Venture Intelligence
 Weekly Edition; June 10, 2016
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The Big Story

Greenko Energy raises $230-M from ADIA, GIC


Renewable energy firm Greenko Energy Holdings has raised $230 million in total new funds from an entity owned by the Abu Dhabi Investment Authority (ADIA) and an affiliate of existing majority shareholder, Singapore sovereign wealth fund GIC. ADIA will invest $150 million and GIC will invest $80 million. The funds will be utilized for the continued growth of Greenkos business through the development of new renewable energy projects including expansion of existing wind farms. Morgan Stanley acted as the sole advisor to Greenko on the deal.

From the Venture Intelligence PE/VC Deal Database: In August 2015, GIC had invested INR 1,629.97 Crore in Greenko acquiring 100% stake. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

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Private Equity Fund Investments

M3M India raises Rs 1,250-Cr from Indiabulls Housing

Economic Times

Gurgaon-based real estate developer M3M India has raised INR 1,250 crore from Indiabulls Housing Finance and used INR 700 crore of this money to pay the final installment to Sahara group, concluding a deal to acquire 185 acres of land in Gurgaon for INR 1,211 crore. It will use the rest INR 550 crore to repay existing debt and for other general corporate purposes, including buying new land. The money has been raised through a structured debt transaction by discounting the cash flows of M3M's highend Golf Estate project in Gurgaon.

KKR to invest Rs.600-Cr in dairy firm Kwality: report


KKR India is set to invest about INR .600 crore in Delhi-based dairy firm Kwality Ltd. KKR through a structured debt transaction. The company will refinance its existing loans and use the rest as a growth capital for future expansion, especially for the transformation to a B2C (business to consumer) company. The funds will help Kwality, which gets more than 70% of its revenue by selling its products to companies such as Hindustan Unilever Ltd, ITC Ltd and Britannia Industries Ltd, strengthen its own brand and expand its more profitable retail business. To bolster its brand, Kwality had hired actor Akshay Kumar as its brand ambassador.

KKR lends Rs.200-Cr to spirits firm Jagatjit Industries

Economic Times

Aristocrat brand whisky maker Jagatjit Industries has raised more than INR 200 crore from KKR India Financial Services in a debt restructuring deal. It will use the proceeds to upgrade technology at its two units near Chandigarh and Hyderabad, ramp up its leadership team, and at the same time, position the brand as a lifestyle choice rather than a vanilla liquor brand.

Founded in 1944 by LP Jaiswal, Jagatjit Industries, one of the oldest distillers in the country, is currently in the process of streamlining its portfolio of offerings. It plans on building its presence around its three major brands — Aristocrat Premium, AC Black and IICE Vodka.

In-App customer support s’ware firm Helpshift raises $23-M Series B


Helpshift, the Pune, India- and Silicon Valley, USA-based company focused on customer support experience on mobile devices, has closed a $23 Million Series B with participation from new investors, Microsoft Ventures, Salesforce Ventures and all previously existing investors, including Intel Capital, Nexus Venture Partners, True Ventures and Visionnaire Ventures - bringing the company’s total capital raised to $36.2 Million. The new financing will help fuel its continued expansion across teams in R&D, sales and marketing. It plans to set up a development centre in Bengaluru.

Agrochemicals firm Parijat raises Rs.100-Cr from Rabo Equity

Business Line

Rabo Equity Advisors managed India Agri Business Fund II will invest about INR 100 crore in Delhi-based Parijat Industries to acquire a minority stake. Parijat, an agrochemical player, has a presence in 70 countries, with six international offices and exclusive distribution networks in India, Russia and the CIS and West Africa. Parijat is looking to achieve sales of INR 1,500 crore by 2021 and expand its domestic distribution network to 10,000 retail points in three years from 4,500 at present.

IIFL VC leads Rs.60-Cr Series B for mobile business enabler Nowfloats.

From the Venture Intelligence PE/VC Deal Database: Hyderabad-based NowFloats, which enables SMEs to leverage the mobile platform, has raised Rs 60 Cr in second round of funding from IIFL VC and
WGG Partners with participation from existing investors Omidyar Network and Blume Ventures. IIFL VC via IIFL Seed Ventures Fund I and IIFL Cash Opportunities Fund subscribed to 35,628 CCPS (Rs 13,064 each) aggregating to Rs 46.54 Cr. WGG International Ltd, subscribed to 1,781 CCPS (Rs 13,064 each) aggregating to Rs 2.33 Cr. Omidyar Network subscribed to 6,871 CCPS (Rs 13,064 each) aggregating to 8.98 Cr. Blume Ventures subscribed to 1,608 CCPS (Rs 13,064 each) aggregating to 2.10 Cr. (Subscribers to the database can login to view the valuation multiples and other transaction details.)

Edtech startup Cuemaths $4-M Series A funding is announced


Chennai-based edtech startup Cuemath has raised $4 million in Series A funding from Sequoia India and existing investor Unitus Seed Fund to expand its home-based math learning network in India and international markets. It had raised Rs 1 crore seed funding from United Seed Fund in 2014. Cuemath is a technology-driven content platform which combines adaptive and gamified learning with a curriculum that focuses on first-principles learning.

From the Venture Intelligence PE/VC Deal Database: The deal actually closed In March 2016. Sequoia Capital India and Unitus Seed Fund have invested INR 25.04 crores in Cue Learn Pvt Ltd, Abheek Anand, Principal at sequoia Capital, joined the board of Cue Learn in April 2016. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Lighspeed Ventures, Blume Ventures invest $3.12-M in BroEx

From the Venture Intelligence PE/VC Deal Database: In February 2016, Lightspeed Ventures and Blume Ventures had invested INR 21.37 Crores for a 21.77% stake in BroEx (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Kalaari Capital invests $2-M in fintech startup CreditVidya


CreditVidya, a Mumbai-based financial technology start-up raised USD 2 million (INR 13.3 crore) from Kalaari Capital. Additionally, the three year-old firm has received INR 1 crore from Paragon Partners Managing Partner, Siddharth Parekh, an early backer of the venture in his personal capacity as well as from a clutch of employees. The investment is expected to help the company expand its data science team and strengthen its technology platform.

The company uses non-traditional data sources such as the mobile phone recharge pattern of an individual’s utility bill payments and e-commerce purchase behaviour to provide a credit score for persons who do not have a traditional credit score. The company, founded in 2013, has tied up with financial institutions such as Bajaj Finserv, Fullerton India and Shriram Housing Finance and gives these lenders the ability to score customers, minimize fraud rates and accelerate verification processes of potential customers.

P2P marketplace ListUp raises $0.5 M led by Kae Capital


Mumbai-based ListUp, a peer to peer(P2P) buying and selling app, has raised $0.5 million in its seed round of funding led by Kae Capital with participation from Kunal Shah (Freecharge, CEO) and Sandeep Tandon (Tandon Group). Sasha Mirchandani will be joining the board with this round of funding. ListUp looks to deploy the fresh funding for product enhancements such as utilising data to give personal recommendations, offline and online marketing and also creating network density in their target markets.

The startup is focused on P2P exchange of second hand goods and aims to make it easier for buyers and sellers using technology.

Arun Sarin to buy stake in Truecaller


Former Vodafone Global chief executive Arun Sarin is to pick up minority stake in phone directory app Truecaller and join its advisory board. Scandinavia-based Truecaller’s other investors include Access Partners, Atomico, Sequoia Capital and Kleiner Perkins Caufield & Byers.

Ratan Tata invests in e-ticketing startup Kyazoonga


Ratan Tata has invested in e-ticketing startup Kyazoonga, which plans to use the funds to expand into international markets including the United States, West Asia, Pakistan and the Caribbean Islands. Kyazoonga looks at partnering with sports franchises, music concerts, promoters and event organisers. The company is also vying to be the official ticketing partner for the Rio 2016 Olympics. Kyazoonga competes with Mera Events and BookMyShow, among others.

