it intends to add 1,000 more beds with new hospitals being planned across states of Delhi NCR, Haryana, UP, Bihar & Jharkhand.

From the Venture Intelligence PE-VC Deal Database: In Jan-14, Asian Institute of Medical Sciences had attracted a INR 100 Cr investment from Orbimed. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Mahindra Group’s used cars biz arm raises $15-M from existing investors


Used vehicle automotive services provider Mahindra First Choice Wheels Ltd (MFCWL) has raised USD 15 million (INR 100 crore) in fresh funding from existing investors. The investment, in the form of primary capital, valued the company at USD 250 million pre-money. Among the investors in the company are hedge fund Valiant Capital and US-based digital marketing and software company, Cox Automotive.

MFCWL will use a portion of the fresh capital to expand its franchise dealer network and invest further in new technology-enabled products and services for online customers.

Fusion Microfinance raises Rs.80-Cr more from existing investors

Economic Times

NCR-based Fusion Microfinance has raised INR 80 Crore from existing shareholders including Creation Investments, Oikocredit and GAWA Capital. The capital was raised in a combination of preference shares and allotments to employees. The foreign holding in the firm has now risen to 88% from 85% earlier.

From the Venture Intelligence PE-VC Deal Database: In Aug 2016, Fusion Microfinance had raised INR 161.16 Cr from Creation Investments, GAWA Microfinance, Oikocredit and BIO. .(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Strand Life Sciences raises Rs.80-Cr from Quadria Capital, others


Strand Life Sciences, a bioinformatics and integrated and specialized diagnostics company, has raised INR 60-80 crore from private equity firm Quadria Capital. Healthquad Fund and Singapore-based Heritas Venture Fund, which is a limited partner of Quadria, also participated in the round. With this fundraise, Strand aims to provide personalized diagnostic techniques and specialized in-house tests to patients.

Strand Life Sciences is a business combination of Strand and Triesta Sciences, which was earlier part of Healthcare Global Enterprises Ltd, an oncology hospital chain.

Apax Partners buys Repco Home Finance shares worth Rs.39-Cr

Apax Partners, via Apax Global Alpha Limited, has bought 650,000 shares (1.04% stake) on BSE of Repco Home Finance Ltd. on Feb 2, 2018. The purchase, at INR 595 per share, aggregated to INR 38.68 Cr.

From the Venture Intelligence PE-VC Deal Database: PE Investors invested in Repco includes Wolfensohn & Co. (exited with 2.08x return in Apr 2014), Carlyle (exited with 6.10x return in Jul 2014) and Creador Capital (exited with 3.00x return in Oct 2014).

Job ads platform Joveo raises $5-M led by Nexus Ventures

Press Release

Hyderabad- and San Francisco-based Joveo, which runs a job advertising technology platform, has raised USD 5 million (about INR 32 crore) in a Series-A round from investors led by Nexus Venture Partners.The company plans to use the funds to accelerate its product offerings, partnerships and scale up its artificial intelligence (AI) layer.

Joveo was founded by Kshitij Jain who earlier founded Mobolt, an apply technology platform (acquired by Indeed, Inc). It has 10 Fortune 500 companies using their offering.

Self-publishing platform Pratilipi receives $4.3 M from Omidyar, others

Press Release

Nasadiya Technologies’ run self-publishing platform Pratilipi has raised USD 4.3 million in Series A round of funding led by Omidyar Network with participation from existing investors Nexus Venture Partners, Atul Goel, Contrarian Capital and Times Internet Ltd and new investors Shunwei Capital and WEH Ventures. The new funds will be used to expand the team in the areas of product, technology and data science and also for further growth and partnerships. Incorporated in March 2015, Pratilipi currently operates in 8 Indian languages.

Preventive healthcare startup Healthi raised $3.1 M from Montane Ventures


Bengaluru-based digital preventive healthcare startup, healthi has raised USD 3.1 million in a funding round led by Montane Ventures. The proceeds will be used by Healthi to sign up about 1.4 million users in 2018.

Healthi, founded in 2014 by Krishna Ulagaratchagan and Rekuram Varadharaj (RV), alumni of Stanford (US) and INSEAD (France and Singapore) respectively, empowers its users to make smart choices about their health so that they can avoid chronic illnesses. It serves users in over 180 Indian cities and claims to have grown at an impressive cumulative growth rate of 3.5X over the last three years.

Editor’s Note: Montane Ventures is an $150 million early-stage technology focused fund floated by former Footprint Ventures co-founder Josh Bornstein.

Ed-tech co CollegeDekho raises $2-M from ManCapital, others

Economic Times

Ed-tech platform CollegeDekho has raised USD 2 million from ManCapital, GirnarSoft and other investors in its third round of funding. CollegeDekho will use the funds to further strengthen its technology, expand collaboration with international colleges and for marketing. CollegeDekho's platform allows students to compare colleges, select courses, determine cut-offs for their desired courses and access other career-related content.

Student housing startup Placio raises $2-M from Prestellar Ventures

Economic Times

Placio, a Noida-based student housing startup, has raised pre-series-A funding of USD 2 million from Prestellar Ventures. The company will use the funds to provide superior student living experience in India and South-East Asia. Placio will also leverage on the network and experience of the fund in redefining student hostel hospitality sector by increasing the existing capacity 20 times this year. Placio was incubated at The Amity Business Incubator.

Holiday Rental startup HeyHolidays raises $1-M from Hampton Capital

INC 42

Bengaluru-based holiday rental platform HeyHolidays has raised USD 1 million from Hampton Capital.The funds will be used for expanding company’s global footprint with an increase in demand shown by its Indian outbound travellers.

HeyHolidays launched in India in late 2016 by Kenny Blatt, Stan Dong and Nitesh Shetty. It uses the idea of sharing economy to offer short-term accommodations from urban cities to resort destinations to its customers.

Jupiter Capital buys 66% in TRC Financial Services for Rs.5.92 Cr

Legally India

Jupiter Capital has acquired 33 lakh shares (66% stake) in publicly-listed NBFC TRC Financial Services for INR 5.92 crore - via an contractual agreement and an open offer at INR 18 per share. Poovayya & Co was the legal advisor to Jupiter Capital on the transaction. Chartered Capital and Investment was the manager to the offer.

Unicorn India to invest in 3 Kerala-based startups

Economic Times

Unicorn India Ventures has signed a pact with the Kerala Startup Mission to invest in three Kerala-based startups: robotics firm GenRobotics, smart appliances maker SectorQube and consumer firm Perfect Fit.

Indiabulls PE arm buys Gurgaon office building from HINES

Economic Times

Indiabulls’ private equity arm has acquired an entire commercial building with fully leased 2.35 lakh sq ft office space on NH-8 in Gurgaon from fellow PE-RE investor and developer Hines India for an estimated INR 200 Cr. The project, Sky View Corporate Park, is a multi-phase development planned on a 21-acre land parcel in the National Capital Region (NCR). Indiabulls Asset through its fund Indiabulls Dual Advantage Commercial Assets Fund has acquired 100% equity in the Special Purpose Vehicle (SPV) owning the commercial building.

