Venture Intelligence
November 9, 2018 - Weekly Edition
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The Big Story

Social commerce firm Meesho raises $50-M from Shunwei, DST, RSP Ventures, others


Bengaluru-based social commerce startup Meesho has raised $50 million in a Series C funding round from three new investors - Shunwei Capital, DST Global and Kabir Misra-founded RPS Ventures - and existing investors including Sequoia Capital India, SAIF Partners, Venture Highway and Y Combinator. The company plans to use the funds to strength its product, expand its technology team and enter into more categories and scaling its domestic and international supply base. The latest round takes the total funding raised by Meesho so far to a total of $65.2 million.

Meesho is a mobile-first ecommerce platform for resellers such as housewives who then use channels such as WhatsApp and social media platforms Facebook and Instagram to promote products within their social circles.

Done Deals
Done Deals

Private Equity Fund Investments

IIFL to invest in Bayaweaver’s Rs.1,000-Cr Noida realty project

Economic Times

Noida-based realty firm Bayaweaver will invest around INR 1,000 crore over the next four years to develop a commercial project in Noida, which will have retail space, hotel and service apartments. The company has tied up with India Infoline Finance Ltd (IIFL) to fund this project.

Altico, Clearwater Capital invest Rs.650-Cr in Renaissance’s Bhiwandi warehouse project


Altico Capital has entered the warehousing and logistics sector by investing INR 650 crore in Renaissance Group’s ongoing industrial and warehousing park project in Bhiwandi near Mumbai. The deal includes a INR 50 crore co-investment from Altico’s founding shareholder Clearwater Capital Partners Llc. The debt funding to the Mayur Suchak-promoted company’s ongoing Renaissance Industrial Smart City is primarily for aggregation of land and construction finance. The project has a development potential of 20 million sq. ft of warehousing and industrial space.

Sula Vineyards attracts US$61-M from Mousse Partners, existing investors in secondary deal

Advisor Disclosure

Nashik-based wine manufacturer Sula Vineyards has raised $61-M from Mousse Partners, Swip Holdings and existing investors Verlinvest and Saama Capital. The investors made a secondary purchase of shares from Reliance Capital, Visvires Capital and other existing investors. Lexygen India was the legal advisors to the buyers.

IFC to invest $50-M in Ujjivan Small Finance Bank

Investor Disclosure

IFC is to lend up to $50 million in Bangalore-headquartered Ujjivan Small Finance Bank in form of a sub-debt investment. The funds would be used for on-lending to MSMEs, SMEs, women owned enterprises. The bank operates through 462 branches in 24 Indian states and union territories.

The bank’s parent company, Ujjivan Financials Services Limited, is listed on the National Stock Exchange and Bombay Stock Exchange. Its key shareholders include CX Partners, NewQuest, Bajaj, Sequoia and Caspian.

Shriram Properties raises Rs.125-cr from LIC Housing unit for Bengaluru project

Economic Times

Shriram Properties has raised INR 125 crore from the non-banking financial arm of LIC Housing Finance to develop a residential project in Bengaluru. The funds will be used to construct Shriram Greenfield, a two-million sq ft residential project being developed across two phases in Whitefield, Bengaluru. The company has so far sold more than 75% of the inventory in the first and second phases.

Shriram recently gave exit to Motilal Oswal Real Estate from the same project, with a nearly two-fold return in less than four years.

RB Investments invest Rs 7-Cr in Let's Meat

From the Venture Intelligence PE-VC Deal Database: In February 2018, RB Investments had invested INR 7.50 crores in Jaipurp-based A & R Bon Vivants Private Limited, the company which runs the online meat ordering portal Let's Meat. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

PE-RE investor picks up 50% stake in Indiabulls Real Estate’s two office properties in Gurugram


Indiabulls Real Estate Ltd has entered into a non-binding term sheet with a global real estate investor to divest its 50% stake in two office assets in Udyog Vihar, Gurugram, aggregating 784,000 sq ft leasable office space.

Physiotherapy toolkit developer Startoon Labs raises equity funding

Business Line

Hyderabad-based Startoon Labs, an early stage startup incubated at WE Hub, has raised first round of equity funding. The funds will be used to build Pheezee, a smart physiotherapy toolkit, designed to monitor and report on patient rehabilitation and recovery by tracking their mobility and muscle strength.

Startoon Labs is a product development company that designs and develops industrial-grade IoT products and smart electronics systems in the embedded systems and robotics fields.

