Venture Intelligence
Weekly Edition: April 21, 2017
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Sequoia invests $2-M in Series A funding for online gold loan startup
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Done Deals

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Private Equity Fund Investments

ChrysCapital, Carlyle, CX Partners buy addl South Indian Bank shares worth Rs 81-Cr

ChrysCapital, Carlyle and CX Partners (via Lavender Investments Ltd, First Carlyle Ventures Mauritius and CX Securities Limited respectively) have bought 22,209,000 shares, 22,181,587 shares and 13,173,947 shares respectively (at INR 14 per share) through the rights issue (1:3 ratio) of publicly listed The South Indian Bank Ltd. aggregating to INR 80.59 Cr. This constituted 3.19% of total outstanding shares of The South Indian Bank Ltd. Post-deal the investors would hold 12.77% stake in the target.

From the Venture Intelligence PE/VC Deal Database: Other PE investors in South Indian Bank includes IFC (exited with 0.42x return in Mar 2009), UTI Ventures (exited with 1.77x return in Mar 2012) and Multiples PE (exited with 1.41x return in Jan 2015)

Embassy Industrial Parks acquires 24 acres in Gurgaon for Rs 38-Cr

Economic Times

Embassy Industrial Parks, a joint venture between realty developer Embassy Group and private equity firm Warburg Pincus, has acquired 24 acres in Gurgaon for INR 38 crore to set up a warehousing facility. The warehouse on National Highway-8 near Bilaspur Chowk will have a leasable area of 6.1 lakh sq ft. The company will invest a total of INR 140 crore in the project. The warehouse will cater to companies in third-party logistics, FMCG, ecommerce, pharmaceuticals and retail sectors.

AI startup Innefu Labs raises $2-M from IndiaNivesh VC


New Delhi-based Artificial Intelligence (AI) startup Innefu Labs Pvt. Ltd has raised USD 2 million (INR 13 crore) in Series A funding from IndiaNivesh Venture Capital Fund. Innefu Labs was founded in 2011 by Tarun Wig and Abhishek Sharma and provides cybersecurity products to defence research establishments, state police departments, intelligence agencies, state-run companies, banks and private-sector organisations. The company plans to use the capital for enhancing its AI platform, talent acquisition and expansion. Innefu also intends to enter Bangladesh and Sri Lanka.

This is the fifth investment made by IndiaNivesh, a INR 150 crore fund.

Virtual reality startup Absentia gets Rs.8-Cr from Exfinity Venture, others

Economic Times

Bengaluru-based artificial intelligence and virtual reality startup Absentia has raised INR 8 crore in a pre-series-A round from investors including Exfinity Venture Partners, former Infosys executives V Balakrishnan and Mohandas Pai, Deepak Ghaisas and Girish Paranjpe. The company will use the funds to build Norah AI, an artificial intelligence engine that can create interactive content for games with minimal human intervention.

Augmented reality firm Whodat gets $600-K from Ideaspring Capital

Economic Times

Whodat, an augmented reality (AR) platform, has raised USD 600,000 (approximately INR 3.86 crore) from Ideaspring Capital. The investment will be Whodat's first institutional round of capital funding, following four years of bootstrapped business. Whodat follows a business-to-business-to-consumer (B2B2C) model and is building a proprietary hybrid SLAM (Simultaneous Localisation and Mapping) system to place digital content within indoor environments without markers, which are basically visual cues which are linked to virtual information. This is Ideaspring's third investment, and the first in the AR technology domain.

Samara Capital acquires facilities management company Sanjay Maintenance Services

Economic Times

Samara Capital has bought out 100% of facilities management company Sanjay Maintenance Services Pvt. Ltd. (SMS). Samara had invested about Rs 140 crore ($20 million) for the acquisition and plans to spend an additional $30 million behind bolt-in buyouts for geographical expansion and to widen the service offerings. Samara has backed a management team comprising Jolly Kochery, a facilities management industry veteran along with his team. SMS primarily operates in the BFSI, IT/ITES, manufacturing, retail and office space segments and employs nearly 16,000 plus people.

App-based vehicle services aggregator Vehito raises seed round

Bangalore-based SunwizTech Systems, which operates the mobile app based vehicle repair services aggregator Vehito, has raised a seed investment led by an angel investor with participation from a seed fund. The company was advised by Prequate.

Led by Naveen Ravindran & Sreenivas Paluvuri, Vehito was a winner of the TiE Smashup 2015. The company, which has a goal of bringing 2,000 garages online, had raised a previous round in 2015.

Liquidity Events

Sequoia sells $180-M in secondary stake sales: report

Times of India

Sequoia Capital India has concluded a $180-million secondary stake sale of eight of its portfolio companies fully exiting e-commerce firm Snapdeal; mobile handset maker Micromax and legal process outsourcing UnitedLex and partially exiting payments platform Pine Labs, health insurer Star Health and India Shelter Finance Corporation. (The buyer was Madison Capital, which has the backing of secondaries specialist firm Lexington Partners.)

Sequoia has sold its 1.5% ownership in Snapdeal - which it had originally acquired as part of a deal where it sold mobile wallet startup Freecharge to the e-commerce firm. (Sequoia had sold a 1.5% stake in Snapdeal to Ontario Teachers Pension Plan in 2016.) Sequoia had first invested in Micromax in 2010 when the mobile maker was aiming to go public, while it came on board UnitedLex in 2011.