Edelweiss PE invests in FMCG packaging firm Freshee

Business Line

FMCG brand Freshee has raised funds from Edelweiss Private Equity, the venture capital and private equity arm of Edelweiss Financial Services. Freshee focuses on consumer food packaging and is a well-known brand in the aluminium foil and container business in India. The funds will be used by Freshee in growing its range for personal hygiene products like tissue and kitchen products like baking paper, which it plans to launch soon. Founded by Vimal Somani, the company claims to be present across 40,000 plus retail outlets covering 17 states in India. The company also exports its products to more than ten countries. Mumbai-based Radix Capital Advisors was the sole financial advisor to Freshee.

Liquidity Events

Providence sells Idea Cellular shares worth Rs.1,383 Cr, registers 3.01x

Providence, through its unit P5 Asia Investments (Mauritius) Ltd, has sold 12,50,00,000 shares at INR 110.65 per share via NSE of mobile telecom services firm Idea Cellular Ltd. aggregating to INR 1383 Cr on June 03, 2016. This constituted 3.47% of total outstanding shares of Idea Cellular Ltd. Post-deal the investor would hold 12,00,00,000 (3.33% stake) in Idea.

From the Venture Intelligence PE/VC Deal Database: In Oct 2006, Providence invested INR 1369.50 Cr for 14.6% stake in Idea. Other PE investors who invested in the company include ChrysCapital, Sequoia Capital India, Spinnaker Capital, TA Associates and 2i Capital. Providence had sold shares worth INR 1414 Cr in Sep 2014.

ShoreCap sells Satin Creditcare shares worth Rs 37.63 Cr, registers 4.13x return

ShoreCap International, via ShoreCap II Limited, has sold 1,000,000 shares through NSE at INR 376.25 per share on Jun 9, 2016 of publicly listed microfinance firm Satin Creditcare Network Ltd. aggregating to INR 37.63 Cr. This constituted 3.13% of total outstanding shares of Satin Creditcare Network Ltd. Post-deal the investor would hold 2,908,188 shares (9.10% stake) in the target.

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

Intel Capital exits by selling shares worth Rs.29.2-Cr, registers 3.53x

Intel Capital, via Intel Capital (Mauritius) Ltd, has sold 7,84,764 shares at INR 372 per share via NSE of publicly listed online services firm Intrasoft Technologies Ltd. aggregating to INR 29.2 Cr on June 03, 2016. This constituted 5.33% of total outstanding shares of Intrasoft Technologies Ltd. Intel Capital has made a complete exit from the company.

From the Venture Intelligence PE/VC Deal Database: In Dec 2007, Intel Capital invested INR 19.69 Cr for 16.30% stake. The company got listed in Apr 2010. Intel Capital started exiting the firm from Jul and Sep 2015 quarter.

Angel Funding

Fin-tech startup ePaylater raises $2-M


Financial-technology startup ePayLater, which is operated by Mumbai-based Arthashastra Fintech Pvt. Ltd, has secured $2 million (Rs 13.3 crore) in a seed round of funding from financial industry executives. It will use the funds for product development and marketing.

The company gives customers the option to “buy now and pay later” on online portals with just a 1-click. The customers are billed only after they receive the delivery of the product. In addition, the customers get 14 days to make the payment, in which time they can many more transaction through a single click checkout, bunch them all together and make a single payment at the end of the period.

Fashion talent platform 6Degree raises $200-K from IAN


6Degree, a Hyderabad-based fashion talent and tech startup, has raised USD 200,000 from Indian Angel Network. The investment was led by Abhishek Agarwal, who will be joining the company’s board. The raised funds will be utilised in technology enhancement and in expanding the portal’s reach.

6Degree was launched by Nikhil Hegde (CEO) and Amit Bhardwaj (COO) in 2014. The firm claims to be associated with a number of fashion weeks such as Lakme Fashion Week, India Fashion Week London, India Beach Fashion Week & more.

Intra-city truck aggregator GoGo Truck raises Rs.50 lakh


Chennai-based mini-truck aggregator GoGo Truck, run by Fruges Ventures Pvt. Ltd, has raised INR 50 lakh (around $74,400) in seed funding from a Madurai-based angel investor. The online marketplace, which focuses on intra-city transport, will be using the funds to consolidate its operations in the Chennai market and expand its services to Hyderabad. A part of the funds will be used for marketing initiatives and brand-building activities.

Founded in March 2015 by Vasister Arun and Senthil Kumar, GoGo Truck has tied up with more than 300 drivers who have mini-trucks. It recently started operations in Coimbatore and claims to be getting 2,500 orders from Chennai alone.

Multi-channel network SillyMonks raises angel funding


Hyderabad-based multi-channel network (MSN) SillyMonks raised INR 3 crore from HNI Sreenivasa Reddy Musani, CMD of EKTHA Group. With this newly raised funds, SillyMonks plans to introduce six new digital media properties on its YouTube channel ‘SILLY TUBE’. In June 2014, SillyMonks had raised a smaller round from well-known producer Korrapati Ranganatha Sai of Vaaraahi Chalana Chitram.

Founded by media & entertainment specialist Sanjay Reddy and Anil Pallala in September 2013, SillyMonks has approximately 100 million views a month and addresses a social audience of 16+ million followers across various social media platforms. It has a presence in south India, Mumbai and Los Angeles.

Teabox raises addl funding from S’pore-based angel, DBS Bank

Business Standard

Singapore-based angel investor Cameron Jones has picked up a stake in Teabox, an international market-focused e-commerce company that specialises in tea. Along with Jones, the company has also raised venture debt from DBS Bank. Teabox will use the money to upgrade its platform, make key hires and for expansion.

From the Venture Intelligence PE/VC Deal Database: In March 2015, JAFCO Asia and Dragoneer Investment Group along with existing investor Accel India, invested USD 6 million in Teabox, followed by Ratan Tata in January 2016.

Entry level focused Kickstart Jobs raises funding from ah! Ventures

Gurgaon based entry-level talent acquisition startup Kickstart Jobs has raised seed funding through ah! Ventures. The round saw investments from marquee investors like Vivek Joshi – Founder, Wyzen Tech; Mohit Satyanand – Chairman, Team Works Art; Amit Banati – President (Asia Pacific), Kellogg’s; Arun Khanna – President (Asia), Dun and Bradstreet and a few others.

Founded in August 2015 by Samriddhi Malhotra and Abhishek Srivastava, Kickstart Jobs is operational in the key north Indian territories of Delhi, Noida and Gurgaon and claims to have registered more than 5,000 candidates, enlisted about 3,000 vacancies, conducted more than 2,000 interviews and boasts of a month on month growth of 100% in the number of candidates scheduled for interviews.

Edtech startup ExtraaEdge raises seed funding


ExtraaEdge Technology Solutions Pvt. Ltd, a Pune-based edutech startup that helps educational institutions acquire students and increase admissions, has raised funding from a group of investors including Ritesh Dwivedy, CEO of and Priti Padhy, global director of business intelligence and information management at Microsoft. Other investors in the funding round are Ash Damle, CEO of Lumiata, a US-based predictive analytics company; Anup Pani, principal engineer at NetSuite Inc; Abhishek Bhatewara, member of Mumbai Angels; Sahil Sharma, director of ATAP supply chain at Google; and Shezaad J Dastoor, political and conflict analyst at UN.

Founded by Abhishek Ballabh and Sushil Mundada in April 2014, ExtraaEdge is a cloud-based sales and marketing automation software enabling educational institutes and course sellers take smart data-driven enrolment decisions. The startup plans to use the funds to expand the business in Delhi-NCR, Mumbai, Hyderabad and Bangalore in addition to strengthening its tech and customer acquisition teams. The firm is also planning to spend a significant amount on its planned pilot programmes in Canada, New Zealand and Australia.

Fashion e-tailer Shopwati raises seed funding


Gurgaon-based Prachalit Infomedia Pvt Ltd, which founded Shopwati, an online fashion community, has raised seed funding from Sanjiv Rai of SRKK Advisors. Shopwati plans to utilise the capital to fund its next phase of technology development and reach out to customers & vendors in cities outside Delhi. It had launched the preview of their Android app recently.

