Private Equity Fund Investments
E-commerce platform Zilingo gets $8-M from Venturra Capital,
E-commerce platform Zilingo has raised USD 8 million in Series A
funding round from Venturra Capital, Sequoia India and
Susquehanna International Group. Wavemaker Partners, Beenext,
Beenos and Digital Garage were the others who participated in
the round. The Series A funds will be used to gain market share
in Singapore and Thailand. The firm also plans to expand to
Indonesia and get more sellers across the region to use its
Zilingo was launched officially in 2015 and is based out of
Bangkok, with its tech team operating from Bengaluru. In
November 2015, Zilingo also raised USD 1.88 million (INR 12
crore) in seed round of funding from Sequoia India, Beenext
Ventures, and the founders of FreeCharge – Kunal Shah and
Building materials marketplace
BuildTraders raises $200-K from Idein Ventures
Bengaluru-based BuildTraders, an ecommerce-based
building materials trading company, has raised $200K
(INR 1.3 Cr) in seed funding from UAE-based Idein
Ventures. The funding will be used to enhance its
technology, infrastructure and strengthen its
supplier base. BuildTraders provides a one-stop
solution for curated construction materials
In July 2016, BuildTraders acquired Pune-based
property management startup Cozilla in an all-stock
RMZ-QIA JV invests in hotel
Realty development platform RMZ-QIA is in the process of buying
upcoming luxury hotel Shangri-La for over USD 100 million (INR
700 crore) to build an additional 2.5 million sq ft office space
in Bangalore. The firm had earlier planned to raise USD 500
million from sovereign or pension funds for its expansion plans.
Eyewear retailer Lenskart
raises funds from Premji Invest
Times of India
Online eyewear retailer Lenskart has raised funding
from Premji Invest, the investment office of Wipro
chief Azim Premji. Avendus Capital was the exclusive
financial advisor to this transaction.
Founded in 2010, Lenskart will focus on growing its
presence via both online and offline channels.
Lenskart is expanding its manufacturing capacity
too. Previously, the Ratan Tata-backed company had
raised about INR 714 crore from IFC, TPG Growth, IDG
Ventures, Unilazer Ventures and Adveq.
sample provider Vanity Cask raises funding from RB investments
a Mumbai-based unique subscription box service, has raised funding from
RB investments, a Singapore-based
venture capital firm and Fundnel, a Southeast Asia-based private
Started in 2014 by Tarun Joshi, Vanity cask specialises in offering
category specific (skincare, haircare and bath & body-care) boxes to
NBFC Cholamandalam shares worth Rs.300-Cr, registers 2.66x
Apax Partners, via Dynasty Acquisition (FDI) Ltd, sold 2,722,841
shares on NSE at INR 1100.54 per share on Sep 2, 2016 of
publicly listed NBFC, Cholamandalam Investment and Finance
Company Ltd,. aggregating to INR 299.66 Cr. This constituted
1.74% of total outstanding shares of Cholamandalam. Post-deal
the investor would 8.86% stake (13,831,914 shares) in the
From the Venture Intelligence PE/VC Deal
Database: In Jul 2014, Apax Partners invested INR
500-Cr for 8% stake through preferential allotment. It further
invested INR 183.85 Cr by purchasing shares in the open market.
exits Advanced Enzyme Technologies by selling shares
worth Rs.72-Cr, registers 3.93x
Kotak PE, via Kotak India Venture Fund I, has sold
115,000 shares on NSE at INR 1386.61 per share and
402,200 on BSE at INR 1385.42 per share on Sep 2,
2016 of publicly listed Advanced Enzyme Technologies
Ltd. aggregating to INR 71.67 Cr. This constituted
2.32% of total outstanding shares of Advanced Enzyme
From the Venture Intelligence
PE/VC Deal Database:
In Jul 2012, Kotak PE invested INR 30-Cr
for 4.75% stake. Kotak PE made part exit when the
company went public in Jul 2016.