Capital Intl exits L&T Finance by selling shares worth Rs 200-Cr, registers 1.8x return

Capital International, via Mace CIPEF Ltd, has sold 18,058,420 shares (1.03% stake) of publicly listed L&T Finance Holdings Ltd. in Jan-Mar 2017 quarter aggregating to INR 200.28 Cr. The shares were sold at an avg. price of INR 110.91 per share

From the Venture Intelligence PE/VC Deal Database: In Jul 2011, Capital International invested INR 330 Cr in L&T Finance at INR 55 per share for a 3.50% stake. Bain Capital is another PE investor invested in the company.

StanChart PE sells addl Fortis Healthcare shares worth Rs 193-Cr, registers 1.9x return

StanChart PE, via Standard Chartered Private Equity (Mauritius) III Limited, has sold 2,817,500 shares at INR 190.92 per share via NSE and 7,304,455 shares at INR 190.66 per share via BSE on Apr 17, 2017 of publicly listed Fortis Healthcare Ltd. aggregating to INR 193.06 Cr. This constituted 1.96% of total outstanding shares of Fortis Healthcare Ltd. Post-deal the investor might hold 5,691,087 shares (1.10% stake) in the target.

From the Venture Intelligence PE/VC Deal Database: StanChart PE invested in the target in Aug 2013 via primary and secondary transaction through equity and FCCBs. Other PE investors invested in the company includes Trinity Capital (exited with 1.11x in Apr 2010) and IFC (part exited)

JP Morgan sells Equitas Holdings shares worth Rs 33-Cr, registers 3.39x return


JP Morgan, via CMDB II, has sold 1,960,499 shares at INR 165.10 per share via NSE on Apr 18, 2017 of publicly listed BFSI firm Equitas Holdings Ltd, aggregating to INR 32.37 Cr. This constituted 0.58% of total outstanding shares of Equitas Holdings Ltd. Post-deal the investor would hold 7,295,998 shares (2.16% stake) in the target.

From the Venture Intelligence PE/VC Deal Database: In Jul 2010, Canaan Partners had invested INR 45.11 Cr for 6.84% stake. The target got listed in Apr 2016. In Apr 2015, JP Morgan bought Canaan Partners’ Indian Portfolio.

NYLIM Jacob Ballas sells SP Apparels shares worth Rs.20-Cr, completes exit with 1.6x

NYLIM Jacob Ballas Funds, via NYLIM India Fund II, sold 500,000 shares (or a 1.99% stake) of publicly listed SP Apparels Ltd.between Jan and Mar 2017 quarter. The sales, at an avg. price of INR 405.17 per share, aggregated to INR 20.26 Cr.

From the Venture Intelligence PE/VC Deal Database: In Nov 2006, NYLIM Jacob Ballas Funds invested INR 36 Cr at INR 180 per share. The company got listed in Aug 2016 and the investor sold half of its holding at INR 268 per share as part of the IPO.

Wassup Laundry buys out Doormint

Economic Times

Chennai-headquartered on-demand laundry and dry cleaning company Wassup Laundry has acquired Mumbai-based home laundry service startup Doormint in an equity swap deal. This gives the Chennai firm access to the startup's infrastructure and roughly 2 lakh clients. Post deal, Venture capital investors in Doormint, Kalaari Capital and Helion Ventures will hold equity in Wassup Laundry.

From the Venture Intelligence PE/VC Deal Database: In Aug-2015 Kalaari Capital and Helion Ventures had invested INR 19 Crores in Doormint

MapMyIndia acquires video map co VIDTEQ


Delhi-based MapMyIndia has acquired Bangalore-based VIDTEQ which has built VideoMaps, a mapping software which allows users to view a video clip of a complete route between the source and destination within a city. VIDTEQ had raised Series A funding from KITVEN in 2011.

Banking s'ware firm Fintellix acquired by US-based Verisk Analytics

Press Release, Click Here

Jersey City, NJ (USA)-based Nasdaq-listed Verisk Analytics has completed the acquisition, announced in February, of Fintellix, a Bangalore-based provider of analytics, risk, and compliance solutions for the banking sector. Founded in 2006, Fintellix will now become part of Verisk's Argus unit.

From the Venture Intelligence PE/VC Deal Database: Starting with INR 5 Cr from IDG Ventures Indian in April 2012, Fintellix - originally called icreate - had raised a total of about $14 million from IDG and Sequoia Capital India. (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Angel Funding

Flipkart execs, SRI Capital, others invest $1-M in AI startup VideoKen

Times of India

VideoKen, an artificial intelligence (AI) and machine learning-based platform offering video learning in academics and corporate training, has raised $1 million from a bunch of angel investors. Investors included L G Chandrasekhar, chairman of Sutures India and Sashi Reddi’s SRI Capital along with current and former executives of Flipkart including Ravi Garikipati, CTO, Surojeet Chatterjee, former SVP & product head, and Ashish Agarwal, SVP have participated in the round.

Be U Salons raises Rs.4-Cr

Economic Times

Be U Salons, part of the Delhi-based Gingerpan Swapkart, has raised INR 4 crore as seed funding from a consortium of investors from UAE, Singapore and India. The funding was led by Gaurav Kachru from 5 Ideas Startup Superfuel and received participations from among others Sundeep Singh Sahni, Jatin Aneja, Bikramjiet Kukreja and Arjun Malhotra. The funds will be directed towards strengthening the back-end operations and tech infrastructure, building core talent and marketing of the current and new stores. The startup aims at opening 100 outlets across multiple cities in the new financial year.