Shopwati helps its women shoppers find clothes and accessories with the help of 55,000+ community members that comprises of stylists, bloggers, private labels, designers, brands and many other users talking about fashion. Built around conversations, the Shopwati community helps its users find products, take a poll on what to buy & discover fashion.

Co-working space Wired Hub raises seed funding


Wired Hub, a Jaipur-based co-working space, has raised funding led by Ankit Maheshwari (Jaipur-based CA) and Anand Singh. Both investors will have an advisory role for the business development and expansion of Wired Hub. Ankit Maheshwari will be joining the board.

Founded by Himanshi Goyal, Wired Hub publicly opened in February and has organised regular workshops, mentorship sessions and pitching contests. It currently has over 10 members and is spread in an area of over 1000 sq. ft. The funds would be used towards further expansion of Wired Hub to increase the number of desk spaces and will now cover 2 floors and an area of over 2200 sq. ft.

Cookifi raises seed funding from Kunal Shah, others through TracxnSyndicate


Bangalore-based chef and cook hiring platform Cookifi has raised seed funding from Kunal Shah, Chairman of FreeCharge; Aneesh Reddy, co-founder and CEO of Capillary Technologies; Tracxn Labs, Venkat Tadanki, CEO of Secova; Krishna Mehra, co-founder at Capillary Technologies; Amit Rathore, founder and CEO, Quintype and other angels through the TracxnSyndicate platform. The startup will use the newly raised funding to expand its operations in other cities and to extend its technology solution for a better user experience.

Founded in 2015 by Ajay Modani, Harsh Singla and Prachi Malu, Cookifi, provides a personal party chef at user’s doorstep and caters to birthday, hosting get-togethers, private parties, kitty parties, etc. It claims to have served over 3500 customers so far.


Oracle announces first batch of India accelerator program


Enterprise software company, Oracle, has announced its first batch for its startup incubation centre in India called ‘Oracle Startup Cloud Accelerator’.

The selected Startups are:

ExpertRec: A plug-n-play search and recommendation engine for online marketplaces.

Niyo Solutions: A Fin-Tech startup focussed on alternative payment mechanisms

Ray iCare: A sleep monitoring device for Epilepsy, Sudden Infant Death Syndrome and Cardiac Attacks

Tydy: A mobile-first, automated employee onboarding platform

Vear: An AR/VR technology platform

The selected startups will get mentorship from Oracle and industry experts, 24×7 access to a co-working space within Oracle’s premises, and access to Oracle customers & partners, access to investors, and with free credits on Oracle Cloud.

Other PE/Strategic Investments

Assisted e-commerce firm StoreKing raises Rs.106-Cr from Malaysian telco Axiata


StoreKing, a Bangalore-based e-commerce enabler has raised USD 16 million (INR 106 crore) from Malaysian telecom operator Axiata Digital, a wholly owned subsidiary of Axiata Group Berhad. The funds will be utilised to expand team, enter tier III markets and tie up with one lakh retailers by 2017 and up to 250,000 in 2019. This is Axiata’s first investment in India.

StoreKing, run by LocalCube Commerce Pvt Ltd., was launched in 2012 by Sridhar Gundaiah, to help rural consumers get into the flow of digital commerce. With presence in 1200 towns, it enables rural retailers to sell over 50,000 products to walk-in customers via its digital kiosks. It claims to manage over 16,000 plus franchises and over 650 master franchisees spread across eight states of southern and western India.

Dragon Asia joins HT Media to invest GBP 3.3 M in fashion e-tailer Koovs

Economic Times

UK listed online fashion store Koovs has raised GBP 300,000 from Dragon Asia Holdings Pte Ltd. After this investment, Dragon Asia has a 19.2% stake in Koovs. Newspaper publisher HT Media has also invested GBP 3 million (around INR 29 crore) for an 8.2% stake. Shares under the deal were issued at 25 pence each.

Koovs is also in talks with other investors as well in order to close its current funding round by June 30. The company will use the funds for investment in marketing.

Prism Cement to buy 15% in BLA Power for Rs.21-Cr


Publicly-listed Prism Cement Ltd has agreed to acquire 15.23% (post acquisition) equity stake for approximately INR 21 crores in BLA Power Private Limited (BLA Power), which is in the business of generating thermal power. The acquirer company shall enter into a Power Supply Agreement (PSA) with BLA Power for the purchase and consumption of 25 MW of RTC (Round The Clock) power for its cement plants - Unit I and Unit II at Satna, Madhya Pradesh under the Group Captive Arrangement under the Electricity Rules, 2005.

Student micro-loan platform KrazyBee raises $2-M from Chinese firms


Finovation Tech Solutions Pvt. Ltd, which runs student micro-loan platform, has raised USD 2 million in seed funding from Chinese mobile ad network Yeahmobi and another Chinese firm - micro-loan/e-commerce player Fenqile. Currently operating in Bangalore, the company is planning to use the funds to expand its services to other cities. The funds will also be used to launch an Android app, besides improving its risk evaluation model.

Founded in 2015 by Wan Hong and Madhusudan E, KrazyBee sells electronics items such as smart phones, cameras and mobile accessories as well as apparel such as branded clothes, shoes and watches to college students on flexible equated monthly installment (EMI) plans. The firm claims that more than 10,000 students have registered on its platform in the last one month.

Yes Bank to pick up 8% in Receivables Exchange of India


Publicly listed Yes Bank is to pick up a 8% stake in Receivables Exchange of India Limited (RXIL) by subscribing to 20,00,000 equity shares. RXIL is a joint venture company setup by NSE Strategic Investment Corporation Limited and Small Industries Development Bank of India.


Sumitomo to buy 75% stake in Excel Crop Care for Rs.1,040-Cr


Japanese conglomerate Sumitomo has acquired 44.98% stake in Excel Crop Care for around INR 623.44 crore and also announced launch of INR 415.80 crore open offer to acquire further 30% stake in the company. Sumitomo group is acquiring over 49.5 lakh equity shares of the company at a price of INR 1,259.36 apiece, from the company, promoter group entities and certain public shareholders. The company and promoter group entities are selling 27,20,501 shares, aggregating to 24.72% stake to Sumitomo Chemical Company and its nominees. Besides, Sumitomo Chemical Company is acquiring 22,30,000 equity shares, aggregating to a 20.26 % stake, from certain public shareholders. Sumitomo will launch an open offer for public shareholders to acquire over 33 lakh share, constituting 30% stake, at a price of 1,259.36 apiece, amounting to INR 415.80 crore. ICICI Securities will manage the open offer. Lodha Capital Markets Ltd. acted as a Co advisor to the Promoters and financial investors of Excel Crop Care Limited.

TVS Auto Solutions acquires 3 start-ups for Rs.75-Cr

Times of India

Automotive parts company TVS Automotive Solutions has invested nearly INR 75 crore to acquired majority stake in Delhi-based aftermarket website (which offers autoparts, accessories) and analytics firm Hansa Equity (for big data analysis) and completely acquired Redsun Consulting (a Bengaluru-based internet of things start-up). The services of all the three would be integrated under one platform, both as an mobile app and on the web.

Sun Pharma sells two manufacturing plants in US to Frontida BioPharm

BSE, Business Standard

Listed drug maker Sun Pharmaceutical Industries is selling its two oral solid dosage manufacturing plants in the US to Frontida BioPharm Inc. Frontida has agreed to continue manufacturing certain products for Sun Pharma at these facilities on a contract basis for a predetermined period. It has also agreed to offer employment to all production, quality and administrative personnel at the sites.

The sale is a part of the drug maker’s plans to consolidate its manufacturing facilities in the US and it its second divestment in the US in the last six months. In December, the company divested its manufacturing plant in Ohio state to Nostrum Laboratories. The company is also looking to sell facilities and business units from the Ranbaxy portfolio.

Icare acquires test prep platforms MyGRE, MyGMAT


Delhi-based Indian Centre for Academic Rankings & Excellence Pvt. Ltd. (ICARE) has acquired Chennai based training and coaching platforms MyGMAT & MyGRE. The targets were founded in February 2013 by Santhosh Karnananda. As part of this acquisition, Santhosh will be the Director, Strategy at ICARE, in addition to heading the training businesses.

