Venture Intelligence
February 16, 2018 - Weekly Edition
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The Big Story

Shriram Properties raises Rs 1,000-Cr from ASK Group

Business Line

Bengaluru-based Shriram Properties has raised INR 1,000 crore from PE-RE investor ASK Group to set up a JV invest vehicle that will invest in affordable, mid-housing and distressed assets. The company will tap projects in Bengaluru, Chennai, Coimbatore, Vizag and Kolkata.


Done Deals
Done Deals

Private Equity Fund Investments

Lendingkart raises $87-M round led by Temasek


Fintech startup Lendingkart Technologies has raised USD 87 million (INR 565 crore) in equity funding, led by Singapore's Fullerton Financial Holdings (FFH) which is a wholly-owned subsidiary of Temasek, along with existing investors. The company plans to expand its credit product offerings to deepen its reach to small enterprises. Credit Suisse acted as the exclusive financial advisor to Lendingkart Technologies.

Lendingkart has also signed a memorandum of understanding with Fullerton India Capital Company, a wholly owned subsidiary of FFH, which will provide both parties opportunities to collaborate on initiatives that complement their respective credit businesses.

From the Venture Intelligence PE-VC Deal Database: Between 2015 and 2017 Lendingkart had raised USD 37 Million from a clutch of investors including Mayfield, Saama Capital, India Quotient, Bertelsmann India Investments and Sistema Asia Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

PremjiInvest leads $71-M investment for US-based payments firm YapStone

Press Release

PremjiInvest (PI) has led a USD 71 million Series C round for US-based global payments firm YapStone. PI was joined by Mastercard and existing investors, Accel Partners and Meritech Capital Partners. The latest funding round will help YapStone expand its product offering, broaden its geographic footprint and pursue mergers and acquisitions. FT Partners (Financial Technology Partners LP and FTP Securities LLC) served as exclusive strategic and financial advisor to YapStone on the transaction.

UK’s CDC invests Rs.200-Cr in Future Consumer’s NCDs


CDC Group, the UK government’s development finance institution, is to invest INR 200 crore in non-convertible debentures (NCDs) issued by publicly-listed Future Consumer Ltd. The NCDs, with a tenure of seven years, will be used primarily to finance capex, long-term working capital and support the growth of the business. The facility has lower cash coupon rates in the first two years coupled with repayments starting after three years.

Techies hiring platform HackerRank raises $30-M from US-based investors

Press Release

HackerRank, a platform that helps companies evaluate technical talent based on skills (which was originally founded in Bangalore as Interview Street), has raised USD 30 million in Series C funding led by JMI Equity. Existing investors, including Khosla Ventures, Battery Ventures, Randstad Innovation Fund and Chartline Capital Partners also participated in the round, which brings HackerRank's total funding to USD 58.2 million. Suken Vakil, General Partner at JMI Equity, has joined HackerRank's Board of Directors.

HackerRank will use the new capital to accelerate its growth in the enterprise, expand and support its community of more than 3.4 million developers and advance its data science research and development.

HealthifyMe raises $12-M in Series B from Sistema Asia, others


Healthcare startup HealthifyMe has raised USD 12 million in a series B round of funding led by Russian conglomerate Sistema Asia Fund. Others who participated in the round include Samsung NEXT, Atlas Asset Management, Japan’s Dream Incubator, IDG Ventures India, Inventus Capital, Blume Ventures and NB Ventures. The startup intends to use the fresh round of funding to expand its presence in India by offering new products and services like health foods, diagnostics and insurance. The company also intends to use the funds to strengthen its artificial intelligence and data science capabilities.

Founded in 2012, HealthifyMe helps users manage their diet and workout schedule and track progress.

Fintech firm Rupeek raises Rs.44-Cr led by Accel India

Accel India (via Accel India V) has invested INR 32.56 crore for a 14.54% stake in online gold loans startup Rupeek FinTech Pvt Ltd. Anand Daniel of Accel has joined the Rupeek board. Existing investor Sequoia Capital India (via SCI Investments V) co-invested INR 11.44 crore for a 5.11% stake respectively in the Series B CCPS on Dec 21, 2017. The investment was made at a pre-money valuation of INR 180 crore - 5.8 times the pre-money valuation of INR 31.22 crore that Sequoia had first invested at in Jan 2017.

Post-deal, Sequoia Capital India will hold a 29.20% stake and Accel India, 14.54% on a fully diluted basis. The company reported revenues of INR 29 lakhs for FY17.

From the Venture Intelligence PE-VC Deal Database: In Jan 2017, Sequoia Capital India invested INR 13.37 Cr for a 30% stake in the company.

Biotech startup Pandorum raises $3.6-M from 021 Capital, IAN, KITVEN, Sunil Munjal

Economic Times

Pandorum Technologies, a biotech startup which 3D print tissues, has raised USD 3.6 million (INR 23 crore) in a series A round from Indian Angel Network Fund, 021 Capital, 500 Startups and KITVEN. The round also saw participation from Hero Enterprise chairman Sunil Kant Munjal and IAN’s angel network.

Pandorum, which develops 3D-printed human tissues for medical research and therapeutics, will use the money to scale up operations, hire talent and deepen research and development.

Centrum’s Kalpavriksh fund invests $3-M in edutech startup Littlemore


Littlemore Innovation Labs Pvt. Ltd, a education technology company, has raised INR 20 crore (USD 3 million) from Kalpavriksh, a private equity fund of the Centrum Group. Littlemore Innovation Labs provides digital and scalable solutions for conducting paperless descriptive exams online. The company plans to use the funds for further research and development and filing patents and copyrights in Singapore and to expand its presence in Southeast Asia and the Middle East. The company also plans to tie up with private universities in India.

Eduvanz Financing raises $500-K from Blinc Advisors


Eduvanz Financing Pvt. Ltd, an education technology startup that provides loans for skill development to students, has raised USD 500,000 in a round of funding led by Blinc Advisors. Eduvanz works with training partners, corporates and certification providers across 16 industry sectors to increase their enrolments by providing innovative financial solutions to students and skill-seekers. The company aims to use the funds for strengthening its AI-based lending technology for loan appraisal and expand its operations across India.