Bollywood actress Jacqueline Fernandez invests Rs. 3.5 Cr in Raw Pressery

Times of India

Bollywood actress Jacqueline Fernandez has invested INR 3.5 crore in Rakyan Beverages that makes juices under the Raw Pressery brand. Jacqueline's investment pegs the company's worth at about INR 120 crore, similar to the valuation Rakyan got during last year's investments, when the startup raised close to USD 4.5 million in Series B funding from Sequoia Capital India, Saama Capital Management and DSG Consumer Partners.

Rakyan plans to raise USD 10 million by December this year as it looks to spruce up manufacturing and marketing. The company runs in-house logistics and manufacturing units that help control costs and quality: Unlike packed juices that have shelf lives of up to six months, Rakyan products have limited shelf life and need chillers in their supply chain. Over the past year, the company that makes soup, nut milk, coconut water, and smoothies, has taken its retail network to 11,000 sales points from 130 earlier. It claims to have clocked sales of 8 lakh units last month.

Ankit Nagori invests in fashion start-up Wooplr


Fashion discovery platform Wooplr Technologies Pvt. Ltd has raised funding from Ankit Nagori, co-founder of healthcare start-up CureFit and former chief business officer at Flipkart Ltd. Nagori will join Wooplr’s board following the investment. The latest capital infusion comes barely two months after Wooplr raised $8 million in a funding round led by Sistema Asia Fund. Wooplr is a consumer content-driven marketplace, where users upload pictures in their outfits. Other users can engage with the image, by liking it, following the user, find brands which are selling similar outfits and make a purchase from the mobile app or Wooplr’s website.


Z Nation Lab backs travel startups ScoutMyTrip

Indian Ceo

Mumbai-Based travel startup ScoutMyTrip Pvt Ltd has received the backing of accelerator Z Nation Lab. ScoutMyTrip is a community driven road trip planner with a map interface which allows the creation of itineraries with tourist attractions, hotel booking, gas stations, rest rooms, road conditions, best diners along the way and much more. ScoutMyTrip was selected by Z Nation Lab for its startup boot camp in November 2016.


Global digital marketing firm Dentsu Aegis buys digital ad grp SVG Media for $125-M

Economic Times

London-headquartered Dentsu Aegis Network has acquired Gurgaon-based digital media network company SVG Media in an all-cash transaction for USD 110-125 million (INR 832-732 crore). SVG’s flagship brands include DGM, Komli and Seventynine. The company will join Dentsu's Asia Pacific digital marketing agency Columbus and be renamed SVG Columbus. SVG Media reported revenue of about INR 200 crore and profit before tax of about INR 14 crore in the financial year ended March 31, 2016.

The transaction gives the promoters of SVG Media, the Smile Group, along with Silicon Valley-based investment firm Xplorer Capital, which held about 30%-35% in the company, a handsome exit. Anurag Gupta, CEO of DGM, will be the new chief executive of SVG Columbus. The Smile Group will retain Tyroo Technologies along with its Tyroo Techlabs incubation business.

Jain Irrigation to acquire 80% in US-based micro irrigation dealers for $48-M


Publicly listed Jain Irrigation is to acquire 80%stake in Fresno, CA-based Agri-Valley Irrigation Inc and Patterson, CA-based Irrigation Design and Construction Inc, after the two US micro irrigation dealer companies merge. The combined revenue of the two companies for the year ended Dec 2016 was $113 million. The revenues in the previous two years were $134 million and $129 million respectively. The all cash deal will involve a payout of $48.5 million subject to net working capital adjustments at the time of closing. The merger will help Jain Irrigation, which already has a subsidiary also based in Fresno, CA, forward integrate in the value chain and build a direct relationship with growers.

Future Group to spin out home retail unit; to merge FabFurnish into it


Publicly listed Future Retail Ltd is to merge its home furnishing brand HomeTown along with online furniture store (that it had acquired in 2016 from Rocket Internet) into a separate specialty retail company called Praxis Home Retail Pvt Ltd. Praxis is proposed to be converted into a public company post deal and listed on the stock exchanges. Shareholders of Future Retail will receive 1 share (FV: INR 5) of the new company for every 20 shares (FV INR 2) held by them. Walker Chandiok & Co. advised on the share swap ratio, while Keynote Corporate Services provided the fairness opinion.

Revenues from HomeTown division accounted were INR 477 crore for FY16., owned by Bluerock eServices Pvt. Ltd, had reported total income of INR 79.81 crore and a net loss of INR 72.77 Cr for FY15.

Engg equipment firm Kevin Enterprises acquired by Sweden's Munters Group

Mumbai-based Kevin Enterprises, which is engaged in design, manufacturing, supply & installation of mass transfer and separation equipment, has been acquired by Kista, Sweden-based Munters Group, The acquisition enables Munters to strengthen its footprint in emerging markets and secure a leading product suite for the process industry. In addition, the acquisition will enable Munters to provide the Indian Power industry with “Made-in-India” solutions for cleaning emission gases from coal-fired power plants.

Kevin Enterprises was founded 1972 by Manu M. Shah. It has customers in the Oil Refining, Petrochemical, Chemical and Fertilizer industries in India as well as other geographies, especially North America and Middle East.

A Veritas Legal team led by Abhijit Joshi (Managing Partner), Tushar Raut (Partner), Associates, Natasha Sethna and Tejasvi Saxena, advised Munters in the acquisition.

AssetVantage acquires US wealth management s’ware firm Financial Navigator

Economic Times

Mumbai-based AssetVantage has acquired Santa Clara, CA (USA)-based Financial Navigator, a 30-year-old firm that offers a portfolio tracking software focused on the wealth management market. It has about 160 customers including family offices and HNIs.