BanyanTree exits Dilip Buildcon with
BanyanTree Growth Capital has made a complete exit from Dilip
Buildcon Limited (DBL) via the company’s IPO. The IPO of the
infrastructure services firm was priced at INR 219, which was
3.2x BanyanTree’s entry price. BanyanTree offered roughly 2/3rds
of its stake as offer for sale during the IPO and successfully
sold the balance stake as pre-IPO stake sale. The INR 650 crore
IPO garnered anchor investment from investors like HDFC MF, Abu
Dhabi Investment Authority, Blackrock, East Bridge, Grandeur
Peak, IDFC MF and others.
BanyanTree had invested in the DBL in February 2012. Over four
years, the company grew four-folds to reach a topline of more
than INR 4,000 crore in FY16. With this exit, BanyanTree has
returned almost 2/3rd of its corpus in USD terms - and fully in
INR terms - back to its investors.
Retail acquires private label e-commerce firm
Arvind Internet, the online arm of the textile
manufacturer and flagship company Arvind Ltd, has
acquired private label e-commerce company Freecultr.
The core team of Freecultr is expected to join
Arvind as the part of the deal.
Freecultr, incubated by the Smile Group, had raised
USD 4 million in Series A round from Sequoia Capital
India in 2011, and USD 9 million in Series B round
led by Ru-net Holdings in 2012.
sells addl Centrum Capital shares worth Rs.8.7 Cr,
registers 1.11x return
Everstone, via Indivision India Partners, has sold
3,000,000 shares on BSE at INR 28.94 per share on
Sep 07, 2016 of publicly listed Centrum Capital Ltd.
aggregating to INR 8.68 Cr. This constituted 0.72%
of total outstanding shares of Centrum Capital Ltd.
Post-deal the investor would hold 56,318,565 shares
(13.54% stake) in the target.
From the Venture Intelligence
PE/VC Deal Database: In Mar 2008,
Everstone invested INR 120 Cr for 10% stake through
Preferential Allotment. Further it invested
additional INR 37.11 Cr through open market
transaction on Jun 05, 2008.
Edtech accelerator Edugild
onboards seven startups for second batch
Pune-based engineering college, Maharashtra Institute of Technology has
onboarded seven startups in the second batch of edtech accelerator
programme Edugild. The chosen startups have been selected from from
India, US and Russia and will operate out of the accelerator’s
co-working space for 16 weeks in Pune. The seven startups chosen are:
Abroad Shiksha: Based in Gurugram, this edtech startup
facilitates Indian students’ admission to universities abroad.
Ahhaa.co: Headquartered in New York, Ahhaa360 is a
people-to-people virtual reality learning platform where impact driven
people coach on subjects like performing arts & music, health &
wellness, mind & relationship and sports.
Edorble: US-based Edorble is a virtual reality platform that
aspires to make online learning and meetings more personal, playful and
powerful with the use of emerging 3D/VR technologies across all devices.
Ekin Knowledge Enabled: Bangalore-based EKIN Knowledge is a
holistic personalisation platform, with an instructional design engine,
which makes it easy for teachers to build next generation learning
ProctorEdu: Headquartered in Moscow, ProctorEdu provides a
solution that makes online exams secure, convenient and cost-effective
with required authentication, monitoring, recording and review of the
ReadRush: This Delhi-based mobile platform believes in
demystifying knowledge by creating summaries of any book by the chapter
that can be read in 25 minutes.
TinyTapps: Tiny Tapps works out of Pune and provides pre-school
digital solutions for early learning with visually stimulating and
interactive concepts for children below 6 years of age.
