Venture Intelligence
 June 28, 2019
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The Big Story

Warburg Pincus sells addl ICICI Lombard shares worth Rs.1,576.53 Cr, registers 2.23x


Warburg Pincus, via Red Bloom Investment Ltd, has sold 14,329,658 shares (3.15% stake) at INR 1,100.19 per share of publicly listed ICICI Lombard General Insurance Company Ltd on Jun 25, 2019 through a bulk deal on the NSE. The share sale aggregates to INR 1,576.53 Cr. Post-deal the investor would hold a 2.70% stake (12,281,312 shares) in the insurance company.

From the Venture Intelligence PE-VC Deal Database: In May 2017, Warburg Pincus had invested INR 1827 Cr for 9.01% stake at INR 446.81 per share as part of a Pre-IPO deal. The company went public in Sep 2017 at INR 661 per share.

Done Deals
Done Deals

Private Equity Fund Investments

Realtor Unitech raises Rs.2,000-Cr from Suraksha ARC, JM Financial

Economic Times

Property developer Unitech has raised an INR 2,000 crore investment from two asset reconstruction companies - Suraksha ARC and JM Financial - to complete pending projects. Of these, around 16 projects are under JM Financial’s portfolio while seven are under Suraksha’s portfolio. The investments made by both the ARCs are towards working capital of the pending projects. Unitech is scouting for more investors for additional funding.

The company has been under pressure after the Supreme Court, in May, asked the government to explore an option to take over the group and complete the pending projects. About 17,000 buyers have invested in Unitech’s projects stuck due to working capital issues. Sanjay Chandra, managing director of Unitech is in jail after being arrested by the economic offences wing of the Delhi police in August 2017. The company is required to pay INR 750 crore in the court registry and only then would Chandra qualify for bail. The SC is set to hear the case on July 5.

HINES, Conscient Infra to invest Rs.1,600-Cr in Gurugram housing project


Real Estate investment and development company HINES, along with Conscient Infrastructure Pvt Ltd, will invest around INR 1,600 crore for a premium residential project in Golf Course Extension Road, Gurugram. Hines and Conscient have already invested INR 500 crore of equity, through a special purpose vehicle for the project. The rest will be raised via construction finance or debt.

The project, Elevate, will be developed across 8 acres of land, that belongs to developer Ireo Management Pvt. Ltd. (HINES and Ireo signed a joint development agreement for the land in 2016.) The project will have 556 apartments of 2,100 sq. ft to 3,400 sq. ft, priced between INR 2.2 crore and INR 4 crore.

HINES to invest Rs.318-Cr in Shapoorji Pallonji’s Bangalore residential project

Economic Times, Advisor Disclosure

Global property investment management firm Hines is to invest in two phases of Shapoorji Pallonji Real Estate’s premium residential project “Parkwest” in Bangalore. Hines will invest INR 318 crore in Relationship Properties, a wholly-owned subsidiary of Shapoorji Pallonji Group, for a majority stake in phase 3 and phase 4 of the project. The SP Group will invest the balance amount in the INR 425 crore project. AZB & Partners was the legal advisor to SP Group on the deal.

The residential project is spread across around 46 acres in Binnypet area of Bangalore and has a total saleable area of around 4.8 million sq ft. Of this, phase 3 of the project, which has already been launched, has around 0.32 million sq ft saleable space, while the fourth phase, to be launched by this year end, has 1.48 million sq ft area. The first phase of the project is already sold out, while the second phase is being undertaken by Shapoorji Pallonji Real Estate independently.

GIC-DLF JV to create India’s largest retail mall

Economic Times

Singapore’s sovereign wealth fund GIC and realty developer DLF - via their private REIT joint venture DCCDL - are to build the country’s biggest retail mall “Down Town” in Gurgaon. Spanning 2.5 million sq ft., the mixed use mall will be constructed on a 23-acre land parcel owned by DLF. The plot is on the highway opposite DLF’s 2.5 million sq ft commercial project Cyber Park.

Unilever, Kotak, Innoven join existing investors to pump $120-M into CureFit

Economic Times

Health and fitness startup CureFit has closed a USD 120 million funding round, in a mix of equity and debt, with new investors including Unilever Ventures, Epiq Capital, Innoven Capital and Kotak Mahindra Bank coming on board. The round was led by existing investors including Chiratae Ventures (formerly IDG Ventures India), Accel Partners, Kalaari Capital, and Oaktree Capital.

CureFit has, in total, raised about USD 290 million in capital. On May 6, Curefit raised INR 521.8 crore (USD 75 million) at a valuation of INR 3,869.6 crore (USD 557 million). This was the first tranche of the USD 120 million investment, which also counts Anand Piramal Family Trust, Makan Family Trust and Hadley Family Trust as backers. The company has now been valued at more than USD 575 million.

CureFit is building a platform offering health, wellness, food and merchandising through multiple brands. This includes a chain of fitness 180 centres under the brand CultFit, a healthy food-delivery offering under EatFit with over 35,000 deliveries per day, healthcare clinics under the brand CareFit and 35 centres for mental wellness service under the brand MindFit. CureFit claims its annualised revenue stood at USD 100 million, growing at 200% every year. In fiscal 2018, the company earned revenue of INR 34.6 crore and posted a loss of INR 98.6 crore.

Edtech startup Unacademy raises $50-M from Steadview, others


Bengaluru- based edtech startup Unacademy has raised $50 million in Series D funding round from new investor Steadview Capital, with participation from existing investors Sequoia Capital India, Nexus Venture Partners and Blume Ventures. The round also saw participation from Unacademy’s founders Gaurav Munjal and Roman Saini, as well as other startup founders, including Aakrit Vaish (Co-Founder & CEO, Haptik) and Sujeet Kumar (Co-Founder & CEO, Udaan). The new investment will be used to onboard more educators, fuel growth across multiple exam categories and build product and team. The platform currently has more than 10,000 registered educators and 13 million users.

From the Venture Intelligence PE-VC Deal Database: Unacademy had raised $21 million in its Series C round of funding in July 2018. (The latest infusion takes the total VC funding raised by the startup to $88 million.) Other VC investors in Unacademy include SAIF Partners (invested in Sep-17) and WaterBridge Ventures (completely exited in 2018 via Secondary Sale). Angel investors in the company include Kalyan Krishnamurthy (Apr-2019); Girish Mathrubootham and Stanford Angels (since Jan-2017); Rajan Anandan, Phanindra Sama and Aprameya Radhakrishna (Dec-2015); Vijay Shekhar Sharma, Sachin Bansal, Binny Bansal, Kunal Shah and Sandeep Tandon (since Aug-2016)

B2B portal IndiaMart raises Rs.214-Cr from anchor investors including SAIF Partners, others


IndiaMart Intermesh Ltd, which operates the online business-to-business (B2B) marketplace, has raised INR 213.57 crore (about USD 30.5 million) from anchor investors at INR 973 per equity share. The anchor investors include SAIF Partners (via SAIF India VI FII Holdings Ltd), Hornbill Orchid India Fund, Kuwait Investment Authority Fund 225, Steadview Capital Mauritius Ltd, Malabar India Funds and Sylebra Capital Partners Master Fund Ltd. Advisors to the issue include ICICI Securities, Edelweiss Financial Services and Jefferies India. Three existing investors in Indiamart - Intel Capital, Amadeus Capital Partners and Accion - are expected to make a partial exit from the firm through the IPO to be launched on June 24 to raise around INR 600-650 crore.

Indiamart provides a platform for business buyers to discover products and services and connect with suppliers. As of 31 March 2018, the company had 59.81 million registered buyers and 4.72 million suppliers on its platform.

Banking startup Open raises $30-M led by Tiger Global


Bangalore-based Open Financial Technologies, which provides banking services to businesses, has raised $30 million in Series B round led by US-based investment firm Tiger Global Management. Tanglin Venture Partners, a venture capital fund floated by former Tiger Global executives Ravi Venkatesh and Edwina Yeo, was the other new investor in the round. Existing investors 3one4 Capital, Speedinvest and BetterCapital AngelList Syndicate also participated in the round. Open plans to use the funds to invest in technology and hire across product, engineering and sales functions.