Myntra acqui-hires logistics firm InLogg

Times of India

Fashion e-tailer Myntra has acqui-hired logistics startup InLogg to address its delivery inefficiencies in terms of cost and reach. InLogg partners with local courier firms in Tier II and Tier III towns to enable deliveries in non-metro cities. It has a reach of about 2,000 pincodes in non-metro locations in India.

InLogg was founded by ex-Flipkart employees in 2015. The startup is clocking about 3,000 deliveries a day through its partnerships with about 20 local and regional logistics partners.

Other Deals

Govt divests 10% in Nalco to raise Rs.1,300-Cr

Business Standard

The government has successfully divested a 10% stake in National Aluminum Company (Nalco), for Rs 1,300 crore. A total of 193.3 million shares, including an over-allotment option, were put on auction through the Offer For Sale (OFS) route. Bids came for 255 million shares with most of the bids in the non-retail segment coming from state-owned institutions, including Life Insurance Corporation. Following the share sale, the government’s stake in Nalco will fall to 64.58%.

The government has a divestment target of Rs 72,500 crore for this financial year. Of this, it expects to garner Rs 46,500 crore through minority stake sales and another Rs 15,000 crore from strategic divestment. Initial public offerings of general insurance companies are expected to fetch another Rs 11,000 crore. Divestment proceeds had touched record high of Rs 46,246 crore during the previous financial year.

Debt Financing

Emami borrows Rs.100-Cr from Axis Finance

Emami Infrastructure Limited has borrowed Rs.100 Cr from Axis Finance Limited for its general corporate purposes. The security package for the same consisted of corporate guarantees and mortgage, provided by Bhanu Vyapaar Private Limited and Raj Infraproperties Private Limited, group companies of Emami. Juris Corp acted as legal counsel to the Axis Finance in this transaction.

Fund News
Fund News

Edelweiss raises $350-M for credit-focused fund


Edelweiss Global Asset and Wealth Management has raised USD 350 million for the final close of its second credit-focused fund, Edelweiss Special Opportunities Fund (ESOF) II. The fund achieved a first close of USD 205 million in June 2015. ESOF II, which invests in privately negotiated collateralized credit transactions, has raised funds from several institutional investors including public pensions and insurance companies.

Edelweiss asset and wealth management business manages assets worth INR 1.2 trillion, with over INR 60,000 crore worth of assets on the domestic wealth management side and the rest coming from the institutional asset management business. ESOF I had raised USD 230 million.

Lighthouse plans $200-M third fund


Lighthouse Funds is to raise a $200 million third fund. Lighthouse currently has an AUM of approximately $235 million. The PE fund has raised two funds of $100 million and $135 million. It has invested in 17 companies since it raised its first fund in 2009. It typically invests in the range of $5-20 million per transaction in consumer-facing firms.

Chettiar community plans Rs.500-Cr VC fund

Business Standard

The Nattukottai Chettiars, which have prominent members like P Chidambaram and A Vellayan, are planning to launch a INR 500 crore fund to revive entrepreneurship among the community. The fund will begin with an initial corpus of INR 100 crore that will be increased to INR 500 crore over the next five years. The fund, which will be registered with the Securities and Exchange Board of India and five organizations, including TiE, would be roped in to manage these funds

Hero Enterprises to invest Rs.75-Cr in Aavishkaar Bharat Fund


Hero Enterprises is to invest INR 75 crore ($11.6 million) in impact investor Aavishkaar’s sixth fund, the Aavishkaar Bharat Fund, which is a SEBI registered Category II Alternative Investment Fund. The firm is aiming to raise INR 2,000 Crore ($310 million) for this fund, through which it will invest in businesses engaging with the underserved population in sectors like agriculture, financial services, healthcare, waste and sanitation, renewable energy and logistics and supply chain.

YourNest adds 3 advisors

Economic Times

Early-stage venture capital firm YourNest has appointed Sharad Sharma, cofounder of technology think tank iSPIRT; Ashish Gupta, founder of Evalueserve and Benori Ventures and professor Rishikesha Krishnan, Director at IIM Indore, to its advisory board. The board has been constituted for its INR 300 crore second fund -YourNest India VC Fund II. Sharma, Gupta and Krishnan are the first three appointees to the proposed eight-member board with the other five seats to be represented by institutional investors. The advisory board will offer strategic counsel to the YourNest team on investment strategy, corporate governance and leadership development, especially in areas of deep technology which the fund focuses on for potential bets.

VI Updates

VI Updates

Media Mentions

Public investors make big bucks on D-Street even after PE exits: Economic Times

Economic Times has used Venture Intelligence data to showcase how the share prices of PE-backed companies have done post their listing. Extract:

The largest IPO exits in the last three years made 1-14 times returns for private equity firms. But after listing, retail, HNIs and institutional investors have gained 9-156% in these firms, thanks to a strong stock market, data from Venture Intelligence show.

"Venture capital investment keeps dwindling in India" - Nikkei

Nikkei has a report on VC investments in India quoting Venture Intelligence data. Extract:

While venture businesses for Internet services continue to draw attention, venture capital investment in the first three months of this year totaled 68 in number and $314 million in value, according to Venture Intelligence, the research arm of TSJ Media. The number of investment roughly dropped in half from a year earlier and was the smallest in 11 quarters.

...Venture capital investment in business-to-consumer (B2C) companies is expected to keep decelerating, said Arun Natarajan, CEO of Venture Intelligence. But opportunities to raise funds are increasing for business-to-business (B2B) startups as investment in them is continuing, he said.

