The Big Story |
Sahara raises $850-M from Reuben
Bros to refinance foreign hotels:
Report
PTI
Billionaire brothers David and Simon
Reuben have acquired control of the
crisis-hit Sahara Group’s Grosvenor
House hotel in London and the two US
properties - Plaza and Dream
Downtown - in a $850-million (INR
5,500 crore) debt refinance deal,
the Sunday Times reported. “David
and Simon Reuben, whose empire
stretches from data centres to horse
racing, clinched the purchase of two
loans against the properties from
Bank of China late last week.” The
Grosvenor House hotel was put on
sale by its lender Bank of China
earlier this year after a ‘technical
default’.
The three hotels were acquired by
Sahara between 2010-2012 at an
estimated valuation of $1.55
billion.
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With Rs. 86,000 crores over 6 year
old un-exited
VC/PE investments, India had entered
a “Looming
Logjam” phase in 2014. Did
the situation change during 2014?
Are these the “Acche din”? Join us
at
Apex’15 to know, as Raj
Nair, Chairman, Avalon Consulting
moderates a panel discussion on “How
Long will the Acche Din Last”.
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 among
the Top 15 Consulting Firms Overall
in Asia (Vault List 2014).
www.consultavalon.com
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Done Deals |
Private Equity Fund Investments
Arpwood Buys 21% in Senvion for
Rs.716-Cr
Economic Times
Arpwood Capital has purchased 21%
stake in German wind turbine maker
Senvion (formerly RE Power) for $112
million (about INR 716 crore).
From the Deal Digest Archive (Jan
23, 2015): Publicly listed wind
energy firm Suzlon agreed to sell a
100% stake in its European
subsidiary Senvion SE, to US-based
Centerbridge Partners LP for EUR 1
billion (approx INR 7,200 Cr) in an
all cash transaction and future earn
out of upto an additional EUR 50
million (approx INR 360 Cr).
Aussie SWF leads $40-M fourth
round for Applied Solar
Mint
Delhi-based solar power company
Applied Solar Technologies (India)
Pvt. Ltd (AST) has raised $40
million in its fourth round of
funding led by Future Fund, the
Australian government’s sovereign
wealth fund, with participation from
existing investors Bessemer,
Capricorn Investment Group and IFC.
The investment, which closed late
last month, is AST’s fourth funding
round to date, taking its overall
private equity funding to more than
$85 million.
In 2009, Bessemer had invested an
undisclosed amount in the company.
In 2010, IFC led a $21 million
second round of funding; This was
followed by a $24.6 million round in
2012 in which BVP, IFC and Skoll
Foundation-backed Capricorn
Investment Group participated.
Sequoia invests Rs. 100-Cr in pharma
co La Renon
Economic Times
Sequoia Capital is picking up a
minority stake for INR 100 crore in
Ahmedabad-based pharmaceutical
company La Renon Healthcare, which
specialises in the chronic disease
segment. The seven-year-old company,
founded by former Claris Life
Sciences senior executive Pankaj
Singh, will use the funds to move
into new segments like
gastroenterology and respiratory and
also invest in research &
development (R&D). This is the
company’s first round of capital
raise and Citadel Management
Consulting was the advisor on the
deal.
La Renon expects to close the
current financial year with topline
of around INR 325 crore with a
target of reaching INR 1,000 crore
in the next 4-5 years.
Norwest leads $16.5-M Series B for
food ordering app Swiggy
Nextbigwhat
Food ordering app firm Swiggy has
raised $16.5 million in Series B
funding led by Norwest Venture
Partners (NVP) with participation
from existing investors SAIF
Partners and Accel Partners and an
undisclosed global investment
entity. The funds will primarily be
used to support the next phase of
growth including expanding Swiggy’s
footprint to other cities in India.
From the Venture Intelligence PE/VC
Deal Database: In Feb-15,
Swiggy had raised $2 million from
Accel and SAIF. (Subscribers to the
database can login to view the
valuation, deal structuring and
other transaction details.)
Nexus invests in US-based Rancher
Labs’ $10-M Series A
Nexus Venture Partners, along with
Mayfield, has invested in the $10-M
Series A round of US-based
Rancher Labs a startup
developing Docker infrastructure
software. The funding will be
allocated to furthering product
development and expanding the
company’s engineering and
development teams. The software
allows organizations to run
containers in production, across any
cloud. Rancher was founded by the
team behind Cloud.com (in which
Nexus had also invested) which was
acquired by Citrix in 2011. The
founding leadership team includes
Sheng Liang as Chief Executive
Efficer, Shannon Williams as Vice
President of Sales and Marketing,
Darren Shepherd as Chief Architect
and Will Chan as Vice President of
Engineering.
Accel leads $9-M round for
outsourcing consulting firm ANSR
Times of India
Lalit Ahuja-promoted ANSR Consulting
has raised $9 million (INR 54 crore)
in a round led by Accel India and a
clutch of family offices. ANSR helps
Fortune 500 companies establish
strategic offshore captive centres
and has helped 18 global companies
including Wells Fargo, Target, Time,
SuperValu, Lowe's and L Brands to
set up offshore captive centres.
ANSR is also looking to bring 30-40
GICs (global in-house centres) into
India in the next 5 years.