Open offers a business account in partnership with banks which helps businesses automate and run their finances. It offers a payment gateway, automated prepaid cards, and connections to multiple banks, for a business to manage its banking from one place.

From the Venture Intelligence PE-VC Deal Database: Speedinvest, Beenext, 3ONE4 Capital, Unicorn India Ventures and Recruit Strategic Partners had invested INR 38.91 crores in Open Financial Technologies across 2 rounds of funding. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Cosmetics brand MyGlamm raises Rs.130-Cr from Bessemer, others; Tano Capital exits

Times of India

Bessemer Venture Partners is leading an INR 130 crore round of investment in online direct-to-consumer cosmetics brand MyGlamm. The round also saw participation from French cosmetics giant L’Occitane and well known public market investor, the Mankekar family. The deal would value MyGlamm at INR 500 crore and will also see early investor Tano Capital sell most of its stake for INR 30 crore, making three times returns on its investment.

Mumbai-based MyGlamm is doing about INR 5 crore monthly sales now, with 70% coming from its website and mobile application while the rest coming from 120 shop-in-shop at department stores like Shoppers Stop and Lifestyle.

From the Venture Intelligence PE-VC Deal Database: In November 2015, Tano Capital had invested INR 10 crore in MyGlamm. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Logistics startup Leap India raises Rs.100-Cr from TVS Capital

Investor & Advisor Disclosure

Mumbai-based supply chain solutions provider Leap India has raised INR 100 crore from TVS Capital-managed TVS Shriram Growth Fund 3. Rajani Associates was the legal advisor to LEAP India and two of its existing investors in the transaction. The investment involved an issue of subscription to cumulative participating compulsorily convertible preference shares (CCPS).

From the Venture Intelligence PE-VC Deal Database: Starting Dec-14, Leap India has previously raised about USD 49 million (INR 320 crore) from IFC, Mayfield, Sixth Sense Ventures, IndiaNivesh VC and other investors. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Eye care chain Infigo Lifesciences raises funds from IIFL

From the Venture Intelligence PE-VC Deal Database: In September 2018, IIFL India Private Equity Fund had invested INR 40 crore for a majority stake in Mumbai-based eye care chain Infigo Lifesciences. As part of the deal, Vikrant Sibal of IIFL PE has joined the board (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Personal care brand Scentials raises Rs.25-Cr led by Unilever Ventures


Mumbai-based celebrity-led beauty and wellness company, Scentials Beauty Care and Wellness Pvt. Ltd, has raised INR 25 crore in Series A funding led by Unilever Ventures. Scentials was advised by Lastaki Advisors on the deal.

Co-founded by Jinesh Mehta and tennis star Mahesh Bhupathi, Scentials has global licensing and endorsement agreements with some of the most-successful celebrities in the field of sports and entertainment to design, develop, manufacture, market, and distribute products through multiple brands across fragrances, skin-care, makeup and men's grooming. The company launched Virat Kohli’s’ One8 brand in the fragrance category in January this year, and followed with launching a line of Skin care “Arias” with former Miss Universe Lara Dutta Bhupathi in April 2019.

JM Financial to acquire minority stake in Hyderabad co-living space operator Isthara

Economic Times

JM Financial is to acquire a significant minority stake in Hyderabad-based co-living space operator Isthara Parks. The funds are committed from JM Financial India Fund II. Isthara will use the funds for expansion to other cities in the country.

Isthara provides fully-furnished shared-living accommodation for working professionals and students, with a host of amenities such as daily meals, WiFi internet, gymnasium besides laundry and housekeeping services. Currently, the company manages about 3,000 beds across 29 properties in Hyderabad, Bengaluru and National Capital Region.

Apex Hospitals raises Rs.25-Cr from Somerset Indus Capital Partners

Venture Intelligence Research

Somerset Indus Capital Partners has invested INR 25 crores for 38% stake in Jaipur based Apex Hospitals. As part of the transaction, Sharad Ladha and Ramesh Kannan of Somerset Indus Capital Partners joined the board of Apex Hospitals. Apex Hospital has generated a revenue of INR 62.7 crore in FY 18

Apex Hospital is a multi-specialty, state-of-art medical center was established in the year 1994.

IP-asset mgm’t co Clairvolex raises $3.5 M more from Walden Riverwood, IndusAge


Intellectual Property (IP) asset management firm Clairvolex has raised USD 3.5 million in an extension of its Series B round funding led by California-based Walden Riverwood Capital, with participation from IndusAge Partners. The company will invest the fresh capital to deepen its Artificial Intelligence (AI)-based IP solutions platform LEAP’s market penetration, expand its sales and marketing footprint in the US and Europe. Clairvolex is also looking at adding more data science and data engineering capabilities in both Bangalore and Los Altos, CA centres.

From the Venture Intelligence PE-VC Deal Database: In Nov-16, Clairvolex had raised USD 7.7 million in Series B funding led by Waldent. It had raised USD 4 million Series A from IndusAge in Oct-15. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Bellatrix Aerospace raises $3-M from IDFC-Parampara, others

Advisory Disclosure

Bangalore-based Bellatrix Aerospace, an SID (Indian Institute of Science) incubated company, has raised USD 3 million in a pre-Series A round led by IDFC-Parampara, StartupXseed, Karsemven Fund (KITVEN) and Survam Partners (SK Munjal’s family office) at a post money valuation of USD 10 million. Other investors participating in the round include actor Deepika Padukone (through KA Enterprises LLP), GrowXVentures, CIIE (an incubator of IIM Ahmedabad) and SINE (an incubator of IIT Bombay). Eiliant Advisors was the sole financial advisor to Bellatrix for this transaction.

Bellatrix is a full suite solution provider for in-space propulsion systems. Satellite manufacturers are transitioning from traditional chemical propulsion systems to electric propulsion or chemical systems incorporating greener high performance propellants.

Fintech start-up Recko raises $1-M from Prime Ventures

Business Line

Bengaluru-based fintech start-up Recko, which enables AI-powered reconciliation of digital transactions, has raised about INR 7 crore (USD 1 million) in seed funding from Prime Venture Partners. Recko, which has built a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations, will use the money to scale the business.

Fintech startup Streak AI raises $1-M from 3One4Capital


Bengaluru-based financial trading enabling tech startup Streak AI Technologies has raised pre-Series A funding of $1 million. The round was led by 3one4 Capital with participation from existing investor Rainmatter Capital. The new funding will be primarily used to grow the team, focus on the product roadmap, and scale the existing customer base.

The startup lets traders create algorithms to generate trading signals for buying or selling stocks without the need for coding. The platform allows tracking of all securities such as stocks and futures in NSE, currencies, and MCX commodities (over 2,500+).

In 2017, Streak had raised seed funding of $350,000 from Rainmatter Capital.

Belltower Fund Group buys Dunzo shares worth Rs.2.99 Cr

Venture Intelligence Research

Belltower Fund Group Ltd, via DU Fund I (an unit of Moving Capital LP), has bought 565 Series C CCCPS at INR 52,927.20 per share of Dunzo Digital Pvt Ltd on Jun 14, 2019. The purchase, which constitutes 0.61% stake, aggregates to INR 2.99 Cr and values Dunzo at INR 489.57 Cr.

From the Venture Intelligence PE-VC Deal Database: Between Sep 2015 and Apr 2019, Dunzo raised USD 40.33 million (INR 277.17 Cr) across various rounds.

Sixth Sense Ventures buys addl AVG Logistics shares worth Rs.74 lakh


Sixth Sense Ventures, via Sixth Sense India Opportunities II, has bought 94,800 shares (0.92% stake) at INR 78.35 per share of AVG Logistics Ltd on Jun 26, 2019 through a bulk deal on NSE. The purchase aggregates to INR 74 lakh.