Test prep co Toppr raises Rs.65 Lakhs in addnl Series B funding from Hong Kong’s Axis Capital

From the Venture Intelligence PE-VC Deal Database: Mumbai-based online test preparation service Toppr had raised an additional INR 65 lakhs in Nov-17 from Hong Kong based Axis Capital Partners.- as part of its Series B funding which begun in Aug-17-

In Aug 2017, Toppr had raised INR 45.60 crore from existing investors SAIF, Eight Road Ventures, Helion Ventures as part of its Series B funding. The company has raised $19 M in equity funding and also attracted Venture Debt from Innoven Capital.

Contract management SaaS startup SirionLabs attracts funding from RB Investments

Singapore-based RB Investments has invested in Gurgaon-based software startup SirionLabs along with existing investors. Founded in 2012, SirionLabs is an enterprise SaaS provider for post-signature contract management.

From the Venture Intelligence PE-VC Deal Database: In Jul 2016, SirionLabs had raised USD 12.25 million (about INR 80 crore) from Sequoia Capital India, Qualgro and Canopy Ventures. Prior to that in Apr 2014, it had raised INR 28 Cr from Sequoia Capital.

Marketing automation SaaS startup WebEngage attracts funding from Social+Capital

Press Release

WebEngage, a marketing automation focused SaaS service operated by Webklipper Technologies Pvt. Ltd, has raised funding from US-based Social+Capital Partnership. The new funds will be used to build product pipeline for 2018. Existing investors in WebEngage include Blume Ventures, GTI Capital, Capillary Technologies and angels such as Rajan Anandan.

B2B marketplace Wydr raises addl funding from existing investors


Wydr, a mobile-based B2B marketplace, has raised funding from its existing investors. The proceeds will be used to strengthen seller base, set up pan-India offices and improve product and technology stack to penetrate deeper into the Indian wholesale market. The company claims to have 10,000 manufacturers and distributors.

From the Venture Intelligence PE-VC Deal Database: In Dec 2016, Wydr had raised INR 13.1 crore from Bessemer, Jungle Ventures, Stellaris Venture Partners, Axis Capital Partners and Shamser Singh Sidhu and Ramakant Sharma.

Angel Funding

PetSutra raises Rs.95-L

ANI News

Gurgaon-based niche pet startup PetSutra raised INR 95 lakh s a seed investment from investors from across the world. The raised funds will be used to expand the brand’s presence across India and globally.

Campaign mgmt firm Corefactors raises funding from ah! Ventures


Corefactors, a Bengaluru-headquartered campaign management, business communication and analytics company, has raised a pre-Series A round of funding from growth catalyst firm ah! Ventures. Corefactors will use the fresh capital for branding, marketing and expanding its services to other geographies.

Ed-tech startup Shirsa Labs raises addl angel funding led by Cross Border Angels

BW Disrupt

Mumbai based Ed-tech startup Shirsa Labs has raised USD 0.5 million in seed funding led by Cross Border Angels (CBA) and other existing investors including ah! Ventures, Dewang Neralla, Mahesh Kothurdkar, Purple Patch Ventures & family offices from Dubai and Goa, Atul Agarwal (Founder of Mercator Lines, a listed company), and multiple investment bankers from India and US. The fresh funds will be used by the company to bolster its marketing in India.

Shirsa Labs’ online engagement platform ‘Planet of Gui’ is a social platform that engages kids with multiple features and educational content.

From the Venture Intelligence Angel Investments Database: In Nov 2015, Shirsa Labs had raised $250,000 from ah! Ventures.

Social VC Investments

Education co IMAX Program raises Rs.87-Cr from MSDF, others

Economic Times

IMAX Program, a Bengaluru-based personalised education startup, has raised USD 13.5 million (about INR 87 crore) from Michael & Susan Dell Foundation (MSDF), LGT Impact Ventures and existing investor Aspada. The firm plans to use the funds for product innovation and for expanding its customer base through multiple distribution channels. The startup offers textbooks, workbooks, school exams, feedback reports and individualised remedial worksheets along with teacher manuals and teacher training modules. In 2015, Aspada had invested USD 1.8 million in IMAX.

Awaz De Infosystems raises funding from Aavishkaar-Intellecap Group


Awaaz De Infosystems Pvt. Ltd has received funding from angel investors brought together by Tribe Impact Capital LLP, a subsidiary of Aavishkaar-Intellecap Group. The Ahmedabad-based startup plans to use the funds for scaling up operations in India and for hiring new talent. Awaaz De provides customised solutions for organisations to help communicate with customers and stakeholders through text and voice messages.

The angel investors that participated in the round include Takeshi Kato, founder of Japanese investment firm BWiz Capital; and Paula Mariwala, founder, and Prashant Adurty, investor-member, Stanford Angels & Entrepreneurs India. Pravin Gandhi, co-founder of Seedfund Advisors; Ajay Balvantray Parekh, director at Pidilite; and Samir Shah, managing principal at Sattva Investment Advisors also invested in this round.

Healthtech startup MedTel raises seed funding


Odisha-based health-tech startup MedTel has raised pre-Series A funding led by the Villgro-managed Innovative Ventures and Technologies for Development (INVENT). The proceeds will be used to improve its technology and product offerings in addition to expanding to other states.

Medtel, founded in 2017, operates an artificial intelligence and cloud-based web and mobile platform which brings together pharmacies, pathology labs, doctors and patients. It claims to have aggregated 850 pharmacies and diagnostic centres as digital health clinics. It offers more than 400 registered specialist doctors with expertise in areas including paediatrics, psychology, cardiology, neurology, oncology and diabetology.

Liquidity Events

ChrysCapital exits City Union Bank by selling shares worth Rs.99.60 Cr, registers 2.83x return

ChrysCapital, via Lavender Investments Ltd, has sold 6,000,000 shares (0.90% stake) on NSE of publicly listed City Union Bank Ltd. on Feb 15, 2018. The sale, at INR 166 per share, aggregated to INR 99.60 Cr. Post-deal, the investor might hold 0.15% stake (981,768 shares) in the company.