Burger Singh raises addl
capital to take total funding to $1-M
Gurgaon-based burger chain Burger Singh, owned by
Tipping Mr Pink Pvt Ltd, has raised an additional
fund taking the total amount to $1 million in FY
2016. The money will be utilised to expand
geographically beyond Gurgaon. The funding saw the
participation of existing investors Ashvin Chadda,
Rahul Singh (Beer café), Dheeraj Jain (Redcliffe
Capital), Rannvijay Singh (MTV Roadies), Capt. Salim
Sheikh (ex -Sayaji Hotels Ltd) and Avtar Monga (COO
of IDFC Bank). Burger Singh currently has eight
outlets in Grgaon and is planning to scale up the
number of outlets to 26 by the end of 2016 through
franchise model. Burger Singh is also eyeing to
raise $5 million in Series A round.
Last year in October, Burger Singh raised an angel
round of Rs 2.2 crore from investors including
Ashvin, Dheeraj, Udan Angel Partners and Avtar.
startup Prozo raises $205-K in seed funding
Prozo.com, an online market to buy and sell book and
other study material, has raised seed funding of USD
205,000 from investors including Nalin Jain, CEO of
GE’s transportation businesses; Shomil Pant, head
strategy at Wockhardt Pharmaceuticals, Dinesh Kundu
and others. With the new funds, the company plans to
invest in talent acquisition, marketing and mobile
Founded in 2015 by Dr Ashvini Jakhar and Jerry Jose,
Prozo is an aggregator and marketplace for all types
of exam preparation content and mentorship
programmes. It also allows students appearing in
competitive exams to seek guidance from students who
have cleared these exams. The platform also offers
in-built ratings, reviews and blogs. It claims that
about 200 publishers and 60 digital content
producers are selling on its platform.
Skills validation platform
FloCareer raises $150-K
Bengaluru-based skills validation platform FloCareer
has raised $150,000 in seed funding from a clutch of
angel investors including Balasubramanian
Krishnamurthy, former VP-Engineering of SAP and
US-based technology evangelist Sidhartha Hazarika.
FloCareer plans to become the largest aggregator for
services such as crowd mentoring, self-learning and
interview offloading services. The platform uses
technology to match applicants with the right jobs
while also providing them with mentors to enhance
their skills. The firm plans to utilise the capital
to strengthen its platform, while also marketing
itself to job seekers and companies. It would also
reach out to other professionals in the industry to
validate an individual's skills and match them to
the right job.
Online grocery platform Freshboxx raises
Hubli-based online grocery platform Freshboxx has secured funding from
serial entrepreneur and angel investor Ravi Linganuri. The startup will
deploy the funds in strengthening its team, enhancing its technology and
infrastructure and expanding further in Karnataka.
Launched officially in December 2015 by Rohan Kulkarni, Freshboxx is
incubated at Sandbox Startups, a unit of the Deshpande Foundation. The
e-commerce platform focuses on selling farm fresh fruits and vegetables,
and is currently operational in Hubli. It has tied up with around 1,000
farmers and also plays a role in giving data feeds to the farmers.
gifting platform CheersOye! secures funding
CheersOye!, a Mumbai-based social payments and
gifting platform, has raised funding from angel
investors. The funding will be used to introduce
various other gifting verticals, marketing, and for
expansion of operations to other cities.
Founded in 2015 by Bhavna Lalchandani and Rahul
Srivastava, CheersOye! Is an experiential B2B and
B2C social payments app for sending instant,
location-based personalised experiences (gifts) such
as dinners, spa appointments, drinks etc. The
company specialises in F&B, spas, salons, and
entertainment. CheersOye! claims to have has crossed
50K downloads since its launch with 35% repeat
usage. The startup also claims to have tie-ups with
1000 partner merchant outlets covering 50+localities
Anand Chandrasekaran backs realty startup
Bangalore-based real estate portal NoBroker has raised funding from
angel investor Anand Chandrasekaran. The funding aims at strengthening
NoBroker’s investor portfolio which includes SAIF Partners, Beenext,
Digital Garage, Beenos, Qualgro and Mamoru Taniya of Asuka holdings.
NoBroker raised USD 10 million Series B funding in February 2016 and
Series A round of USD 3 million a year earlier, in February 2015.