Angel Funding

Physical education startup Shape India raises $200-K

ANI News

Physical education organization Shape India has raised USD 200,000 in a Pre-Series A funding round, from Sandeep Mathur, ex-CEO of Oracle India. Shape India offers a customized curriculum and a structured approach to get children physically fit. It will use the investment for going digital.

Co-working space provider Creator’s Gurukul raises funding


Co-working space provider Creator’s Gurukul has raised a fresh round of funding from investors including Sandeepan Senapati, a London-based promoter of the TechBridge Labs. Existing investors who participated in the latest funding round are banker Rohit Nanda and Smarak Bhuyan, an investor based out of Silicon Valley.

The company will use the fresh capital to expand its team and fund the launch of more centres. The company is also going live with its flagship centre in Millennium City, Gurugram.

Ethnic cuisine seller Food Memories raises funding

Economic Times

‘Food Memories’, a marketplace for authentic and geographically unique Indian foods, has raised seed investment from a consortium of 8 investors led by Delhivery cofounders Bhavesh Manglani and Suraj Saharan along with Darshan Upadhyay and Sanjay Notani, Partners at Economic Laws Practice, Mumbai.

Ethnic foods e-tailer Food Memories raises funds from Delhivery co-founders, others

Economic Times

Ahmedabad based startup 'Food Memories', a marketplace for authentic geographically unique Indian foods, has secured seed investment from a consortium of 8 investors led by Delhivery co-founders Bhavesh Manglani & Suraj Saharan as well Economic Laws Practice Partners Darshan Upadhyay & Sanjay Notani. Additionally, Sachin Khandelwal, Founder of Bangalore-based Corporate Gifting major - Kirti Sales & Services, has joined the investor group. The other investors in the seed round include Vaishali Patel, Vivek Pabari, Prateek Nijhawan, Kapil Bhushan and Abhishek Bhalla

Established in September 2016 by Dr. Harmitsingh Sikh, Food Memories aggregates iconic brands and delicacies of Indian food industry and delivers to customers around the globe.

Online tyre retailer attracts investment from UK entrepreneur

Press Release

Online retailer, led by former Siemens executive Sanjeev Agrawal, has attracted an investment from UK online tyre retailer’s founder Michael Welch.

Full Circle Partners is advising for its next funding round.

Top private equity professionals back realty startup Propstack

Economic Times

Private equity and hedge fund professionals S. Sriniwasan, MD of Kotak Investment Advisors, Ashish Khandelia, director of KKR, Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank, and TS Sivashankar, MD of US-based Rohatyn Group, have turned strategic investors for real estate data analytics platform Propstack.

The Mumbai-based startup had closed a USD 3 million Series A funding from the Daily Mail Group in June 2015. The investment was led by DMGI, the investment group run by the Daily Mail, with participation from Real Capital Analytics, a DMGI portfolio company that works with Propstack.

Social VC Investments

Aviom Housing Finance raises Rs.15-Cr from Insitor

Economic Times

Delhi-based Aviom India Housing Finance has raised INR 15 crore through a primary infusion from Insitor Impact Asia Fund in its Series-A round of funding. Unitus Capital was the exclusive financial advisor to Aviom for this transaction. The housing finance company provides loans to low-income individuals and families, and currently has 14 branches in Rajasthan and Madhya Pradesh.

Aviom plans to use the funds to expand its presence in tier-II and tier-III towns as well as for expanding into other states. Aviom intends to raise another INR 100 crore in the next 6 months.

Liquidity Events

GVFL exits Axio Bio Solutions with 7x return

Business Line

GVFL Ltd has made an exit with a multi-bagger return of 7 times of its investment in a biotech solutions provider Axio Bio Solutions. Against its investment of slightly over INR 1 crore in tranches since 2010, GVFL realised INR 7 crore with about 39% internal rate of return.

The secondary sale exit happened as part of Axio’s Series B round of funding of USD 7.4 million (approx INR 47 crore) led by Ratan Tata’s Fund RNT Associates. Other existing investors Accel Partners and IDG Ventures also participated in this round.

Capgemini acquires digital tech services co LiquidHub

Business Standard

French IT services and consulting company Capgemini has acquired LiquidHub, a Hyderabad-based digital technology services company. The cost of the acquisition is reported to be twice the revenues of LiquidHub, which is around 400 million euros, going by its 2017 revenue. ChrysCapital backed LiquidHub employs around 2,500 employees globally, of which 1,500 are located in Hyderabad, Bengaluru and Gurgaon.

From the Venture Intelligence PE-VC Deal Database: In March 2014, ChrysCapital had invested $53 million in LiquidHub.

Other Private Equity/Strategic Investments

ICICI Bank buys 10% stake in Tapits Technologies for Rs.99 Lakh


ICICI Bank is acquiring a 9.9% stake in for INR 99 lakh though acquisition of 100 equity shares and 999 CCCPS in Tapits Technologies. Tapits enables merchants to accept digital payment from customers through biometric authentication using an Aadhaar Enabled Payment System.

Logistics software co FarEye raises Rs.62-Cr from Deutsche Post DHL Group

Economic Times

Delhi-based logistics software startup FarEye has received INR 61.5 crore in Series C financing from Deutsche Post DHL Group. FarEye issued 73,632 Series-C shares to Singapore-based 23i in an investment led by DHL’s SVP and global head of M&A, Dietmar Nienstedt.

FarEye helps logistics companies manage their supply chain and deliveries. The company had earlier raised funds from SAIF Partners and Indian Angel Network.

BCCL invests $7.8 M in preventive healthcare startup CallHealth


Hyderabad-based preventive healthcare startup CallHealth has raised about USD 7.8 million from Bennett, Coleman and Co Ltd (BCCL). CallHealth will invest the funds in customer education and engagement to aid its next phase of growth and brand building.

CallHealth was founded in 2013 by Sandhya Raju. It provides doctor consultations, medicines delivery, diagnostic tests, nursing care and physiotherapy, etc.through a team of specialists and trained medical health officers.

Tetra Soft India, a Hyderabad-based IT services company, has also proposed USD 1.25 million investment in CallHealth. Another firm, Bijman Projects Pvt. Ltd, is looking to contribute USD 1.56 million to the round.

Bharat Forge invests Rs 30-Cr in EV startup Tork Motors


Publicly-listed auto components company Bharat Forge Ltd will make a strategic investment of up to INR 30 crore to acquire 45% stake in Pune-based electric vehicle (EV) start-up Tork Motors. Bharat Forge will acquire 4,736 equity shares of INR 10 each at a premium of INR 21,103 each and 2,841 preference shares of INR 100 each at a premium of INR 21,013. Tork is an electric drivetrain company focused on electric two-wheelers and premium electric motorcycles.

Turtle Entertainment invests Rs.27-Cr in Nazara Games

Economic Times

Turtle Entertainment, the IP owner of Electronic Sports League (ESL), has bought a minority stake in Mumbai-based gaming company Nazara Games for INR 26.5 crore. This follow investments of INR 330 crore and INR 180 crore from IIFL and Rakesh Jhunjhunwala respectively in the IPO bound gaming company.