Angel Funding

Angel Network Middle East invests in Cavli Wireless

Investor Disclosure

Angel Network Middle East has invested in California, USA- and Kerala-based telecom technology company Cavili Wireless. Cavili designs comprehensive 'CCD' solutions for IoT companies.

Other Private Equity/Strategic Investments

Unichem acquires 20% stake in H’bad API makers Optimus & Optrix for Rs.120-Cr


Publicly-listed Unichem Laboratories Limited has acquired 19.99% of the issued and paid-up share capital of Optimus Drugs Private Limited for INR 72.08 crore and 19.99% of the issued and paid-up share capital of Optrix Laboratories Private Limited for INR 47.93 crore by way of primary issuance and secondary transfer of shares. Optimus and Optrix are Hyderabad based companies that are owned and controlled by the same management and is engaged in the business of R&D, manufacturing and distribution of active pharmaceutical ingredients (APIs) and intermediates. The key objective of the transaction is to gain access to the manufacturing capacity of the target companies. Optimus's consolidated turnover was INR 265.12 crore in 2016, INR 321.47 crore in 2017 and INR 198.66 crore in 2018. Optrix's consolidated turnover was INR 54.46 crore in 2016, INR 109.97 crore in 2017 and INR 172.58 crore in 2018.

CEAT acquires 33.33% in Tyresnmore for Rs.7-Cr


Publicly-listed, RPG Group company CEAT Ltd has invested about INR 3 crores (by subscribing to 12,741 CCPS of Face Value NR. 1) translating into a 6.67% stake in Delhi-based Tyresnmore Online Private Limited. The second and last tranche, takes the total investment of CEAT Limited in Tyresnmore to INR 7 crores and its total stake (on a fully diluted basis) to 33.33%. enables customers to buy car and bike tyres online with doorstep delivery and tyre fitting service. Kunjan Chikhlikar, Head, RPG Ventures has joined the board of the company.


Adani Transmission to buy KEC's transmission co for Rs.228-Cr


Publicly-listed KEC International Ltd is to sell its entire stake in KEC Bikaner Sikar Transmission Pvt Ltd an enterprise value of INR 227.5 crore to Adani Transmission Ltd. KEC Bikaner has an operational transmission line of 344 ckt. kms in Rajasthan from Bikaner to Sikar.

IFB to buy Ramsons’ commercial laundry biz for Rs.35-Cr


Publicly listed IFB Industries had entered into a definitive agreement with the Bengaluru-based Ramsons Group to buy its commercial laundry equipment manufacturing business for INR 35 crore via a slump sale. The business mainly serves the hospitality sector. The deal will help IFB consolidate and grow its laundry equipment business. Singhi Advisors was the sole advisor to the Ramsons group for the transaction.

Govt approves sale of entire 73% in Dredging Corp to port consortium


The Government of India has approved the sale of its entire 73.44% stake in publicly listed Dredging Corporation of India Limited (DCIL) to a consortium of four ports. The consortium consists of Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust.

At the last closing price of INR 346.64 per share and market cap of INR 975.38 Cr, the deal would fetch the government about INR 716.32 Cr.

Dialysis care provider NephroPlus buys DaVita Care India

Business Line

Dialysis care provider NephroPlus has acquired DaVita Care India, an arm of US-based DaVita Inc. The acquisition included all 22 centres of DaVita Care India which serve over 1,700 dialysis patients. With the acquisition, the Hyderabad-based company’s centres will increase to 176 across 97 cities in 18 states with 2,700 employees. The number of patients will go up to 14,000.

From the Venture Intelligence PE-VC Deal Database: Nephroplus has raised $28-M in equity capital from PE-VC investors including SeaLink Capital, IFC and Bessemer and Venture Debt from Trifecta Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

From the Venture Intelligence M&A Deals Database:  DaVita had acquired a 50% stake in Bangalore-based Nephrolife Care for $13-M between Jan-12 and Nov-14. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Viithiisys Tech acquires product development startup Actiwate

Economic Times

Punjab-based Viithiisys Technologies has acquired Gurgaon-based application development focused IT Services startup Actiwate. The Actiwate team will help enhance the acquirer’s flagship product ‘Vizitor’. Post-acquisition, Amanjot Malhotra, founder of Actiwate, will exit the company and act as the advisor.

Viithiisys Technologies enables organizations across the globe to leverage their IT infrastructure and strengthen the technology of their products.