From the Venture Intelligence PE-VC Deal Database: In May 2014, ChrysCapital invested INR 142.86 Cr at INR 63 per share. In July 2014, ChrysCapital invested additional INR 7 Cr at INR 75.05 per share.

Tano Capital sells Safari Industries shares worth Rs 51-Cr, registers 4.33x return

Tano Capital, via Tano India Private Equity FD II FDI, sold 984,000 shares (4.42% stake) on BSE of publicly listed luggage manufacturer Safari Industries Ltd. on Feb 14, 2018. The sale, at INR 520.01 per share, aggregated to INR 51.17 Cr. Post-deal, the investor would hold 14.23% stake (3,166,000 shares) in the company.

From the Venture Intelligence PE-VC Deal Database: In Jun 2014, Tano Capital invested INR 49.80 Cr for 21.72% stake in publicly listed Safari.

Other Private Equity/Strategic Investments

Zee Learn acquires 44% in test prep firm MT Educare for Rs.200-Cr; makes open offer


Zee Learn has acquired a 44.53% stake in fellow publicly listed MT Educare through a preferential allotment (of 3,19,64,200 equity shares of INR 10 each at a price of INR 62.57 per share) aggregating to INR 200 crores. It will make an open offer which is to be managed by Axis Capital.

MT Educare, founded in 1988, provides education support and coaching services. It also offers specialized coaching for national level examinations like JEE for engineering, NEET for medical, CA for commerce and CAT / CET for MBA aspirants. MT Educare had reported consolidated revenues of INR 301.06 CR for FY17 (vs INR 287.08 Cr in FY16).

US fintech co MoneyOnMobile raises $5-M from S7 Group

Press Release

US-headquartered fintech startup MoneyOnMobile has raised USD 5 million in Series H round of funding from the S7 Group. MoneyOnMobile is an India-focused company offering mobile payment services. It enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It claims to have more than 350,000 retail locations throughout India.

Foodtech starup Holachef raises Rs.4.95 Cr more in extended Series B funding

Venture Intelligence Research

Mumbai-based foodtech startup Holachef has raised INR 4.95 Cr ($0.77 M) in an extended Series B1 funding. The additional funding was raised in 2017 from a clutch of individual investors including Ashok Kumar Gajera, Ashwin Bharambhe & others as well as corporate entities including Rajasthan-based software publishing and consultancy firm IPI Technolab Pvt. Ltd.

From the Venture Intelligence PE-VC Deal Database: In 2016, Holachef had raised INR 32.5 Cr ($4.85 M) in its Series B funding from Kalaari Capital, SIDBI VC and India Quotient across 2 tranches. In 2015, it had raised INR 21.75 Cr ($3.40 M) from Kalaari Capital, India Quotient and Ratan Tata as part of its Series A funding. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Network18 to invest in e-commerce firm Infibeam


Media firm Network18, through its subsidiary company, will make a strategic investment in fellow publicly listed Infibeam Incorporation Limited. Through this tie-up, Infibeam plans to market itself through multiple Network18 properties.

ONGC Videsh-led consortium acquires 10% stake in UAE oil offshore concession


An ONGC Videsh led Indian Consortium has acquired 10% stake in Lower Zakum Concession, Offshore Abu Dhabi. The consortium includes Indian Oil Corporation Ltd and the international arm of Bharat Petroleum Corporation Ltd (Bharat Petro Resources Ltd). The Indian Consortium would contribute a sign-up bonus of USD 600 million to enter the concession for a 10% stake.


Aster DM Healthcare IPO subscribed 1.3 times

MoneyControl ,

Healthcare services provider Aster DM Healthcare’s initial public offering (IPO) was oversubscribed 1.3 times on the last day. The IPO, which aimed to raise INR 980 crore, received bids for 4.87 crore equity shares against issue size of 3.73 crore shares excluding anchor investors' portion. The reserved portion of qualified institutional investors was subscribed 2.09 times and non-institutional category, 55%. The retail investors portion saw a subscription of 1.2 times. The company already raised INR 294 crore from anchor investors. even anchor investors subscribed 1,54,75,843 equity shares at INR 190 per share. The investors are SBI MF, Sundaram MF, Karst Peak Asia Master Fund, DB International Asia, Societe Generale, Caisse De Depot Et Placement Du Quebec - First State Investments International and First State Indian Subcontinent Fund.

The IPO comprised of fresh issue of equity shares worth up to INR 725 crore and an offer for sale of up to 1,34,28,251 shares by the company's promoter, Union Investments. Proceeds of the fresh issue would be used towards repayment of debt, purchase of medical equipment and for general corporate purposes. Kotak Mahindra Capital Company, Axis Capital and Goldman Sachs (India) Securities are the global co-ordinators and book running lead managers to the offer. ICICI Securities, JM Financial & YES Securities (India) are the book running lead managers.

From the Venture Intelligence PE-VC Deal Database: Starting in Feb-08, Aster had attracted $210-M from India Value Fund (now True North) and Olympus Capital. In Jan-12, India Value Fund had sold a part stake to Olympus Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details of the investments and return details of the part exit.)


M&M to sell 22% stake in Mahindra Sanyo to JV partner for Rs.146-Cr


Mahindra & Mahindra has agreed to sell a 22% stake (26,36,401 equity shares of INR 10 each) in joint venture firm Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL) to Sanyo Special Steel Co Ltd for INR 146.32 crore. Post-sale, M&A’s shareholding in MSSSPL would come down to 29% from 51% of its share capital.

Turnover of MSSSPL for the year ended March 31, 2017 stood at INR 918 crore.

ZiffyHomes acquires rival home rentals service FellaHomes


New Delhi-based ZiffyHomes has acquired fellow home rental marketplace FellaHomes in an cash and equity deal. Post acquisition, Ziffy plans to consolidate the expansion database for both the companies, wherein they will continue to serve exclusive rooms and FellaHomes would provide rentals at affordable pricing. FellaHomes founder Virender Pratap Singh will join the leadership of ZiffyHomes.

Digital creative agency The Glitch acquired by GroupM

Economic Times

GroupM, a global media investment group, is set to acquire digital creative agency, The Glitch. This acquisition will continue GroupM's growth strategy in India and offer clients access to a range of digital marketing services and holistic content solutions.