From the Venture Intelligence PE-VC Deal Database: In Mar 2018, Sixth Sense fully subscribed to the anchor portion of the SME IPO of AVG Logistics. The fund had invested INR 9.41 crore at INR 107 per share for a 8.54% stake of the company.

Satellite designer Kawa Space raises funds from Speciale Invest

Business Line

Mumbai-based Kawa Space, which designs and operates earth observation satellites, has closed a seed round of funding from seed capital firm.Speciale Invest.

Spacetech startup Astrogate Labs raises funding from Speciale Invest

Investor Announcement

Speciale Invest has invested in Bengaluru-based Astrogate Labs, marking the seed capital firm’s third bet in the space-tech segment. Astrogate started operations in fall 2017 and was part of Light Speed Innovations Accelerator (USA) program. Since then, the startup has accomplished significant technology development leading up to prototype demonstrations over the last year. Astrogate is now preparing for flight qualification and in-orbit verification of its smallsat optical terminal in 2020.

Mobile tech co Jiny raises funds from Ankur Capital

Investor Disclosure

Ankur Capital has invested in Bangalore-based mobile adaptive digital assistant tool Jiny. Jiny can “sit” on any interface and guide the users in different languages to complete the workflow.

Biotech co String Bio raises funding from Ankur Capital, KITVEN, ONGC, others

Press Release

Bengaluru-based biotechnology company String Bio Pvt Ltd has raised funding from Oil & Natural Gas Corporation Ltd (ONGC), French investor Seventure Partners, Ankur Capital, KITVEN and Srinivasa Hatcheries. The company will use the funds to develop alternative proteins for the global feed and food companies. Unitus Capital acted as an exclusive financial advisor to String Bio.

String Bio manufactures and provides feed and food ingredients made by leveraging biotechnology. The innovation is enabled by String’s proprietary platform SIMP (String Integrated Methane Platform) that leverages advances in synthetic biology, fermentation technology, chemistry, and process engineering.

Angel Funding

Celebrity led brand development co Swag Fashion Hub raises Rs.20-Cr

Advisor Announcement

Swag Fashion Hub, a celebrity-led apparel and accessories company has raised INR 20 crore from high net worth individuals. Co-founded by tennis star Mahesh Bhupathi and Jinesh Mehta, Swag is a brand development and licensing company that offers youth focused fashion brands. Majority of the brands are co-owned by celebrities and Swag. The company has signed up with celebrities like Virat Kohli, Lara Dutta, Disha Patani, Malaika Arora and Allu Arjun. Lastaki Advisors acted as the sole investment banker to Swag.

Futures trading platform FnO raises $2-M

Economic Times

Fintech startup built for futures trading, FnO has raised $2 million in an angel round of funding from executives of banks, financial services, asset management and consumer internet companies. The Singapore-based company intends to develop a platform for trading in futures and options for retail customers. It intends to use the funds to launch the product in India and also take it to other geographies.

Edtech startup ConceptOwl raises Rs 3.5-Cr from IAN


Indian Angel Network (IAN) has invested INR 3.5 crore in Trivandrum-based edtech startup ConceptOwl. The start-up will utilize the capital infusion to enhance and diversify its offerings, as well as to bolster its sales and marketing operations. The round was led by KRS Jamwal, Ankit Somani and Mitesh Shah with Ankit Somani joining the company’s board.

ConceptOwl is focused on delivering teacher-less online-in-classroom Science and Mathematics coaching to school students in Tier-2 and Tier-3 cities at affordable prices.

Online tax experts platform Wizcounsel raises Rs.1-Cr from Kapil Dev, others

Mint (E-Paper)

Delhi-based Wizcounsel, an online market network for legal, tax and accounting experts, has raised INR 1 crore in an angel round led by former cricketer Kapil Dev and others. Sunil Kumar Gupta, founder and chairman of SARC Associates and Manas Fuloria (Nagarro founder and CEO) also participated in the round. The funds will be used for marketing, sales and for strengthening operations.

Experts marketplace Tapchief raises $650-K

Economic Times

Paytm-backed Tapchief, an online platform that connects businesses to domain-specific professionals, has raised $650,000 from a clutch of investors including 500 Startups, AngelList India, Stanford Angels, SucSeed Venture Partners and individual investors including Cred founder Kunal Shah, former Flipkart executive Mekin Maheshwari and Slideshare founder Amit Ranjan. Existing investors Paytm, NuVentures and Vokal founder Aprameya Radhakrishna also participated in the round. The Bengaluru-based startup plans to use the fresh funds to expand the team and accelerate its product development.

Tapchief enables clients to source and shortlist industry experts to consult or work on specific problems across various functions like strategy, technology, marketing, finance, sales, and operations, depending on their budget and timelines. Tapchief claims to have more than 75,000 professionals on its platform, of which about 30% are freelancers (available on a full-time basis) and it aims to add a million professionals to its platform by next year.

From the Venture Intelligence Angel Investments Database: In April 2016 Paytm founder Vijay Shekhar Sharma had invested in Tapchief. In November 2016, Tapchief had raised additional funding from Paytm, TaxiForSure founder Aprameya Radhakrishna, Fisdom founder Subramanya Venkat and Venk Krishnan of NuVentures among others.

P2P lending service i2iFunding raises addl capital from SucSEED

Press Release

SucSEED Venture Partners has invested additional capital in RNVP Technology Private Limited (which operates Peer to Peer Lending service i2iFunding). i2iFunding has disbursed loans of value more than INR 36 Crores and has crossed monthly disbursal of INR 4 crore. i2iFunding had raised more than $1 million so far.

From the Venture Intelligence Angel Investments Database: In December 2017, SucSEED Angel Network has invested INR 4.75 crores in i2iFunding (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Liquidity Events IPO gets fully subscribed

Economic Times

The initial public offer of, an online marketplace for business products and services, was fully subscribed on the second day of bidding. The INR 475 crore IPO received bids for 27,94,440 shares against the total issue size of 26,92,824 shares. The category meant for qualified institutional buyers (QIBs) was subscribed 1.05 times, non institutional investors 4% and retail individual investors 2.48 times. ICICI Securities, Edelweiss Financial Services and Jefferies India are managing the offer.

From the Venture Intelligence PE-VC Deal Database: Intel Capital was's earliest investor (invested in Nov-2008). Other PE-VC investors in the company (who, along with Intel, will be partly exiting via the IPO) include Amadeus Capital Partners and Quona Capital (investors since Mar-2016). WestBridge, which also invested in Mar-2016, is to remain invested. (Subscribers to the database can login to view the investment valuation, deal structuring and other transaction details.)

TrueNorth sells Aster DM Healthcare shares worth Rs.549-Cr, registers 4.76x return


TrueNorth, via True North Fund IIIA, sold shares of publicly listed Aster DM Healthcare Ltd worth INR 549.44 crore during the week via bulk deals on the NSE.

On Jun 26, 2019, TrueNorth had sold 37,363,409 shares (7.40% stake) at INR 120.03 per share. The sale aggregated to INR 448.47 Cr.

On Jun 27, 2019, it sold 8,287,025 shares (1.64% stake) at INR 120 per share aggregating to INR 99.44 Cr.

From the Venture Intelligence PE-VC Deal Database: In Feb 2008, TrueNorth had invested INR 62.31 Cr in Aster DM. In May 2014, TrueNorth invested a further INR 118.07 Cr. The company got listed in Feb 2018 at INR 190 per share. (Olympus Capital is another PE investor in Aster DM.)

L&T acquires majority stake in Mindtree; Nalanda Capital, Arohi Asset Management exit

Mint, Economic Times, Economic Times

Construction major Larsen and Toubro (L&T) has acquired a majority 60% stake in Mindtree after its open offer to buy 31% shares got oversubscribed. L&T received bids for 5.54 crore shares as against offer size of 5.13 crore shares. L&T has acquired Arohi Asset Management’s 1.22% stake (held via Ontario Teachers’ Pension Plan). L&T has also bought Mindtree shares from Nemish Shah’s Enam Holdings, White Oak, Avendus Capital, HDFC Life Insurance, and mutual funds and foreign institutional investors (FIIs).