Debt Financing

BlackSoil invests in medical supplies marketplace Pinkblue

Investor Disclosure

Bangalore-based Pinkblue Supply Solutions has raised debt capital from Blacksoil for meeting its working capital requirements and general corporate purpose. is an e-commerce marketplace and SaaS-based supply chain solution for clinical / medical supplies in India (materials & equipment used by healthcare institutions during treatments).


Done Deals Fund News
Fund News

Shunwei Capital announces closing of $ 1.2-B IV Fund


Shunwei Capital has announced the closing of USD 1.21 billion in new funds taking its AUM to over USD 3 billion.

Former Micromax VC arm, Transit Cap, in talks to raise $60-M


Transit Capital, which was spun out of mobile phone maker Micromax’s corporate venture capital program, is in talks to raise a $50-60 million debut fund. The fund will focus on investing in tech start-ups that have a cross-border angle. Transit Capital is headed by Kumar Shah, who was previously head of Micromax’s mergers and acquisitions unit.

US-based PE-RE Jaguar Growth Partners plans Asia fund

Deal Street Asia

New York-headquartered Real Estate and credit focused Private Equity firm Jaguar Growth Partners plans to launch an Asia-focused fund next year, targeting India, China and other markets. Jaguar currently manages two funds focused on Latin America. Founded in 2013 by Gary Garrabrant and Thomas McDonald, Jaguar invests in and develops scalable real estate operating platforms.

Everstone MD Deep Mishra quits


Deep Mishra, managing director of Everstone, has quit the firm to start his own business. Mishra did his B Tech at IIT Kanpur and MBA from IIM Calcutta.


VI Updates


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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.

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Deals in the Making
Deals in the Making

Private Equity Fund Investments

Commercial vehicle financier Kogta to raise Rs 150-Cr


Kogta Financial (India) Ltd is in talks with private equity funds to raise up to INR 150 crore. The Ajmer, Rajasthan-based company offers financing for commercial vehicles, tractors and cars, besides loans against property, and loans to micro, small and medium enterprises (MSMEs). It operates across Delhi, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. The fundraising will help the company expand its loan book and enter new geographies. Equirus Capital is advising the company on the fundraise.

Incorporated in 1996, Kogta has about 65 branches, 600 employees and 50,000 customers.

From the Venture Intelligence PE-VC Deal Database: In October 2016, Kogta had raised INR 26 Cr from IIFL VC. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Used car marketplace Spinny in talks to raise up to $15-M

Mint (E-Paper)

Used car marketplace Spinny is in talks to raise $10-15 million from Accel Partners and Sequoia Capital. Spinny Cars, run by Yellow Drive Technologies Pvt. Ltd, is an online platform for buying and selling used cars.

The Gurugram-based company has so far raised $1 million. Spinny Cars counts Blume Ventures, Similie Venture and Partners, Indian Angel Network, through its member Hari Balasubramanian, and Freecharge co-founders Kunal Shah and Sandeep Tandon as investors. It had acquired Delhi-based start-up Hopcar to strengthen its position in the market.

Snacks start-up Sattviko to raise Rs.40-Cr Series A

Business Line

Delhi-based packaged snacks start-up Sattviko is looking to raise INR 40 crore in Series A funding from institutional investors. It aims to expand to the top 20 cities and target a topline of INR 9 crore a month. Sattviko plans to set up a manufacturing facility near Delhi by March 2020

From Venture Intelligence Angel Deals Database: Existing investors in Sattviko include Swastika Co. Ltd, Raman Roy, Yogesh Andlay, Ravishankar G, Kevin Freitas, N Ravikiran, G Karthik, Arvind Uppal, Sonu Bhasin, Ashish Gupta and Sunil Chandiramani.

SoftBank-backed Kabir Misra’s fund to make India debut with Meesho, Acko


RPS Investment Fund, set up by SoftBank Investment Advisers managing partner Kabir Misra, is set to pick up stakes in social commerce startup Meesho and insurance provider Acko. The USD 200-250 million fund counts SoftBank Group Corp. as the anchor limited partner. Russian investor Yuri Milner may participate in the proposed funding round.

Bengaluru-based Meesho last raised USD 11.5 million in a Series B round from Sequoia India, SAIF Partners, Y Combinator and Venture Highway. It has received a total funding of about USD 15 million so far. RPS Investment Fund is also talking to Acko to invest USD 5 million in the company.


Penna Cement files for Rs.1,550-Cr IPO

Economic Times

Hyderabad-based Penna Cement filed for a INR 1,550 crore initial public offering (IPO) with the markets regulator Sebi to raise funds for expansion and for paying off debt. The IPO will consist of a fresh issue of INR 1,300 crore and an offer for sale of up to INR 250 crore by the company's promoter PR Cement Holdings. The book running lead managers for the issue are Edelweiss Financial Services, IIFL Holdings, JM Financial and Yes Securities (India).