Travel tech co Tavisca acquired by US-based Affinion Group

Press Release

Stamford, CT (USA)-based Affinion Group has acquired Tavisca Solutions, a Pune-based provider of technology to the travel industry. Tavisca Solutions works with loyalty and leisure travel companies, including Affinion Group's Connexions Loyalty division, to help them support and grow their online travel solutions. Tavisca powers millions of travel bookings per year for leading travel companies globally. Founded in 2008, Tavisca has an US office in Plano, TX and employs over 300 technology developers and support staff.

GVK Power divests stake in 3 subsidiaries


GVK Power & Infrastructure has entered into an agreement with Anagha Constructions Pvt Ltd and Visakha Constructions Pvt Ltd to sell the entire equity stake in three of its subsidiaries. The sale relates to Goriganga Hydro Power Pvt Ltd and GVK Oil & Gas Ltd, both wholly owned subsidiaries, and GVK Energy Ventures Pvt Ltd, a step-down subsidiary of the company. There was no turnover from these subsidiaries. The networth of Goriganga arm was INR 35.23 lakh, GVK Oil & Gas INR 7.53 crore and that of GVK Energy Ventures INR 407. Anagha Constructions will acquire Goriganga arm and GVK Oil & Gas while Visakha Constructions will acquire GVK Energy Ventures.

Other Deals

Shapoorji Pallonji Group buys Japanese chemical tanker for $13.8 M

Press Release,

Shapoorji Pallonji Forbes Shipping Limited has acquired a Japanese built chemical container named “FSL Tokyo” from Singapore-based FSL Trust for USD 13.8 Million. The acquisition was financed by Axis Bank. Juris Corp acted as Indian legal counsel to Axis. The chemical tanker, FSL Tokyo, is a 2006, Japanese-built, 20,938 deadweight tonnage vessel that has been deployed in the spot market.

SEBI buys IDBI’s BKC office building for Rs.1,000-Cr

Business Line

Market regulator SEBI has acquired IDBI Bank’s seven-storey office building at the Bandra-Kurla Complex (BKC) for INR 1,000 crore. The IDBI building, which has 3.41 lakh sq ft built-up area, is located in the same ‘G’ block area of BKC where SEBI has its offices.

Car rental platform Drivezy raises $5-M through ICO


Mumbai-based online car rental platform Drivezy has raised USD 5 million from its first round of initial coin offering (ICO). Existing investors and high net worth individuals (HNIs) from Japan and Singapore participated in the round. For the current round, Drivezy limited the ICO to investors who have a minimum net worth of USD 1 million or those with an income of more than USD 200,000 per year. Drivezy plans to use the money to add 800 cars and bikes to its platform. In the ICO, Drivezy’s investors were allowed to purchase cryptographic tokens which entitle them to a share of revenue, generated by rental transactions on the platform. For the current round, the company sold close to 3 million tokens.

Till date, the company has raised around USD 15 million from the regulatory route—VCs and other investors. Its earlier Series A round in October 2017 saw participation from Das Capital, Axan Ventures, CrowdWorks, IT-Farm, White Unicorn Ventures and others.

Debt Financing

Used phone platform Cashify raises $1-M from Trifecta Capital


Gurugram-based online used phone platform Cashify has raised USD 1 million in a venture debt funding round from Trifecta Capital. The proceeds will be used to meet its growing working capital requirements. Cashify is backed by Bessemer Venture Partners, Blume Ventures and M&S Partners.

Earlier in 2016, the company acqui-hired Bengaluru-based MobiBing, a B2C marketplace to buy, sell overstock, refurbished and unboxed gadgets.

EDM firm Kaynes Tech raises structured debt

Media Release

Kaynes Technology Pvt Ltd, a Mysore-based electronics design and manufacturing firm has raised structured debt from a Category II Alternative Investment Fund. Veda Corporate Advisors was the exclusive financial advisor to Kaynes & its promoters in the transaction.

With 7 manufacturing plants across India, Kaynes focuses on the design and manufacture of high mix, high tech, low volume products across industry verticals. It is a market leader in railway signalling systems and has established significant presence in systems catering to Automobile, Industrial, Defence & Aerospace and Medical sectors. Kaynes will use the new funds to further strengthen design capabilities and grow the business globally.

NowFloats raises debt from BlackSoil Capital

Blacksoil Capital has invested INR 5 Crores in NowFloats Technologies for working capital requirements. NowFloats provides a location-based platform that helps smaller and medium-sized businesses to grow bigger by getting them online and getting discovered by potential customers around them.

Real Estate Transactions

Max India's Analjit Singh buys house owned by Singh brothers for Rs.185-Cr

Economic Times

Max India group founder Analjit Singh has acquired a bungalow owned by his nephews Malvinder and Shivinder Singh in Delhi for INR 185 crore. The funds from the sale will be used to repay the lender to whom the Singh brothers had pledged the house. The 0.5-acre bungalow situated at 1 Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh and grandfather of the Singh brothers. The remaining property i.e. 2 Rajesh Pilot Lane and 15 APJ Abdul Kalam Road is owned by Analjit Singh.

Sunteck Realty to acquire Orbit Corp’s Malabar Hills building for Rs.34-Cr


Mumbai-based Sunteck Realty Ltd is to acquire BSE-listed troubled developer Orbit Corp. Ltd’s property Baug-E-Sara situated in the Malabar Hills area for INR 34.20 crore.

Fund News
Fund News

Reliance Nippon Life floats 3 AIFs to raise Rs.1,500-Cr

Economic Times

Anil Ambani-controlled Reliance Nippon Life Asset Management has floated three alternative investment fund schemes to raise at least INR 1,500 crore. The plans, which are open for subscription, are Reliance Yield Maximiser AIF - Scheme 4, Reliance Equity Opportunities AIF - Scheme 2 and Reliance Equity Opportunities AIF - Scheme 3.

Omnivore Partners make first close of 2nd fund with $46-M

Press Release, Economic Times

Omnivore Partners has raised USD 46 million for the first close of its second fund. Investors that participated in the fund include SIDBI, RBL Bank, Sorenson Impact Foundation, The Rockefeller Foundation, Dutch Good Growth Fund (DGGF), Ceniarth, and KfW, the German development bank. The firm is targeting a total of USD 75 million or INR 500 crore for its second fund and aims to complete the fund raising by August.