Snow Leopard, Paytm invest $5-M
in hyperlocal travel service
platform Jugnoo
Nextbigwhat
Mobile-enabled, on-demand hyperlocal
travel service platform
Jugnoo,
which connects auto drivers with
passengers, has raised $5 million in
a Series A funding from Snow Leopard
and Paytm. The company is planning
to expand its services to over 15
cities across the country by the end
this year. Earlier, the company had
raised $1 million in funding from
from investors including Rakesh
Mathur, the CEO of Flywheel (earlier
co-founder of Junglee) and actress
Saumya Tandon.
Sequoia, Seedfund to invest $5-M in
fashion app Voonik
Nextbigwhat.com
Fashion app Voonik is to raise $5
million in Series A funding from
Sequoia Capital India and Seedfund.
The funds will be used to enhance
their personalisation and style
recommendation technology. Founded
in 2013 by Sujayath Ali and
Navaneetha Krishnan, Voonik is a
personal shopping app which allows
users to buy what suits their body,
lifestyle and budget. With over half
a million SKUs, it offers multiple
stores on a single platform and lets
consumers shop in a single checkout.
Voonik’s mobile app registers close
to 2,500 purchases daily from 1,500
unique customers.
From the Venture Intelligence PE/VC
Deal Database: The deal was
concluded in March 2015 with Sequoia
Capital via Sequoia Capital India
Investments IV, investing INR
9.98-Cr. Seedfund via Seedfund 2
invested INR 2.21-Cr. Shailendra
Singh, Managing Director, Sequoia
Capital India has joined the board.
In Feb-14, Seedfund, via Seed Fund
II, invested INR 2.25 Cr along with
other investor who invested 0.5 Cr.
The company had raised funding of
INR 2.5 crores as part of a the
Bloomberg TV Pitch Season 3. Bharati
Jacob of Seed Fund has joined the
board. The company is incubated by
Microsoft Accelerator.
In Feb-14, Seedfund, via Seed Fund
II, invested INR 2.25 Cr along with
other investor who invested 0.5 Cr.
The company had raised funding of
INR 2.5 crores as part of a the
Bloomberg TV Pitch Season 3. Bharati
Jacob of Seed Fund has joined the
board. The company is incubated by
Microsoft Accelerator. In Feb-15,
Seedfund invested an additional INR
1.5-Cr via a Rights Issue.
(Subscribers to the database can
login to view the valuation, deal
structuring and other transaction
details.)
IvyCap invests Rs.30-Cr in lingerie
e-tailer Clovia
Economic Times
IvyCap Ventures has invested in
online lingerie retailer
Clovia. IvyCap has an investment
ticket size ranging between Rs 25-Rs
30 crore, while picking up between
25%-35% in each of its portfolio
companies.
From the Venture Intelligence PE/VC
Deal Database: Other VC
investments in the online lingerie
space include Zivame (IDG Ventures
India, Kalaari Capital, Unilazer);
PrettySecrets (Orios VP,
IndiaQuotient) and Cloe (Mountain
Apollo)
Canbank VC invests Rs.11-Cr in
security services firm SISA
Canbank Venture Capital, through its
Fifth Fund viz., Emerging India
Growth Fund, has invested INR 11
crore by way equity shares and
convertibles for a minority stake in
Shiva Industrial Security Agency (Guj)
Pvt Ltd (SISA). With a turnover
exceeding INR 55 Cr, Surat-based
SISA provides security services with
more than 4000 guards and 150 plus
cash vans. It provides Manned
Guarding, Cash Handling, Electronic
Security Equipment, Event Security
and Emergency Response Services to
corporates, Industrial Units,
Airports, Metro Stations, Public &
Private Sector Banks, Malls/shopping
complexes, Apartments, Hospitals
etc.
The funds from CVFCL shall be
deployed towards adding branches to
boost the existing guarding strength
and also to add another 100 cash
vans in FY16. The company also
proposes to give added thrust to
high margin business segment like
Emergency Response Services & Event
Management Security services. SISA
aims to become one amongst India’s
top ten Security Services Providers
and reach a turnover of INR 150
Crore by FY18.
SIDBI VC invests in online
printing firm Printland
Medianama
Printland Digital India Pvt Ltd, the
parent company of online printing
solutions startup Printland.in, has
raised funding from SIDBI Venture
Capital Ltd, a wholly-owned
subsidiary of Small Industries
Development Bank of India (SIDBI).
The funding will be used to invest
in technology, launching new
products and client acquisition.
Printland was advised by Langham
Capital on this funding.
In September 2013, Printland had
raised Rs 5 crore in debt and equity
from SIDBI and existing investors
Evista Venture Capital and Sanjeev
Kakar. Prior to this, the company
had raised $164,000 from Evista
Venture Capital in March 2013.
Liquidity Events (Private
Equity)
Bessemer sells IL&FS
Transportation Networks shares worth
Rs.26-Cr, Registers 0.7x
Bessemer, through Bessemer India
Capital Holdings II Ltd, has sold
17,70,000 shares on NSE of publicly
listed IL&FS Transportation Networks
Ltd fetching INR 25.71 Cr on June 5,
2015. The sale, at INR 145.24 per
share, constituted 0.72% stake of
total outstanding shares of IL&FS
Transportation Networks Ltd. Post
this exit Bessemer will hold
3,647,755 shares (1.48% Stake)
From the Venture Intelligence PE
Deal database: Bessemer had
invested INR 100-Cr in IL&FS
Transportation Networks in Sep-09
and INR 12.85-Cr in a Right Issue
offer in Mar-14.