Intra-city logistics player Letstransport raises $2-M from new investors

Intra-city logistics provider, operated by Bangalore-based Diptab Ventures Pvt Ltd, has raised about USD 2 million from new investors KC Investments (Singapore), CBC Co (Japan), Fex Inc and MSIVC 2016V (Mitsui Sumitomo Insurance Company) as part of first tranche Series B investment (in Dec 2017). The latest investment values the company at INR 945 crore - about 11 times higher than the last round valuation.

From the Venture Intelligence PE-VC Deal Database: In Jan 2017, Rebright Ventures, GMO Ventures Partners and NB Ventures invested INR 19.84 crore. In Aug 2015, Rebright Ventures had invested INR 8.24 crore in Letstransport.

Emami to acquire 26% in personal care products maker Brillare


Emami Ltd has made a strategic investment in Brillare Science Pvt. Ltd through CCPS, which, on conversion, will result in 26% equity stake in Brillare. Brillare offers premium hair and skin beauty products, which are sold by experts in professional salons. For the FY 2016-17, Brillare had a turnover of INR 13 crore.

HT Media picks up 5.2% in Canadian ed-tech co betterU


HT Media Ltd is to acquire a 5.2% stake in Canada-based betterU Education Corporation. HT Media is to buy upto CAD 10 million in the common shares of betterU at VWAP (Volume Weighted Average Price) quoted on TSXV, stock exchange). The investment will be made in 8 quarterly tranches of CAD 1.25 million (approx.) each, during deal tenure of 2 years. The first tranche of CAD 1.25 million is being made at CAD 0.39 per share.

betterU is an education technology company with business in India and China, among others. The company has a market capitalization of CAD 22.78 million (as on 31st January 2018) with revenus of CAD 16,225 for 6 months ended 30th Sep 2017.

IDFC Alternatives buys IL&FS’ Madhya Pradesh solar project


Vector Green Energy, a SPV formed by IDFC Alternatives’ India Infrastructure Fund II to house its renewable energy investments, has bought a 40 megawatt (MW) solar power project in Madhya Pradesh operated by IL&FS Energy. The project, named Malwa Solar Power Generation Ltd, was awarded to IL&FS Energy Development Co. Ltd by Solar Energy Corporation of India as part of the Jawaharlal Nehru National Solar Mission (JNNSM) and was commissioned in 2015.


Prestige, HDFC Capital in Rs.2,500-Cr platform deal for housing projects

Economic Times

Prestige Estates Projects has entered into a strategic partnership with HDFC Capital Advisors to support its business in the mid-Income and affordable housing segments. The real estate platform will have a capital of INR 2,500 crore, in equity and debt.

The primary focus of this platform will be on expanding the builder's residential business by identifying strategic land parcels which have the potential for developing into large-scale residential projects in the mid- income segment.

GMR buys 11% addl stake in Hyderabad airport for Rs.484-Cr


GMR Airports Ltd (GAL), a subsidiary of GMR Infrastructure Ltd, is to acquire 4,15,80,000 shares at face value of INR 10 each, representing 11% equity stake in GMR Hyderabad International Airport Ltd (GHIAL) collectively from Malaysian Airports Holding Berhad and its subsidiary MAHB (Mauritius) Pvt Ltd, for a consideration of USD 76 million (INR 484 crore).

Post-acquisition, GAL’s stake will rise to 74%. The remaining stake is held by the Airports Authority of India 13% and Telangana government 11%.

BR Life acquires Kalinga Hospital for Rs.200-Cr

Daily Pioneer

BR Life, a leading healthcare services firm, has acquired Odisha’s first super-specialty corporate health centre, Kalinga Hospital in Bhubaneswar, for about INR 200 crore. The Kalinga Hospital is built in 10 acres of land, allotted by the Odisha Government.

Stellar Value Chain to buy Innovative Logistics for Rs.100-Cr: report

Economic Times

Stellar Value Chain Solutions, a logistics company backed by global private equity firm Warburg Pincus, is acquiring Kolkata-based Innovative Logistics Services in an all-cash deal worth a tad less than INR 100 crore. Innovative Logistics will support Stellar's foray and growth into express logistics, apart from adding more than 100 customers and bolstering its network in eastern India.

Innovative Logistics, a seven-year-old company, expects to post revenue of INR 160 crore and earnings (before Ebitda) of INR 10 crore in FY18. It has offices in 41 cities and its delivery network spans 2,500 locations, six hubs and 11 mini-hubs.

JFC Finance's Rs.100-Cr bid to acquire Palogix Infrastructure receives lenders approval

Economic Times

JFC Finance (India) Ltd's bid to acquire the insolvent Palogix Infrastructure, a 20-year old firm in railways logistics has received the approval of the target company’s lenders including ICICI Bank and HDFC Bank. JFC Finance, the Delhi-based non banking firm, has proposed to acquire close to 80% in Palogix for INR 100 crore. Other lenders to Palogix including Andhra Bank, Indian Overseas Bank and IFCI Venture Fund have approved the resolution plan, which comes with 29% haircut. The logistics firm owes INR 150 crore to creditors. The resolution plan includes setting up of a special purpose vehicle for the acquisition, operation and management of the firm. Palogix was referred to the bankruptcy court by ICICI Bank in May 2017.

US-based V ClinBio acquires 49.98% in Cellix Bio

Press Release

Newark, NJ (USA)-based V ClinBio Inc. has acquired a 49.98% equity stake in Cellix Bio, a Hyderabad-based drug design and development company. The transaction strengthens the companies’ existing collaboration focused on advancing therapies across multiple drug categories. Founded by Mahesh Kandula, Cellix has 143 Global Patents, 64 issued U.S Patents and a robust pipeline of pending patents using its proprietary technology platform “Synergix”.

V ClinBio expects to soon file an Investigation New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for CLX-106 and CLX-103 to treat relapsing-remitting multiple sclerosis (RRMS) and ulcerative colitis (UC) respectively. Both CLX-106 and CLX-103 were generated from Cellix Bio’s proprietary Synergix drug delivery platform, which unlocks the clinical and regulatory potential of existing therapies across multiple drug categories and disease indications. Synergix offers biopharma companies the potential to shorten development times and reduce the risk of clinical failure. The new molecular entities allow for flexible regulatory paths, including 505(b)(1) and 505(b)(2).

Imerys Minerals acquires calcite & dolomite biz of Vimal Microns

Press Release

France-headquartered industrial minerals MNC Imerys - via Imerys Minerals (India) Private Limited - has acquired 100% stake in Mehsana, GJ-based Vee Micron Minerals Limited. Under the deal, Vimal Microns Limited agreed to sell its business of manufacturing, sales, marketing and trading of calcite & dolomite to Vee Micron Minerals Limited, prior to the latter’s acquisition by Imerys. J Sagar Associates was the legal advisor to the sellers.