Neogen Chemicals files for IPO


Neogen Chemicals Limited, a Thane-based manufacturer of bromine-based, and lithium-based specialty chemicals , has filed its DRHP with SEBI. The Initial Public Offer (IPO) comprises of a fresh issue of INR 70 crores by the company and an offer for sale by promoters. INGA Advisors and Batlivala & Karani Securities India are the book running lead managers.


Avendus in talks to acquire IDFC Mutual Fund for Rs.2,000-Cr: report


Avendus Capital has offered to acquire the mutual fund business of IDFC Ltd for about INR 2,000 crore, compared to IDFC’s expectations of INR 3,500-4,000 crore. As on 30 September 2018, the AUM of IDFC Asset Management Company stood at INR 69,483 crore, up 4.7% from INR 66,361 crore a year ago. The net profit of the asset management business as on 31 March 2018 stood at INR 54 crore, down from INR 97 crore a year ago.

Petronet, ONGC Videsh eye stake in Tellurian project


Petronet LNG and ONGC Videsh are jointly in talks to buy a stake in Tellurian Inc’s proposed Driftwood project in Louisiana. Tellurian is offering a 60-75% equity interest in Driftwood Holdings, which comprises Tellurian’s upstream company, its pipeline and the upcoming terminal that will be able to export 27.6 million tonnes a year of LNG.

Andhra Bank to sell its stake in JVs


Publicly listed Andhra Bank is set to divest its stake in full or in part in its Joint Venture investments in ASREC lndia Ltd, lndia lnternational Bank (Malaysia) Bhd and lndiaFirst Life lnsurance Co ltd.

EICL in talks with Riddhi Siddhi to sell starch-making biz

Mint (E-Paper)

Karan Thapar-owned English Indian Clays Ltd (EICL) is in talks with Ahmedabad-based Riddhi Siddhi Gluco Biols Ltd, an agriculture and metal commodities trading company, to divest its industrial starch manufacturing business. The sale of business by EICL will help in debt reduction. Bengaluru-headquartered EICL provides clay-based product solutions to various industries including paper, paints, rubber, plastics, ceramics, adhesives, dyes, cable insulations and soaps, and insecticides. EICL posted operating profit of INR 64.84 crore in 2017-18, compared to INR 65.97 crore a year-ago.

The transaction, once closed, will mark Riddhi Siddhi’s re-entry into the starch business, which it had exited in 2012. The company had sold its production facilities to Roquette Freres, a French company, at a valuation of INR 985 crore.

Other News
Other News

India Ahoy!

Home furnishing co Danube Home opens first store in Hyderabad

Economic Times

Dubai-based Danube Home, part of the Danube Group, has forayed into India’s home furnishings market by opening its first store in Hyderabad. The Danube Home store, spread over 60,000 square feet, is located in Sarath City Capital Mall, in the Gachibowli area of Hyderabad.

Malaysian restaurant chain Momo King opens first outlet in Gurgaon


Malaysian restaurant chain Momo King has opened its first Quick Service Restaurant (QSR) in India in Gurgaon. The chain plans to open three additional restaurants by the end of 2018 in Bangalore, Pune and Mumbai.


QSR chain PitaPit to enter South, West Indian markets

Business Line

Quick service restaurant chain, PitaPit, is all set to enter into South Indian market with its first restaurant in a new mall in Hyderabad. Pitapit offers customised Pita Sandwiches and provides an alternative to high carb, high fat, fast food. It recently opened a restaurant at the Delhi Airport and RMZ Ecoworld, a Tech Park in Bengaluru.

Burdy launches cab-hailing services in Delhi-NCR

Business Line

Noida based Burdy, a new cab-hailing app, has launched operations in Delhi-NCR. It will soon be extended to other metros.Unlike its rivals Uber and Ola, the company will get its revenue from a licensing fee rather than commission per ride from drivers. At present, cash is the only payment option but other options, such as cards, BHIM, UPI and Paytm, will be available soon. The company has got 12,000 drivers on board in Delhi-NCR.


ELP hires Tushar Ajinkya from DSK Legal

Press Release

Mumbai-headquartered Economic Laws & Practice (ELP), a full-service law firm with offices in six cities around India, has hired DSK Legal veteran Tushar Ajinkya and his team of three. Tushar was most recently Senior Partner at DSK Legal, Mumbai in the corporate and commercial practice. Prior to joining DSK, he was working at Nishith Desai Associates where he was a part of the core team sent to set up the Silicon Valley office of NDA.