BigBasket buys logistics co Delyver
Economic Times
Online grocer Big-Basket has
acquired logistics provider Delyver
in a cash-and-stock transaction.
Both the companies are backed by
serial entrepreneur and investor
Krishnan Ganesh. BigBasket will use
the Delyver fleet to reach orders
within 90 minutes, directly
competing with other delivery
platforms including Grofers,
PepperTap and Local Baniya. The
company will retain the brand name
and use Delyver's two-wheeler fleet
to do hyperlocal deliveries across
all cities.
From the Venture Intelligence PE/VC
Deal Database: In Mar-14,
Delyver had raised INR 6-Cr from
Agnus Capital. (Subscribers to the
database can login to view the
valuation, deal structuring and
other transaction details.) In
Jun-12, the company had raised INR
1.1 Cr from K.Ganesg, BigBasket
founder V S Sudhakar and others.
Angel Investment
Allizhealth raises $350-K from
Mumbai Angels, other individual
Pune-based
preventive healthcare start-up
Allizhealth has raised $350,000
from Mumbai Angels and other
individual angel investors including
Dr. Ranjan Pai, Chairman - Manipal
Education and Medical group and
Rahil Shah, Director at NM Medical.
The funding round was led by
Dr.Aniruddha Malpani, member at
Mumbai Angels. Allizhealth plans to
use these funds to further enhance
its service offerings by improving
its mobile app, expanding its team
and building a health analytics
backend.
Allizhealth is co-founded by Chinmoy
Mishra, who worked earlier with
US-based technology and health
insurance company Aetna, along with
Dr. Rasmi Mishra, Gaurav Vij and
Dhairya Gupta.
IAN
invests $350-K in compression
software start-up AdStringO
Yourstory.com
Mumbai-based
AdStringO Software, a mobile
compression software company, has
raised $350K investment round led by
IAN investor members Arihant Patni,
Vishal Khare and Viswanath
Ramachandran. AdStringO endpoint
compression helps enterprises
penetrate the rural market by
providing solutions for servicing of
customers. Floated in second half of
2014, the company will use the funds
to strengthen the R&D team to
discover other possibilities and
further build on its solutions as
well as increase marketing awareness
about its products.
Art
& Design marketplace PosterGully
raises $160-K
inc42.com
Delhi-based curated marketplace for
artists and designers, PosterGully
has raised $160,000 from a group of
angel investors through the
LetsVenture platform. The round was
led by Natarajan Iyer, former
consultant at Egon Zehnder. Other
participants included Rajesh Sawhney,
Nish Bhutani, Vivek Mulchandani,
Vikram Saxena, Mineral Enterprises
Limited, Bhavika Enclave and Anuj
Chowdhary. PosterGully has also been
a part of the startup accelerator,
launched by former Reliance
Entertainment president Rajesh
Sawhney, GSF Accelerator.
From the Venture Intelligence PE/VC
Deal Database: In Nov-12,
PosterGully was incubated at The
Hatch.
KCL, angels invest Rs 90 Lakh in
e-tail analytics firm Teritree
Economic Times
Digital
marketing and personalisation
startup, Teritree Technologies has
raised INR 89.71 lakh ($140,000) in
its first round of funding led by
Mauritius-based investment fund KCL
and a group of 10 angel investors
that includes top executives from
Microsoft, Cisco, Facebook, HP and
IBM. The Bangalore-based company's
technology tracks user activity on
online retail sites and continuously
records and collates content and
customer activity. Teritree will use
the funding to improve its
technology and also increase hiring.
This is the first investment for the
three-year-old company, that hopes
to close a second angel round this
fiscal.
Travel tech app Guiddoo raises angel
funding
Business Standard
Guiddoo, a travel technology
start-up that has an in-destination
mobile app with the same name, has
raised seed funding from angel
investors including Pawan Borle,
senior vice-president, Fly Dubai,
Abrar Ahmad, partner at Travel
Capitalist Ventures, and chartered
accountants Nirmal Singh, Sanjay
Shah and Ushik Gala. The funding
will be utilised to fuel expansion
plans and product innovation.
Guiddoo will look to raise Series-A
funding for which it has appointed
Dexter Capital Advisors as the
exclusive advisor.
The company’s in-destination travel
app has curated content for over 300
monuments, attractions and locations
around the world. The app has over
100,000 downloads and continues to
add 1,000 new users a day.
Former SpiceJet execs invest in
hotel rooms aggregator Zen Rooms
Economic Times
SpiceJet’s former CEO Sanjay
Aggarwal and former chief commercial
officer Kaneswaran Avili, along with
an executive from AirBnb, are
investing in Zen Rooms, a budget
hotel aggregator with operations in
Thailand, Singapore, Indonesia,
Philippines and India. Zen Rooms is
set to launch in five countries with
about 4,000 rooms. Founded by Vinay
Gupta, Kiren Tanna and Madhur Yadav,
the firm is also in advanced talks
to raise funds from Singapore-based
investors.