Omnivore aims to invest in technology-focused, seed-funded and series-A stage startups working in varied agriculture sub-sectors, besides in food, nutrition, farmer and rural innovation-focused ideas. The farmer-focused innovations can include storage and logistic solutions, farm automation, energy & water solutions and financial inclusion. The fund is to invest in 18 to 20 startups over the next four years.

Puravankara to raise Rs.2,000-Cr fund for affordable housing


Property developer Puravankara plans to set up a real estate fund of up to INR 2,000 crore to develop affordable housing projects, primarily in Bangalore, Mumbai, Pune, Chennai and Hyderabad. The Bengaluru-based developer is in talks with a few investors to set up this platform within six months.

IFC to invest $15-M in Faering Capital’s Fund II


IFC proposes an equity investment of up to USD 15 million in Faering Capital Evolving Fund III Ltd, a Mauritius-based limited life and limited liability company. The Fund is focused on providing growth capital to mid-market companies in India spanning sectors such as financial services, consumer products/services, healthcare, logistics and other consumption enabling sectors.

Faering Capital is seeking to raise USD 200 million in capital commitments with a hard-cap of USD 250 million. The fund will be managed by Faering Capital International.

Global Steering Group plans twin impact funds of $1-B each


Global Steering Group for Impact Investment (GSG) plans to launch two funds, each estimated to reach up to USD 1 billion by October, to provide social enterprise initiatives in India greater access to investment capital. The India Education Outcomes Fund (IEOF) will aim at improving the quality of K-12 education, while the other, the India Impact Fund of Funds (IIFF), will look at other developmental programmes.

The two funds will seek to bring private capital with the discipline that it brings to support government policies in important (intervention) areas. For IEOF, the potential stakeholders include bilateral agencies, philanthropists, local and global institutional donors, corporate social responsibility (CSR) budgets and government institutions. IIFF will raise anchor funds from Indian diaspora and high networth individuals domestically. These outcome funds would provide investments for both for-profit and nonprofit education service providers.

IvyCap plans $100-M Israel-India fund

Economic Times

Ivy-Cap Ventures is in talks to set up a cross-border equity fund between India and Israel, likely to be sized at USD 100 million (about INR 640 crore). It will see IvyCap Ventures participate along with an Israeli investor group or fund equally. The fund will focus on startups that are based in Israel but working on India-specific solutions in areas of water, healthcare, agriculture and cybersecurity. The fund will aim to enable good technology solutions and products for India while giving Israeli entrepreneurs a market with scale to test and market their products. It will be structured as a dollar fund and will have the India component designed as a category 2, alternative investment fund (AIF). The fund will invest in ticket sizes between USD 0.5 million and USD 7 million (INR 3-45 crore).

Axis AMC to venture into realty funds; hires Balaji Rao to head the biz

Business Standard

Axis Asset Management Company (AMC), a unit of Axis Bank, is entering the real estate funds business through the alternative investment fund (AIF) route. Axis AMC has hired real estate funds veteran Balaji Rao to head the business and build a core team of eight to 10 people in the investment and asset management verticals.

Before joining Axis, Rao was managing director at Indic Capital Advisors, supervising the operations of the USD 630-million Sun Ares Real Estate Opportunity Fund. He also served as MD of Starwood Capital.



VI UpdatesVI Updates

Media Mentions

What’s Driving India’s Fintech Boom?: Knowledge@Wharton

A Knowledge@Wharton quotes Venture Intelligence data on Fintech investments:

According to information and analysis firm Venture Intelligence, in 2016 and 2017 there were around 103 private equity/venture capital investments in the fintech sector in India amounting to $2.39 billion. The biggest investment in 2017 was $1,400 in Paytm by the Japanese conglomerate SoftBank. Others who received funding include insurance marketplace PolicyBazaar ($77 million), SME lending platform Capital Float ($45 million) and payments firms Mswipe Technologies ($31 million) and Razorpay ($20 million).

A purple patch for investors: Fortune

Fortune magazine features Venture Intelligence data on Private Equity exits in its Editor’s Letter of the February 2018 issue.

A PwC India report on PE trends in 2017 calls that year a landmark one for exits. Quoting Venture Intelligence figures, the PwC report points out that there were 259 exits worth $12.5 billion as of mid-December 2017. And this is excluding real estate deals. This is 40% higher than the previous best, recorded in 2015. And as initial public offers (IPOs) became a preferred exit route, 2017 saw $1.2 billion of PE-backed IPOs. By all accounts, the trend of exits is expected to continue in 2018, particularly by way of IPOs.

Deep tech back in flavour: Times of India

A Times Of India article quotes Venture Intelligence data on VC investments in Deep tech companies:

Enterprise deep tech companies was the only major theme to see an increase in investment activity in 2017 nearly doubling from the 12 in 2016 to 23 in 2017, according to data from Venture Intelligence. Artificial Intelligence (AI) and big data companies shared 33% of the investments, while security tech companies grabbed 17% of the VC investments in deep tech. The large rounds went to fraud protection company Similty, big data company Flutura and speech recognition company Uniphore, Venture Intelligence data reveals.

Bessemer Venture Partners hits a pause in India: The Ken

An article by The Ken quotes Venture Intelligence data on investments and exits by Bessemer Venture Partners in India:

According to data shared by Venture Intelligence, BVP India earned 3.27 times the return on its investment in online marketplace Snapdeal in a secondary share sale to SoftBank in 2015. This was ahead of the drop in valuation of Snapdeal from its peak of $6.5 billion in 2016 to $850 million in 2017. BVP India’s other exits include TaxiForSure (which was sold to Ola) as well as companies like and Shriram City Union Finance being publicly listed. BVP India has invested in 47 companies in India since 2004 when it set up an India office. It has exited 20 companies, through strategic sale and IPO.

According to data from research platform Venture Intelligence, the number of deals by BVP has shrunk from 10 in 2016 to six in 2017.