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Deals in the Making
Deals in the Making

PE/Strategic Investment

Online automobile marketplace Droom looks to raise $60-M


Online automobile marketplace Droom will raise up to USD 60 million in funding in the next few months as it looks to expand to international markets and for developing new products.

Omni Hospitals in talks to raise $50-M

Economic Times

Omni Hospitals, a Hyderabad-based healthcare services provider, backed by private-equity firm ASK Pravi Capital, is in talks with nearly a dozen PE firms to raise around $50 million (INR 322 crore), which includes an exit to the current PE investor. ASK Pravi had invested around INR 50 crore in two tranches and currently holds around 35% stake in Omni Hospitals. The healthcare services firm, which is a part of INCOR group, is being advised by Spark Capital.

Established in 2009, Omni Hospitals currently has six hospitals under its fold, which includes three in Hyderabad and one each at Visakhapatnam and Kurnool in Andhra Pradesh and one at Cuttack in Odisha with a cumulative capacity of 800 beds. The hospital is now looking at setting up six more hospitals at Bengaluru, Raipur,Mysuru, Pune, Indore and Bhubaneswar to take the total capacity to touch 2,000 beds in three years.

Nandan Nilekani-backed ShopX to raise $20-M from PE funds

Business Line

Assisted e-commerce platform for small shopkeepers ShopX plans to raise USD 20 million from PE funds to upgrade technology and enter new markets in North and East India with a target to reach 10 lakh retailers in the next three years. With a single strategic investor, Nandan Nilekeni, who has already made a seed round funding of USD 10 million, the Bengaluru-based start-up expects to offload at least 20% stake to PE funds in the next round. The funds would be used to grow geographically and develop new technology. ShopX currently has a GMV (gross merchandise value) of INR 20 crore and claims to have net margin profitability since it does not believe in giving deep discounts.

Edtech firm PositiveShift to raise $15-M

Business Line

PositiveShift, a skill development company offering learning solutions through an online platform, is looking to raise up to $15 million. The learning network platform has been developed with a seed funding of $750,000 and includes WIISE online, TV, Connect, Start and Junior.

Freyr Energy looking to raise $3-M

Business Line

Hyderabad-based renewable energy start up Freyr Energy is planning to raise $2-3 million. It has raised about INR 10 crore so far.

Sun Telematics in talks to raise $2-M

Economic Times

Taxi aggregator Sun telematics is in talks with investors from the US and India to raise USD 2 million (about INR 13 crore) by the middle of this year to expand its network base. The Bengaluru-based company has been profitable from first year and boasts strong unit economics. It raised USD 1 million in a pre-Series A round of funding last year to enhance product infrastructure and technology, and expand its footprint across India.

Biomedical devices focused Embryyo Tech to raise $2-M

Economic Times

Embryyo Technologies, which is developing BoxRx, an electronic drug adherence monitoring system, is looking to raise USD 2 million in the next three to five months. BoxRx, combined with web and mobile apps and a proprietary sensor strip, helps in the detection of the activity when a pill is removed from a blister packet of medicine. This activity is recorded and transmitted as an SMS to the clinician or the health-worker. The company is looking to license their technology to medical device makers.

FMCG analytics firm School of Fish looks to raise Rs.2.5 Cr

Business Line

Bangalore-based School of Fish Technologies, which provides an analytical solution to link manufacturers, retailers, is looking to raise over Rs.2.5 crore. It is incubated at the Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL) at IIM-Bangalore and sells to the manufacturers who get the app installed with their distributors and retailers. School of Fish Tech gets paid on a per order basis and is concentrating on Bengaluru and the National Capital Region. The new funding will be used to increase the base of retailers and improve technology.

Network 18 looking to sell restaurant search business Burrp

Publicly listed Network 18 is looking to sell food and restaurant search and recommendation engine Burrp.

Majority stake in Aadhar Housing Finance on the block


Mortgage lender Dewan Housing Finance Corp. Ltd (DHFL) plans to sell a majority stake in its Aadhar Housing Finance Ltd unit. Aadhar Housing Finance, which provides housing loans for low- and middle-income customers, It had a loan book of Rs1,736 crore as of 31 March 2016. DHFL has hired investment bank Rothschild to find a buyer. International Finance Corp. (IFC), a member of the World Bank Group, holds about a 20% stake in Aadhar Housing.

SoftBank might invest in Paytm as part of Freecharge merger

Economic Times

SoftBank Corp is considering a sizeable investment in Paytm owner One97 Communications in a deal that could value the Noida-based company at over $7 billion. SoftBank is seeking a 20% stake in the Noida-based company for a proposed investment of between $1.4 billion and $1.9 billion. As part of its negotiations with Paytm, Softbank is also exploring the sale of FreeCharge — the digital payments arm of Snapdeal.

Jasper Infotech, where Softbank has invested about $900 million, owns and operates both online marketplace Snapdeal and FreeCharge. The plan is to sell Snapdeal to Flipkart and FreeCharge to Paytm in return for shares in both companies.

Indiabulls Real Estate to raise funding from global PE firm: report

Business Standard

Indiabulls Real Estate is in the process of raising funds from a global PE fund. The company has said it would carve out its commercial and leasing business under Indiabulls Commercial Assets as a separate holding company to bring in strategic investments. The new commercial firm will have a net worth of INR 2,311 crore and net debt of INR 3,950 crore, after restructuring. It expects annuity revenue of INR 692 crore in 2017-18. Indiabulls Real Estate owns 55% in their assets estimated at INR 14,000 crore.