Nalanda Capital has also exited Mindtree, having tendered its entire 10.6% stake in the open offer by Larsen & Toubro. The fund will make a four-fold return on its investment. Nalanda’s average acquisition cost in Mindtree was INR 260 per share and it has been holding its stake for 10 years. Nalanda founder Pulak Prasad had opposed the takeover and held out against it for months. The turnabout was attributed to market regulator SEBI having written to the Singapore-based public market fund, asking if it was acting in concert with the founders of Mindtree without triggering an open offer.

In March, L&T had acquired 20.32% stake in Mindtree from VG Siddhartha and his coffee enterprise. It later picked up more shares of Mindtree from the open market to raise its holding to over 28% and subsequently made an open offer to buy an additional 31% stake at INR 980 a share.

Creador Capital sells addl PC Jeweller shares worth Rs.23-Cr, registers 0.4x return


Creador Capital, via Carlina Ltd and Idria Ltd, has sold 2,211,000 shares at INR 52.17 per share and 2,199,000 shares at INR 52.18 per share respectively through NSE bulk deals of publicly listed PC Jeweller Ltd on Jun 24, 2019. The sale, which constitutes a 1.12% stake of the company, aggregates to INR 23.01 Cr. Post-deal, the investor would hold 4.13% stake (16,295,776 shares) in the company.

From the Venture Intelligence PE-VC Deal Database: Between Feb 2015 and Dec 2015, Creador Capital invested INR 246.46 Cr for 5.07% stake. In Apr 2019, the Creador invested additional INR 200 Cr (approx) in the company.

Secondary Issues

SBI Life share sale subscribed 3.4 times

Business Standard

The INR 1,625-crore share sale in private sector life insurance company SBI Life saw bids for nearly 89 million shares, 3.4 times the 25 million shares on offer. Most of the bids came at INR 670 per share, higher than the base price of INR 650 set for the offer for sale (OFS). The selling shareholder in the OFS was BNP Paribas Cardif, a joint venture partner in SBI Life, which will be able to mop up over INR 1,625 crore for its 2.5% stake. Following the sale, its holding will drop to 5.2%.


Binny Bansal sells addl Flipkart stake worth $76-M to Walmart


Flipkart co-founder Binny Bansal has sold around 54 lakh of his equity shares for $76 million (INR 531 crore) to US-headquartered retail giant Walmart’s Luxembourg entity, FIT Holdings SARL. Post the transaction, Bansal’s stake in Flipkart stands at 3.52%.

Walmart had acquired a majority stake in Flipkart last year for about $16 billion.

Canada’s Manulife to acquire 49% stake in Mahindra AMC for $35-M

Business Standard

Canada-based Manulife is to buy a 49% stake in Mahindra Asset Management Company for USD 35 million (INR 243 crore). The deal will value the AMC at 10.4% of its asset size.

European investor LGT buys majority stake in wealth mgmt co Validus

Press Release

LGT, a private banking and asset management group owned by the Princely Family of Liechtenstein, has agreed to acquire a controlling stake in Mumbai-based wealth management firm Validus Wealth (formerly WGC Wealth). The remaining shares would be retained by the company’s existing management team. The company will continue to be led by its founder and current CEO Atul Singh.

The company employs more than 150 staff and has a presence in nine cities including Mumbai, Delhi and Bengaluru. Post-merger, Validus Wealth will develop a full service, private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services.

Persistent Systems to acquire Germany-based IT Services firm Youperience for $5.5 M


Publicly-listed Persistent Systems has acquired Germany-headquartered Salesforce consulting partner Youperience. The enterprise value payable for the acquisition of 100% shares of Youperience is estimated to be Euro 4.8 million (about USD 5.45 million). Additionally, an amount up to Euro 2 million (USD 2.27 million) is payable over 2 years contingent on performance and retention of key employees.

Youperience GmbH (Youperience) is a Salesforce Gold partner with estimated revenues of about Euro 3.5 Million for the 12 months ended March 31, 2019. Youperience is based out of Germany and operates through its affiliate, Youperience Ltd. in the UK market. (As part of the deal, Persistent Systems Germany GmbH has also acquired 30% shareholding in Youperience Ltd., UK.) The acquisition strengthens Persistent's Salesforce practice in Europe and in the Salesforce Marketing Cloud domain. The combined unit will have 170 employees in four countries (Germany, Switzerland, Austria and France).

From the Venture Intelligence M&A Deals Database: In July-2017 Persistent Systems had acquired a 100% stake in PARX for $16.90 million

TCS buys 15% addnl stake in Japanese JV with Mitsubishi Corp


TCS Asia Pacific Pte. Ltd (TCS APAC), a wholly owned subsidiary of publicly-listed Tata Consultancy Services (TCS), is acquiring 15% stake from Mitsubishi Corporation (MC)( JV partner) in Tata Consultancy Services Japan, Ltd (TCS Japan) for JPY 3.5 billion (USD 32.6 million) and consequently, the holding of TCS APAC in TCS Japan will go up from the current 51% to 66%. MC will hold 34%.

Max India to divest entire 85% stake in subsidiary Pharmax to group co for Rs.61-Cr


Max India has approved divestment of its entire stake of 85.17% in subsidiary firm Pharmax Corporation Ltd to an unit of Max Estates, a wholly-owned real estate focused subsidiary of fellow publicly listed group firm Max Ventures and Industries Ltd, for INR 61.2 crore. Pharmax owns the property "Max House" in Delhi's Okhla area. The target company had reported revenues of INR 17.99 Cr for FY19 (up from INR 3.12 Cr in the previous year).

Adani Power to acquire GMR Chhattisgarh Energy


Axis Bank acting as Lead Lender to GMR Chhattisgarh Energy Limited ("GCEL"), has issued a Letter of Intent approving Adani Power Limited's resolution plan to acquire controlling equity stake and restructure debt in GCEL. Post the transaction, Adani Power Limited shall hold 100% equity stake in GCEL. Of this, 52.38% stake is to be acquired from the Lenders, and the balance 47.62% is to be acquired from the GMR Group.

GCEL owns an operational 1.370 Megawatt (MW) supercritical thermal power plant in Raikheda, Raipur district, Chhattisgarh. The plant consists of 2 units of 685 MW each, commissioned in June 2015 and April 2016 respectively.

KFC India to divest 61 more stores to Devyani Intn’l

Economic Times

Yum! Brands’ KFC India is selling off 61 equity-owned restaurants to RJ Corp-promoted Devyani International (DIL) in line with its global strategy to exit capital-intensive operations and focus on brand growth and development. DIL will acquire 61 additional restaurants in Karnataka, AP and Telangana.

DIL is Yum’s oldest franchise partner in the country with an operating footprint of close to 500 KFC and Pizza Hut restaurants. The latest divestment is in continuation of the sell-off in November last year, when KFC divested 13 restaurants to DIL for the Kerala and Goa markets.

NCLT approves Dhanuka Laboratories' Rs.610-Cr bid for Orchid Pharma

The Hindu

The National Company Law Tribunal (NCLT), Chennai Bench, has approved the INR 610 crore resolution plan of Dhanuka Laboratories for debt-ridden Orchid Pharma. The earlier resolution plan by Ingen Capital, which was approved by the NCLT in the first attempt, was for INR 1,490 crore.

Other Deals - Listed Firms

Emami promoters divest 10% for Rs.1,230-Cr to pare debt


The promoters of Emami Group have sold 10% stake in Emami Ltd, raising approximately INR 1,230 crore. This amount is intended to be used primarily for further reducing debt at the promoter level. The total promoter stake in Emami, subsequent to the stake sale, stands at 52.74%.