Basil Advisors buys fellow HR Services firm TGC Consulting

Business Standard

Consumer internet-focussed talent advisory firm Basil Advisors has acquired Bengaluru-based human capital consulting TGC Consulting in an all-stock deal. The acquisition will enhance Basil Advisors footprint beyond consumer internet vertical and will also allow it to expand its geographical footprint in the country.

European firms EDF Energies, EREN looking to exit Acme Solar

Economic Times

French firm EDF Energies Nouvelles and Luxembourg-based EREN Renewable Energy may exit Acme Solar, their joint venture in India with Acme Cleantech Solutions. EDF and EREN hold 25% stake each in the company with Acme holding the rest. The foreign partners are said to have issues with Acme Solars aggressive bidding, and project execution. The two firms have so far invested around INR 300 crore in the joint venture. Formed in December 2013 Acme Solar is now the countrys second largest solar developer after SunEdison with nearly 1500 MW of solar assets across 15 states.

Blue Box Media co-founder Pawas Jain acquires incubation platform Startify


Pawas Jain, co-founder of Blue Box Media (company that owns and manages The Tech Portal) has acquired a majority stake in online incubation platform Startify, in a mix of cash and stock buy out deal, in his personal capacity.

Founded by 3 IIT Jodhpur students, Himanshu Sikaria, Achyut Joshi and Anshul Agarwal in 2015, Stratify is an Idea growth-cum-management portal along with startup services. The founders of Startify will continue to hold a minority stake in the company. Startify claims to have over 100 registered startups, over 140 angels, mentors and incubators on board, and has partnered with Google Developers Startup Launch and E-Cell of IIT Mumbai. Pawas will be using the platform to aid the online/virtual activity of his other investment, Wired Hub, a co-working incubation space in Jaipur.

Grant Thornton acquires tax services biz of RMC

Economic Times

Grant Thornton (GT), a leading professional services firm, has acquired the taxation practice of Bengaluru-based RMC Global Advisory Services. Around 26 people, including two partners, would be joining GT, which has about 150 partners, directors and a total team of 3,000 people in India.

Curated fashion portal Voonik acqi-hires

Economic Times

Sequoia Capital-backed fashion marketplace Voonik has acquired, along with eight employees of the firm, to build its premium fashion product Vilara. The company has now acquired five startups in the past six months.

Voonik is focused on curated fashion, and has been attempting to strengthen its leadership in the unbranded fashion segment largely via team acquisitions of start-ups in niche fashion offerings.

Other Deals - Listed Firms

Auto comp firm Motherson Sumi’s unit raising $300-M to repay debt


Samvardhana Motherson Automotive Systems Group, the subsidiary of listed auto component maker Motherson Sumi Systems, is raising $300 million (around INR 2,000 crore) through issue of BB+ rated notes at 4.875% per annum due in December 2021 to repay debt and general corporate purposes. This is the third successful issue of Notes by the company and marks its successful debut in the US dollar bond markets. The offering is scheduled to close on June 16, 2016. ANZ, DBS Bank, Deutsche Bank and HSBC acted as Joint Global Coordinators and ANZ, DBS Bank, Deutsche Bank, HSBC, Barclays and Standard Chartered Bank acted as joint bookrunners and joint lead managers to the offering

Lenders to take control of Patel Engineering under SDR scheme


Lenders to Patel Engineering Ltd have decided to take control of the company by converting some of their debt to majority equity under the strategic debt restructuring (SDR) scheme. As on 31 March, Patel Engineering had stand-alone debt of Rs.4,103.70 crore.

Real Estate Transactions

Kanakia Group buys Mumbai Land for Rs 125-Cr

Economic Times

Realty developer Kanakia Group has acquired a 2.5-acre land parcel in the Kanjurmarg suburb of Mumbai from Windsor Realty, a joint venture between Gopal Narang and Rajan Raheja. The developer has paid about INR 125 crore for the land parcel that was sold through a bidding process recently. The land parcel used to house a factory of battery-manufacturer Exide Industries until it was bought by Windsor Realty to develop a premium residential project.

Fund News
Fund News

Banks plan Rs. 10,000-Cr stressed asset fund

Times of India

Major Indian banks have started to brainstorming on setting up a stressed asset fund on their own after the finance ministry turned down a proposal to provide support through the National Infrastructure Investment Fund. The government was of the view that NIIF was being set up to boost funding to long-gestation infrastructure projects and overseas investors might not be upbeat on investing if the resources were routed to revive ailing power or steel projects.

IvyCap to increase fund size to Rs.1,200-Cr

Economic Times

IvyCap Ventures is planning to double the size of its second fund, IvyCap Trust Fund II, using the greenshoe option to INR 1,200 Cr. The fund had already received hard and soft commitments of about INR 450 crore for Fund II, with an additional INR 150 crore expected to be raised over the next 3-4 months. The fund is in talks with a number of global fund-of-funds, sovereign wealth funds, family offices and corporates that are looking to enter India.

India, US announce $60-M clean energy fund


The Governments of India and the US announced the setting up of two financial assistance programmes worth $60 million for supporting Indias much-needed clean energy initiatives including in solar power and other renewables. This includes the creation of a $20 million US-India Clean Energy Finance (USICEF) initiative, equally supported by the United States and India. This is expected to mobilise up to $400 million to provide clean and renewable electricity to up to 1 million households by 2020.

The two countries also agreed on a $$40 million US-India Catalytic Solar Finance Programme, which would be equally supported by the United States and India.

PE buyouts might face higher tax

Economic Times

A Central Board of Direct Taxes (CBDT) circular on May 2, which deals with sale of shares of unlisted companies, gives tax officers freedom to determine whether buyout transactions are liable for higher tax. The circular has been giving sleepless nights to the country's bulge bracket buyout funds. It provides three exceptions to the general exemption of having profits classified as business income under the provisions of the revised treaty with Mauritius.

While the sale of unlisted shares is to be treated as capital gains, the circular says that local tax officials could have freedom to determine whether it can be treated as business income in three categories. One such category is when a private equity holding a majority or controlling stake in a company sells its entire stake to a third party along with control of the underlying business. If a PE firm exits a company where it holds a majority stake or has a management control, it could face tax of around 20%. The additional levy could also mean that the returns of the funds could be adversely impacted.

KKR in talks with SBI, ICICI Bank to manage stressed loans

Times of India

KKR & Co has approached State Bank of India and ICICI Bank with a proposal to manage and create value from their loan portfolios to under-performing Indian companies. The American private equity investor will build a platform to deploy fairly long-term capital and operational expertise to turnaround troubled assets, with banks on board sharing the future upsides. The proposal - discussed with a few public and private sector banks - is modelled on Pillarstone, a similar European platform created by KKR for stressed loans in markets like Greece and Italy.

Angel network Keiretsu Forum sets up Mumbai chapter

Economic Times

US angel network Keiretsu Forum, which has over 46 chapters across the world and 2,500 investors, is setting up its chapter in Mumbai. Keiretsu later plans to set up chapters in Pune and Ahmedabad. The group has so far received confirmations from 15 investors across these cities. Keiretsu is also exploring co-investment opportunities between its global chapters and India’s leading angel networks such as Indian Angel Network (IAN) and Mumbai Angels.

Manish Kumar steps down as CEO of startup funding platform Grex


Manish Kumar, the Chief Executive Officer (CEO) of Pune-based Grex Alternative Investments Market, which provides a platform for its peers to raise money through equity issuances, has stepped down after a squabble among the founders. Three of the four co-founders of Grex asked Manish Kumar to step down as the CEO and continue only as the managing director. Abhijeet Bhandari, a co-founder who heads market development at the start-up, has assumed the role of CEO. In the new structure, Kumar would focus on the long-term direction for the company while Bhandari will look at the deliverables in the near term.

Grex was started in 2014 by Surojit Nandy, Sanjay Nishank along with Kumar and Bhandari with an aim to provide an organised platform for startups to raise early-stage funding.