Other Private Equity / Strategic
Investments
Van Herk Groep invests $20-M in
affordable housing firm VBHC
Economic Times
Rotterdam-based global investment
firm Stichting Van Herk Investments
has invested $20 million in
affordable realty player VBHC Value
Homes. Van Herk Group had first
invested in VBHC in July 2014
From the Venture Intelligence PE-RE
Deal database: Other PE
investors in VBHC include IFC,
Carlyle, LIC Housing Finance, HDFC
PMS and India Financial Inclusion
Fund.
Tatas make INR 68-Cr fourth round
of investment in Swiss solar firm
Flisom
Business Line
Tata Industries and a group of
strategic investors have invested 10
million Swiss franc (INR 68 crore)
in the fourth round of funding for
Swiss start-up solar company Flisom,
which is developing innovative
technologies for manufacturing of
flexible thin film CIGS solar
modules. In 2013, the company
received an investment of 42.5
million Swiss franc (about INR 290
crore) for the pilot-production
plant with an annual capacity of 15
MW at Niederhasli-Zurich in
Switzerland.
Mergers & Acquisitions
PVR
buys DLF’s DT Cinemas for Rs.500
crore
Publicly-listed
PVR Ltd is to acquire the cinema
exhibition business of DLF Utilities
Limited which is operated under the
brand name of "DT Cinemas", for INR
500 crores on a slump sale basis. DT
Cinemas currently operates 29
screens with approximately 6,000
seats across 8 properties in the
National Capital Region and
Chandigarh. In the next 12 months,
DT proposes to add 10 new screens at
two properties in the National
Capital Region. Shardul Amarchand
Mangaldas was the legal advisor
to PVR and EY India and
Luthra & Luthra were financial
and legal advisors respectively to
DLF.
Currently, PVR has 467 screens
across 105 locations in 43 cities.
As a result of the proposed
acquisition, PVR will have a
presence in 44 cities with 115
multiplexes and 506 screens.
Mahindra Holidays invests
Rs.202-Cr to hikes stake in Finnish
firm HCR by 64.7%
Listed company
Mahindra Holidays & Resorts (MHRIL)
is to increase its stake in Holiday
Club Resorts of Finland from 23.3 %
to 88%. The additional 64.7% is
being acquired by investing Euro 28
million (about INR 202 crore). The
balance 12% stake will be owned by
the management of the Finnish
company. MHRIL will also infuse Euro
10 million (about INR 71 crore) in
Holiday Club in the form of equity/
loan to finance the growth of the
company in the near future. In FY14,
the target company reported revenues
of Euro 123 million.
In 2014, MHRIL had picked up 23.3 %
stake in Holiday Club for INR 125
crore for the initial share
acquisition. Launched in 1986,
Holiday Club Resorts is one of
Europe’s leading vacation ownership
firm owning 30 resorts.
Anheuser-Busch InBev exits JV
with RJ Corp
Belgium-headquartered Anheuser-Busch
InBev has exited its joint venture
with RJ Corp to go solo through
Crown Beers India Pvt. Ltd., its
wholly-owned subsidiary. The deal
will allow Anheuser-Busch InBev to
expand in India independently
through additional brand investment
and capacity expansion. J. Sagar
Associates (JSA) advised
Anheuser-Busch InBev while
Covington and Burling LLP were
international advisors on the
transaction. RJ Corp was represented
by Dua Associates.
Time
Technoplast sells Polish subsidiary
for Euro 11-M
Publicly-listed
Time Technoplast has divested
its stake in its Polish subsidiary
Novo Tech SP which is engaged in
manufacture of anti spray flaps and
some entrance mattings to a
Poland-based Private Equity fund.
The deal also includes 100%
subsidiary of Novo Tech, GrassTech
Romania, with overlapping product
range. Novo Tech has been valued at
an Enterprise Value of approx., Euro
11 million (Equity Value of Euro 7
million) as against company's
investment of approx Euro 2 million.
Bombay Minerals acquires 25.5% in
Orient Abrasives for Rs.90-Cr
Bombay Minerals and Cura Global
Holdings will acquire 25.52%
(30534857 equity shares) of
Orient Abrasives Ltd at a price
of INR 29.50 per share aggregating
to INR 90 crores from its current
promoters. They shall also make an
open offer for acquiring shares from
public up to 26% at the same price.
Aryan Coal Beneficiation acquires
63% in SV Power with Rs.100-Cr
investment
Economic Times
Lender IDFC has replaced the
promoters of SV Power and brought in
a new equity investor to revive the
foundering utility following missed
payment schedules. Aryan Coal
Beneficiation or ACB (India), a coal
beneficiation company will replace
KVK Energy, as the biggest
shareholder of the SV Power with a
INR 100 crore equity investment. As
per the new arrangement, ACB (India)
will hold 63% stake in the company
while IL&FS will continue to hold
37%. The old promoter KVK Energy
will write off its entire equity
stake and bankers will take a
hair-cut of close to INR 50 crore.
Post this exercise, lenders'
exposure would stand at INR 280
crore.