Highlighted SponsorSpark Capital

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Deals in the Making
Deals in the Making
Private Equity Fund Investments

Actis set to buy Bhoruka Group’s green energy assets for Rs.2700-Cr

Economic Times

Multi-asset emerging market investor Actis is set to acquire renewable energy assets of Karnataka-based Bhoruka Group at an enterprise value of about INR 2,700 crore. Bhoruka Group, which also has interests in real estate, coal mining, gas and steel, is selling its entire renewable energy portfolio of 321 MW under its subsidiary Bhoruka Power Corp to Actis. Yes Securities is the sole investment manager for the deal.

Health services co MediAssist to raise Rs.250-Cr ahead of IPO

Economic Times

Private equity fund Bessemer Venture Partners and IDFC-backed MediAssist Health Services are in talks with private equity funds to raise up to INR 250 crore before the planned IPO. Bengaluru-based Medi-Assist offers services in wellness, pharmacy programme management, medical network management and benefits administration.

Incubated by Infosys co-founder NS Raghavan’s private investment firm Nadathur Group, MediAssist was acquired by the Anil Ambani-owned Reliance Health in 2006. In 2011, Bessemer Venture Partners and Vikram Jit Singh Chattwal, operating partner of Advent International Corporation, picked up a significant minority stake for USD 20 million from Reliance and the Nadathur Group. Subsequently in 2013, IDFC acquired a minority stake in the company for INR 125 crore.

Furniture rental startup Furlenco to raise $15-M


Furniture rental startup Furlenco is in the process of raising equity capital of USD 10-15 million from new and existing investors. Besides early investor Lightbox, Furlenco is in talks with other venture capital firms for the round. Furlenco is likely to use the proceeds to launch operations in Hyderabad and Chennai, where it is setting up warehouse infrastructure.

Operated by Bengaluru-based Kieraya Furnishing Solutions Pvt. Ltd, Furlenco raised USD 15 million from Lightbox in tranches over the last two years after the VC firm’s first investment of USD 6 million in 2015. The firm has also raised debt at regular intervals to support business operations.

Train travel info provider RailYatri to raise $10-M from Omidyar, Blume, others

Economic times

Omidyar Network is in talks to lead an investment of USD 10 million in existing portfolio company RailYatri, a crowd-sourced platform that provides train-related travel information. This internal round will also see participation from other existing investors including Blume Ventures, Nandan Nilekani and Helion Venture Partners. Omidyar is expected to lead the round with an investment of about USD 4-5 million. The fresh capital will be used to expand the firm’s offerings to capture the long-distance market through a deeper geographical spread of buses as also the introduction of long-distance taxis.

RailYatri has raised USD 6 million since inception in 2011.

Logistics firm Cogoport in talks with Accel to raise Rs.50-Cr


Online logistics marketplace Cogoport, which aggregates ocean and airline freight carriers, is in talks to raise INR 40-50 crore from venture capital firm Accel Partners. Founded in 2016, Cogoport (Cogo Freight Pvt Ltd) helps both exporters and importers move their cargo to their destination through tie-ups with international freight carriers.

Sports marketing co Baseline Ventures to raise Rs. 25-Cr

Economic Times

Sports marketing firm Baseline Ventures, which manages sports stars like PV Sindhu, Ravindra Jadeja, Prithvi Shaw, Kidambi Srikanth and Smriti Mandhana, is in talks with investors to raise INR 20-25 crore in a fresh round of funding. The company had recently raised fresh equity of USD 1 million (about INR 6.3 crore) in private placement from a Singapore investor at a valuation of USD 25 million (about INR 150 crore).

Carlyle, Kedaara in fray to buy Vishal Mega Mart from TPG, Shriram

Economic Times

Carlyle is competing with a consortium of Kedaara Capital and Partners Group to buy Vishal Mega Mart from current owners TPG and Shriram Group. Online retailer Flipkart is also said to be in the fray. TPG had mandated Kotak Mahindra Bank last year to find a buyer for its seven-year-old investment.

Vishal Mega Mart is a fashion-led hypermarket chain with 204 stores occupying 3 million square feet in 110 locations across India. It posted sales of INR 3,000 crore in FY16. The sellers expect a valuation of about INR 5,000 crore.

TPG teamed up with Chennai-based Shriram Group to buy the distressed company after it piled up loans, forcing founder Ram Chandra Agarwal to sell at the behest of lenders State Bank of India, HSBC, HDFC and ING Vysya among others.

Accel, Sequoia to fund motor vehicles rental co Metrobikes

Economic Times

Accel India and Sequoia Capital India are in talks to lead a USD 10-million series-A round in peer-to-peer motor vehicle rental startup Metrobikes. The Bengaluru-headquartered startup allows one to pick up a vehicle from their pool closest to one’s location and drop it at one’s end-trip location on an hourly rental basis.

Other Private Equity/Strategic Investments

NSE looking to buy 25% stake in Dhaka Stock Exchange


National Stock Exchange is looking to buy a 25% stake in Dhaka Stock Exchange, rivaling an offer from a Chinese bourse. The Shenzhen Stock Exchange has offered 22 taka per share to buy 25% of the Dhaka Stock Exchange. The bourse will hold a meeting on Feb 19 to finalize its pick the buyer.

Liquidity Events

Tata Global Beverages in talks to acquire Paper Boat

Economic Time

Tata Global Beverages has approached key shareholders of Hector Beverages with a proposal to buy out the company along with its popular brand Paper Boat. Investors in Paper Boat include Catamaran Ventures and Sequoia Capital. Hector had last raised funding at a INR 650 crore valuation.


Broadband services provider ACT hires investment banks for Rs.2,000-Cr IPO


Atria Convergence Technologies Pvt. Ltd (ACT), a broadband services provider controlled by private equity firms TA Associates and True North, has hired investment banks to help it raise INR 1,500-2,000 crore through an IPO.

Founded in 2000, ACT reported a consolidated revenue of INR 873.6 crore in financial year FY16, as compared to INR 616.8 crore in the previous year and a profit of INR 126.8 crore, as against a profit of INR 74.1 crore in the previous year.