Jiten Poojara quits Temasek to join HK-based hedge fund Janchor Partners

Jiten Poojara, Associate Director at Temasek, has quit the firm and joined Hong Kong based Asian equity focused Hedge Fund Janchor Partners. Jiten has worked with Temasek for about 6 years.

VI Updates

VI Updates

PE/VC Investments in Education spike up in 2016

Education related companies have already attracted PE/VC investments worth $184 million (across 11 deals) in the first 4.5 months of 2016 – 2.75 times compared to the $67 million across the whole of 2015 (17 investments). The sector is well on its way to record the highest ever figures($235 M reported in 2012).


Click here to read more.


How I-Banks can Ensure their Deal Announcements Get Noticed.

Most news publications skip mentioning advisory firms when reporting transactions - even if the advisors’ names make it to the deal announcement Press Release. Often, even clients put out Press Releases without naming the advisors involved. To deal with this frustrating scenario, advisory firms are increasingly to try and get word about their good work on their own - which, by the time it reaches the target audience, is either quite stale news or feels like quasi spam (and hence discarded unread).

Venture Intelligence can help ensure your firm’s deal announcements reach all PE/VC Fund Managers, Angel Investors and other Deal Ecosystem Members that matter in a timely and non-intrusive manner.

Contact Ashok on 91760 33455 or for more details.


VCs Skip Vacation in May; Month Witnesses 45 Investments

Data from
Venture Intelligence VC Database shows the month of May was the most brisk month for Venture Capital so far in 2016 - with investors making as many as 45 investments worth $300 million (including Growth Capital investments in IT & ITES companies of more than $20-M). While the value of the tech deals was less than that witnessed in January (when companies like CarTrade and ShopClues had attracted $145 million and $100 million respectively), the month saw companies like Stayzilla, Crown-it and Mobikwik attract significant follow-on funding.

While Series A investments continued to be slow, specialized seed funds including Blume Ventures and YourNest Angel Fund as well as Kalaari Capital, which backed three companies as part of its seed investment program Kstart, were especially active.

Angel investments also slowed down during May to 33 deals when compared to the peak of 49 in February.

Click Here to view Venture Intelligence founder Arun Natarajan discussing the trends during the month on ET-NOWs StartupCentral show.

Legal Deal Showcase

Advisor Name: NovoJuris Legal

The Deal: Bangalore based data analytics company Bridgei2i Analytics Solutions Private Limited has received investment from an investment arm of the Edelweiss Group.

Deal Description: Bridgei2i Analytics Solutions Private Limited received Series A growth capital. The investment will fuel the Company’s ability to deliver greater value to customers by enabling the Company to accelerate the development of machine learning based business applications along with significant expansion of consulting teams across the United States and India. With this investment, Edelweiss has acquired a minority stake in the Company.

Advisor Roles: NovoJuris Legal was the legal advisor to Bridgei2i Analytics Solutions Private Limited and was involved in the negotiations, discussions, review and finalization of the term sheet and the other transaction documents (including share subscription agreement, capital table,shareholders’ agreement, promoters’ employment agreement). NovoJuris Legal was also involved in drafting of process documents, restated articles of association and assisting the Company in issuance and allotment of shares.

Advisory Team: Sohini Mandal, Pooja Vasanth Kumar and Vadiraja P.S

VI Marketplace

Veteran Plantation Entrepreneur Seeks Partner for Rs.130-Cr Buyout of Coffee Plantation Co.

A Kerala based entrepreneur with over 40 years experience in the plantation business (and currently managing vast rubber, cardamom and plantations along with his family members) is seeking to buyout 85% of a coffee plantation company valued at INR 150 Cr. The company owns over 500 acres of coffee plantation. It reported profits of INR 41 Lakhs in FY16 against INR 33 Lakhs in FY15 and and INR 18 Lakhs in FY14. The entrepreneur, who plans to start export to Europe and US post the acquisition, is looking for a partner who can invest about INR 30 Cr and also join the Board of the target company

Interested investors can mail to connect with the entrepreneur.


Will Parenting Startups Grow Up Fast?

2016 has already seen half-a-dozen investments in parenting related tech startups - including companies like TinyStep, Babygogo, ParentLane, etc. The sector has seen interest from not just angels, but also a few strategic investors and VCs.

The Economic Times has a news report on the same trend today.

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Deals in the Making
Deals in the Making

PE/Strategic Investment

Hike in talks with Tencent to raise $100-M


Messaging app Hike Ltd is in talks to raise a new round of funds from China’s Internet giant Tencent Holdings Ltd as it seeks to catch up with market leader WhatsApp. Hike’s existing investors Tiger Global Management and Bharti SoftBank may participate in the round which may see the company raising at least $100 million.

Hike, which was launched in December 2012 by Kavin Bharti Mittal, son of billionaire entrepreneur Sunil Mittal (chairman of Bharti Enterprises), has raised roughly $90 million from Tiger Global and Bharti SoftBank, a joint venture between Bharti Enterprises and Japan’s SoftBank Corp.

Times Group may pick up a small stake in Flipkart for $75-M

Economic Times

E-commerce firm Flipkart is in talks to sell a small stake to Bennett, Coleman and Co. Ltd (BCCL) in a USD 75 million (INR 500 Cr) deal. Flipkart will issue shares to BCCL in return for cash and advertisements over several years in its media properties such as The Times of India and The Economic Times newspapers and ET Now and Times Now channels.
BCCL inked a similar deal with Snapdeal (Jasper Infotech Pvt. Ltd) in February. It also has investments in startups such as cab-hailing service Uber, services provider Haptik and education startup Coursera. BCCL also owns real estate listings site and digital music startup Gaana.

BookMyShow to raise $75-M led by US-based Stripes Group


Bigtree Entertainment Pvt. Ltd, which owns online entertainment ticketing platform (BMS), is in advanced talks to raise around $75 million (around Rs.500 crore) in its largest round of fund-raising yet. The company is in talks with US-based growth equity fund Stripes Group which will lead the round, likely infusing up to $50 million. All existing investors in the company, SAIF Partners, Accel Partners and Network18 also participate in the current round.

This will be the fourth round of fundraising for BookMyShow, founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande. In 2007, Network18 invested in the company’s maiden round. Accel Partners invested $18 million in the company in 2012. In 2014, the company raised $25 million in a round led by SAIF Partners that also saw participation from existing investors Accel and Network 18.

Flywheel Logistics scouting for $20-M

Business Line

Delhi-based Flywheel Logistics has appointed PwC India to advise it on the deal structure and private equity infusion to raise $20 million in its first round of funding. Equity infusion will be used to fund the expansion plans of the company’s container capacities as well as warehouse infrastructure.

Flywheel Logistics, a family-owned venture led by Founder and CEO Anil Syal, is into domestic container transportation and warehousing business, and has a network across 18 States. It operates 160 daily departures on 60 national routes with the help of a 750-strong fleet of 40ft and 20 ft TEU containers.

Sequoia in talks to invest Rs.100-Cr more in outdoor gear maker Wildcraft

Economic Times

Sequoia Capital is to invest about INR 100 crore in Bengaluru-based outdoor gear manufacturer Wildcraft. This will be the venture capital firms second round of funding in the company. In 2013, Sequoia had pumped in close to INR 70 crore in Wildcraft. The company makes rucksacks, backpacks, jackets and raincoats and the deal values it at about INR 350 crore. Wildcraft is looking to hit the primary market with an IPO (Initial Public Offering) in 2017.

Jewellery shopping channel Gemporia to raise Rs.100-Cr

Business Line

Jaipur-based Jewel Alliance Network Pvt Ltd, which runs jewellery shopping channel Gemporia TV, is planning to raise about INR 100 crore from private equity firms in exchange for a minority stake in the channel within the next six months. The company plans to increase its presence and marketing initiatives with the fund.

OrbiMed in talks to pick up stake in Suraksha Diagnostics; Lighthouse to exit


OrbiMed is in advanced talks to buy a significant minority stake in diagnostic chain Suraksha Diagnostic Pvt. Ltd. The round will raise around Rs.150 crore valuing the Kolkata-based Suraksha at around Rs.600 crore. The proposed round of funding will see existing investor Lighthouse selling its minority stake and the fresh issue of equity of Rs.50 crore. o3 Capital is advising the diagnostic chain on the latest round of funding.