Vimal/Vee are considered pioneers in the manufacturing of fillers/extenders in micronised form, serving plastic, paint, paper, construction chemicals and rubber industries, having multi-location production and operation units within and outside India.

NuMetal Mauritius acquires 70% in Orissa Slurry Pipeline

Economic Times

Numetal Mauritius, a consortium believed to be spearheading the Ruia family's bid to retain Essar Steel, has signed a binding agreement with India Growth Opportunities Fund floated by Srei Infrastructure to buy 70% equity in Orissa Slurry Pipeline India (OSPIL), in a deal that gives it an edge in the race for Essar Steel, put up for sale under Insolvency and Bankruptcy Code (IBC). OSPIL owns a 253 km slurry pipeline, which is a lifeline for Essar Steel, carrying iron ore from mines to its pellets plant in Paradip. Essar Steel owns 30% equity in OSPIL whose slurry pipeline connects iron ore mines in Dabuna, Odisha, where Essar Steel buys its raw material from, and its pellet plant at Paradip.

VTB Capital is a lead investor in Numetal while Rewant Ruia, son of Essar Group founder Ravi Ruia, is a minority shareholder. The race for Essar Steel — which faces claims of Rs 54,851 crore from financial creditors and Rs 22,914 crore from operational ones — has attracted top steel players including the likes of ArcelorMittal with Nippon Steel, Tata Steel and Vedanta Resources.

LED Smart TV maker Ridaex Tech acquired by GotMatter

Economic Times

GotMatter Pvt Ltd a Bangalore based IT & E-Commerce company has acquired Ridaex Technologies, the manufacturier the first Indian made LED Smart TVs. The acquisition will enable the company to elevate sales and increase expertise in customer service and enhance its business intelligence.

ION Energy acquires French battery mgmt co Freemens SAS


Mumbai-based energy storage startup ION Energy has acquired French battery management company Freemens SAS, in a cash-and-equity deal. Post acquisition, Freemens engineering and sales team will be joining the core team of ION. With this, Freemens SAS founder and CEO Alexandre Collet joins ION as co-founder and VP of Engineering to strengthen the startup’s founding team.

Founded in October 2011, Freemens SAS is a provider of battery management systems for lithium-ion batteries.

Genie acquires food deliverer

Economic Times

Bike-bound logistics platform Genie Solutions has acquired Chennai’s first food delivery service, in an all-stock deal. Genie will acquire the brand, the 25-member team, the delivery fleet, restaurant partner contracts, technology and their call centre business.

Secondary Issues

NCC raises Rs.550-Cr via QIP

Media Release

Publicly-listed construction company NCC Limited has raised INR 549.99 crore through a qualified institutional placement (QIP). The issue consists of 44,715,000 equity shares of face value of INR 2 each at a price of INR 123 per share. Edelweiss Financial Services Limited acted as the book running lead managers to the QIP. J Sagar Associates (JSA) was the legal advisor to NCC.

ITD Cementation raises Rs.337-Cr via QIP

Press Release

Listed construction company ITD Cementation has raised INR 336.8 crore through Qualified Institutional Placement (QIP). ICICI Securities acted as the Sole Book Running Lead Manager to the Issue.

Other Deals

Axis Bank sells 5% stake in NSDL for Rs 165-Cr

Axis Bank Ltd is to sell 20,00,000 equity shares - aggregating to 5% - in National Securities Depository Ltd (NSDL) at INR 825 per share for a total cash consideration of INR 165 crores.

Reliance Brands acquires selling rights of Mothercare products from DLF

Economic Times

Reliance Brands has acquired the rights to operate stores of UK-based kids products company Mothercare in India. The deal will give the unit of Reliance Industries control over all Mothercare outlets currently run by DLF Brands. Mothercare is the latest brand after Mango, Forever 21 and Sephora to change hands from DLF Brands.

DLF Brands had bought the franchise rights of Mothercare for 15 years in 2009. The UK-based retailer sells products for children and expectant mothers and currently operates through dozens of outlets and department store chain Shoppers Stop.

Debt Financing

Furniture rental startup Furlenco raises $1.5 M


Bengaluru-based online furniture rental startup Furlenco has raised USD 1.5 million (INR 10 crore) in debt from a consortium of HNI investors via non-convertible debentures. The investors in the round include Rekha Hrishikesh Mafatlal (Arvind Mafatlal Group), Lakshmi Narayanan (ex-vice chairman of Cognizant) and M Krishna Sindhuri Private Trust.

From the Venture Intelligence PE-VC Deal Database: PE-VC investors in Furlenco includes Lightbox Ventures, Axis Capital and Innoven Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Fund News
Fund News

Investors accuse Abraaj of misusing capital in healthcare fund

Reuters, NY Times

Dubai-based private equity firm Abraaj Group has hired global auditing firm KPMG to look into the finances of its healthcare fund after a dispute arose with some its investors in the fund. Investors - including Bill & Melinda Gates Foundation, International Finance Corporation, and two other investors - who pledged about a quarter of the fund’s money, want to know why more than USD 200 million that they and others had provided was not spent and suspect misuse.

Abraaj manages USD 13.6 billion and invests across Africa, Asia, Latin America, the Middle East and Turkey.

From the Venture Intelligence PE-VC Deal Database: Abraaj’s Healthcare sector portfolio in the Indian market include Care Hospitals, Rainbow Hospitals, BSR Specialty Hospitals.



VI UpdatesVI Updates

Media Mentions

The Alibaba jigsaw in place, Jack Ma to pump $8 bn into India to fight Amazon: Factordaily

A Factordaily article on Alibaba's strategy in India quotes Venture Intelligence data on it's India investments:

Economic Laws Practice

Mintoo Bhandari to move to advisory role at Apollo Management: report

Economic Times

Mintoo Bhandari, India Head of Apollo Global Management, is to relinquish his responsibility of day-to-day fund management and move to an advisory role. Bhandari will be moving base to the UK and will reportedly be focusing more time on social sector investing. He will however maintain his board appointments. .

The article, quoting Venture Intelligence data, points out that Apollo Management has invested around USD 900 million in India across Welspun Group entities (partly exited) and Dish TV (exited). In recent years, the firm has been mainly active through Aion Capital - its distressed assets focused JV with ICICI Venture - which has invested in Avantha Group and Future Group companies as well as acquired Planetcast Media and a business unit from GE Capital Services (now rechristened Clix Capital).


 Highlighted SponsorSpark Capital

Spark Capital is one of India’s leading mid-market, full-service Investment Banks. Having our genesis from the south in 2001 and now having a pan-India presence, we offer services encompassing Investment Banking, Institutional Equities, Fixed Income Advisory and Wealth Advisory. Our key differentiator is the ability to offer services that benefit from an amalgam of the experience of our founding members and the contemporary thinking of our young leadership team. Our core values of integrity; putting customers first; and seeking partnerships that are mutually beneficial, help us build sustainable, long-term relationships with clients. Our services include equity and debt capital raising in private and public markets; M&A advisory; research-led public-market stock ideation; and customised wealth advisory solutions. Sectors where we have built considerable domain strength and transaction experiences are BFSI, Healthcare, Consumer, Technology, Infrastructure and Industrials. Our commitment to staying the course with respect to our core values; our strong entrepreneurial culture; an ability to attract and retain high quality talent; and our gradual expansion of markets and services has served as cornerstones of our evolution. Over the past three years, we have advised on over 30 deals aggregating to USD 1.8 billion; scaled up research coverage to over 200 listed stocks; and rapidly grown assets-under-advice on the back of above-market performance of client portfolios.

