Venture Intelligence
Weekly Edition; September 09, 2016
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The Big Story

Zuckerberg Foundation joins Byju’s $50-M round

Think and Learn Pvt. Ltd which runs Byju’s – The Learning App, has raised $50 million from the Chan Zuckerberg Initiative and its existing investors Sequoia Capital India, Sofina, Lightspeed Ventures and Times Internet. Avendus Capital was the advisor to Byju’s on its fundraise. The newly-raised funds will be deployed to grow Byju’s user base locally as well as to fuel international expansion. The company already has presence in the Indian and Middle East markets is looking to expand to the USA, UK, South Africa and other African and Commonwealth markets.

Byju’s has grown its revenues from INR 45 crores to INR 120 crores in the last financial year. The company is claimed to be growing at 15% month-on-month and its app to have crossed 5.5 million downloads. It has 250,000 annual paid subscribers, having added 30,000 paid students in just August 2016.

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Done Deals Done Deals
Done Deals

Private Equity Fund Investments

Indonesian E-commerce platform Zilingo gets $8-M from Venturra Capital, Sequoia, others


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 seller centre.

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 Sandeep Tandon.

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 procurement.

In July 2016, BuildTraders acquired Pune-based property management startup Cozilla in an all-stock deal.

RMZ-QIA JV invests in hotel Shangri-La

Economic Times

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.

Cosmetics sample provider Vanity Cask raises funding from RB investments

Vanity Cask, 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 investment platform.

Started in 2014 by Tarun Joshi, Vanity cask specialises in offering category specific (skincare, haircare and bath & body-care) boxes to customers.

Liquidity Events

Apax sells NBFC Cholamandalam shares worth Rs.300-Cr, registers 2.66x return

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 company.

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.

Kotak PE 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 Technologies Ltd.

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 3.2x

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.

Arvind Retail acquires private label e-commerce firm Freecultr


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.

Everstone 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. 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 solutions.

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 exam.

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.

Angel Funding

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.

Edutech startup Prozo raises $205-K in seed funding

Knowstartup, 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 app development.

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

Business Standard

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 funding


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.

Online 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 in Mumbai.

Anand Chandrasekaran backs realty startup NoBroker


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 partnerships.

Fabindia’s MD backs online fashion portal StalkBuyLove


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 Peter Kabel.

Other PE/Strategic Investments

Info Edge Invests $900-K In online beauty and wellness marketplace BigStylist

Publicly-listed 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 the BigStylist brand. 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 India.

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

Economic Times

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.

Zybo Tracking Solutions gets funding from Netherlands-based Grasshoppers


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.


Realty advisory portal PropTiger acqui-hires PropRates


Online real estate advisor PropTiger has acqui-hired Mumbai-based startup PropRates. Post 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 technology solutions.

The India Network acqui-hires coworking hub MagicSpace


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.

Classisifed 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 city.

Omnichannel fashion marketplace Indian Artizans picks up 60% in designer label Debarun

Economic Times

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.

DLF exits cinema business, sells 7 screens to Cinepolis for Rs.64-Cr

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.

Digital content firm Yaap acquires Brand Planet Consultants

Economic Times

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 concrete biz

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.

Health startup Grow Fit acquires nutritional beverages firm Drink King


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.

Oremus buys UK BPO firm Escribe for Rs.7-Cr

Economic Times

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.

Secondary Issues

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   

Piramal Fund invests in Ahuja Constructions' Altus project in Worli

Economic Times

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.

Debt Financing

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.)


Fund News
Fund News

Athamus Ventures makes first close for realty fund at Rs.20-Cr

Business Line

Athamus Venture has made a first clos at INR 20 crore into its domestic fund Excedo Realty Fund-I. The amount raised from domestic investors will be used for land buyouts, and to invest in portfolio companies, niche markets and growth cities. The proposed corpus of the fund is INR 450 crore; with a cap at INR 600 crore. Pradeep Varshney (CIO), Gaurav Jain (CFO), Girish Bhagat, Sanjeev Nangia, Neeraj Bhayana are on the investment board, with former entrepreneurs Oindrila Dasgupta and Shayak Sen anchoring Excedo Realty Fund-I.

The fund has identified a 10 acres in Whitefield, Bengaluru, and a 20 acres in NCR to develop villas within gated communities. The fund is considering two more residential investments in a 17 acres and 24 acres project area in Whitefield and a farmhouse project in NCR.