IT consulting co eClerx buys back shares worth Rs.262-Cr

BSE, Advisor Disclosure

eClerx, a publicly-listed IT consulting and outsourcing company based in Mumbai and Pune, has bought back 17,46,666 fully paid-up equity shares (at INR 1,500 per equity share) for INR 262 crore. Emkay Global Financial Services acted as manager to the buy-back and Rajani Associates was the legal advisor to eClerx on the transaction.

LIC cuts stake in Axis Bank by 2%

Economic Times

State-owned LIC has sold over 5.25 crore shares, representing about 2% stake, of Axis Bank through open market transaction. With the sale of these shares, the stake of LIC (Life Insurance Corporation of India) in the bank has come down to 10.2% from 12.21% earlier.

Debt Financing

Health tech startup Practo to raise Rs.70-Cr from Trifecta Capital

Venture Intelligence Research

Trifecta Capital, via Trifecta Venture Debt Fund II, has committed to buy 700 Unlisted, secured, redeemable Non-Convertible Debentures at INR 1,000,000 per debenture in two tranches of health tech startup Practo Technologies Private Limited. The purchase aggregates to INR 70 Cr. The debentures carries fixed interest rate of 14.6% p.a. payable monthly on outstanding amounts, upfront non-refundable fee of 1% of the debenture principal amount and tenor of 36 months from issuance of NCDs.

On Jun 12, 2019, the company issued 350 Secured, redeemable Non-Convertible Debentures to Trifecta Venture Debt Fund II as part of the first tranche. The second tranche NCDs will be issued before Dec 31, 2019.

From the Venture Intelligence PE-VC Deal Database: Between Apr 2011 and Jan 2017, Practo had raised USD 182.8 million (INR 1173.37 Cr). The last round raised by the company was a USD 55 million from Tencent, Sequoia Capital India, Matrix Partners India, CapitalG, Recruit Strategic Partners, RTP Global and Thrive Capital. The company had raised venture debt from Innoven Capital in Jan 2015.

Hyperlocal deliverer Milkbasket raises Rs.15-Cr from InnoVen Capital


Gurugram-based hyper local milk delivery startup Milkbasket has raised INR 15 crore from InnoVen Capital. With this, the company has announced the close of its USD 12.7 million Series B round. Led by Unilever Ventures, the Series B investment of USD 10.5 million saw participation from Mayfield India, Kalaari Capital, Blume Ventures, and a few Indian family offices and the recent investment by InnoVen Capital

Milkbasket delivers milk to households everyday. The company currently operates in Bengaluru, Gurugram, Delhi, Noida, and Ghaziabad. It claims to serve over 100,000 households. Milkbasket has till date raised around USD 26 million in equity funding from Mayfield, Beenext, Kalaari Capital, Unilever Ventures, Lenovo Capital (LCIH), Blume Ventures and a few family offices.

Real Estate Transactions

Runwal Group buys 8-acres in North Mumbai from Cable Corporation for Rs.530-Cr

Economic Times

Property developer Runwal Group has bought an 8.3 acre land parcel at Borivali, a northern suburb of Mumbai, from Cable Corporation of India for around INR 530 crore. Runwal is planning a mixed-use development on the land. The total developable area will be around 1.5 million sq ft.

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Startup India fund disburses Rs.2,265-Cr to VC funds

Times of India

The Startup India fund-of-funds, launched in 2016, has allocated INR 2,265 crore to VC funds at the end of March 2019. Kae Capital, Saha Fund, India Quotient, Artha Venture Fund, Stellaris Venture Partners are some of the funds who have received capital from the Startup India fund.

India, Japan to set up $187-M fund-of-funds for startups

Business Line

India and Japan will launch a USD 187 million fund of funds to promote start-ups. The Indo-Japan Emerging Technology & Innovation fund, a fund of funds (FoF), with a unique proposition of investing and managing a portfolio of 15 to 25 India dedicated venture capital funds, will undertake its first closure around the end of September this year. While USD 150 million is being raised from Japan, USD 37 million will be raised from India. Letters of Intent will be signed with four major investors - Mizuho Bank, Development Bank of Japan, Nippon Life, and Suzuki - who will participate as lead LPs (limited partners) in the fund of funds. Reliance Nippon Life Asset Management Ltd (RNAM), the Indian asset management company of Nippon Life, will manage the fund.

The FoF is expected to (indirectly) invest in more than 200 Indian technology startups in emerging fields, including IoT (internet of things), AI (artificial intelligence), fintech, healthcare, consumer, education, robotics and automation and B2B software.

Roots Ventures ropes in Vijay Shekhar Sharma as anchor investor Rs.200-Cr VC fund


Paytm founder Vijay Shekhar Sharma has become an anchor investor in Japan Vyas-launched VC firm Roots Ventures’ INR 200 crore maiden fund. The fund also counts Pravin Gandhi (Seedfund), Sandeep Kohli (ex-CEO of Yum International for the Indian subcontinent) and Kushal and Chaitanya Desai (Apar Industries) as other key investors. The anchor investors and partners have contributed 20% to the targeted fund corpus.

The fund will invest in early stage, growth and listed company investments in consumer and consumer tech companies. The fund will invest up to INR 6 crore in early-stage ventures, while growth-stage entities will attract up to INR 25 crore.

Oyo Hotels looks to set up global hospitality property fund

Economic Times

Oyo Hotels & Homes is looking into setting up a hospitality property fund. The fund will acquire properties across markets and lease those to the Gurgaon-headquartered company at an agreed-upon yield. The company has held conversations with some asset management firms to come on board as a possible co-manager of the fund.

LetsVenture, Pioneer Fund join hands to back YC startups

Economic Times

LetsVenture, a marketplace for startups to raise early-stage capital, and US-based Pioneer Fund are joining hands to invest in Indian enterprises nurtured by Silicon Valley accelerator programme Y Combinator. As part of the collaboration, LetsVenture is setting up a fund called ‘Future of India’ to back 5-7 Indian startups from the summer batch of Y Combinator in the June-August period. The fund will be USD 1-1.5 million in size.

Pioneer Fund pools capital from over 170 YC alumni to provide a springboard to startups. LetsVenture, which has 6,500 investors and over 120 family offices on its platform, is a limited partner in Pioneer Fund, where it has invested USD 5 million. Pioneer’s total fund size is about USD 30 million.

Online MFs startup FundsIndia’s founders ousted from co: report

The Hindu

C.R. Chandrasekar and Srikanth Meenakshi, founders of Wealth India Financial Services Pvt Ltd that runs online financial services platform - - have been ousted from the company following differences of opinion with the firm’s private equity investors.

In 2015, the firm had raised a Series C round of INR 70 crore led by Faering Capital, with participation from current investors Foundation Capital and Inventus Capital Partners. Sameer Shroff and Aditya Parekh of Faering Capital had joined the board as a part of the deal. Ashu Garg from Foundation Capital and Parag Dhol from Inventus Capital continue to remain on the board. In 2010, the company raised its first round of funding from Inventus, followed by a second round of funding led by Foundation Capital in 2012.

Launched in 2009, has retail assets under management of INR 6,500 crore in mutual funds and employs 330 people.

RBI panel suggests Rs 5,000-Cr stressed assets fund for MSMEs


An RBI panel has recommended establishing an INR 5,000-crore distressed assets fund for micro, small and medium enterprises (MSMEs), setting up a non-profit special purpose vehicle (SPV) to support crowd-funding, and doubling the limit for banks to extend loans without collateral to INR 20 lakh. The expert committee on MSMEs, headed by former SEBI Chairman UK Sinha, has suggested that the distressed asset fund assist units in clusters where a change in the external environment - such as a ban on plastics, or dumping of goods via exports - has led to a large number of MSMEs becoming non-performing.