Suraksha is the largest diagnostic chain in eastern India and owns about 25 centres across West Bengal, Bihar and Delhi and the National Capital Region. It raised around Rs.50 crore from Lighthouse Advisors in February 2013.

Brookfield in talks to buyout Nuziveedu’s renewable energy unit

Economic Times

Brookfield Asset Management is in talks for a 100% buyout of the renewable energy business of Hyderabad -based NSL (Nuziveedu Seeds Ltd) Group. NSL Renewable Power Private Ltd (NRPPL) is the renewable energy arm of the NSL group and has presence in wind, hydel, bio-mass and solar segments. NRPPL has a total operational capacity of around 337 MW across wind, hydel, biomass and solar segments. Additionally, the company has 767 MW of wind energy under development. Based on an industry parameter of Rs 7 per MW, the estimated value of the operational portfolio could be around Rs 2360 crores.

International Finance Corporation (IFC), Asian Development Bank (ADB), Germany’s DEG, France’s Proparco, South Korea’s Asia Clean Energy are amongst NRPPLs overseas investors.

Large PE firms in talks for 15% stake in Lemon Tree Hotels

Economic Times

Private Equity funds such as the Blackstone Group, TPG Capital Management and Capital International Group are in talks to invest $120-150 million (Rs 800-1,000 crore) to acquire a 10-15% stake in New Delhi-based hotel chain Lemon Tree Hotels. The transaction is seen as a pre-IPO round of funding as the company is intend to go public by the last quarter of this fiscal 2017 or early next fiscal year. The company is aiming to raise another Rs 1,000 crore from the IPO.

The deal with the funds will see existing investors including US private equity giant Warburg Pincus and Dutch pension fund APG reducing their holdings. Warburg invested Rs 210 crore in the company in 2006 for a 25% stake. APG currently holds 15% that it acquired through three rounds of investments starting 2012. The Dutch fund has so far invested Rs 1,120 crore in Lemon Tree.

Two Japanese cos eye GEs stakes in two SBI Card cos

Times of India

GE Capital, has been shedding its non-core businesses, which includes its minority stake in the joint venture with State Bank of India. The JV operates through two separate companies - SBI Cards & Payment Services, which markets SBI credit cards, in which GE owns 40% and GE Capital Business Processes Management Services, which handles the technology, in which GE owns 60%.

Japanese firms Mizuho Financial and Credit Saison seek to buy the stakes of GE Capital in the two companies. Buyout firms Carlyle and Kohlberg Kravis Roberts & Co are also among shortlisted bidders. GE had hired Morgan Stanley to look for buyers. SBI entered the credit cards business in 1998 by partnering GE Capital India.

PE Exit

Bharti Infratel in talks to buy Tower Vision India from Quadrangle, other investors

Economic Times

Bharti Infratel, the independent tower company of the Bharti Group, is in talks to acquire Tower Vision India, a company owned by a group of international financial investors. Tower Vision, which has about 8,500 towers with a tenancy ratio of 1.8, is expected to be valued at about INR 4,000 crore, including debt of about INR 1,000 crore. Tower Vision has an annual turnover of about INR 1,000 crore with an operating margin of about 25%.

New York-based Quadrangle Capital Partners had led a consortium of companies that invested in Tower Vision in 2010, providing it with about $300 million, including debt financing. Other investors are Israel-based Fort Group, a private holding and investment company with global expertise in developing cellular operations and real estate development, and Mivtach Shamir Real Estate, also from Israel.

Macquarie looks to sell two road assets from India Infra fund


Macquarie Group Ltd is looking to sell its stakes in two operational toll roads in South India. It will soon appoint investment bankers to find buyers. Macquarie Group is expecting these two road assets that it purchased in 2013 - the Farukhnagar-Jadcherla highway in Andhra Pradesh and the Trichy Tollways project in Tamil Nadu - to fetch a total equity value of Rs.600 crore. The total enterprise value of the two deals could be about Rs.1,200 crore.

In 2009, Macquarie started its first infrastructure fund in India along with State Bank of India (SBI), called the Macquarie-SBI Infrastructure Fund (MSIF). SBI and Macquarie also jointly operate a domestic investment entity SBI-Macquarie Infrastructure Trust (SMIT). In 2013, GMR Infrastructure Ltd sold its 74% stake in the Farukhnagar-Jadcherla highway (GMR Jadcherla Expressways Ltd) to MSIF and SMIT for Rs.206 crore. In the same year, the Macquarie funds bought a 74% stake in Trichy Tollways Pvt. Ltd, a joint venture project of Malaysia’s IJM Corp. Bhd and India’s Shapoorji Pallonji group, for about Rs.275 crore.


Tata Technologies revives IPO plan, likely to raise Rs 1,400-Cr

Economic Times

The Tata Group has revived plans to list Tata Technologies, an engineering solutions and IT product development arm of Tata Motors, on the local bourses. The company is planning to raise INR 1,400 crore through an initial public offering (IPO). The proposed share sale will be the first IPO from the Tata Group in 12 years after TCS in July 2004. Tata Motors holds 70.43 per cent stake in Tata Technologies, while a Tata Capital PE unit owns 8.71 per cent in the company.

Tata Technologies was planning an IPO in 2008 to fund expansion and repay some of its debts, but the plan was dropped due to the global market meltdown.

L&T picks banks for tech services unit’s IPO


Larsen & Toubro Ltd has picked advisers - Kotak Mahindra Bank, Bank of America and JM Financial - to prepare an initial public offering (IPO) of about INR 10 billion (USD 150 million) for its subsidiary L&T Technology Services Ltd. The conglomerate seeks to monetize some of its operations, which span finance, shipbuilding and nuclear power. The company also plans to list its software-services unit, Larsen & Toubro Infotech Ltd., at the earliest.

E-commerce company in talks to go for IPO

Times of India

Noida-based, which offers an online platform for small and medium enterprises, large companies and individuals to transact, is in talks with investment bankers to raise INR 500 crore via share sale.

From the Venture Intelligence PE/VC Deal Database: In March 2008, the company raised INR 49 crore from Intel Capital and in a recent round in March 2016, it has raised about INR 133 crore from Accion International, WestBridge, Amadeus Capital Partners and existing investor Intel Capital. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Lodha Group looking at IPO in 12-15 months

Business standard

Property developer Lodha Group is looking to go IPO 12-15 months from now. It has delivered 6,800 homes in 2015-16, largest such in the country and aims to cross 7,000 units in FY17.


Canara Bank to sell stake in assets to raise Rs. 500-Cr

Times Of India

State-owned Canara Bank is set to raise INR 500 crore this fiscal by selling stake in its non-core assets - Can Fin Homes and Canbank Factors, after it posted a huge loss in fiscal year 2015-16. The bank plans to sell 13% stake in Can Fin Homes and reduce its holding to 30%. In case of Canara Factors, where the bank has 70% stake, it will either dispose it off completely or dilute about 20% in the factoring business.

EDF Energies Nouvelles, EREN Renewable Energy may exit Acme Solar

Economic Times

French firm EDF Energies Nouvelles and Luxembourg-based EREN Renewable Energy may exit Acme Solar, their joint venture in India with Acme ACleantech Solutions. EDF and EREN hold 25% stake each in the company with Acme holding the rest. EDF and EREN have so far invested around INR 300 crore in the joint venture.

Formed in December 2013 Acme Solar is now the country's second largest solar developer after SunEdison with nearly 1500 MW of solar assets across 15 states - 600 MW already commissioned, 500 MW under construction and 400 MW in the pipeline.