Bihar Govt launches $750-M venture capital fund


The Bihar Government has cleared the launch of the state’s startup policy that includes a startup venture capital fund that aims at boosting entrepreneurship in Bihar. The fund, with a value of USD 750 million (INR 5,000 crore), will be adopted as policy governance for the next five years.

Govt plans $400-M fund to protect clean energy firms from payment delays

Business Standard

The government is in the process of instituting a USD 400 million (over INR 2,600 crore) fund sourced from World Bank that will be used to protect clean energy producers from payment delays by distribution firms. The proposed payment guarantee fund will cushion power produces from payment delays of up to 12 months.

Govt commits Rs 500-Cr for Narendra Modi’s Startup India vision


The Ministry of Science and Technology announced the launch of the National Initiative for Development and Harnessing Innovations (NIDHI), an umbrella programme which aims to nurture ideas and innovations in the startup ecosystem. The ministry will be infusing INR 500 crore into the programme in the next few years. This year, the ministry has received a 450% increase in allocation — INR 180 crore more— to drive startup initiatives.

VI Updates
VI Updates

Directory of Transaction Advisors in India

Venture Intelligence is happy to announce the availability of its Directory of Transaction Advisors in India. The User-friendly Spreadsheet contains 500+ active transaction advisory firms (active in PE and M&A deals) including their top management name and contact details. The directory is priced at INR 5,000+ST. To order your copy, Click Here or call Ashok at +91- 91760 33455.

VI Market Place

C2C Marketplace for Creative Entrepreneurs, Handtribe looks to raise $1 Million

Handtribe, a marketplace that enables people to buy and sell handcrafted products, luxury items and digital downloads, is looking to raise US$1 Million. The funds will be used for product enhancement, Business Development, Talent Acquisition and Marketing.

Download the company’s pitch deck from

For more details, contact Arihant Singhvi, CEO at / +91-9004201858

Media Mentions

Startup ecosystem sees a consolidation wave: The Economic Times

An Economic Times article quotes Venture Intelligence data in the consolidation of startups:

There were 28 M&A deals in the first eight months this year vis-a-vis 32 in the whole of last year, according to Venture Intelligence.

Click here to read more on insights from VCs and Entrepreneurs.

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Deals in the Making
Deals in the Making

PE/Strategic Investment

FMCG start-up Nilgai Foods looking for Rs.50-Cr

Business Line

Mumbai-based Nilgai Foods is looking to raise about INR 50 crore to ramp up the distribution of its packaged coconut-water brand Cocofly and sauces brand PICO. The startup had been doing trials since November 2015 by selling through hotels and airlines and now intends to make the product available in about 50,000-60,000 stores across 20 cities. The company will also be using the funds to introduce a range of packs and SKUs (stock keeping units) in various sizes as it expands distribution and is also exploring opportunities for exports.

Nilgai Foods, founded by Abhay Jaiswal and Arjun Gadkari is hoping to more than double its turnover to about INR 8 crore by this fiscal year.

Nova Gaming Ventures in talks to raise $5-M


Gurgaon-based gaming platform startup Nova Gaming Ventures is in talks with multiple investors to raise USD 5 million. The company, which had launched its gaming platform NovaPlay in April this year, is now looking to expand into mobile gaming space.

Auto repairs startup Zonnett plans to raise $3-5 M

Business Standard

Auto repairs startup Zonnett, founded by former Zee Group CEO Abhijit Saxena and former investment banker Kanishka Saxena, is planning to raise around USD 3-5 million to expand its services. The proposed fund raising would be used for investments in geographic expansion, product development and expand its operations to six more cities — Bengaluru, Delhi, Hyderabad, Chennai, Kolkata and Ahmedabad. The firm positions itself as a one-stop solution to automobile repairs and services.

In January the company had raised about USD 500,000 to develop production and applications and to set up operations in Mumbai.

ShopClues to invest Rs 1-Cr across four startups

Economic Times

Online marketplace ShopClues will invest a total of INR 1 crore across four startups: Bengaluru-based Pepper Agro, Noida-based Glam Studios, idea-stage firm Scrapify, and Ornativa, a jewellery startup and a merchant on ShopClues. ShopClues also intends to provide assistance in operations, technology and strategic partnerships to these startups.