Social Quotient gets backed by Anita and Yash Dongre
A startup for social causes, Social Quotient has
raised funding from fashion designer Anita Dongre
and her son Yash Dongre. The mother-son duo has
partnered with Milind Sarwate, founder, Increate
Value Advisors for the investment. Following the
investment, Yash Dongre has been appointed as the
director of the company, while Milind Sarwate will
join the advisory board.
Founded in 2015 by Samyak Chakrabarty and Deep
Master, Social Quotient is a group of social
enterprises in the domain of water, digitisation,
social cause marketing, renewable energy, skill
development, education, rural development,
agriculture and e-governance. Social Quotient claims
to use a business-driven approach to deliver returns
on investment to corporate entities in the form of
opening up of new markets (rural/semi-urban), brand
building, customer acquisition and government
Fabindia’s MD backs online fashion portal
Delhi-based online Fashion brand StalkBuyLove has
raised funding from William Bissell, Managing
Director of ethnic retailer Fabindia. This funding
is an extension of the last round of funding, where
it raised funds from Germany-based venture fund
Littlerock, 500 Startups, Singularity Ventures and
others. The company plans to use the money to spur
growth and improve its supply chain, fulfillment
network and hire fresh talent in its design team.
StalkBuyLove claims to have 8% month-over-month
growth with a current gross revenue run rate of USD
5 million. The online retailer claims to have
clocked an annualised gross revenue rate of USD 7
million. In October last year, the ecommerce portal
raised funding from investors including former
Rocket Internet CEO Mato Peric and AECAL’s partner
Other PE/Strategic Investments
Invests $900-K In online beauty and wellness
Info Edge (India) Ltd
has invested an additional amount INR 6 Cr in Green
Leaves Consumer Services Pvt. Ltd which runs an
on-demand marketplace for beauty professionals under
Post the above the aggregate investment in the
company by Info Edge would be INR 12.4 Cr for a 39%
stake on a fully converted and diluted basis.
Test prep platform
TopRankers raises $670-K
Bangalore-based online test preparation startup
TopRankers has raised INR 4.5 crore (USD 670,000)
from CareerNet Consulting Pvt. Ltd and Ideation
Initiative Pvt. Ltd. The company will use the funds
for improving technology and geographic expansion in
Founded by Gaurav Goel, Malay Sarkar, Mehbub Hussain,
Harish Goswami and Himanshu Joshi in 2014,
TopRankers enables students to prepare for
competitive exams in banking, law and public
services. The startup expects its user base to grow
from 50,000 to 5 lakh students within 12-18 months.
Health tech startup
AlternaCare gets $500-K from Eros Labs
Health tech startup AlternaCare has raised USD
500,000 in a seed round from Eros Labs. AlternaCare
provides remote consultation to patients over phone,
video call, SMS and Whatsapp. It started operations
in January 2016 and launched its product in April.
The startup intends to invest the funds raised in
product development, building out its team, branding
within its relevant target audience and geographic
expansion into key language markets.
Tracking Solutions gets funding from
Kochi-headquartered software solutions provider Zybo
Tracking Solutions has received equity investment
from Grasshoppers, a Netherlands-based company. The
funding will be used to develop and market Trackbizz,
the company’s app. The app claims to be a
cost-effective field force automation system,
enabling managers to track their field force and
manage their field activities on real time.
Zybo was founded in April 2014 by Sunil Johny.
Incubated in KSIDC’s (Kerala State Industrial
Development Corporation) business incubation centre,
Zybo is an enterprise software development company
that provides software solutions for field force
management system across multiple industries.
advisory portal PropTiger acqui-hires PropRates
Online real estate advisor PropTiger has acqui-hired
acquisition, PropRates will continue to build on
their data gathering and analysis with the available
resources at Proptiger. With this acquisition,
PropTiger aims to provide real-time access to
actionable price- related information on the
property market. The services will be first launched
in Mumbai. The next phase of expansion will see
another nine cities being added.