NBFC IndoStar Capital files papers with Sebi for Rs.2,000-Cr IPO


Non-banking finance company IndoStar Capital Finance has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise an estimated INR 2,000 crore through an initial public offering (IPO). The IPO comprises issuance of fresh shares worth INR 700 crore. Besides, existing shareholders will offer up to 2 crore scrips. The company’s current shareholders include Everstone Capital, Beacon India Fund, ACPI Investment Managers and CIDB Capital. JM Financial, Kotak Mahindra Capital, Morgan Stanley India, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities will manage the company’s public issue.

Secondary Issues

Idea to raise addnl Rs.3500-Cr through QIP route

Economic Times

Idea Cellular has finalised plan to raise an additional INR 3,500 crore through QIP route as part of its stated plans to raise INR 6,750 crore to cut debt and free up cash ahead of its upcoming merger with Vodafone India. Idea has raised first tranche of INR 3,250 crore through a preferential allotment of 32.66 crore equity shares at INR 99.50 a share to three promoter group entities.


Realtor Supertech to sell 2 hotels for Rs.250-Cr

Economic Times

Realty firm Supertech Ltd plans to sell its two hotels - one in Uttar Pradesh and the other in Uttarakhand - for about INR 250 crore as part of its strategy to monetise commercial assets and boost cash flow. The Noida-based firm has decided to sell Country Inn Hotel in Meerut having 85 keys and Radisson Hotel in Rudrapur that has 124 keys.

Calcutta HC sets aside Bengal Chemicals’ surplus land sale

Economic Times

The Calcutta High Court has set aside the decision of the Union government to sell surplus land owned by Bengal Chemicals & Pharmaceuticals (BCPL). The company was the first in India’s pharmaceutical space, set up by legendary scientist Acharya Prafulla Chandra (APC) Ray in 1901. In December 2016, the Centre took a decision to sell excess land of the company to meet their outstanding liabilities and implement voluntary retirement (VRS) benefits to its employees. The Bengal Chemicals Sramik Karmachari Union had filed a petition in the high court challenging the centre’s decision.

Delhi HC stops sale of Srei Infra’s Odisha unit Slurry Pipeline to Numetal

Economic Times

The Delhi HC has stopped Srei Infrastructure Finance from selling Odisha Slurry Pipeline Infrastructure to Mauritius-based Numetal until April 15. The order was given on a plea filed by SBI, whose lawyer argued Odisha Slurry cannot transfer stake without the lender’s approval.

Numetal Mauritius — a special purpose vehicle in which the Ruia family has an interest — earlier confirmed that it had entered into an agreement to purchase Orissa Slurry, a key pipeline which supplies raw material to Essar Steel’s Odisha plant

Other News
Other News

New Ventures

Ekki in waste water pumps JV with Germany’s Homa

The Hindu

Coimbatore-based Ekki Group, which manufactures pumps for domestic and agricultural applications, has entered into a 50:50 JV agreement with German pump maker Homa Pumpenfabrik Gmbh to make waste water pumps.

Suresh Productions, Anthill Ventures launch accelerator

The News Minute

Anthill Ventures has partnered with film production and distribution company Suresh Productions to launch a business accelerator program called Anthill Studio. Film actor Rana Daggubati and Prasad Vanga, technology investor and founder of Anthill Ventures, will spearhead the studio. Anthill Studio will focus on technology startups that are building solutions for the media and entertainment sector by engaging global startups in a 3-month long acceleration program. Media & Entertainment domain is a key focus area for Anthill Ventures’ upcoming USD 100 million fund. Startups will be able to raise over USD 1 million each at the end of the program.


Aditya Birla Capital to launch ARC biz


Aditya Birla Capital Ltd (ABCL), the financial services business of the Aditya Birla Group, will begin investing in its asset reconstruction company (ARC), for which it has got the nod from the Reserve Bank of India (RBI).

India Ahoy!

UK appliances-maker Dyson opens store in Delhi

Business Line

Dyson, UK-based tech company has opened its first store in India, launching a select range of products, including supersonic hair dryer, connected intelligent air purifiers and cord-free vacuum cleaners. The first of these opened at DLF Promenade Mall in Delhi’s Vasant Kunj area. Over the next six months, it will open a store each in Bengaluru and Mumbai.

Indonesian hyper-local transporter Go-Jek to launch bike-taxi service in India

Economic Times

Indonesia’s hyperlocal transport startup Go-Jek plans to launch bike-taxi service in India in the second half of 2018. A portion of the company’s most recent fundraise, which is approximately USD 1.2 billion, will be allocated towards expansion plans into developing markets such as India.


Fmr Facebook India MD Umang Bedi joins news aggregator DailyHunt

Economic Times

Local language news and entertainment aggregator Dailyhunt has roped in Umang Bedi as President. Bedi will report to founder Virendra Gupta. Bedi was the managing director of Facebook for India and South Asia.

Singh brothers step down from Religare board too

Economic times

Malvinder and Shivinder Singh have quit the board of financial services firm Religare Enterprises. They had earlier quit the board of Fortis Healthcare. Shivinder was the non-executive vice-chairman of Religare, while Malvinder was a non-executive, non-independent director. Francis Daniel Lee, another non-executive, non-independent director on the board, has also resigned.

DSK Legal hires former CAM director Padmini Rathore as CEO

Bar & Bench

Padmini Rathore has joined DSK Legal as its new Chief Executive Officer (CEO), after working with the firm as a consultant. Padmini was earlier Principal & Head of Consulting at Rainmaker. Prior to that, she was Director of the Business Planning & Compliance team at the Managing Partner’s Office at Cyril Amarchand Mangaldas.

Padmini has over 15 years of experience in the fields of business strategy, organizational governance, process improvement, efficiency management, financial management and marketing communications.

Logistics marketplace BlackBuck hires Venkatesh Bhat as CFO

Economic Times

Logistics marketplace BlackBuck has appointed Venkatesh Bhat as its Chief Financial Officer (CFO). Bhat was previously the group CFO and later COO at Atria Convergence Technologies (ACT FiberNet).