Brookfield may buy majority stake in RCom’s tower unit

Economic times

Canadian asset manager Brookfield is closing in on a majority stake in Anil Ambani-run Reliance Group’s telecom tower business. RCom may not exit the business entirely but may sell a majority stake while retaining 20-25% economic interests. Brookfield is valuing the portfolio at around INR 16,500 - 19,500 crore (USD 2.5-3 billion). UBS is acting as an advisor to this deal. Brookfield has also signed a non-binding agreement to takeover the entire portfolio of 11 road projects of Reliance Infrastructure for an enterprise value of INR 8000 crore.

Currently, the tower subsidiary Reliance Infratel is 96% owned by RCom. Minority and institutional investors own the rest. The minority partners are also expected to exit the sale.

From the Venture Intelligence PE/VC Deal Database: In August 2007, New Silk Route, Galleon Partners, DA Capital, GLG Partners, Quantum Funds, Fortress Capital, HSBC Principal Investments invested USD 337.50 million. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Amazon may invest in food delivery startup Swiggy

Economic Times

Amazon India is considering an investment in online food delivery startup Swiggy and has held several rounds of discussions with the Bengaluru-based startup over the past three months. At its last round of funding in August, Swiggy was valued at about USD 190-200 million (INR 1,300-1,350 crore). It had raised about USD 72 million so far, and is yet to achieve break-even. It counts Accel Partners, Norwest Venture Partners and Bessemer Venture Partners as main investors.

NSR in talks to buyout Adiga family from fast food chain

Economic Times

New Silk Route (NSR) — the controlling shareholder of Vasudev Adiga's Fast Food — is buying out the Adiga brothers from the south Indian chain they founded more than 22 years ago. Both sides have held three rounds of discussions in the past two months, where the promoters (the Adiga family), who are represented on the board of the company by KN Vasudeva Adiga and younger brother Parameshwara Adiga, have expressed their willingness to negotiate a settlement to sell their remaining 40% stake in the company to NSR for Rs 50 crore.

NSR and the Adiga brothers have been locked in a dispute which is being adjudicated upon by the Chennai bench of the Company Law Board. Simultaneously, legal proceedings were also initiated in the Karnataka High Court, which upheld a CLB order in October 2014 and allowed the affairs of the company to be run by an independent administrator.

E-learning startup GurujiWorld Technologies looks to raise funding


Pune-based GurujiWorld, which aims to simplify the learning process for individuals by providing effective e-learning solutions, is looking to raise funds as it plans to reach out to 3000 schools in the next 3 years under GSocial CSR implementations to promote its Green GKlass digital classrooms to rural schools in Maharashtra. GurujiWorld, founded by Girish Prabhu in the year 2007, has developed delivery frameworks for e-learning contents.

4 PE investors in race for 20% in Lakshmi Vilas Bank

Economic Times

Private Equity investors, including TPG Capital Management, General Atlantic, Capital International and India-focussed fund ChrysCapital, are in separate talks with Lakshmi Vilas Bank to invest as much as $150 million against up to 20% in the private sector lender. Avendus is advising LVB on the deal.

Ad tech firm Amagi in talks to raise Series B

Business Line

Ad technology firm Amagi is looking at fresh round of funding to bolster its platform as it announces the launch of Amagi MIX — a B2B online media planning and buying commerce platform for small and medium regional advertisers. The company is in talks to raise Series B funds from new and existing investors. The company, which runs the country’s largest geo-targeted ad network, counts Premji Invest and Mayfield Funds as investors. The company had previously raised $12 million.


Singapore Exchange to exit BSE during IPO


Singapore Exchange Ltd (SGX) has put up its entire 5% stake up for sale in the upcoming initial public offering (IPO) by BSE Ltd, seeking to make a complete exit. Around 30 million shares, almost 30% of BSE’s issued capital, have been tendered by existing shareholders in the offer for sale which is expected to raise INR 1,300 crore. BSE plans to price its stock at around INR 400 per share, which values the bourse at around INR 4,365 crore.

SGX acquired a 5% stake in BSE in 2007 for about INR 189 crore valuing BSE at INR 3,780 crore.


Vaccine maker Serum hunts for acquisitions

Business Standard

Closely held vaccine maker Serum Institute of India Pvt. Ltd. is hunting for acquisitions in preparation for a bout of consolidation to hit the industry over the next few years. It is looking to raise up to USD 3 billion through a combination of debt and equity. The company scrapped plans to sell a 5-10 % stake to private equity investors last year at a USD 12 billion valuation.

Serum made its first international acquisition in 2012, acquiring Bilthoven Biologicals, a bioengineering and pharmaceutical company, from the Netherlands government in an euro 80 million (USD 90 million) transaction.