For more details please visit

Deals in the Making
Deals in the Making

Private Equity Fund Investments

Undone: Tata Tech-Warburg Pincus $360-M deal called off


Publicly listed Tata Motors’ deal to sell its stake in Tata Technologies to Warburg Pincus has been called off. Delays in securing regulatory approvals as well as due to the recent performance of the company not meeting internal thresholds, were cited as the reasons. Tata Motors will continue to explore strategic options to sell its stake in Tata Technologies.

From the Venture Intelligence PE-VC Deal Database: In Jun-17, Warburg had agreed to invest $360 million in Tata Technologies via a secondary purchase in return for a 43% stake - 30% from Tata Motors and 13% from Tata Capital managed funds. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Clix Capital looking to raise $250-M

Business Standard

NBFC Clix Capital is looking to raise USD 250 million from new investors to fund its growth plans. The company will appoint bankers for the fund-raising over the next few days. AION Capital owns around 85% in Clix and the balance is held by two former GE capital executives, Genpact founder Pramod Bhasin and former head of DE Shaw in India, Anil Chawla.

AION Capital and its partners bought the commercial lending and leasing business of GE Capital in India, and renamed it Clix Capital. The firm, which has an asset base of USD 300 million, has identified three major segments for business: consumer loans, loans to SMEs and commercial/corporate lending.

Warehousing co Casagrand Distripark in talks to raise Rs.500-Cr


Warehousing firm Casagrand Distripark Pvt. Ltd (CGD), a developer and operator of industrial and warehousing parks, has initiated talks with private equity and infrastructure investors to raise around INR 500 crore. The company has appointed investment bank Avendus Capital to help in raising funds. The company currently owns warehousing space, developed and underdeveloped, of around 1.5 million sq. ft.

Malaysia’s IHH, Temasek eye majority stake in Medanta Hospitals

Times of India

Malaysia's IHH Healthcare Berhad and Singapore investor Temasek Holding are in separate discussions to acquire controlling interest in Global Health, the parent of Naresh Trehan-founded Medanta Hospitals, in a deal valued at around INR 5,800 crore (USD 900 million). IHH is attempting to string together shares held by Carlyle, Temasek and the founding partners of Trehan — all of which would give the acquirer a majority stake.

Private equity investor Carlyle and Singapore state investor Temasek together own about 45% stake, leaving the remaining 55% with Trehan's family and other promoters, including co-founder Sunil Sachdeva. However, in recent weeks, Temasek has stepped into the fray, looking to buy out investors who are in exit mode.

Medanta operates more than 1,600 beds, mostly from its large Gurgaon facility spread over 43 acres.

Kotak, Edelweiss distressed funds units in race for Alok Industries

Economic Times

Four potential suitors, including the distressed funds of Kotak Mahindra and Edelweiss, have expressed interest in bidding for bankrupt textile company Alok Industries. Asset Reconstruction Company (India) (Arcil) and a company associated with infrastructure lending group Srei are the other two bidders.

Alok Industries has defaulted on more than INR 29,000 crore of debt as its diversification exercise ran into trouble. The company was admitted to the insolvency process by the Ahmedabad bench of National Company Law Tribunal (NCLT) on July 19.

Liquidity Events

AGS promoters to buy back 42% stake held by PE investors TPG, Actis


AGS Transact Technologies Ltd’s promoters have decided to buy back the 42% held by private equity investors TPG Growth and Actis for INR 650-850 crore. The promoters are raising debt from other financial institutions for the buyback.

At present, promoter Ravi Goyal owns 55.2% in AGS Transact, TPG holds 26% and Actis arm Oriole Ltd owns 16.44%. TPG and Actis made their first round of investments in AGS in 2011 and 2012 respectively. Both investors had made additional investments in February 2015 in a pre-IPO round. In March 2015, AGS Transact filed papers with market regulator Securities and Exchange Board of India (Sebi) to raise up to INR 1,350 crore through an IPO, which did not materialise.


Capricorn Food to raise Rs.500-Cr

Money Control

Capricorn Food Products India Ltd, an integrated food processing company, has filed draft papers with markets regulator Sebi to float an initial public offering. The IPO comprises fresh issuance of equity shares worth INR 171 crore and an offer for sale of up to 76.43 lakh scrips by the existing shareholders. Proceeds of the issue will be used towards repayment of debt and general corporate purposes. IIFL Holdings, ICICI Securities and IDFC Bank will manage the company's public issue. The equity shares are proposed to be listed on the BSE and NSE.


Rewant Ruia’s Nu Metal to lead $6-B all-cash offer for Essar Steel

Economic Times

Nu Metal Corporation, a Rewant Ruia-led consortium, is likely to make an all-cash offer of USD 5-6 billion (about INR 33,000-40,000 crore) to retain the Ruia family’s coveted asset Essar Steel. The vehicle will have Russia’s VTB as the largest shareholder with over 40% stake. An arm of Bain Capital, or a second Russian investor, is expected to step in after Hong Kong-based SSG Capital pulled out of the consortium. Rewant, the younger son of Ravi Ruia, who founded the Essar Group along with his brother Shashi Ruia, will hold at least 26% in the consortium. Some professionals, including former SAIL chief S C Verma, an ex-RBI official and a few Essar group executives are the other shareholders of Nu Metal.

Vodafone may sell its 42% stake in Indus Towers to Bharti in $5-B share swap deal

Economic Times

UK’s telecom major Vodafone is in the final stages of talks to sell its entire 42% stake in Indus Towers for about USD 5 billion, raising Bharti Infratel’s holding in the company to 84% through a share-swap deal. Bharti Infratel, a subsidiary of Bharti Airtel, owns 42% in the Indus Towers joint venture. While Idea has a 16% share in it, the residual 42% is held by Vodafone. The no-cash transaction, involving a share swap, will see Vodafone getting a smaller pie of the combined Bharti Infratel.

Canadian insurer ManuLife in race to buy controlling stake in IDBI-Federal for $650-M

Economic Times

ManuLife (Manufacturers Life Insurance), the largest life insurance firm in Canada, has emerged as a lead contender to acquire a controlling stake in insurance firm IDBI-Federal for about USD 550- 650 million. Belgian insurer Ageas and Federal Bank own 26% each in the firm, while IDBI has the remaining 48%. The company had an embedded value of INR 1,700 crore and made a profit of INR 55 crore in FY17.