PE Exit

Warburg looking sell 10% in Capital First

Economic Times

Warburg Pincus plans to sell 10% stake in consumer lender Capital First to take advantage of a five-fold jump in share price and a strong equity market hovering at all-time highs. The US-based PE will make one of its best exits in India, recovering nearly the entire capital invested in the company through this part sale transaction. Warburg, which has invested about INR 790 crore at INR 162 per share in Capital First in multiple rounds since 2012, expects to raise about INR 712 crore through the share sale. Warburg owned 61.1% in Capital First as on December 31, 2016. The company recorded a net profit of INR 61.4 crore with a net interest income of INR 333.3 crore.


Capacit’e Infraprojects files for Rs. 400-Cr IPO

Business Line

Real Estate construction company Capacit’e Infraprojects Ltd, has filed its Draft Red Herring Prospectus (DRHP) to raise Rs. 400 crore through an Initial Public Offering (IPO). The company will use the IPO proceeds for working capital requirements, purchase of capital assets (system formwork) and for general corporate purposes. Axis Capital, IIFL Holdings and Vivro Financial Services are the book running lead managers to the issue and Karvy Computershare is the registrar.

From the Venture Intelligence PE/VC Deal Database: In August 2015 Paragon Partners had invested INR 63-Crores in Capacite Infraprojects and in October 2016, Newquest joined Paragon Partners to invest INR 60 Crores (Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Govt invites merchant bankers for RVNL, RITES listing

Business Line

The Centre has initiated the process of listing of two more public sector units of the Indian Railways, including Rail Vikas Nigam (RVNL) and RITES. The Department of Investment and Public Asset Management (DIPAM) has invited bids from merchant bankers to manage the initial public offers of the two PSUs. Divestment of 10 per cent is likely in both PSUs, which are fully owned by the government at present.The government would appoint up to five merchant bankers for managing the IPO of RVNL and four for RITES. The last day for submitting bids is May 11.

Secondary Issues

6 PSU banks to raise funds

Business Standard

Public sector banks need to raise Rs 1.10 lakh crore from the markets, including follow-on public offer, to meet Basel III requirements, which kick in from March 2019. This will be over and above Rs 70,000 crore banks will get as capital support from the government. Of this, the government has already infused Rs 50,000 crore in the past two fiscals and the remaining will be pumped in by the end of 2018-19.


Lohia family looks to acquire stake in Haldia Petrochem from TCG


Indorama Ventures Public Co. Ltd, the Bangkok-based chemicals maker controlled by the Lohia family, is in initial talks with The Chatterjee Group (TCG) to buy a stake in Haldia Petrochemicals Ltd (HPL). TCG, promoted by non-resident Indian businessman Purnendu Chatterjee, owns close to 48% in Haldia Petrochemicals. A stake sale will require approval from the West Bengal government which owns close to 31% stake in Haldia Petrochemicals.

Tata has around 2.3% stake, Indian Oil around 7% and lenders around 6% stake in Haldia Petrochemicals, which has a naphtha-based petrochemical complex at Haldia, about 125 km from Kolkata. The plant was commissioned in 2000 and the company is one of the largest in India in terms of production capacity. TCG, which took over management control of Haldia Petrochemicals in 2015 from the West Bengal government after settling a prolonged ownership feud, is keen to bring Indorama as a strategic partner and co-investor as it looks to scale up operations in Haldia.

Zee in talks to acquire 9X Media

Economic Times

Publicly listed Zee Entertainment Enterprises is in talks to acquire New Silk Route-backed 9X Media broadcast network that runs Hindi and regional music channels. Sony, which had signed a letter of intent (LoI) with 9X Media to carry out due diligence, backed out of the negotiations over some legacy taxation issues.

New Silk Route owns close to 80% stake in 9X Media, has been looking to exit since 2013. 9X Media operates three music channels in Hindi -9XM, 9X Jalwa and 9X Bajao -one in each in English (9XO), Marathi (9X Jhakaas) and Punjabi (9X Tashan). It also has a digital product, SpotboyE, offering Bollywood’s news, gossip, movie reviews and other updates.

NDTV plans strategic assets sale


Publicly listed New Delhi Television Ltd, which runs NDTV India and NDTV 24x7 news channel, is considering a potential sale of strategic assets by its subsidiaries. NDTV’s loss rose to INR 18 crore in the December quarter from INR 13 crore in the year-ago period.

Real Estate Transactions

Godrej Properties looking to sell off office assets to raise  Rs.1,500-Cr


Publicly listed Godrej Properties Ltd (GPL) plans to sell some of its office assets to raise around Rs.1,500 crore, a significant portion of which would be used to pare debt. GPL’s net debt increased by Rs.270 crore on a sequential basis to Rs.3,270 crore in the October-December quarter due to land and approval related cash outflows. It still has around 20% space that is unsold in the BKC project which will generate around Rs1,000 crore and is in talks with companies to sell that. GPL also has two more office projects in Kolkata and Chandigarh, which it intends to sell and raise capital.

Realty firms line up for Sahara Group properties


A large number of corporates and realty firms, including Tata, Godrej, Adani and Patanjali, have shown interest in buying embattled Sahara group’s 30 properties estimated to be worth Rs 7,400 crore. The properties, mostly land parcels being auctioned by real estate consultant Knight Frank India, have also generated interest from Omaxe and Eldeco, as also from HNIs and at least one public sector firm Indian Oil. Besides, Chennai-based Apollo Hospitals has shown interest in acquiring Sahara Hospital in Lucknow.

Other News
Other News

India Ahoy!