SV Power, a 63 MW plant located in
Korba, Chhattisgarh was promoted by
KVK Energy, which has the backing of
private equity fund Old Lane founded
by Vikram Pandit, the former chief
executive of Citigroup, and a
private equity fund of IL&FS.
JetSynthesys acquires mobile
gaming co Xerces Tech
JetSynthesys Pvt. Ltd., a part
of the Navani family owned JetLine
Group of Companies has acquired Pune
based gaming company
Xerces Technologies. The target
company has developed some of the
most downloaded games across various
app stores such as Cricket
Unlimited, StickMan fighter, Bull
Fighter, Mad Car Racing and the
movie based game Bang Bang.
Essel Group to acquire 60% in Simba
Energy’s African oil and gas assets
Essel Group, through Essel Group
Middle East, is to acquire a 60%
participating interest in the
portfolio of the African oil and gas
exploration projects owned by
Simba Energy Inc., a Canadian
publicly traded oil and gas company.
LetsTransport acquires mini truck
hiring platform Shifter
Hindu
Gurgaon based online mini truck
hiring service LetsTransport has
acquired Shifter, a Bangalore-based
operating in the same space..
LetsTransport is owned by Diptab
Ventures Private Limited
Other Deals - Listed Firms
UTI-IAS buys Mallya’s 3.97% stake
in United Breweries on loan default
Financial Express
Unit
Trust of India Investment Advisory
Services, the security trustee in
relation to term loans secured by a
pledge over 1.04 crore shares of
United Breweries, has acquired
promoter Vijay Mallya’s 3.97% voting
rights on pledged shares in the
company following a default. As a
result, Mallya’s voting rights in
the company have shrunk to just
0.06%.
Back to top |
Fund News |
Healthcare-focused Quadria Capital
closes $304-M fund
DNA
Quadria
Capital, a Singapore-and India
based, healthcare-focused private
equity group, has raised $304
million for investments in Asia. The
firm is focused on making equity
investments in mid-sized healthcare
companies in South and Southeast
Asia. It has already completed one
investment in India, in Medica
Synergie, a hospital network in
eastern India.
Fulcrum Ventures closes Fund II at
Rs.100-Cr; ropes in SIDBI as
investor
Economic Times
Chennai-based, healthcare-focused
Fulcrum Venture India has roped in
Small Industries Development Bank (SIDBI)
as an investor in its second fund
and announced the final close of
Fulcrum Venture India Fund II with
INR 100 crore.
Fulcrum is planning to raise its
third fund in 12-15 months targeting
INR 250 crore from a mix of
institutional and domestic high net
worth individuals.
AIFs to get to invest 25% of
corpus abroad
Financial Chronicle
Domestic private equity and venture
capital funds will soon get to
invest more in overseas markets, as
market regulator Sebi is expected to
hike the investment limit for them
in case of Indian-owned companies
operating abroad. Investment limit
for alternative investment funds (AIFs)
would go up to 25% of their total
investible corpus from 15% at
present. To begin with, the overall
limit for investment under this
route may be capped at $500 million.
The move is aimed at allowing
domestic AIFs to diversify their
investments and helping Indian
entrepreneurs tap this route to meet
their funding requirements for
setting up operations abroad.
Sebi
would allow AIFs to invest also in
equity and equity-linked instruments
of offshore venture capital
undertakings, i.e. a foreign company
whose shares are not listed on any
of the recognised stock exchanges in
India or abroad. Such investments
would be made only in those
companies that have an Indian
connection, like a company that has
its front office overseas with back
office operations in India.
Back to top |
Deals in the Making |
PE/Strategic Investment
Milner, Google Capital in talks
to invest Rs.400-Cr in health tech
startup Practo
Times of India
Russian billionaire Yuri Milner and
Google Capital are part of a
consortium of investors who are
close to putting Rs 400 crore into
healthcare technology startup Practo.
Existing venture capital investors
Sequoia Capital and Matrix Partners
will also participate in this new
round of financing, valuing the
Bangalore-based Practo Technologies
at around Rs 2,000 crore - that's
almost double its valuation from the
previous round. Practo's latest
round will also see some amount of
secondary exits by early investors.
Maternity care chain Cloudnine in
talks to raise Rs.300-Cr
Mint
Cloudnine Hospitals, a maternity
care chain backed by Matrix Partners
and Sequoia Capital, has started
talks with existing and new
investors to raise Rs.300 crore to
fund its expansion into cities such
as Noida and Coimbatore. Cloudnine,
which was founded in 2007 and
received Rs.145 crore in funding
from Matrix and Sequoia, currently
has 16 hospitals, mostly in
Bengaluru. It wants to set up 12 to
15 more units. The company has also
started expanding into related areas
such as gynaecology, paediatrics and
infertility.
Unitech in talks to raise Rs 200-Cr
for ongoing housing projects
Economic Times
Realty firm Unitech plans to raise
about Rs 200 crore from private
equity players to part finance its
working capital needs for ongoing
housing projects. The company is in
talks with some PE players and the
deal is likely to be finalised in
the next three months. The company
has no plans to launch new housing
projects this year and would focus
on delivery of existing projects.