Bank of India puts Rs.2,400-Cr assets on the block

Economic Times

Bank of India has put INR 2,400 crore of distressed assets on the block, including the accounts of Jai Balaji, Jyoti Power, Privilege Power and Vandana Vidhyut. A total of 25 accounts are up for sale, with a number of big-ticket loans in the power sector.

Railways’ unit Rites in talks to acquire 25% in station development co IRDSC

Business Standard

RITES Ltd, a subsidiary of Indian Railways, which is set to be listed, is likely to diversify into station development by acquiring a 25% stake in Indian Railway Stations Development Corporation (IRSDC), which has a more than INR 1 trillion uplift plan for 600 stations.

The government is likely to divest a 12% stake, or 24,000,000 equity shares, in RITES through an initial public offering (IPO) at a face value of INR 10 each. SBI Capital Markets, IDBI Capital Markets & Securities, Elara Securities India and IDFC Bank are the advisors to the IPO. RITES had a turnover of INR 15.09 billion in 2016-17.

Shell India drops plan to sell 30% stake in Panna-Mukta


Shell India, the operator of the Panna-Mukta-Tapti fields, a joint venture with Reliance Industries and ONGC, has shelved its plan to sell its 30% stake in the three fields. Panna and Mukta are oil fields while Tapti is a gas field located near state-run Oil and Natural Gas Corp.'s (ONGC) Mumbai High complex. Shell and RIL hold 30% stake each in the Panna-Mukta-Tapti (PMT) joint venture, while ONGC holds the remaining 40%.

HDFC in talks to acquire controlling stake in CanFin Homes

Economic Times

HDFC is exploring the purchase of a controlling stake in CanFin Homes, the listed mortgage unit of state-run Canara Bank. This will involve acquiring the entire 30% stake of Canara Bank in the company. HDFC, which is in the process of raising INR 13,000 crore, will use some of the money raised to expand into the affordable housing segment while Canara Bank wants to offload stakes in units such as asset management and housing finance to improve its capital base.

CanFin Homes has a market capitalisation of about INR 6,000 crore. Besides Canara Bank, various private equity funds hold stakes in the company.

Greenko, Hero Future Energies eye Essel Infraprojects’ solar biz


Greenko Group and Hero Future Energies Pvt. Ltd are separately looking to acquire Essel Infraprojects’ solar business. Essel Infraprojects Ltd has mandated Investec to find a buyer for its solar business. Essel Infraprojects has a presence across green energy, transportation, electricity transmission and distribution, and urban infrastructure.

Wind power player CLP India eyes transmission assets


CLP India Pvt. Ltd,is looking at acquisitions to enter the transmission business, considered a safer bet, given the annuity nature of the business and risks such as land acquisition, right of way and forest clearance restricted to the construction stage. With 1,000 megawatt (MW), CLP India has one of the largest wind power portfolios in India. In addition, CLP India has an installed capacity of 2,000MW from coal, gas and solar projects.

Mahindra, Piramal show interest in buying Aamby Valley

Economic Times

The Mahindra Group and the Piramal Group have reportedly shown interest in buying the Sahara Group’s flagship property Aamby Valley project that is under liquidation, initiated by the apex court to recover investors’ funds from the Subrata Roy-led conglomerate. The apex court has allowed the sale of Aamby Valley in parcels after the official liquidator told the top court that selling the whole property will be tough.

Market regulator the Securities and Exchange Board of India (Sebi) had moved the apex court in August 2014 to recover INR 36,000 crore from Sahara to refund investors or bondholders who had purchased securities from two group firms. The official liquidator appointed by the Bombay HC for the auction of the INR 37,000-crore Aamby Valley project kick-started the process in December by advertising its sale.

Warren Tea, Dhunseri vie for Assam Co.


Assam Co., which owes around INR 1,800 crore to lenders, has attracted several suitors like MK Shah Exports Ltd, Warren Tea Ltd and the Dhunseri Group.

Liberty House in talks with banks over revised Amtek bid


UK-based Liberty House Group is in talks with the lenders of Amtek Auto Ltd to submit a revised bid for the troubled auto component maker after its previous bid was rejected by a panel of lenders supervising Amtek’s bankruptcy proceedings. Lenders rejected the only two bids received from Liberty House and Deccan Value Investors, on the grounds that they quoted less than Amtek’s liquidation value. Amtek Auto is currently undergoing resolution under the insolvency and bankruptcy code (IBC)

With consolidated assets worth INR 26,080 crore, the Amtek Group has operations across forging, iron and aluminium casting, machining and sub-assemblies.

RIL emerges sole contender to acquire stake in JBF Industries


Billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL) has emerged as the sole contender to acquire a part of polyester maker JBF Industries Ltd’s operations in a transaction that will include its entire overseas operations and an upcoming plant in Mangalore.

JBF Industries was founded by Bhagirath Arya as a yarn texturising company in 1982. Since then it has expanded capacities in the polyester value chain. JBF’s total consolidated debt was at Rs10,848.53 crore as of March 2017.

Jaiprakash Power offers to sell Nigrie project to NTPC

Economic Times

Jaiprakash Power Ventures Ltd has offered its Nigrie power project in Madhya Pradesh to NTPC for acquisition while State Bank of India has proposed stake sale in three stressed plants of Bajaj Lalitpur, Jaypee Infratech and Jindal India Thermal to the state-run firm. Jaypee's Nigrie 1,320-mw power project ran into financial difficulties after deallocation of attached captive coal block by Supreme Court.

Four small cos bid for Lanco Infra; banks fear steep haircut

Economic Times

Four little-known companies - OPG Group, Prem Energy, Goyal Group and Diva Group - have shown interest in acquiring Lanco Infratech, the holding company for several power and infrastructure projects. This has stoked concerns among the lenders that they might have to accept a steep haircut to resolve this loan totalling more than INR 45,000 crore.

Lanco Infratech, which faces total claims of INR 50,652 crore from financial and operational creditors, is now in the middle of bankruptcy proceedings.

Other Deals

Lenders ask Lakshmi Mittal to repay KSS Petron's Rs. 13.4-B debt

Business Standard

Lenders led by State Bank of India have asked L N Mittal to repay a debt of INR 13.40 billion taken by KSS Petron, after the company defaulted on its loans in India. Mittal owns a 33% stake in KazStroyServices (KSS) of Kazakhsthan, an oil infrastructure provider, in his personal capacity. KSS owns 100% of KSS Petron, which turned a non-performing asset (NPA) in 2015.


Other News
Other News

New Ventures

US-based Fluidmaster to hold 51% in sanitaryware JV with Jindal Group

Press Release

Fluidmaster Inc has acquired a 51% stake in Fluidmaster Jindal Sanitaryware India Private Limited - a JV company incorporated in 2017 - at an enterprise value of INR 80 crore (USD 12 million). Majmudar & Partners represented Fluidmaster. Kanth and Associates represented the Jindal entities including Jindal Sanitaryware Pvt Ltd, Jindal Plast India and JS Industries, in the deal.