PropTiger is funded by News Corp, SAIF Partners,
Accel Partners, and Horizen Ventures. In Aug-16,
PropTiger had acquired Gurgaon-based startup 3DPhy
to extend its lead in 3D visualisation and other
The India Network acqui-hires coworking hub
The India Network, a platform aimed at boosting startup activity in Tier
II and Tier III cities, has acquired Udaipur-based MagicSpace – a
coworking space company in a part cash and part equity deal.
Post-acquisition, MagicSpace founder Vinav Bhanawat will join The India
Network as a co-founder.
MagicSpace was launched three months ago by Vinav and Pallav with an aim
to help bootstrapped startups in Tier II and Tier III cities. At
present, there are eight startups associated with MagicSpace.
firm Quikr buys car service & repair platform Stepni
Cross category classifieds company Quikr has acquired Stepni, a
platform that connects vehicle owners with the service providers
nearest to them. Stepni’s founders and team will join QuikrCars.
Founded by Vinay Singh and Nikhil Nair in October 2015, Stepni
connects users to garages and mechanics around them, for car
servicing and repair needs (fixing dents, part replacements,
among other things). It is currently operational in Bengaluru
through a partner network of over 125 service centres across the
fashion marketplace Indian Artizans picks up 60% in
designer label Debarun
Indian Artizans- an omnichannel marketplace for
Indian fashion and decor under the banner of InCraft
Fashion Venture private limited - has picked up 60%
stake in Kolkata's designer Debarun Mukherjee's
label. Indian Artizans is backed by Delhi-based
Scale Ventures and on behalf of the portal; Rahul
Narvekar, co-founder and director, scale ventures
and investor director, InCraft Fashion Venture has
joined the board of Debarun.
cinema business, sells 7 screens to Cinepolis for
DLF Utilities Ltd., (DUL), a subsidiary of
DLF Ltd has
completed a transaction with Cinepolis India for
sale and transfer of remaining seven screens
pertaining to DT Cinemas (Saket-6 screens & Greater
Kailash Part 2-1 screen) as a going concern on a
slump sale basis for a consideration of INR 63.67
crore upon receipt of CCI approval. With the closure
of this transaction, the Company will exit from the
cinema exhibition business.
From the Venture Intelligence
M&A Deal Database: In June 2015 DLF
had sold 32 screens to PVR for INR 433 crore.
content firm Yaap acquires Brand Planet Consultants
Rainmaker Ventures-backed digital content company
Yaap has acquired branding and design company Brand
Planet Consultants. Brand Planet will be re-branded
as Yaap after the acquisition. The founders of Brand
Planet - Anjan Roy and Shouvik Roy - will join the
management team of Yaap as senior partners.
Rainmaker Ventures had invested USD 5 million in
Yaap Digital last month.
EXL acquires US-based banking analytics
services firm IQR Consulting
Nasdaq-listed BPO firm
EXL has acquired IQR Consulting, a
Reston, Virginia (USA)- and Ahmedabad, India-based provider of marketing
and risk analytics solutions for the banking industry. Founded in 2008,
EXL has a global delivery model and marquee clients across the US. IQR
will become part of EXL Analytics and maintain its delivery hub in
Ahmedabad, India. Ropes & Gray LLP was the legal advisor to EXL
on the transaction.
Biltech acquires Siporex's autoclaved aerated
Biltech Building Elements Limited (BBEL) has acquired the AAC
(Autoclaved aerated concrete) business of Siporex India Pvt Ltd on
slump-sale basis along with the brand 'Siporex' and its manufacturing
units. The transaction was closed on July 7, 2016. Ambit Corporate
Finance was the financial advisor to Siporex, while ICICI
Securities advised the buyers.
startup Grow Fit acquires nutritional beverages firm
Bengaluru-based healthtech startup Grow Fit has
acquired functional beverages firm Drink King in a
cash and stock deal. Post the acquisition, Grow
Fit’s offerings will span areas including expert
health advice, customised diet plans, therapeutic
and functional foods, and nutritional beverages.