IDBI to auction Deccan Chronicle trademarks

Times of India

IDBI Bank has put on the block trademarks of newspapers Deccan Chronicle, Andhra Bhoomi, The Asian Age and Financial Chronicle, owned by Deccan Chronicle Holdings (DCHL), which has been declared a wilful defaulter by a dozen banks. IDBI, which had advanced over INR 444 crore to DCHL against the trademarks, has now reached an agreement with the other lenders to allow the e-auction to go through on June 24. It has fixed a reserve price of INR 120 crore for the Deccan Chronicle trademark, INR 3.5 crore for Andhra Bhoomi, INR 18 crore for The Asian Age and INR 3 crore for Financial Chronicle.

DCHL owes lenders more than INR 4,000 crore. Kolkata-based SREI has become a significant shareholder in the company with a 24% stake after its INR 220 crore loan was not repaid.

Dalmia Bharat, Shree Cements, Ramco in race for LafargeHolcims Sri Lankan ops: report

Economic Times

Dalmia Bharat, Shree Cements along with Ramco Cements are in the race for LafargeHolcims Sri Lankan operations that the global cement major is divesting as part of a global portfolio realignment. These players have been shortlisted after an initial round of screening and are competing with Sri Lankan, Chinese and Thai cement makers and private equity players like Baring Asia.

Holcim first took over a state-run cement factory in Puttalam in the west coast of Sri Lanka from a Pakistani firm, which bought it over two decades ago. With an estimated 2.3 MTPA grinding capacity and a 1.8 MTPA clinker capacity, it currently controls 40% of the 6 MTPA Lankan market.

Dilip Shanghvi, Adanis, Ruias eye oil blocks

Times of India

Dilip Shanghvi, the promoter of drug maker Sun Pharmaceuticals, along with Gautam Adani of the Adani group and the Ruia family of Essar, is looking to have a piece of the action in Indias upcoming auction for 46 small oil blocks, slotted to open for bidding on July 15. Shanghvi will bid through Sun Petrochemicals, a company that he floated with his personal investments. Adani is in the fray through Adani Welspun Exploration, a 65-35 joint venture between Adani Group and the city-based Welspun Group. The Ruias are coming through Essar Exploration & Production.

Real Estate Transactions

HDIL to garner Rs 750-Cr from Mumbai land deals

Business Standard

Mumbai-based property developer HDIL is in the final leg of talks to sell two land parcels outside Mumbai that could garner around INR 750 crore. HDIL is selling five million sq ft each in the Palghar and Vasai-Virar areas and is expected to generate INR 350-400 crore for each. According to a report, the company is in talks with Shapoorji Pallonji for the Virar parcel. Negotiations for Palghar are on with Veena Developers. The proceeds are expected to be used for lowering its debt, from INR 2,700 crore to around INR 1,900 crore after the deals. According to reports, HDIL also plans to sell 200 acres in Baroda and Hyderabad.

Other News
Other News

India Ahoy!

Global oil giants eye India's retail fuel market

Business Line

Global oil majors including Saudi Aramco and Total are keen to enter the retail fuel market in India. The oil companies seek outlets for their gasoline and diesel. French major Total and European major Royal Dutch Shell that have a limited presence in India are also keen to strengthen their presence. The ministry has agreed to grant a licence to BP to market jet fuel in India.

Digital gifting startup Bouxite plans India entry

Times Of India

San Francisco-based digital gifting startup Bouxtie (pronounced as Bowtie) is seeking strategic investors in India. Bouxtie plans to launch its services to Indian consumers by the end of 2016. Founded in 2013 by Renato Libric, Bouxtie allows instant delivery of personalised gift cards from a mobile device. It currently operates in 12 cities across 3 continents.

Singapore Technical Institute to set up centres in India

Economic Times

Singapore-based Institute of Technical Education will help set up vocational skill centres across India to train youth to fulfil the requirements of skilled manpower in selected industries. ITE Education Services (ITEES), a subsidiary of the state- owned Institute of Technical Education (ITE) which offers consultancy and training services in skills development and vocational training to more than 25 countries, is already working on other projects in India, the first of which is slated to commence training from September 27 in Rajasthan, coinciding with the World Tourism Day.

New Incubators

AP-Shenzhen incubation centre to come up in Kakinada

Economic Times

The Andhra Pradesh-Shenzhen joint incubation centre and smart city innovation hub will come up in the coastal city of Kakinada in Andhra Pradesh. A letter of intent for setting up the incubation centre was signed here on Saturday by the state's information technology, electronics and communication department and ZTESoft, a fully owned subsidiary of the ZTE Corporation, a Chinese telecom provider.

AP Shenzhen joint incubation centre and smart city innovation hub will be an 85:15 venture between Innovation Society of the AP government and Qianhai Authority/ZTE Soft. While the state will invest INR 13.60 crore, ZTESoft will invest INR 2.40 crore over three years. Companies like Datafactors Software (P) Ltd, Tutti Frutti Interactive, 3Q mentors, Grabmy Grocery and other individual promoters are setting up start-up ventures.

SAP, CIIE launch 2nd edition of startup accelerator


SAP India has launched the second edition of its Startup Accelerator Program in collaboration with the Center for Innovation Incubation and Entrepreneurship (CIIE) at IIM-Ahmedabad, to mentor and build capacities of 30 startups by 2017. The accelerator program aims at identifying investable regional startups, catalysing participation of regional stakeholders including domain experts, angels and academics, to foster regional entrepreneurship ecosystem.

New Ventures

Siva Group set to launch UTOO Cabs

Economic Times

App-based taxi aggregator UTOO Cabs, which includes the family office of NRI telecom entrepreneur C Sivasankaran among its promoters, is set to launch services in Chennai. UTOO has tied up with Japanese carmaker Nissan to lease out cars for driver entrepreneurs. Sivasankaran will mentor the venture to be headed by former colleague at Aircel KVP Bhaskaran is floating a differentiated pricing and aggregation model.

Leela Group signs pact with Qatar firm to build hotel near the Taj Mahal

Business Line

The Leela Group and Qatar’s Al Faisal Group have signed an agreement to build a five-star hotel near Taj Mahal in Agra with an FDI of about INR 500 crore. The hotel will be built under the brand name ‘Aiana’. . The hotel will be built on an area of seven acres, just 1 km from Taj Mahal. There will 100-room Leela Palace and 150 room-Aiana on top of a shared podium.

Indiabulls Real Estate, Oricon to develop Worli property


Tapir Realty Developers, a 100% subsidiary of Delhi-based Indiabulls Real Estate, has entered into a joint development agreement with Oricon Properties, a subsidiary of Oricon Enterprises, for development of 7,810 sq metres plot situated at E Moses Road, Worli, Mumbai.


Smartphone maker Micromax to foray into air conditioners


Gurgaon-based tech firm Micromax is foraying into the air-conditioner category in consumer durables. The company aims to generate about 20% of its overall revenue from durables in the next 12 months. Micromax is manufacturing window and split ACs at its Uttarakhand facility and will invest about INR 200 crore in the category over the next year. It is also looking to launch washing machines in the second half of 2017 followed by air purifiers and water purifiers.

From the Venture Intelligence PE/VC Deal Database: Micromax is backed by TA Associates, Sequoia Capital India, Sandstone Capital and Madison India. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

CarTrade aims to add servicing, finance businesses to its platform


MXC Solutions India Pvt. Ltd, which operates, an online automobile classifieds company, plans to become an aggregator for car servicing and finance businesses as it seeks to become a one-stop shop for car buyers in India.

From the Venture Intelligence M&A Deal Database: In November 2015, CarTrade acquired from German media conglomerate Axel Springer, catapulting it to India’s largest online marketplace for used and new cars.

From the Venture Intelligence PE/VC Deal Database: In January 2016, CarTrade raised INR 950 crore in 5th funding round led by Singapore-based investment firm Temasek and March Capital, with participation from existing investor Warburg Pincus.

Regulatory News

Adjust Rs 2,000-Cr in High Court against Mallyas loan to banks: DRT

Business Standard

With an idea of bringing down the liabilities of banks and reduce interest, the Debt Recovery Tribunal (DRT) in Bengaluru has advised the State Bank of India (SBI) to explore adjusting Rs 2,000 crore deposited by Vijay Mallya in the Karnataka High Court against unpaid loans by the liquor baron and his companies taken to run the defunct Kingfisher Airlines. The Tribunal was hearing the arguments of case against Mallya to recover over Rs 7,200 crore dues owed by him and his companies. Mallya claimed that the banks have already received Rs 1,244 crore in pledged shares since April 2013 and additional Rs 1,250 crore has been deposited in Karnataka high court belonging to United Breweries (Holdings) Ltd.