Unitech has ongoing projects in
Delhi-NCR, Chennai, Bangalore and
Kolkata. It would raise funds in
projects where substantial sales
bookings have been achieved. During
2014-15 fiscal, Unitech's net loss
stood at Rs 128.33 crore against Rs
69.74 crore profit in the previous
year. Income from operations
increased to Rs 3,431.18 crore in
the last fiscal from Rs 2,953.44
crore in 2013-14.
MakeMyTrip in talks to invest
$30-M in HolidayIQ
Mint
Nasdaq-listed online travel agency
MakeMyTrip Ltd is in talks with
Bengaluru-based holiday information
company Leisure and Lifestyle
Information Services Pvt. Ltd, which
owns and operates online portal
HolidayIQ.com, for a nearly $30
million investment. The move is in
keeping with the company’s
articulated strategy of buying out
or acquiring stakes in
travel-related start-ups in
South-East Asia.
HolidayIQ is looking to improve its
existing technology and increase
offerings, including content, in the
cities where it is currently
present. The travel content website
is backed by global investment firms
Tiger Global Management and Accel
Partners. Both investors invested a
total of $5.5 million in the company
in 2013.
Capvent in talks to pick up 35%
in Wonderchef Home Appliances for Rs.
80-Cr
Times of India
Zurich-headquartered investment fund
Capvent is close to investing Rs 80
crore in celebrity chef Sanjeev
Kapoor's Wonderchef Home Appliances,
which sells a premium range of
kitchen appliances and cookware, in
lieu of 35% stake. The fund-raise is
expected to value the Mumbai-based
company at around Rs 300 crore, post
the investment. The fresh capital
will be used in brand building and
pushing its e-commerce platform.
Mid-market investment bank Equirus
Capital has been given the mandate
for this transaction.
Wonderchef, founded and promoted by
ex-Sodexo India CEO Ravi Saxena, is
expected to clock sales of about Rs
100 crore with plans to double the
number in a year. Kapoor holds
around 30% in the company.
Sequoia backed e-tail tech firm
Sweet Couch looks to raise Rs.40-Cr
in Series-A
Business Standard
Mumbai-based e-tail tech startup,
Sweet Couch Technologies, is
planning to raise between Rs 35
crore and Rs 40 crore in a Series-A
round of funding from existing
investors and private equity players
in 2015. A majority of the proposed
funds will be used for product
enhancements, including building
algorithms and machine learning.
From the Venture Intelligence PE/VC
Deal Database: In May 2014
Sequoia Capital had invested $1.7
million in Sweet Couch
NDTV
Convergence in talks to raise funds
for e-comm foray
NDTV Convergence Limited, a
subsidiary of publicly-listed New
Delhi Television Ltd, has
non-binding term sheets with
“certain potential investors” for
entering into e-commerce ventures in
the field of food, auto and gadgets.
Electrosteel Steels may get
investment from Tata Group,
Singapore investor
Business Standard
Electrosteel Steels, a group company
of Electrosteel, has got an
indication for investment in the
company from Tata Group, as well as
from a Singapore-based financial
investor. The company makes products
like Pig Iron, Billets, TMT Bars,
Wire Rods and Ductile Iron Pipes.
Electrosteel is setting up a
2.51-million tonne integrated plant
in Bokaro district of Jharkhand and
had a debt of close to Rs 10,000
crore on March 31, 2014.
Secondary Issues
IndusInd Bank plans Rs 4,800-cr
equity share sale
Business Standard
Private sector lender IndusInd Bank
is planning to sell shares worth
$750 million (Rs 4,800 crore). For
this, it has hired Morgan Stanley,
CLSA, JM Financial,
JPMorgan and Credit Suisse
as arrangers.
At the end of March, the capital
adequacy ratio fell to 12.09% from
13.83% a year earlier. In financial
year 2014-15, total advances grew
25% to Rs 68,788 crore and deposits
rose to Rs 74,134 crore, up 23%. For
the full year, net profit stood at
Rs 1,794 crore, up 27%.
M&A
Piramal Realty in talks to
acquire DB Group’s South Mumbai land
for Rs 1,000-Cr
Economic Times
Piramal Realty is in advanced talks
with DB Group to acquire a prime
sea-facing, 2.2 acre plot of land at
Marine Lines in South Mumbai for
over Rs 1,000 crore. In addition,
the Ajay Piramal-led company is also
expected to give DB Group 20% of
built-up space on the property. The
proposed deal with Piramal Realty
comes after DB Group's decision to
scrap its plan to develop India's
tallest 126-storey, five-star luxury
hotel on the plot that oversees the
Arabian Sea. The group had initially
proposed the project under the name
of Park Hyatt Tower in 2008. It had
acquired the plot located close to
SK Patil Udyan at South Mumbai's
Charni Road in 2005 from Suresh
Estates, another developer operating
in South Mumbai.
Wipro in talks to buy
Advent-backed British BPO firm
Equiniti: report
Business Standard
IT services firm Wipro is looking at
acquiring Equiniti, a UK-based
back-office services provider that
manages pensions of millions of UK
civil servants in a deal that is
estimated at over £1 billion (around
Rs 9,779 crore). Equiniti, which is
owned by private equity player
Advent International, employs around
3,000 people. The other possible
buyers of Equiniti include the
Canadian pension fund Omers and the
buyout firm Hellman & Friedman.