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Legal Capsule



It is quite common to notice the phrase ‘ordinary course of business’, used across various investment and acquisition agreements. The phrase is used in VC/PE shareholder agreements to allow promoters/founders of investee companies the flexibility to operate without obtaining investors’ consent. Activities or business decisions that are in the ‘ordinary course’ are usually exempt from the requirements of obtaining investors’ permission. In acquisition and subscription agreements, the phrase is used across warranties to provide generic exemptions to the warrantors. Depending on the language of the warranty used, it could either be beneficial for the warrantors or the investor seeking the warranty. Often the phrase is defined with such subjectivity that it defeats the purpose of having a definition in the first place. In this context, it may be useful to understand the legal connotation of the phrase ‘ordinary course of business’, as understood by Indian Courts and possibly revisit the practice of defining the phrase. Click Here to read the full article.

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Private Equity/Strategic Investments

Softbank in talks to invest $1-B in Piramal Group finance arm: report

Business Standard

SoftBank Vision Fund is doing due diligence for investing USD 1 billion in Piramal Enterprises’ financial services arm, which primarily deals in wholesale and corporate debt. The two firms plan to set up a fintech lending platform.

Rooftop solar firm Sunshot to raise $125-M

Economic Times

Pune-based solar rooftop company, Sunshot Technologies, is planning to raise USD 100-125 million (about INR 872 crore) over the next three years. The firm is looking at investing in Opex projects, and is working with various financiers.

Brookfield to make a bid for Suzlon Energy

Business Standard

Brookfield Asset Management is in talks to make an investment in publicly listed Suzlon Energy. The latter needs to pay back USD 172 million in foreign currency convertible bonds (FCCBs) due on July 16.

Coca-Cola in talks to buy into Cafe Coffee Day

Economic Times

Beverage maker Coca-Cola has entered exclusive talks to pick up significant stake in coffee chain Café Coffee Day (CCD) as the soft drinks giant looks to gain a foothold in the cafés space and hedge risks associated with its core carbonated drinks business.

Promoted by VG Siddhartha, Café Coffee Day is owned by Coffee Day Global, a subsidiary of Coffee Day Enterprises. With a footprint of 1,750 cafes, CCD continues to be the market leader in the organised café space.

Yes Bank co-founder Rana Kapoor's daughters plan stake sale in mortgage unit


The family of former CEO of Yes Bank Rana Kapoor, is planning to sell a minority stake in ART Housing , their six-year-old mortgage finance company to finance expansion. The family office run by the three daughters of the Yes Bank Ltd co-founder is working with Nomura Holdings on the potential deal. The mortgage financier, with 35 branches, is in the process of raising equity capital from institutional investors.

Naspers-Capital Float deal falls through


Naspers Ltd and Capital Float have abandoned talks for the South African internet giant to invest USD 200 million in the Indian fintech startup Capital Float, formerly Zen Lefin Pvt. Ltd, is an NBFC backed by Amazon and Sequoia Capital India. It has raised USD 107 million in equity since inception, and USD 90 million in debt in the last six months.

Liquidity Events

Piramal Enterprises looking to exit 20% stake in Shriram Capital

BSE, MoneyControl

Publicly listed Piramal Enterprises Limited (PEL) is planning to sell its entire holding of around 20% stake in Shriram Capital, the holding company for the financial services businesses of the Chennai-based Shriram Group. Last week, PEL had sold off its 9.96% stake in Shriram Transport Finance for INR 2,300 crore. The move is in line with PEL’s plans to expand financial services under its own brand. It is also reportedly in talks with Japan’s SoftBank to invest in the business.

PEL had picked up a 20% stake in Shriram Capital for INR 2,014 crore in April 2014.


Mortgage lender HDFC to list NBFC arm; to raise $1.4 B

Business Standard

HDFC Bank has picked Bank of America and Morgan Stanley to manage an initial public offering of its non-banking finance unit HDB Financial Services before March 31 in a deal that may raise about INR 100 billion (USD 1.4 billion). HDB Financial reported a profit of INR 11.5 billion in the year ended March 31 on a total income of INR 87 billion.

Tata Power to pare debt with Rs.16,000-Cr renewables InViT

Economic Times

Tata Power is exploring the establishment of an infrastructure investment trust (InvIT) for its near 3 gigawatt (GW) renewable energy portfolio to deleverage its balance sheet by a fourth and raise growth equity from investors. The plan is to hive off the operating assets in the InVIT along with INR 10,000 crore of debt. The company is seeking to raise INR 6,000-7,000 crore (USD 750 million-1 billion) of equity from infrastructure-focussed investors

Tata Power has 2,549 MW of renewable capacity and a presence in 14 states across India. Another 400-500 MW is in the pipeline.

Indigo Paints to raise Rs.800-Cr next year

Business Line

Pune-based Indigo Paints is looking to raise INR 500-800 crore through an IPO next year. The public issue that may be launched in September-October 2020 is likely to give a partial exit option to Sequoia Capital, the PE fund, which has around 38% stake in the company.

Sequoia invested INR 55 crore in Indigo Paints in 2014 and later put in another INR 95 odd crore in 2016 as the company looked to acquire Kerala-based Hi Build Coatings. Indigo Paints reported a turnover of INR 600 crore in FY19 with an EBITDA of 9%.

KPR Agrochem calls off Rs.283-Cr IPO at last minute

Economic Times

KPR Agrochem has withdrawn its INR 283 crore initial public offering a day before it was to hit the primary markets. This the second IPO to be withdrawn this week after Sudarshan Pharma called off the listing of its SME IPO on the last day of subscription.

KPR Agrochem was looking to raise money partly through fresh issue and party an offer for sale by promoters. The fresh money raised was to be used to cut debt.

Sudarshan Pharma withdraws SME IPO at the eleventh hour

Economic Times

Sudarshan Pharma Industries withdrew its initial public offer on the NSE's SME platform Emerge. The SME issue, which kicked off on June 12, was scheduled to be closed on Monday. The integrated chemical and pharmaceutical company was looking to raise INR 25.80 crore by offering 34,40,000 shares. The decision was made due to material changes in the current business model and future expansion plans.


Godrej Properties looks to raise Rs.2,100-Cr via QIP


Godrej Properties Ltd plans to raise around INR 2,100 crore (around $300 million) from a qualified institutional placement (QIP). The real estate arm of Godrej Group has set a floor price of INR 928 for the share sale. Godrej Properties plans to use the funds to invest in its subsidiaries and joint ventures; capital expenditure including acquisition of land; working capital requirements and repayment of debt

Reliance Power starts process to sell coal mines in Indonesia

Business Standard

Anil Ambani-promoted Reliance Power (RPower) has started the process to sell its coal mines in Indonesia. The deal, if completed, is expected to fetch the financially troubled group USD 150-200 million.

CCD founder Siddhartha defers plans to sell realty venture Tanglin to Blackstone


Cafe Coffee Day (CCD) founder V.G. Siddhartha has deferred plans to sell his real estate venture Tanglin Developments Ltd to New York-based private equity giant Blackstone Group Lp for an estimated INR 2,700-2,800 crore. The decision follows Siddhartha garnering about INR 3,200 crore by selling the 20.32% stake held by him and two CCD affiliate firms (Coffee Day Enterprises Ltd and Coffee Day Trading Ltd) in software services company Mindtree Ltd to Larsen and Toubro Ltd (L&T) in March. The deal helped Siddhartha repay his debt of about INR 2,900 crore.

Blackstone, along with Bengaluru-based developer Salarpuria Sattva Group, was in advanced talks with Siddhartha to buy the information technology (IT) park Global Village Tech Park, located on a 120-acre campus on Mysore Road, near Bengaluru. The property is owned by Tanglin Developments, and Siddhartha had planned to use its sale proceeds to reduce his debt.

Ferns N Petals looking to acquire florist brands in Europe and America


Floral and gifting company Ferns N Petals is looking at acquiring a couple of florist brands in Europe and America as it looks to expand its business multinational.

Emami Group lines up paper biz, cement assets for sale


Kolkata-headquartered FMCG conglomerate Emami has kicked off the process to sell controlling stake in its paper business along with select assets in its cement business. The promoters have mandated investment bank Nomura to sell a controlling stake in Emami Paper. The Emami promoters are keen to lower their debt burden of around INR 2,200 crore, which was raised by pledging their shares in listed flagship Emami.