Founded in 2015 by Ritvik Sharma and Arpit Goyal,
Drink King provides wholesome beverages that could
serve as a quick meal while also fulfilling daily
nutritional requirements. Catering to gym-goers,
Drink King offers customised options for special
regimes like detox, muscle gain and weight loss. Its
beverages can be ordered via their app available on
Android and iOS platform.
UK BPO firm Escribe for Rs.7-Cr
Hyderabad-based Oremus Corporate Services has
acquired Chester, UK-based Escribe a BPO firm
providing accounting, transcription and data
services, along with its two subsidiaries for over
INR 7 crore in an all cash deal. The acquisition
will give Oremus access to new markets in the UK and
Ireland region. The funds for acquisition were
raised through a mix of internal accruals and debt.
Escribe has offices in Chennai and Mizoram in India.
Dhanalaxmi Bank raises Rs.
84-Cr through pref allotment
Dhanlaxmi Bank Ltd has has raised INR 84 crore
equity funds from existing investors in exchange of
preferential allotment to four investors. The bank
has approved the allotment of 3,24,05,000 equity
shares of INR 10 each at a price of INR 25.98 per
share (including premium of INR 15.98) on
preferential allotment basis.
Real Estate Transactions
invests in Ahuja Constructions' Altus project in
Piramal Fund Management, the realty investment arm
of Ajay Piramal-led Piramal Enterprises, has
invested in Ahuja Constructions' premium residential
project Altus in Mumbai's Worli locality to support
the project's total construction cost of INR 100
crore. The fund is investing in the project through
a fixed-return debt instrument with periodic coupon
payment. The project with a total built-up area of
2.34 lakh sq ft is estimated to generate revenue
worth INR 700 crore based on the current property
rates in the vicinity.
The project with sea-view has total 60 apartments
with configuration of 3 bedroom apartments on each
floor in both the wings. It also has a penthouse at
the top and a duplex of 6-bedroom configuration.
Apartments in the 42-storey project start at a price
of INR 8.5 crore.
Godrej Properties acquires
21-acre plot in Kolkata
Godrej Properties has scooped up a 21-acre land parcel in Calcutta, with
potential to launch one of the largest projects in the city. The company
will partner Kolkata-based display advertising agency Selvel for the 3
million square feet project, which will be launched in 2017. The project
will be jointly developed by Godrej Properties and Selvel.
InnoVen Capital backs
Capillary and Simplilearn
Venture debt firm InnoVen Capital has closed two
cross-border financing deals through its presence in
both India and Southeast Asia. The first is a deal
with omni-channel engagement and commerce solution
company Capillary Technologies and the second is
with edtech startup Simplilearn.
InnoVen Capital first backed Capillary in 2014 and
since then has backed the company several times.
This time, it will help the company set up in the
Singapore market. Simplilearn is receiving its
support in both Singapore and India.
IFC to lend $50-M to Au Financiers
IFC proposes to invest up to USD 50 million in Au Financiers
(India) Ltd., a regional non-banking finance company (NBFC),
operating in Rajasthan, Maharashtra, Gujarat, Madhya Pradesh,
Punjab, Goa, Chhattisgarh, Delhi, Himachal Pradesh and Haryana,
through Non-Convertible Debentures (NCD). Other major
shareholders in Au Financiers include IFC, Warburg Pincus, Chrys
Capital, and Kedaara Capital.
From the Venture Intelligence PE/VC Deal
Database: In June 2016, IFC, Warburg,
ChrysCapital, Kedaara capital and Motilal Oswal PE sold 15% in
Au Financiers for INR 750-crore. (Subscribers to the database
can login to view the valuation multiples, deal structuring and
other transaction details.)