Pepsi bottler Ravi Jaipuria to enter UK market with luxury brand TWG Tea


Ravi Jaipuria, who owns one of the largest bottling franchisees of PepsiCo Inc, will enter the UK market with TWG Tea Salons and Boutique, a chain that serves luxury tea, dessert and snacks, besides selling tea leaves in packets and tea accessories. TWG, the Singaporean luxury tea brand sells about 1,000 variants of tea—both single estate and blends—priced between USD 6 to USD 2,000 for 50 grams.

India Ahoy!

Japanese water purifier maker Nihon Trim enters India

Business Line

Japan-based Nihon Trim Co Ltd, which is engaged in sale and manufacture of water purifiers, has entered into a JV with Medinippon Healthcare Pvt. Ltd to launch its operations in India. The company introduced its machine Trim Ion, which is based on anti-oxidant water processing technology, in Chennai. It will also introduce bottled antioxidant water for the retail market soon.

Sanjiv Goenka Group - Au Bon Pain part ways


The RP-Sanjiv Goenka group has terminated its partnership with the US firm ABP Corp. to run Au Bon Pain cafes in India. The two partners could not agree on the product range sold through the cafes. Whereas the local partner wanted to adapt Au Bon Pain’s menu for the local palate, ABP Corp. wasn’t keen to tweak it

Au Bon Pain Cafe India Ltd was started in 2009 as a step-down subsidiary of power utility CESC Ltd. It had a share capital of INR 116 crore at the end of March 2017. At that time, there were 29 Au Bon Pain cafes in Bangalore, Kolkata and Delhi. The venture was led by Goenka’s daughter Avarna Jain, and CESC held 93% in it at the end of the last fiscal year.

New Incubators

LetsVenture to rope in the family offices to invest in growth-stage startups

Economic Times

LetsVenture has launched “LV Titans” to encourage and enable family offices to invest in the emerging startup asset class. LetsVenture, which has enabled the deployment of around USD 50 million into 135 companies through 700 angel investors, now plans to get family offices to invest in growth stage startups.


Legal firm PSA adds two Partners

Media Release

Law firm PSA has promoted Dhruv Suri to partnership. Dhruv Suri re-joined the firm after taking a break to do an LL.M. from Columbia University. He also co-heads the practice group that advises startups and investors, both financial and strategic, across sectors.

The firm has also hired Varun Kalsi as a partner. Kalsi had been working with Dua Associates for over 10 years, prior to which he had also trained with PSA.

Regulatory News

Govt amends insolvency code for better realization of stressed assets


The government has amended regulations under the Insolvency and Bankruptcy Code to introduce the concept of fair value and ensure better realizations for assets undergoing resolution. The amendments define fair value as the estimated realizable value of the assets on the starting date of insolvency proceedings.

The regulations require the insolvency resolution professional—who takes charge of the assets—to hire two professional registered valuers to determine the fair value and liquidation value of the asset. The insolvency professional then has to provide these values to the committee of creditors on condition of confidentiality. The creditor panel takes the final call on approving resolution plans submitted by bidders.

The amended regulations also mandate that the resolution professional submit evaluation criteria to the resolution applicants at least 15 days before the submission of their plans. Any changes to the evaluation criteria also have to be done within the timeline.

Earlier this year, the Insolvency and Bankruptcy Board of India (IBBI) had done away with the requirement of disclosing the liquidation value of an asset undergoing resolution.

Pre-2016 startups may get breather from angel tax

Economic Times

The Indian government is likely to shield startups floated prior to 2016 from the so-called “angel tax”. The finance ministry has started discussions with the Department of Industrial Policy and Promotion (DIPP) on the certification of “genuine startups” to help with this. The government has also asked tax officials not to pursue cases against startups.

NCLT allows auction of ABG Shipyard arm Western India


The bankruptcy court has allowed the auction of the properties of Western India Shipyard Ltd, a subsidiary of Gujarat-based ABG Shipyard Ltd, which is one of the 12 large cases referred by the RBI for early bankruptcy proceedings. The Mumbai-bench of the National Company Law Tribunal (NCLT) allowed Western India to auction its assets while disposing of an intervention application of the Mormugao Port Trust (MPT). Lenders to Western India have appointed O.M. Kanoongo as the interim resolution professional and the board of the company has been dissolved under the Insolvency and Bankruptcy Code (IBC). This ruling will pave the way for ABG Shipyard to divest its subsidiary which would help it cut debt.

Govt may exempt recognized investors from angel tax


The government is considering a proposal to exempt investments from recognized angel investor groups in start-ups from the angel tax. A committee has been set up under the Securities and Exchange Board of India (Sebi) to form a framework for regulating angel investments

CCI slaps Rs 136-Cr fine on Google over case filed by

Business Line

The Competition Commission (CCI) imposed a fine of INR 136 crore on search engine major Google for unfair business practices in the Indian market for online search. Passing the order on complaints that were filed back in 2012 - by and Consumer Unity & Trust Society (CUTS) - the regulator said the penalty is being imposed on Google for “infringing anti-trust conduct”. It was alleged that Google is indulging in abuse of dominant position in the market for online search through practices leading to search bias and search manipulation, among others.

The penalty amount of INR 135.86 crore translates to 5% of the company’s average total revenue generated from India operations from its different business segments for the financial years 2013, 2014 and 2015, according to the CCI order.


MakeMyTrip reports $45-M loss for Q3; revenues rise 40% to $173-M


MakeMyTrip Ltd. has announced a sharp loss for the third quarter to $45.348 million, compared to profit of $16.556 million last year. Revenue for the quarter increased 39.9% to $172.48 million from $123.25 million a year ago. The company has recorded other operating expenses of $32.63 million, up from $18.202 million last year. Marketing and sales promotion expenses increased to $108.97 million from $44.55 million a year ago.

Aditya Birla Fashion scales down US brand Forever21


Aditya Birla Fashion and Retail Ltd (ABFRL), the licensee of American fast fashion brand Forever21, is downsizing the brand’s stores and cutting costs as sales from the fast fashion business have declined. ABFRL reported a loss of INR 23 crore in the fast fashion business during the quarter ended December 2017, even as sales from the business declined 14% from a year earlier to INR 114 crore (net sales value, or NSV).

Essar Steel lenders to invoke Ruias’ guarantees

Economic Times

Lenders to the publicly listed Essar Steel, led by the State Bank of India, have decided to invoke personal guarantees furnished by the Ruias, the promoters, even as the company undergoes bankruptcy proceedings. The guarantees will also be invoked in cases headed for the National Company Law Tribunal (NCLT) that haven't been admitted yet. Brothers Ravi Ruia and Prashant Ruia have given personal guarantees to several banks for loans to Essar Steel, while Essar Investment and Essar Steel Asia Holding have given corporate guarantees.

The company faces claims of INR 49,138 crore from financial creditors. SBI accounts for the largest share of INR 13,131 crore, followed by IDBI Bank at INR 4,739 crore, Canara Bank at INR 3,798 crore and ICICI Bank at INR 2,481crore.