Global auction house Sotheby's luxury realty arm to set up office in Mumbai

Economic Times

Sotheby's International Realty, the luxury real estate arm of the auction house Sotheby's, is set to expand its presence in India. The first office will be set up in Mumbai in the second half of this year followed by offices in Bengaluru, Goa, Chennai, Pune and Kolkata.

Chinese smartphone maker Tecno to tap Indian market

Economic Times

Chinese smartphone brand Tecno plans to enter India with plans for local manufacturing, research & development and possibly exports to the Middle East and Africa, where it dominates the markets. Tecno will launch four smartphones in Punjab, Rajasthan and Gujarat in the first phase.The devices priced between INR 7,990 and INR 14,990 will be sold in about 10,000 brick-and-mortar stores through 129 distributors.


Paytm forays into meal voucher biz

Times of India

Digital payments and commerce platform Paytm is entering the traditional meal voucher market. In what is being called food wallet by the Noida-based company, it has partnered with about 10 companies where these firms can top up wallets of their employees. This can be claimed for tax sops as per government approved rules.

IndiTrade enters micro-finance biz

Business Line

Inditrade, a financial services provider, has forayed into microfinance business through its wholly-owned subsidiary Inditrade Microfinance. This venture kicked off its operations from Solapur in Maharashtra with the inauguration of four branches. It plans to open branches in Pandharpur, Barshi and Latur over the next three months, after which it will start operations in Tamil Nadu.

MTR plans “3 minute” breakfast offerings

Times of India

MTR, the Bengaluru-based maker of instant mixes, masalas and ready-to-eats, plans to launch a range of popular Indian breakfast items. The users need to simply pour hot water into it and keep it covered for three minutes much like the popular Maggi noodles, except that in this case, the items are upma, poha, kesari halwa and oats.

Tata Housing forays into East Africa property market

Economic Times

Tata Housing Development Company (TDHC) is venturing into the East African property market with its projects in Kenya and Tanzania spread over a 70-acre mixed-use developments. The projects will be executed through partnerships with government and private developers. The company has already signed term sheets for two projects and will be concluding the agreement for these over the next two months. It plans to invest INR 1,000 crore in these projects over the next three years.

New Ventures

ISRO to form JV with industry consortium for rocket-building

Financial Chronicle

The Indian Space Research Organisation (ISRO) is looking to form a joint venture with an industry consortium (to build polar satellite launch vehicle or PSLV), with the first launch planned for 2020-21 under the proposed entity.

Tata Trusts, Brick Eagle Foundation partner for affordable housing

Business Line

Tata Trusts has joined hands with Brick Eagle Foundation to design an affordable housing pilot project at Karjat on the outskirts of Mumbai. Tata Trusts has offered a grant to Brick Eagle Foundation for research on customer needs, industry best practices and scalable and sustainable construction technologies, to culminate in construction of homes that are based on participatory designs. The project is expected to be completed in two years.

New Incubators

Future Group launches $15-M accelerator fund for consumer and digital space


Kishore Biyani-led Future Group has launched the Future C&D (consumer and digital) Lab in Bengaluru. The initiative will focus on the consumer and digital space to bring in next generation innovations using artificial intelligence, big data analytics, blockchain, Internet of Things, robotics and allied technologies. The research and development activities will be backed by a USD 15.5 million (INR 100 crore) accelerator fund. The fund will take care of the operations, technology development and IPR creation by the teams working at the lab. The teams and companies will have a ready access to test, experiment, and prototype their technologies across Future Group’s brand and retail platforms.

Nomura launches global accelerator & co-creation platform, Voyager in search of fintech ideas

Economic Times

Global investment bank Nomura has launched the 'Voyager Nomura Fintech Partnership', a global accelerator cum co-creation platform to collaborate with startups to build products and solutions specifically for capital markets and investment banking (CMIB) which can be deployed across Nomura and the financial industry. The selected startups will get a chance to collaborate with Nomura businesses across regions and create products or solutions which can be implemented. Only mature startups with at least one round of external funding will be potentially eligible for the initiative, given the regulatory and complicated nature of capital markets and investment banking

India Accelerator set to launch incubation programme

Economic Times

Gurgaon-based India Accelerator is set to launch an incubation programme this month and offer early-stage technology startups benefits from its newly-acquired membership of the Global Accelerator Network (GAN), a consortium of 70 leading accelerators in the world including H-Farm in Italy, NXTP Labs in Argentina, SparkLabs in South Korea and Techstars in the US. It will also provide an intensive four-month programme in Gurgaon where startups will have access to inhouse growth hackers, UI and UX designers, legal teams and tax consultants. The first batch of the accelerator programme will start from July and provide initial funding of USD 15,000-20,000 to select startups.


Infy names Ravi Venkatesan as Co-Chair

Economic Times

IT Services firm Infosys has appointed former chairman of Microsoft India Ravi Venkatesan as co-chairman alongside R Seshasayee. Infosys has appointed Cyril Amarchand Mangaldas to create a framework for its interactions with key stakeholders and governance.

PVR sacks chief business development officer Vijay Kapoor


Listed multiplex operator PVR today has sacked its Chief Business Development Officer Vijay Kapoor on "disciplinary grounds". The company has asked Kamal Gianchandani, Chief Business Planning & Strategy, to take over Kapoor’s responsibilities. Kapoor has been associated with PVR from 2008.