Lenders look to sell Bhushan Steel’s Odisha plant


Creditors of Bhushan Steel Ltd are looking to carve out some parts of the business for sale as they seek to recover some of the more than INR 44,000 crore owed by the steel producer. Lenders have identified Bhushan Steel’s Odisha plant as a high-quality asset that can be separated from the company and sold.

Secondary Issues

YES Bank defers $1-B share sale as stock crashes


Yes Bank has shelved its $1 billion share sale to institutions, blaming trading volatility had been induced by misinterpretation of rules. The so-called qualified institutional placement (QIP) launched the previous day was pulled on the advice of merchant bankers. Yes Bank shares fell 5.2% in a market that rose by 0.4%. The shares fell to INR 1,328.25 compared with the QIP's range of INR 1,350-1,410.

Motherson Sumi launches $300-M share sale


Indian car parts maker and engineering group Motherson Sumi Systems Ltd has launched a share sale to institutions worth up to INR 20 billion (USD 300 million). Motherson Sumi is selling shares in a price range of INR 317 to INR 327.95 apiece. The offer comprises a base deal worth up to INR 16.6 billion with an option to increase the offer by INR 3.3 billion. ICICI Securities, IDFC, IIFL, JM Financial and UBS are managing the sale.

Allahabad Bank to raise Rs.500-Cr through QIP

Business Standard

State-run Allahabad Bank is looking to raise up to INR 500 crore by issuance of equity shares to qualified institutional buyers (QIBs). Allahabad Bank will create, offer and issue shares of face value of INR 10 each for cash at an issue price including premium to QIBs on QIP in such a manner that government will continue to hold not less than 52% of the paid-up equity capital of the bank.

Other News
Other News

New Ventures

Realty firm RMZ forms second JV with Qatar Investment Authority

Economic Times

Bengaluru-based commercial real estate developer RMZ is in the process of forming a second joint venture with the Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, to buy development assets across top cities in the country. The new commercial platform will see QIA more than double its investment made through RMZ. In 2013, it had invested USD 300 million (INR 1,800 crore). The two partners look to acquire commercial spaces of more than five lakh square feet across Bengaluru, Hyderabad, Chennai, National Capital Region and Pune.

Ananya Birla all to launch luxury home décor Curocarte this month


Ananya Birla, daughter of Kumar Mangalam Birla, is all set to launch Svatantra Online Services Pvt. Ltd, aiming to run e-commerce luxury website The website will source home decor products from nine countries across Asia and Europe including India. It will sell handmade products sourced from around the world to India’s elite and also to a global audience.

Bird Group to end JV with Thailand’s hospitality co Dusit Thani

Economic Times

Delhi-based Bird Group is ending its joint venture management contract with Thai group Dusit Thani and plans to rebrand all its properties as Roseate Hotels and Resorts that it will manage on its own. The group runs two hotels in the UK and two in India. It is set to launch its third property, Roseate House, in Delhi, followed by properties in Rishikesh, Jaipur and Goa. Bird Group's existing property Dusit Devarana will be rebranded as Roseate New Delhi. The Royal Park and The Forbury will be rebranded as Royal Park Roseate House and Forbury Roseate.

Dusit Thani entered into a JV with Bird Group in 2009.


Quikr launches entertainment sector talent discovery platform Dazzlr


Classified advertising platform Quikr has launched Dazzlr, a talent discovery platform that aims at bringing together actors, casting professionals, directors and producers. The platform has been developed by Quikr in partnership with Vivek Bohra, a filmmaker and casting director, Aadore Mukherjee. The platform will offer tailored solutions to cater to the needs of both artists and casting professionals for a variety of entertainment formats such as cinema, television, theatre, advertising, regional and international film production.

Just Dial Wallet gets RBI nod


Just Dial Ltd, which runs local search engine, has got in-principle nod from the Reserve Bank of India (RBI) for issuing and operating payment system for semi closed pre-paid payment instrument service.

Pai International Electronics to venture into private labels; targets Rs.1,200-Cr in sales

Business Line

The INR 900-crore electronics goods retail chain Pai International Electronics Ltd is entering into private labels launching its first product during the festive season and is aiming at business of over INR 1,200 crore this fiscal. The Bangalore-based chain, which currently operates over 80 retail stores across Karnataka and Telangana, is set to enter Andhra Pradesh soon, and is eyeing other states as well. Pai International Electronics is set to roll out a new generation LED TV range, to be sourced from a Chinese manufacturer.