Promoters hold 74.9% in Emami Paper Mills, which is listed on the stock exchanges and has a market capitalisation of about INR 550 crore based on Monday’s closing price. The company made INR 1,542 crore in revenues and INR 44 crore in net profit in FY 2018-19.

IRFPC mulls acquiring tyre factory in Erode

Economic Times

The Integrated Rubber Farmer Producer Company (IRFPC), floated by the rubber growers, is planning to acquire a new fully equipped two and three wheeler tyre factory in Erode in Tamil Nadu to begin production.

The company has started mobilising the capital for its tyre project, estimated to cost INR 100 crore initially, from rubber growers across the country through shares issued at a face value of INR 10.

Other Deals

Indo-Spanish mobile tech JV Kaleyra to list on NYSE via SPAC route


SMS promotion services provider Kaleyra is close to a listing on the New York Stock Exchange (NYSE), with a target to raise up to USD 192 million.The company is currently in the process of finalizing its S1 filing—a US requirement—and investor roadshows across the US, and plans to start public trading under its ticker symbol “KLR" by September.

In 2008, Aniketh Jain and Ashish Agarwal started Solutions Infini in Bengaluru, which helped offline sellers and businesses to keep in touch with customers via SMS advertisements and promotions. The company, since rebranded as Kaleyra S.p.A., is now headquartered in Milan, with offices in Bengaluru and Washington DC.

Coca-Cola looks to exit bottling activity in India

Economic Times

Coca-Cola India has begun exploring the process of divesting its asset-heavy bottling partner Hindustan Coca-Cola Beverages’ (HCCB) plants in line with its global strategy to refranchise bottling across markets. The beverage maker has initiated talks with its existing independent franchise bottlers for the divestment.

HCCB has 18 plants and accounts for two-thirds of Coca-Cola India’s volumes. The beverages maker has 13 independent franchise bottlers.

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New Venture

NTPC, PGCIL form JV to enter power distribution business

Business Line

NTPC and PowerGrid Corporation of India Ltd are to set up a joint venture called the National Electricity Distribution Company Limited (NEDCL) on a 50:50 basis. The aim is to undertake business for distribution of electricity.

New Incubators

Microsoft extends startup venture fund M12 to India


Global tech giant Microsoft has announced its venture fund M12 in India with an aim to help Indian startups embrace the next phase of growth. The fund typically invests in enterprise software companies from Series A to Series C. Microsoft’s M12 portfolio includes next generation technology companies spanning over big data and analytics, business SaaS, cloud infrastructure, AI/machine learning, productivity, security and other emerging technologies.

India Ahoy!

Hitachi Vantara to move delivery centre from Ireland to Hyderabad

Business Line

Data storage vendor Hitachi Vantara is shifting its entire delivery operations from Ireland to a centre in Hyderabad. Primarily a data storage vendor, Hitachi Vantara is betting on India’s growing data appetite and is looking to become a significant player in not just data storage hardware market but also services related to data management.


Cleanmax to invest Rs.600-Cr to set up solar farm in Haryana

Economic Times

Energy solar solutions provider Cleanmax Solar is setting up 150 MW of solar farm under the group captive model in Haryana with an investment of INR 600 crore. The solar farm will be developed in Sirsa district on 600 acres, well situated for grid stability and to achieve high solar power generation.

Satin Creditcare to apply for on-tap small finance bank

Business Standard

Gurugram-based Satin Creditcare Network (SCNL) plans to set up a small finance bank (SFB), and is waiting for the Reserve Bank of India (RBI) to come out with its on-tap norms for such banks by end-August.

The non-banking finance company has 1,163 branches and a headcount of 11,831 across 22 states and union territories serving 3.5 million clients and a strong presence in Uttar Pradesh, Bihar, the north-east, and Madhya Pradesh.

Fonterra Future launches dairy brand Dreamery


Fonterra Future, the joint venture between the New Zealand-based dairy nutrition company Fonterra and the Future Group has launched its first range of products — Dahi, UHT (ultra-high temperature) toned milk, strawberry and chocolate milkshakes — under consumer brand, Dreamery. The products have hit the shelves in Mumbai, Pune, Bengaluru, and Ahmedabad.

Co-working spaces enter events biz

Times of India

Co-working spaces across the country are opening up their conference rooms, cafeterias and other amenities to conduct events for their members and also third-party companies — all for a charge. Some of the events include networking sessions, hackathons or even a standup comedy show. GoWork, CoWrks, Awfis and WeWork are early movers in this revenue-generation stream.


AZB corporate partner Harsh Maggon joins Trilegal


Trilegal has confirmed its vote to admit AZB & Partners Mumbai partner Harsh Maggon into its partnership and corporate practice. The 2007 SLS Pune graduate specialises in public mergers and acquisitions and private equity transactions. Maggon was made a partner at AZB in 2016, shortly after he had joined from Cyril Amarchand Mangaldas. Trilegal is now 51 partners with Maggon’s addition.

RBI's deputy governor Viral Acharya quits: report

Economic Times

Reserve Bank of India deputy governor Viral Acharya, who had made a fervent pitch for autonomy for the regulator, has quit six months before the scheduled end of his term. Acharya joined the central back on January 23, 2017 and was RBI's youngest deputy governor post economic liberalisation. He is returning to New York's Stern School of Business to teach.

Wipro splits Rishad Premji’s current role among 3 executives


With Rishad Premji set to become the chairman of Wipro Ltd , the software services company has split his current role among three executives. Chief executive officer and executive director Abidali Neemuchwala will be re-designated as CEO and managing director and will oversee mergers and acquisitions. Chief financial officer Jatin Dalal will handle Wipro Ventures, the company’s USD 100 million corporate venture arm. Government relations will be handled by Wipro’s general counsel, Deepak Acharya. Azim Premji will continue as a non-executive director and founder chairman while Rishad will be the executive chairman.

Rishad has been so far overseeing corporate strategy, which includes M&A, Wipro Ventures, and relations with investors and the government.

Real Estate News

CPCB stops Ansal Properties' township project; imposes fine of Rs. 14.6-Cr

Economic Times

The Central Pollution Control Board (CPCB) has directed Ansal Properties and Infrastructure to stop all construction activities for its township project in Gurgaon for violation of environmental norms and also asked the real estate developer to pay INR 14.69 crore as compensation. The apex pollution control body held the builder guilty of discharge of untreated waste for 281 days in its 604 acre residential complex at Sushant Lok, Phase 1, in Gurgaon.

Regulatory News

NCLT lacks jurisdiction to ban us: Deloitte, KPMG

Economic Times

Deloitte Haskins & Sells and BSR & Associates, a KPMG network firm, said the National Company Law Tribunal (NCLT) didn’t have the jurisdiction to decide on the government’s demand for a five-year ban against the auditors of IL&FS Financial Services (IFIN). Auditors can’t be put in the same category as independent directors and senior management, they argued. The government had moved the NCLT on June 10 seeking a ban.

Separately, the NCLT reserved its order in the petition filed by MCA, which seeks to implead 23 people including auditors and other officials of the debt-laden Infrastructure Leasing & Financial Services (IL&FS), of which IFIN is a unit.

Sebi allows differential voting rights for tech cos


Market regulator Securities Exchange Board of India (Sebi) has allowed tech companies to issue differential voting rights shares. The new framework will be effective from July 1, making the process easier for the promoters of such companies go in for initial public offers. Under the new framework a tech company with superior voting rights shares (SR shares) can do an initial public offering of only ordinary shares to be listed on the main board.


NCLAT stays Embassy plan for Tiffins Barytes

Times of India

The insolvency resolution plan submitted by Embassy Property Developments for Tiffin Barytes Asbestos, approved by the committee of creditors (CoC) and NCLT, Chennai has been stayed by The National Company Law Appellate Tribunal (NCLAT). Admitting the appeal filed by Tiffin Barytes, the tribunal will hear the case on July 15.