R Sridhar joins IndoStar Capital as Executive VC, CEO


Everstone Capital backed NBFC IndoStar Capital has appointed former Sriram Transport Finance CEO R Sridhar as its Executive Vice Chairman and CEO. Sridhar, who has worked with the Sriram Group since 1985, will be taking over from Vimal Bhandari who will remain on the board of IndoStar.

Since it started operations in 2011, IndoStar's net profit has grown to over INR 210 crore at a CAGR of 31%. In March 2017, the company had a loan book of INR 5,247 crore and a Net NPA of 1.2%.

Vijay Mallya arrested in London; receives bail

Times of India

UB Group promoter Vijay Mallya was arrested by Scotland Yard on an extradition warrant and subsequently received bail.

In February, the Indian Government had handed over a formal request for the fugitive industrialist's extradition to the UK High Commission, saying it had a legitimate case against him in on charges of financial irregularities and loan default.

Regulatory News

Insolvency board to fast-track resolution for start-ups


The Insolvency and Bankruptcy Board of India (IBBI) plans to fast-track the resolution process for “smaller cases”, including for start-ups, and complete them within 90 days. The board has been set up under the Insolvency and Bankruptcy Code, which came into force from 1 December 2016. The IBBI is looking at the possibility of fast-tracking resolution process for smaller cases and those having fewer complications. There could be differential treatment in terms of time too.

Cairn Energy slapped with fresh IT notice for Rs.30,700-Cr


Cairn Energy, which has a running battle with the income tax department, has been slapped with a fresh notice of Rs 30,700 crore in penalty for failing to cough up a capital gains tax of Rs 10,247 crore on time. This comes after the income tax appellate tribunal in an order had said Cairn Energy would have to pay capital gains tax on the transfer of its Indian assets to newly created Cairn India but not pay interest on the tax as the claim had been made through a retrospective legislation.


RBI issues guidelines for bank investments into REITs, InvITs

Business Standard

The Reserve Bank of India has issued guidelines for investments by commercial banks in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), including setting limits on the overall investments. Banks would not be allowed to invest more than 10% of the unit capital of a REIT or InvIT.

P&G, Future Group exploring deeper partnership

Economic Times

Procter & Gamble (P&G) and Future Group are exploring joint sales forecasting and planning as well as exclusive product releases. The companies will embed officials at each others headquarters and be part of supply chain initiatives.

Au Financiers converts to small finance bank


Au Financiers India Ltd has converted from NBFC to a small finance bank (SFB) changing its name to AU Small Finance Bank.

SC orders auction of Aamby Valley

Economic Times

The Supreme Court directed the Bombay High Court liquidator to begin the process of selling the Sahara Group's Aamby Valley project following the company's failure to pay INR 37,000 crore in dues to the Securities and Exchange Board of India (Sebi). It also directed group chairman Subrata Roy to appear in court in person on April 28 to explain his failure to pay the dues despite being out on bail. Roy has been out on bail since his mother's death late last year. He had insisted he could not pay off the dues while in jail and sought his freedom saying it would be easier to raise funds. However, the group has so far only paid INR 10,000 crore. Roy has offered to pay the rest in installments ending in 2018, a move that has not found favour with the courts.

Jalaj Dani checks out of Asian Paints

Economic Times

Jalaj Ashwin Dani, the public face of Asian Paints for many years and second-generation scion of one of the founding families, has resigned after a 18-year stint with the company to pursue personal interests. He was handling human resources, supply chain and chemicals portfolio.

Cushman & Wakefield India appoints Badal Yagnik as MD leasing services

Business Line

Cushman & Wakefield, a commercial real estate services provider, has appointed Badal Yagnik as Managing Director for Leasing Services, India.

ED send notices to Vasan Health Care, Karti Chidambaram for FEMA breach

Business Standard

The enforcement directorate (ED) has served notices on Vasan Health Care and Karti Chidambaram, son of former finance minister P Chidambaram, for breach of the Foreign Exchange Management Act (FEMA). Vasan and its promoters got a notice for alleged violation of Rs 2,262 crore. Chidambaram and a firm reportedly under his control, Advantage Strategic Consulting, were issued notices for violation of Rs 45 crore.

Unitech MDs Sanjay & Ajay Chandra get bail

Economic Times

Unitech managing directors Sanjay Chandra and Ajay Chandra have been granted bail by a Gurgaon court. They had been sent to five days of police custody on April 10, in a case related to cheating and fraud in a fixed deposit scheme floated by the company. This was just after the Chandras had got three-month interim bail from a Delhi court in a different case, related to a Gurgaon-based real estate project.

The real estate company had floated a fixed deposit scheme in 2012 and raised Rs 600 crore from around 55,000 people for a 12% return.

Yamuna Expressway authority cancels five housing projects of Jaypee Infratech

Economic Times

In a major blow to Jaypee Infratech, the Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled five housing projects of the developer in Sports City East for allegedly selling the projects without getting building plans approved. The cancellation of the proposed projects in sector 22B spread over a 70-acre land, is set to affect around 300 home buyers. relaunches rentals

Economic Times

Online real estate portal, which merged with Delhi-based PropTiger in January, has relaunched rentals section on its platform after more than a year of hiatus with over 60,000 listings and plans to more than triple it by next quarter. It has added features to enhance customer experience.

Pharmacy portal Netmeds moves offline

Economic Times

Netmeds, the healthcare e-commerce portal, is venturing into the brick-and mortar space with the opening of 10 physical stores in Chennai. The company plans to start off with Chennai and later expand to other cities. The physical stores will operate under the same brand name. Netmeds will invest around INR 15 lakh - INR 20 lakh to set up each physical store, which will be located in the high demand areas of Chennai.

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