ITC gets into coffee

Deccan Herald

ITC Foods has forayed into the gourmet coffee market with the launch of its new product Sunbean Gourmet Coffee. The product is available in two variants — Nicamalai and Panagiri. Only a few months ago, ITC forayed into the luxury chocolate business with the launch of Fabelle.

Spykar Lifestyles to foray into footwear

Economic Times

Spykar Lifestyles Pvt Ltd will foray into footwear in 2017 in a bid to strengthen its portfolio comprising men's and women's clothing and accessories. It would launch casual footwear under their parent brand.

Regulatory News

ED attaches Mallya assets worth over Rs. 6630-Cr

Business Line

The Enforcement Directorate (ED) has issued its second attachment order for assets worth Rs. 6,630 crore against beleaguered businessman Vijay Mallya as it seized his farmhouse, flats and FDs in connection with its money laundering case against him and his associates. The agency had recently expanded the probe in this regard as it took over investigation into the alleged loan default of INR 6,027 crore availed from a consortium of nationalised banks led by SBI, a case also taken over by CBI recently. The fresh action is an aftermath of the new case.

The total attachment made by the agency in this case has now shot up to Rs. 8,044 crore as it had attached assets worth Rs. 1,411 crore few months back. The provisional attachment order, issued under the provisions of the Prevention of Money Laundering Act (PMLA),has ordered for seizing a farm house in Mandwa in Alibaugh worth Rs. 25 crore, multiple flats in Kingfisher tower in Bengaluru worth Rs. 565 crore, fixed deposits of Mallya with a private bank to the tune of Rs. 10 crore and shares of USL, United Breweries Limited and Mcdowell Holding company, jointly held by the liquor baron and UBHL and his controlled entities, worth Rs. 3,635 crore.

Tata applies to set aside DoCoMo court order on asset claims


Tata Sons Ltd had made an application to set aside an order obtained by NTT DoCoMo from a London court that would allow the Japanese company to lay claim to Tata's overseas assets to settle a dispute over Tata Teleservices. In June, London's Commercial Court ordered Tata to pay $1.17 billion to DoCoMo to settle the dispute. Tata has said it is willing to pay DoCoMo and has already deposited the money with the High Court of Delhi, but India's central bank has refused to allow the payment as it would contravene domestic regulations. In July, DoCoMo obtained an order from the London court to enforce the arbitration award in Britain where the Tata Group runs two major businesses -- Tata Motors' luxury car unit Jaguar Land Rover, along with assets that are tied to Tata Steel. Tata Sons, the holding company, was given 23 days to respond to the order but in August sought a two week extension to that deadline.

In 2009, the Japanese telecoms group acquired a 26.5 percent stake in Tata Teleservices Limited for around 127.4 billion rupees. In April 2014, DoCoMo decided to exit the venture, which had struggled to increase subscribers as quickly as its rivals. DoCoMo had the right to ask Tata to find a buyer for its stake at 50% of the original price or at fair market value, whichever was higher. But Tata failed to find a buyer, and India's central bank rejected Tata's offer to buy the stake itself, saying a rule change in the previous year prevented foreign investors from selling stakes in Indian firms at a pre-determined price.

Mumbai Police arrests builder Orbit Corp's MD Pujit Aggarwal

Economic Times

Mumbai Police has arrested Pujit Aggarwal, MD & CEO of realty developer Orbit Corporation under charges of cheating and violation of Maharashtra Ownership Flat Act, 1963. The arrest has been made following an FIR filed by financial institution Capri Global Capital Ltd. The financial institution had bought three apartments at Orbit Corp's project Orbit Residency Park at Andheri suburb of Mumbai for Rs 2.55 crore in 2008. However, the money was never deposited into an escrow account which was supposed maintained as part of the developer's agreement with its lender LIC Housing Finance.

LIC Housing Finance had marked nearly 26,000 sq ft at Orbit Corporation's Lower Parel project Orbit Grand, 1.70 lakh sq ft at project Orbit Residency Park in Andheri and 45,600 sq ft space at Orbit Midtown at Lower Parel for its dues. The company had secured loans from LIC Housing Finance through personal guarantees executed by its directors Ravikiran Aggarwal and Pujit Aggarwal. In August 2013, the Mumbai-based real estate developer had defaulted on liabilities including repayment of loan availed from LIC Housing Finance and the interest on the amount.