Avendus Capital appoints Alok Vajpeyi as chairman of alt asset management biz

Avendus Capital has appointed public markets veteran Alok Vajpeyi as chairman of its alternative asset management business, Avendus Capital Public Markets Alternative Strategies LLP. Vajpeyi will also serve as external advisor to the Avendus Group CEO Ranu Vohra.

Regulatory News

RBI withdraws SDR, S4A, sets banks 180-day timeline for bad loan resolution


The Reserve Bank of India (RBI) has set timelines for resolving large NPAs, failing which banks will have to mandatory refer them for insolvency proceedings. It has also withdrawn existing debt restructuring schemes such as SDR and S4A. The large accounts are mainly those where banks have initiated resolution and are classified as restructured standard assets. As per the new rules, if the banking sector’s aggregate exposure is above INR 2,000 crore, then lenders must implement a resolution plan within 180 days, starting from 1 March 2018.

No grandfathering benefits for investments through Mauritius

Economic Times

The Authority of Advance Ruling (AAR) has disallowed grandfathering benefits to a company routing its investments in India through Mauritius. The ruling has denied any benefit of the India-Mauritius tax treaty under which the applicable rates are a bit lower. If investments were made before the amendment of the tax treaty in 2016, benefits were grandfathered - that is income from such investments or capital gains would attract concessional tax rates prevalent before 2016. Several FPIs and PE funds that route their investments through Mauritius will have to prove that they are not merely using the tax haven for lower tax rates.


ED seizes Rs.5,100-Cr worth gold, jewels from Nirav Modi firms

Times of India , Economic Times

The Enforcement Directorate conducted searches at several properties linked to billionaire jewellery designer Nirav Modi in Mumbai, Delhi and Gujarat and seized diamond, jewellery and gold worth INR 5,100 crore. The ED has also written to external affairs ministry to revoke the passports of Nirav Modi and his partner Mehul Choksi.

State-run lender PNB detected a scam where the billionaire jeweller (Nirav Modi) allegedly acquired fraudulent letters of undertaking (LoU) from a branch in Mumbai to secure overseas credit from other Indian lenders. The Bank has been hit by an embezzlement of the size of INR 11,300 crore at its Mumbai branch. Nirav Modi had left the country on January 1 much before the CBI received a complaint from Punjab National Bank on January 29 about a INR 280 crore fraud. His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6.

UK court awards BOC Aviation $90-M against Vijay Mallya’s Kingfisher Airlines

Times of India

Embattled liquor tycoon Vijay Mallya has lost another legal battle linked to his defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated USD 90 million in claims. The latest case is related to the leasing of aircraft by Kingfisher Airlines dating back to 2014.

The legal claim relates to a leasing agreement between Kingfisher Airlines and aircraft leasing company BOC Aviation involving four planes, of which three were delivered. The delivery of the fourth was reportedly withheld due to unpaid amounts due in advance under the lease arrangement. BOC Aviation claims that the security deposit, which is a course of redress in such matters, was inadequate to cover the payments that Kingfisher was contractually bound to make, resulting in the High Court claim in London.

SC allows banks to sell pledged shares of Fortis Healthcare

Times of India

The Supreme Court has said the financial institutions with whom shares of Fortis Healthcare Ltd were pledged, can sell or transfer them.

The apex court passed this order while hearing an appeal of Japanese firm Daiichi Sankyo Co Ltd, which is seeking to enforce the INR 3,500 crore arbitral award against Malvinder Singh and Shivinder Singh, the original promoters of pharma company Ranbaxy and Fortis.

NLC to call for fresh bids for Andaman storage-cum-solar project

Business Line

Mahindra Susten’s landmark storage-cum-solar power project in the Andaman and Nicobar islands has been scrapped as there has been a change in requirement. The company had last year won the bid to set up the 28-MWh project for NLC (formerly Neyveli Lignite Corporation). NLC India will now call for bids for a smaller 8 MWh project.

Mahesh Murthy held for sexual harassment, gets bail

Times of India

Venture Capital investor Mahesh Murthy was arrested for alleged stalking and sexual harassment of a Delhi woman in early 2017. He was released on bail hours later. The woman had moved the National Commission for Women in April 2017 accusing Murthy of making objectionable, derogatory and sexual remarks and obscene signs. Later, the commission received four other similar complaints against Murthy.

Bank of Baroda pulls out of South Africa

Economic Times

Bank of Baroda (BoB) has informed the South African banking regulator of its decision to exit the country, where it has had operations for 21 years. The announcement comes in the after the scandal involving the lender’s funding of Gupta family, accused of being cronies of the Jacob Zuma-led administration. There have been news reports that BoB has facilitated dealings between the Gupta brothers and South Africa’s President Jacob Zuma’s family.

Flipkart loses appeal against Rs.110-Cr tax demand, ruling may affect other e-tailers


An income tax tribunal refused to stay a INR 110 crore tax demand on Flipkart after the e-commerce platform was asked to reclassify discounts and marketing spend as capital expenditure. The move is expected to have an impact on Amazon and other online retailers who face similar tax liabilities. The revenue authorities demanded taxes of about INR 110 crore on an estimated profit of INR 408 crore for the financial year 2015-16 when Flipkart originally reported a loss of INR 796 crore. With the new classification, Flipkart will now be a profit making company and liable to pay taxes.

Income Tax Appellate Tribunal (ITAT) in Bengaluru asked Flipkart to deposit INR 55 crore and provide bank guarantees for the payment of INR 55 crore by February 28. While the tax assessed is for 2015-16, similar demands may be made for subsequent years.

Ricoh accounting fraud: SEBI bans 7 from securities market

Business Line

Markets regulator SEBI has banned 7 people, including Ricoh India MD and Chief Executive AT Rajan, from the securities market for falsifying the company’s accounts. The other six barred from market are T Takano, Manoj Kumar, Arvind Singhal, Anil Saini, Bibek Chowdhury and Amalendu Mukherjee. Takano and Kumar have held the positions of managing director and CEO of Ricoh India in the past.

The auto-parts maker, backed by Japanese promoter Ricoh Co, did not present a “true and fair picture” in 2015-16 and ended up reporting losses of INR 1,118 crore in its financial statements for that fiscal. This led to a crash of more than 50% in Ricoh India’s share price.

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