Cyprus agrees to amend tax treaty ahead of GAAR with caveat

Business Standard

Ahead of India’s rolling out of anti-tax avoidance regulations, Cyprus has shown eagerness to amend the bilateral tax treaty allowing New Delhi to tax capital gains. In return, it has pitched to be taken off the blacklist of being considered a “notified jurisdiction” for not sharing tax information, which implies increased scrutiny for investments coming from the Mediterranean island nation, which is the seventh largest foreign direct investment source for India. Cyprus is learnt to have approved, in-principle, the proposals made by the Indian side on taxing capital gains.

Cyprus was declared a non-cooperative jurisdiction by India in 2013 over not sharing information related to Indian account holders. It has sought removal from the blacklist and is ready to amend the double taxation avoidance agreement (DTAA) with India. It is very keen for that now since the general anti-avoidance rule (GAAR) is coming into play April 2017 onwards and the Mauritius treaty has already been amended.


Kedar Upadhye named global CFO for Cipla


Drug firm Cipla has appointed Kedar Upadhye as the company's Global Chief Financial Officer starting in August. Upadhye will replace Umang Vohra, who will continue to be the Global Chief Operating Officer. At present, Upadhye is with Dr Reddy's Laboratories where he is Vice President, Global Generics Finance and Head of Investor Relations

Umang Bedi to replace Krithiga Reddy as Facebook India MD

Deccan Herald

Social networking giant Facebook has appointed former Adobe executive Umang Bedi as managing director of its India operations. Bedi, whose appointment is effective July, will lead in building and maintaining strategic relationships with top clients and regional agencies in the country. Prior to this, Bedi served as the MD of the South Asia region at Adobe. He will take over from Kirthiga Reddy, who will be returning to the US to take on a new role at the companys headquarters at Menlo Park in August.

Alibaba starts building team for India foray

Times of India

Chinese e-commerce behemoth Alibaba has begun setting up its core India team by getting on board Bharati Balakrishnan, who was earlier the chief business officer at local services marketplace LocalOye. He is expected to be accompanied by Soumitra Sharma, former associate at IDG Ventures India, who joined Alibaba as director of global strategies earlier this year.

CRM firm Servion hires Sameet Gupte as new CEO

Chennai-based Customer Engagement Management (CEM) solutions provider Servion Global Solutions Ltd has appointed IT Services veteran Sameet Gupte as its new CEO and Board member. The new appointment comes as the company aims to double revenues within the next four years. Prior to joining Servion, Gupte was Executive Vice-President & Global Head of financial services for VirtusaPolaris, an IT consulting firm. He replaces Balakrishnan K. who has been elevated to Executive Vice Chairman of Servion’s Board.

From the Venture Intelligence PE/VC Deal Database: In November 2014, Everstone Capital and Solmark had acquired a controlling stake in the company for USD 66 million. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Japanese e-commerce firm Rakuten hires Sachin Dalal from Infibeam


Sachin Dalal, Co-founder of BSE listed company Infibeam, is all set to spearhead Japanese e-commerce company Rakuten’s entry into India. Dalal joined the company earlier this month and will be taking on the likes of Amazon and Flipkart. Rakuten plans to start its marketplace in India by next year.

Khaitan & Co's Paku Khan to move to USA to build firm's anti-trust, BD there

Legally India

Khaitan & Co competition law executive director Paku Khan will relocate to San Francisco, USA for family reasons and would continue working exclusively for the firms competition practice. He will further strengthen the firms interest in the US and help strengthen existing relationships and build new relationships. Khan had joined Khaitan in 2012 from erstwhile Amarchand Mangaldas in Delhi.

Torrent Pharma ED Ruchir Modi quits company after 13 years

Economic Times

Ruchir Modi , part of the management leadership team at Ahmedabad-based Torrent Pharma, has quit the organisation, snapping a 13-year-old association. Modi, who held the position of executive director, has decided to purse alternative business/professional opportunities.

JSW Group’s HR head Yugesh Goutam and CIO Nikhil Chaturvedi quit

Economic Times

Sajjan Jindal-led conglomerate JSW Groups human resources head Yugesh Goutam and CIO Nikhil Chaturvedi have quit the firm just before heir apparent Parth Jindal joins the business. Goutam had joined JSW in June 2014 and Chaturvedi in September. Goutam will now join pharma major Lupin as president, Global Human Resources.


Amazon plans to hike India investments to $5-B


Amazon’s Chief Executive Jeff Bezos said the e-tail would be investing an additional $3 billion in India (on top of the $2 billion announced in 2014). The plan was announced at a meeting of business leaders with the visiting Indian Prime Minister Narendra Modi in Washington.

6 startups blacklisted from IIT placements for 2016-17


After a meeting, the placement heads of 16 IITs decided to blacklist 6 startups from participating in campus placement for the academic year 2016-17. The list includes e-tailer Zimply, healthcare startup Portea and grocery portal PepperTap. The blacklisted startups have been categorised into three types: one that delay joining dates, one that reduces the promised salaries, and the one that withdraw their job offers altogether. These companies can again participate in next year’s campus recruitments after giving satisfactory explanation.

Flipkart and Roadrunnr have delayed their joining date for campus hires. While Flipkart has given assurance to provide internship with a stipend of INR 50,000 per month, Roadrunnr has agreed to provide joining by September. There have been at least 5 companies which have slashed their initial packages by as much as 25%. A week’s time has been given to these companies to respond and move forward with their initial offer. Those who will fail to do so, will be blacklisted.

Truck aggregator TruckSumo suspends operations: report


Hyderabad-based truck aggregator has suspended its services and has stopped taking orders since June 1. The startup is an aggregator of mini-trucks and connects businesses having local logistics needs in real-time with service providers who can fulfill those needs.

From the Venture Intelligence Angel Deal Database: In February 2015 GrowthStory had invested in

SBI may house bad loans in separate company

Economic Times

State Bank of India (SBI) is considering a proposal to hive off its stressed-loan portfolio into a separate company, freeing it of a massive bad-debt burden. SBI has seen interest from sovereign wealth funds and private equity players in acquiring stakes in such a so-called bad bank, which would house Rs 1.37 lakh crore of non-performing assets (NPAs), or 9% of total advances.

Jaypee Group defaults on Rs 4,460-Cr loans, payments


Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion). The Group has on a consolidated basis failed to repay Rs 2,905.6 crore (Rs 29.05 billion) in principal amount to banks and another Rs 1,558.93 crore (Rs 15.58 billion) in interest payments. As far as overdue interest in borrowings is concerned, it includes Rs 837.45 crore (Rs 8.37 billion) dues on Jaiprakash Associates, Rs 152.18 crore (Rs 1.52 billion) on Jaiprakash Power Ventures and Rs 63.13 crore (Rs 631.3 billion) on Jaypee Cement Corporation. Besides overdue interest included Rs 193.08 crore (Rs 1.93 billion) on Jaypee Infratech, Rs 3.01 crore (Rs 30.1 million) on Jaypee Agra Vikas Ltd, Rs 308.66 crore on Prayagraj Power Generation Ltd, Rs 0.75 lakh on Madhya Pradesh Jaypee Minerals Ltd and Rs 0.67 lakh on Bhilai Jaypee Cement.

Adani may withdraw from Australian coal mine project, citing delays: report


Indian conglomerate Adani Enterprise Ltd may walk away from its proposal to build one of the world's biggest coal mines in Australia, citing long delays caused by legal challenges to the project by groups concerned about the environment. Adani is battling multiple legal challenges from green groups opposed to its $10-billion Carmichael mine, rail and port project. Australia's Queensland state government in April gave Adani permission to mine coal reserves estimated at 11 billion tonnes and to build roads, workshops, power lines and pipelines associated with the mine.

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