SC reads riot act to Supertech


The Supreme Court gave a stern message to Supertech asking it to return money to investors saying it was not concerned whether the real estate major "sinks or dies", a direction which may soothe ruffled feathers of hassled home buyers waiting endlessly for their dream homes. The apex court directed Supertech to pay 10 per cent per month of the invested amount from January 5, 2015 to 17 home buyers, who are before the court, within four weeks

FIR against Vatika Group MD, three others on fraud, cheating charges

Economic Times

A case of cheating and fraud has been registered against real estate developer Vatika Group's managing director and three others by Delhi resident Suman Preet Kaur. She had invested Rs 28 lakh in an assured return scheme pertaining to one of the Vatika Group projects on July 27, 2014, but the developer allegedly failed to deliver on the promises made and never returned her deposited amount.

Sebi working group calls for simpler rules for FPIs


A Securities and Exchange Board of India (Sebi) working group has proposed simpler rules for foreign portfolio investors (FPIs) that will increase direct investment by them in Indian equities and reduce investments through opaque channels such as participatory notes (P-notes). The changes include reducing documentation and minimizing compliance requirements for a certain class of investors such as sovereign wealth funds and pension funds.

The working group has suggested that category-I FPIs be given preferential treatment in know your customer (KYC) compliance if they belong to a jurisdiction that is part of the Financial Action Task Force (FATF), an inter-governmental body that drafts policies to combat money laundering and financing of terrorist groups. Currently, this is allowed only for those entities who come from a country that is part of the International Organization of Securities Commissions or Bank for International Settlements (BIS).

The panel has also suggested relaxing the definition of broad-based funds. Currently, Sebi rules mandate that a fund should have at least 20 investors to qualify as broad-based, a pre-requisite for a Category II licence. Category II FPIs include banks, asset management companies and investment managers. The working group’s third recommendation is to allow FPIs to invest in Indian debt on-tap. Currently, FPIs have to participate in an auction process once investment limits (set by RBI) have been breached. This leads to higher prices for FPIs and deters investment in debt.


Ruchi Soya CFO Suresh Kumar resigns ahead of board meet

Business Standard

Barely a week ahead of a meeting of board of directors, V Suresh Kumar, chief financial officer (CFO) of Ruchi Soya Industries, has stepped down from the post. He will continue in the company in another role.

The Securities and Exchange Board of India (Sebi) had banned the company in May from accessing securities market till further notice.


IITs revoke ban on big data company Crayon Data

Economic Times

All IITs (Indian Institutes of Technology) Placement Committee (AIPC) has revoked the ban on big data company Crayon Data with offices in Singapore and India. Crayon Data was among the 31 companies that were barred by the AIPC as they failed to honour their placement commitment to IIT students.

Ola lays off 250 more employees citing performance issues


After shutting down TaxiForSure and laying off over 1000 employees last week, the Bangalore-based cab aggregator Ola has now reportedly laid off around 250 people on performance grounds. It has also eliminated contract roles due to a business realignment.

Phaneesh Murthy’s e-pharmacy Zigy may halt operations in 3 months

Economic Times

Phaneesh Murthy's online pharmacy venture Zigy plans to halt operations in next three months even as it scouts for a merger partner as part of plans to exit the business that has been rendered unviable by stringent regulation and its inability to raise funds. The company had last month scaled down operations in four cities, restricting its business to its home base, Bengaluru, citing regulatory hurdles. Zigy is planning to raise $15 million (about Rs 100 crore).

Pankaj Oswal's Aussie mansion to be demolished

Business Standard

An Australian $70-million-dollar unfinished mega mansion dubbed Taj Mahal on-the-Swan, owned by Indian businessman Pankaj Oswal, in the city of Perth is set to be torn down by the city council, amid allegations of unpaid taxes and violation of building code. Pankaj and wife Radhika Oswal had planned to build the Indian-style mansion in Perth, where the Swan River meets the southwest coast.

GMR to spend $700-M for airport projects in Philippines, Goa

Economic Times

Diversified group GMR, plans to spend USD 700 million on airport projects in Cebu, Philippines and Goa in a little over three years. The airports would be built under the BOT (Build Operate Transfer) model.

Ashok Leyland & Nissan settle dispute, part ways in three JVs

Business Standard

Ashok Leyland will buy partner Nissan’s stakes in Ashok Leyland Nissan Vehicles, Nissan Ashok Leyland Powertrain and Nissan Ashok Leyland Technologies. These companies will become wholly-owned Ashok Leyland subsidiaries.



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