JPVL
seeks HP govt nod to sell two hydro
projects
Times of India
Jaiprakash Power Ventures Limited (JPVL),
a subsidiary of Jaypee Group, has
once again approached the state
government seeking permission to
sell its two hydro power projects
located in Kinnaur district of
Himachal Prades to a new buyer,
reportedly the Jindal Group. While
the request is under consideration,
the final decision would be taken by
the cabinet in its next meeting. The
two hydro projects, Kachham-Wangtoo
and Baspa-II, have a combined
generation capacity of 1391 MW.
The deal to sell the project to Abu
Dhabi National Energy Company PJSC (TAQA)
at Rs 10,500 crore was called off at
the last moment.
Temasek to buy Intel Cap’s 8% stake
in Policybazaar for Rs. 110-Cr
Times of India
Singapore sovereign fund Temasek is
picking up close to 8% stake held by
Intel Capital in insurance web
aggregator Policybazaar.com for
around INR 110 crore. The deal
values Policybazaar upwards of INR
1,500 crore. Following the sale,
Intel Capital, which had picked up
its stake for around INR 30 crore in
April 2011, will completely exit
Policybazaar.
Founders United Trust - which
comprises former managing director
of Canaan Partners Alok Mittal,
Google India MD Rajan Anandan,
ChrysCapital co-founder Ashish
Dhawan, MakeMyTrip founder Deep
Kalra and HealthKart.com founder
Prashant Tandon - recently picked up
a stake of around 1.5% in the
company. The company had raised INR
300 crore in April from PremjiInvest,
Steadview Capital, Ribbit Capital
and Tiger Global. Tiger Global is
the single largest investor in
Policybazaar with more than 30%
stake while Info Edge owns 18%.
Investors together hold about 70% in
the company while the management and
founders, including Yashish Dahiya,
hold the balance. Dahiya personally
holds 9%.
Hardy Oil to buy RIL’s 90% stake
in Gujarat Block
DNA
UK's Hardy Oil & Gas plc is in talks
to acquire Reliance Industries'
entire 90% stake in a gas discovery
block off the Gujarat coast. RIL
wants to exit Gujarat-Saurashtra
offshore basin block (GS-01) as it
feels that reserves discovered so
far are not economically
significant. Hardy currently owns
10% interest in the block where a
gas discovery, named Dhirubhai-33,
was made in 2007.
The GS-01 licence is located in the
Gujarat-Saurashtra offshore basin
off the west coast of India,
northwest of the prolific Bombay
High oil field, with water depths
varying between 80 meters and 150
meters. The retained discovery area
covers 600 square kilometers.
Italian Co Enel Green eyes
controlling stake in Bharat Light &
Power
Economic Times
Italian renewable energy
multinational Enel Green Power (EGP)
is in advance negotiations with
green energy generation company
Bharat Light & Power (BLP) to make a
significant investment for a
controlling stake in the company.
Enel Green, a subsidiary of Italy's
biggest power company Enel Power,
may invest around INR 900 crore
($150 million) as fresh equity
commitment in BLP to support
expansion plans of its 450-500 MW
capacity from the current 172 MW
over the next 2-3 years. The equity
value of BLP's wind portfolio is
likely to be at INR 1,200 crore once
the deal is completed. The company
also has a debt of around INR 550
crore.
BLP's early stage investors include
DFJ, VenturEast and UTI Capital who
amongst them own two thirds of the
company..
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Other News |
India
Ahoy!
China’s Dalian Wanda Group looks to
invest $10-B in India
Economic Times
Chinese-real estate player, Dalian Wanda
Group, plans to invest $10 billion in India
in the next 10 years to construct industrial
townships and retail properties. The Dalian
Wanda Group is looking at building five
industrial parks in India, besides shopping
malls and theme parks.
The group had entered India through a deal
with the Reliance Group in December 2012 to
develop the Dhirubhai Ambani Knowledge
Centre in Navi Mumbai.
New
Venture
Fmr Infy, TCS execs start BPO venture
Antworks
Economic Times
Asheesh Mehra, who headed information
technology giant Infosys Technologies' BPO
operations in the Asia Pacific, Japan and
Middle East regions, has resigned from the
company, to start his own venture. Mehra has
launched Antworks, a business process
outsourcing and technology startup catering
to the healthcare and financial services
industry.
The startup, which has been co-founded with
former Tata Consultancy Services and WNS
senior executive Govind Sandhu earlier this
year, will be headquartered in Singapore,
and will have three delivery centres in
India, with the first one coming up in Pune
later this month.
Expansion
/ Diversification
Kotak Mahindra, ING Bank in cross-border
tie-up
Business Standard
Kotak Mahindra Bank and ING Bank have joined
hands for exploring opportunities arising
from cross-border business, investment and
trade flows across various regions,
including Europe. A memorandum of
understanding (MoU), signed between the two,
covers an array of co-operation in areas
such as trade finance, remittances and
services related to non-resident Indians,
funding to counterparties' corporate
relationships, fee-based products, direct
banking and digital strategy, and
cross-border debt capital markets and
mergers and acquisitions.