The appellant claimed that there was a material irregularity in the constitution of the CoC. Under the resolution plan, Embassy Property Developments had offered an upfront payment of INR 9.75 crore and INR 63 crore for financial creditors, INR 14 crore additionally to the operational creditors. The company had also proposed to bring in a working capital of INR 2.5 crore.

Amtek case: NCLAT asks CoC to consider DVI’s resolution plan

Business Standard

The National Company Law Appellate Tribunal (NCLAT) asked the lenders of Amtek Auto to consider the resolution plans submitted by Deccan Value Investors (DVI) along with others based on the original information memorandum inviting bids. Besides, a two-member NCLAT bench, slammed the committee of creditors (CoC) of Amtek Auto for issuance of fresh information memorandum inviting new resolution plans.

On June 13, the resolution professional (RP) of the debt-ridden auto component maker had issued a fresh information memorandum inviting fresh submission of resolution plans. The CoC has received 5-6 fresh expressions of interest (EoI) after the NCLAT's May 20 order. Clarifying its earlier order passed on May 20, NCLAT asked CoC to consider the bids submitted by the previous information memorandum. In view of such interim order, the CoC is required to consider the resolution plan filed by any persons including resolution plan submitted by DVI. DVI was the second highest with a bid of INR 3,150 crore. Meanwhile, the appellate tribunal also gave liberty to DVI to modify and improve its offer.


Godrej family split over $5-B conglomerate’s biz road map

Times of India, Business Standard

The Godrej family has appointed advisors and top law firms to untangle its land holdings. The 1,000-acre land bank at Vikhroli, which can be developed, is worth INR 20,000 crore at the prevailing rate of INR 20 crore per acre in the area. Group chairman Adi Godrej and his brother Nadir Godrej form one faction, while the other is led by cousins Jamshyd Godrej and Smitha Godrej Crishna.

HC won’t nix Rs.2,912-Cr Cognizant tax notice

Economic Times

IT services exporter Cognizant’s plea challenging an INR 2,912 crore tax claim by the income tax department has been dismissed by the Madras High Court. The court dismissed a batch of petitions filed by the company and directed it to seek redress from appellate courts.

The Chennai wing of the IT department had issued notices in November 2017 for dividend distribution tax dues on a share buyback where the company remitted INR 19,415 crore to its nonresident shareholders in 2016. Cognizant had taken the tax department to court over the claim. The cases relate to Cognizant’s Indian subsidiary buying back shares held by non-Indian Cognizant entities. In the May 2016 share repurchase programme, CTS India bought back USD 2.8 billion worth of shares, for which it paid USD 135 million by way of taxes in India.

Travel co Cox & Kings defaults on Rs.150-Cr dues

Business Standard

Publicly-listed Cox & Kings has defaulted on commercial paper worth INR 150 crore. The tour operator has been facing cash crunch for some time now and has delayed salaries of senior executives for the month of May. Suppliers, too, have refused to extend credit over fears of default.

Cox & Kings, which runs the tours and hotels business in India and abroad, has been downsizing its operations in the past few years to pare its debt.

UV ARC takes possession of Electrosteel Castings' land in TN under SARFAESI Act


Publicly listed Electrosteel Castings has received a legal notice from UV Asset Reconstruction Company that has taken "symbolic possession" of the company's land in Elavur in Tamil Nadu where Electrosteel has a cast iron pipe unit. The ARC has made the move under the SARFAESI act and Electrosteel is contemplating legal action to dispute its move.

Paytm transfers loan book to NBFC Clix Capital

Economic Times

Paytm Postpaid, the online credit business of the digital payments major Paytm, is transferring its loan book to Gurgaon-based non-banking finance company Clix Capital, in what could possibly be a fallout of regulatory scrutiny. Going forward, Paytm plans to leverage its partnership with Clix Capital to extend credit not only to its consumers but also its merchant partners.

Paytm Postpaid is a credit offering through which customers can buy goods and services and make settlements later, similar to how credit cards work. The platform allows consumers to borrow up to INR 60,000 and offers a free credit period of 37 days.

Two Bengaluru startups first to get DGCA certification for drones: report

Economic Times

The Directorate General of Civil Aviation (DGCA), India’s civil aviation regulator, has certified drones from two Bengaluru-based startups, Skylark Drones and Throttle Aerospace Systems, after they complied with the NP-NT (no permission, no takeoff) protocol under the new drone policy.

The two firms got the certifications for their micro-drone models under the visual line of sight (VLOS) category, where the drones have to be within viewing distance of the operator.

63 Moons files complaint against DPIIT secy Ramesh Abhishek


Mumbai-based 63 Moons Technologies Ltd has filed a complaint with the Central Vigilance Commission (CVC) against Ramesh Abhishek, the secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), for allegedly “misleading" the government into ordering the firm’s merger with scam-hit National Spot Exchange Ltd (NSEL). 63 Moons alleged in its complaint that Abhishek, during his tenure as chairman of the Forward Markets Commission (FMC), misled the government to issue the merger order. The company, formerly Financial Technologies India Ltd, asserted that the FMC had no locus in making such a recommendation.

The case dates back to 31 July 2013, when NSEL suspended operations, and it led to a settlement default of INR 5,600 crore. NSEL, a 99.99% subsidiary of 63 Moons, defaulted on a payout obligation to 13,000 investors and trading members.

BDO sacks Partner in corruption case

Economic Times

Accounting firm BDO has expelled a partner after he was accused in an anonymous complaint of demanding bribes while working on a sensitive assignment with the central government’s income tax department. The company had captured evidence of one of the executives accepting bribes. Another executive who was also accused in the complaint had voluntarily resigned on June 14. The two executives were part of a team that was hired by BDO from a Big 4 accounting firm last year.

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Economic Laws Practice

Economic Laws Practice ("ELP") is a leading full-service Indian law firm established in the year 2001 by eminent lawyers from diverse fields. The firm's Private Equity & Venture Capital practice brings onboard a unique understanding of commercial matters and legalese to be able to provide effective solutions to all stakeholders in a transaction. The team looks at providing a bespoke legal service experience, which is sector agnostic in nature and driven towards successful consummation of the relevant transactions.

ELP advises clients on all aspects of private equity and venture capital transactions, whether from a fund formation perspective or a potential portfolio investment or a relevant exit transaction. Our services include right from conceptualising a structure, to conducting the legal due diligence exercise, to the preparation of the relevant documentation, to providing assistance to the final closure including negotiations and corporate secretarial assistance.

ELP is the firm of choice for clients because of its in-depth expertise, continuous availability, geographic reach, transparent approach, competitive pricing and most importantly the involvement of partners in every assignment.

Avalon Consulting

As a part of our "Avalon Perspectives" series, Avalon Consulting is pleased to present to you a thought paper on "Driving Digital Readiness: A Framework for Manufacturing Firms".

Today, the traditional model of competitiveness driven by low labor costs is being disrupted by the global megatrend of rapid digitization of every aspect of the manufacturing supply chain. There is therefore a need for Indian companies to adopt digitization to retain a competitive edge globally. Avalon Consulting has developed a framework for manufacturing firms to assess their current state of Digital Readiness, along with some thoughts on how to strengthen and leverage the same for achieving a strong, competitive position in the market. You can download it at the link here.

We hope you find this content insightful and look forward to your thoughts & feedback on the same. We would be happy to engage in a more detailed conversation, should you have any questions.

Technology Holdings

Technology Holdings is an M&A and strategic advisory group that assists companies and private equity funds globally with their acquisition, growth and exit strategies. We are exclusively focused on creating strategic transactions for IT Services & BPO, Technology & SaaS, Analytics, Digital Transformation, Healthcare IT/BPO and Engineering Services companies. Technology Holdings has offices across India, USA and the UK. For more information, please visit:

Call us at +91-99626 99049

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