IDBI Bank asked to take Bilt Graphic Papers to bankruptcy court

Economic Times

The Reserve Bank of India has directed IDBI Bank to refer Bilt Graphic Papers, a part of Avantha Group, to bankruptcy court after rejecting the debt recast package on the grounds that only 70% of lenders have signed the revival package. Bilt Graphics was among the 29 companies which the regulator had directed banks to initiate insolvency proceedings against, if a resolution plan was not put in place before December-end 2017. Bilt has borrowed close to INR 7,000 crore from banks in the form of secured and unsecured loans.

In April last year, Axis Bank and ICICI Bank sold loans of INR 600 crore and INR 1,200 crore respectively to Edelweiss ARC. State Bank of India, the lead bank, also sold its loans to Edelweiss ARC.

Ola signs MoU with Govt of Assam to pilot river taxis


Ride-hailing company Ola has signed an MoU (Memorandum of Understanding) with the government of Assam for a pilot project of river taxi services in Guwahati at the ongoing Global Investors Summit: Advantage Assam. The river taxi will be a machine-operated boat, and is likely to offer a faster and safer mode of travel compared to conventional transport options.

Public infra assets may be monetised via InvIT model

Economic Times

The sale of India's pipelines, railway tracks, power plants and transmission grids could be on the cards through Infrastructure Investment Funds (InvITs). The government is hoping that this will help companies monetise mature assets and raise funds for fresh investments that could be ploughed into upgrading the country's infrastructure. This year's Budget suggested the use of InvITs to monetise roads by the National Highways Authority of India (NHAI). The idea may be expanded to include other assets as well.

Cab aggregator Ola shuts down bus service Shuttle across cities


Cab-hailing platform Ola has decided to close its bus service ‘Shuttle’ as part of a "re- balancing" exercise of its portfolio. It has terminated the bus services in the Delhi-National Capital Region, Mumbai, Kolkata, Chennai and Hyderabad from February 3.

Supreme Court cancels iron ore mining leases of 88 cos in Goa

Business Line

The Supreme Court has cancelled the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. The apex court directed the Centre and the Goa government to grant fresh environmental clearances to them.

CaratLane to pull out from Amazon, Flipkart

Economic Times

Titan-backed jewellery portal CaratLane has stopped selling on Amazon and Flipkart and pulled out its listings over the past six months, citing very little contribution from these platforms. These platforms contributed only 0.2% each to CaratLane's sales.

CaratLane's revenues grew to INR 177 crore in FY17 from INR 131 crore the year FY16. CaratLane has also seen its offline contribution grow to 40% of revenues, after launching two stores in 2012, up to 36 now.

EBay writes off $61-M on its investment in Snapdeal


US-headquartered multinational e-commerce corporation eBay has written off USD 61 million of its investment in online marketplace Snapdeal. As part of the deal, eBay also entered into a strategic commercial agreement with Flipkart, to sell its business to the homegrown ecommerce unicorn.

Our Sponsors
Economic Laws Practice

Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm’s Private Equity & Venture Capital practice brings onboard a unique understanding of commercial matters and legalese to be able to provide effective solutions to all stakeholders in a transaction. The team looks at providing a bespoke legal service experience, which is sector agnostic in nature and driven towards successful consummation of the relevant transactions.

ELP advises clients on all aspects of private equity and venture capital transactions, whether from a fund formation perspective or a potential portfolio investment or a relevant exit transaction. Our services include right from conceptualising a structure, to conducting the legal due diligence exercise, to the preparation of the relevant documentation, to providing assistance to the final closure including negotiations and corporate secretarial assistance.

ELP is the firm of choice for clients because of its in-depth expertise, continuous availability, geographic reach, transparent approach, competitive pricing and most importantly the involvement of partners in every assignment.

Avalon Consulting

Avalon Consulting, among Asia’s top-rated consulting firms, is proud to announce a partnership with Cordence Worldwide. With this partnership, Avalon becomes the 11th member firm of the partnership, which now has 3000+ professionals, a presence in 23 countries through 70+ network offices around the world. For more details click here

Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is a member firm of Cordence Worldwide, a global management consulting partnership.

Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.


Basiz is a high end and specialized fund accounting service provider with international footprints, with offices in Mumbai, Chennai and Coimbatore in India, besides Singapore, London and New York. Basiz primarily focuses on servicing Fund administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.

Contact Information

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

Spark Capital

Spark Capital is one of India’s leading mid-market, full-service Investment Banks. Having our genesis from the south in 2001 and now having a pan-India presence, we offer services encompassing Investment Banking, Institutional Equities, Fixed Income Advisory and Wealth Advisory. Our key differentiator is the ability to offer services that benefit from an amalgam of the experience of our founding members and the contemporary thinking of our young leadership team. Our core values of integrity; putting customers first; and seeking partnerships that are mutually beneficial, help us build sustainable, long-term relationships with clients. Our services include equity and debt capital raising in private and public markets; M&A advisory; research-led public-market stock ideation; and customised wealth advisory solutions. Sectors where we have built considerable domain strength and transaction experiences are BFSI, Healthcare, Consumer, Technology, Infrastructure and Industrials. Our commitment to staying the course with respect to our core values; our strong entrepreneurial culture; an ability to attract and retain high quality talent; and our gradual expansion of markets and services has served as cornerstones of our evolution. Over the past three years, we have advised on over 30 deals aggregating to USD 1.8 billion; scaled up research coverage to over 200 listed stocks; and rapidly grown assets-under-advice on the back of above-market performance of client portfolios.

For more details please visit





Technology Holdings is an M&A and strategic advisory group that assists companies and private equity funds globally with their acquisition, growth and exit strategies. We are exclusively focused on creating strategic transactions for IT Services & BPO, Technology & SaaS, Analytics, Digital Transformation, Healthcare IT/BPO and Engineering Services companies. Technology Holdings has offices across India, USA and the UK.

Tombstone Tombstone Tombstone

For more information, please visit:

Write to us at: or call us at +91-9108671235


About this Newsletter


Deal Digest Daily
Delivered by email on all working weekdays, the Deal Digest Daily newsletter summarizes Private Equity / Venture Capital Investment & Exits, IPO, M&A activity in India. Our coverage includes not just completed deals, but "Deals in the Making" as well: i.e., companies planning to raise PE/VC funding or on the IPO path, looking for acquisition etc. The Deal Digest also includes news on new funds being raised, executive movements and much more – making it “start the day with” update for executives in the Indian deal ecosystem. It is a companion to the weekly Deal Digest that is published each Friday.
Click Here to request a trial.

Recommend the Digest Please note that the Deal Digest is a PAID FOR newsletter.
We encourage forwarding of this newsletter to your industry colleagues on a once-per-user basis, provided you also copy In return, we will be glad to provide your referrals with free trial issues. Any other unauthorized redistribution is a violation of copyright law.

Images Free Version Mail for an image free version of the newsletter.

Other Venture Intelligence Products Databases PE Deal Database, Pvt Cos Financials Database, M&A Deal Database, PE RE Deal Database PE Reports, VC Reports, Directories, LP Directory. Click Here for details

Copyright © TSJ Media Private Limited. All rights reserved.