Over the past 2 years, ELP has hired 12 Partners and Associated Partners (besides many at other levels).

Jason Kothari quits Infibeam


In less than six months of a stint as the president of Ahmedabad-headquartered Infibeam, ex-Snapdeal Chief Investment Officer, Jason Kothari, has called it quits. However, Kothari will continue to be associated with the company as a senior advisor.

Fortis Healthcare CEO Bhavdeep Singh quits

Economic Times

Fortis Healthcare Chief Executive Officer Bhavdeep Singh has resigned from his post for "professional and personal" reasons. He has agreed to continue in his current capacity till such time his succession planning is crystallised.

Regulatory News

RBI tweaks norms to help NBFCs refinance debt


The Reserve Bank of India (RBI) has allowed banks to provide partial credit enhancement (PCE) to bonds issued by systemically important non-deposit taking non-banking financial companies (NBFCs) registered with the RBI and housing finance companies (HFCs) registered with the National Housing Bank. The move is aimed at enhancing the credit rating of the bonds and enabling these NBFCs to access funds from the bond market on better terms.

IndusInd Bank moves NCLAT to recover unpaid interest from IL&FS

Business Standard

IndusInd Bank has moved the National Company Law Appellate Tribunal (NCLAT) to relax the conditions related to lien on IL&FS and its subsidiaries’ assets. The lender has asked the NCLAT to allow it to appropriate the amount already lying with the bank towards interest due as of October 31 and after. The bank has an exposure of Rs 2,400 crore to Chenani-Nashri Tunnel and IL&FS.

The petition was in response to the court's October 15 order that stayed certain actions against IL&FS and its 346 companies. The NCLAT order had granted moratorium on dues by IL&FS and its firms. The NCLAT had barred banks and financial institutions from exercising the right to set off, or lien against amount with creditors, against any of IL&FS' obligations.


Dena, Kotak Bank withdraw pleas against Alok Industries RP


Dena Bank and Kotak Mahindra Bank Ltd, two dissenting financial creditors of debt-ridden textile maker Alok Industries Ltd, have withdrawn their applications against the resolution professional (RP) from the bankruptcy court, after being assured of recovery at par with lenders who had approved the resolution plan.

Both banks had earlier objected to Reliance Industries (RIL)-JM Financial ARC resolution plan for Alok Industries which envisaged buying the company, which owes lenders INR 29,600 crore, for just INR 5,050 crore. The liquidation value of Alok Industries is INR 4,200 crore.

NCLT orders insolvency proceedings against Empee Distilleries

Business Line

A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries. The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the company’s affairs immediately.

The Bench passed the order based on a petition filed by Union Bank of India (UBI). UBI claimed a default of INR 10 crore from the company as on December 31, 2015. The financing was done through a multi-banking arrangement with 60 per cent from Andhra Bank and the rest by UBI. The financing was mainly for the company’s alcohol plant and import and exports.


B2B marketplace Wydr shuts down: report


Delhi-based B2B marketplace Wydr, a company backed by Bessemer Venture Partners and Stellaris Ventures, has shut down its operations. Lack of funds and competition are being cited as the reasons for the shutdown. Wydr had raised capital across multiple tranches from six investors including Bessemer, Stellaris and Jungle Venture.

Wydr used to be a marketplace for wholesale buying and selling across categories including electronics, fashion, automotive and home.

Sebi bans Satyam’s Ramalinga Raju, others for 14 yrs from mkt

Times of India

Sebi has banned Ramalinga Raju, Rama Raju, Suryanarayana Raju and SRSR Holdings - all erstwhile promoters of Satyam Computers - from the stock market for 14 years. The action came over for the Rs 8,000-crore fraud they had cooked up over several years till January 2009. The markets regulator also directed them to disgorge Rs 813 crore of illegal gains. Of this amount, SRSR Holdings will pay Rs 675 crore, while Suryanarayana Raju will pay nearly Rs 82 crore, Rama Raju almost Rs 30 crore and Ramalinga Raju will pay Rs 27 crore.

In July 2014, Sebi had barred the Rajus, along with some other former executives of the company, from the securities market for 14 years. Besides, they were together to disgorge Rs 1,849 crore worth of unlawful gains with interest. This order was challenged in the Securities Appellate Tribunal and then at the SC. The revised order was passed under the directions of the SC.

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