ING Bank will give clients from The
Netherlands and the other 39 countries where
it is active in commercial banking access to
Kotak's services in the Indian market, while
it will offer the combined clients in India
the opportunities of ING's international
network.
Burman Hospitality signs up as North
India franchisee for mexican restaurant
chain Taco Bell
Business Line
Mexican-style quick service restaurant chain
Taco Bell has entered the North Indian
market with the launch of its first
restaurant in New Delhi, after a partnership
with Burman Hospitality Pvt Ltd, its first
franchisee in India incorporated by the
promoter family of Dabur. Taco Bell, which
is part of the Yum Brands, has six
restaurants in Bangalore and Mumbai.
Lohiya Group
to set up Rs. 500-Cr edible oil plant in
Nellore
Business Line
Edible oil maker Lohiya group, with its
flagship brands Gold Drop and Gold Plus, is
setting up a new refinery plant in Nellore
in Andhra Pradesh with an investment of Rs.
500 crore. The company is expecting land
allotment from the Andhra Pradesh Industrial
Infrastructure Corporation and hopes to
start operations in the first phase of the
proposed plant in about 10 months from now.
While the first phase of the plant will
involve Rs.100-crore investment to create
500 tonnes of additional capacity, the total
investment in the subsequent phases will go
up to Rs. 500 crore in next two to three
years. Lohiya now operates two refineries at
Kakinada and Mankhal and has a total
capacity of 1,335 tonnes per day.
New
Incubators
Viridian Group, ESpark form JV to support
startups in India
Yourstory
Viridian Group has formed a joint venture
with UK-based Entrepreneurial Spark to
support startups in India earmarking fund of
up to $300 million for the purpose. The JV,
Viridian-ESpark will offer an 18-month
accelerator programme to budding Indian
entrepreneurs besides providing funding
support. The selected startups will work
with a team of global business enablers,
external mentors and experts with enormous
experience in their domains – on all aspects
of starting and running successful
companies.
Regulatory News
Regulator allows pension funds to invest
5% of assets in REITs
Economic Times
Pension Fund Regulatory and Development
Authority (PFRDA) has allowed pension funds
to invest up to 5% of their corpus in
regulated real estate investment trusts.
The National Pension System (NPS) has a
corpus of Rs 86,000 crore. The revised
guidelines will also apply to NPS Lite and
Atal Pension Yojana.
SEBI rejects
MCX proposal to hold 15% stake in MSEI
Business Standard
The Securities and Exchange Board of India (Sebi)
has rejected Multi Commodity Exchange (MCX)'s
request to increase its stake in
Metropolitan Stock Exchange of India (MSEI,
formerly known as MCX-SX). A few months ago,
MCX had proposed to convert the warrants it
was holding in that exchange into equity,
which would have allowed it to raise its
stake to 15%. MCX received warrants when
equity base of MCX-SX was restructured and
its promoters - Financial Technologies and
MCX - had converted their equities into
warrants, which were to be disposed of in
three years. That three-year period for MCX
is expiring on June 19 as Sebi has also
rejected MCX's request to extend the time
limit.
People
Anshu Jain resigns as Deutsche Bank
co-CEO
Rediff.com
Germany's biggest lender Deutsche Bank
appointed John Cryan as its new CEO on
Sunday after co-chief executives Anshu
Jainand Juergen Fitschen resigned following
criticism from investors.
R Seshasayee replaces K V Kamath as Infy
Chairman
IT major
Infosys today appointed board member R
Seshasayee Non-Executive Chairman in place
of K V Kamath, who is set to take over as
head of the New Development Bank of the
BRICS group in July. Seshasayee, whose
appointment is with immediate effect, has
been an Independent Director on the
company's board since January 2011 and is
the chairperson of the Audit Committee.
Manoj Kohli quits Bharti Airtel after 10
year stint, likely to partner US energy
firm: report
Economic Times
Bharti Enterprises managing director Manoj
Kohli is leaving the Sunil Mittal-led group
after over a decade, three people familiar
with the matter said. Kohli, who earlier
headed Bharti Airtel in India and Africa, is
likely to quit by the end of this month.
Among the options he is considering is
partnering a US-based renewable energy firm
for its India venture
Diwakar
Gupta named VP at Asian Development Bank
NetIndian
Manila-based Asian Development Bank (ADB)
has appointed Diwakar Gupta of India as
Vice-President for Private Sector and
Cofinancing Operations. Gupta will be
responsible for operations of the Private
Sector Operations Department and the Office
of Cofinancing Operations. He succeeds
Lakshmi Venkatachalam.
Others
Adani gets nod to develop Vizhinjam port
in Kerala
Business Standard
The Kerala Cabinet cleared the lone bid
submitted by Adani Ports and SEZ Limited to
develop the Rs 6,500-crore Vizhinjam port
project, Thiruvananthapura.
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About Avalon Consulting |
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With Rs. 86,000 crores over 6 year
old un-exited
VC/PE investments, India had entered
a “Looming
Logjam” phase in 2014. Did
the situation change during 2014?
Are these the “Acche din”? Join us
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Nair, Chairman, Avalon Consulting
moderates a panel discussion on “How
Long will the Acche Din Last”.
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
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Agribusiness, Automotive, Chemicals,
Construction, Education,
Engineering, FMCG, Healthcare,
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