Venture Intelligence
November 30, 2018 - Weekly Edition
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The Big Story

General Atlantic to invest Rs.600-Cr in Karvy Groups RTA biz in restructured deal

Venture Intelligence Research, Advisor Disclosure

General Atlantics (GA) investment in the Karvy Group's Registrar & Transfer Agent (RTA) business, which was stalled owing to regulatory issues, has been revived and the US-based PE firm is to now invest in a new entity, Karvy Fintech Pvt. Ltd (KFPL). GA will now invest INR 600 Cr (USD 84 M) in KFPL, into which Karvy Computershare Private Limited (KCPL) - the original target company and Karvy's investor services JV with Australia-based Computershare - will be merged. AZB & Partners is the legal advisor to GA on the transaction.

On November 16, 2018, General Atlantic Singapore Fund Pte Ltd acquired 55,831,414 equity shares at INR 74.06 per share in KFPL. The purchase, which constitutes 33.67% stake, aggregates to INR 413.49 Cr and values the target company at INR 1,228.15 Cr. In Oct 2018, it was agreed that Karvy Consultants Limited will hive off its RTA business to KFPL and KCPL shall be amalgamated with KFPL. KCPL shall be dissolved without going through the process of winding up.

From the Venture Intelligence PE-VC Deal Database: In Aug 2017, General Atlantic had agreed to buy an 83% stake in KCPL for INR 1,529 Cr.

Done Deals
Done Deals

Private Equity Fund Investments

Allianz creates logistics JV platform with HK-based ESR to invest $1-B in 8 Indian cities


Asia Pacific-focused logistics developer e-Shang Redwood (ESR) has entered into a strategic partnership with global asset manager Allianz Real Estate to invest around USD 1 billion, including debt, into logistics and industrial property market. The joint venture will focus on developing large-scale logistics and industrial facilities in eight cities-Mumbai, Pune, Chennai, Delhi, Ahmedabad, Kolkata, Bengaluru and Hyderabad-with an opportunistic approach to investments in other markets. In addition, the investment programme will also identify opportunities to acquire assets in these cities.

The proposed investment programme will start with an immediate equity commitment of USD 225 million, to be funded on a 50:50 basis by Allianz and ESR. This would subsequently be converted into a USD 1 billion assets under management platform. Based out of Hong Kong and Singapore, Warburg Pincus-backed ESR, owns and manages around 7.3 million sq. m of assets in China, Japan, Singapore and South Korea.

From the Venture Intelligence PE-RE Deal database: In December 2017 Allianz Group has partnered with Shapoorji Pallonji Group for a proposed %500 million platform to invest and acquire commercial property.

Wearable devices maker GOQii raises $30-M from Mitsui, others

Economic Times

Wearable devices maker GOQii Inc has raised over USD 30 million (about INR 212 crore) in its latest equity financing round led by Japanese conglomerate Mitsui & Co, with participation from crypto investment firm Galaxy Digital and Denlow Investment Trust. The investment values the four-year-old Menlo Park, CA (USA) and Mumbai-based company at USD 100-125 million. Existing investors DSG Consumer Partners, NEA, Edelweiss Private Equity and Cheetah Mobile also participated in the financing round, as did Paytm founder Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata. GCA Corporation was GOQii's financial adviser in the transaction. GOQii . eyes entering overseas markets over the next 12-18 months.

For the financial year ended March 31, 2018, GOQii Technologies Pvt Ltd, the domestic arm of GOQii Inc., reported total revenue of INR 11.43 crore, marginally up from INR 11.06 crore in the previous fiscal year. Its loss increased by about 24% to INR 19.63 crore.

From the Venture Intelligence PE-VC Deal Database: Starting in November 2015, GOQii had earlier raised $23.40 million from investors including NEA, Ratan Tata and Edelweiss Private Equity.

Retail-focused NBFC Kogta Financial raises Rs.154-Cr from Morgan Stanley, IIFL VC

Economic Times

Jaipur-based retail-focused non-banking financial company Kogta Financial has raised INR 154 crore led by Morgan Stanley Private Equity Asia and existing backer IIFL VC. Morgan Stanley invested about INR 114 crore for a minority stake, while IIFL Seed Ventures put in INR 40 crore. Equirus Capital acted as the financial advisor for the transaction. Jerome Merchant + Partners was the legal advisor to IIFL Seed Ventures, Shardul Amarchand Mangaldas (SAM) advised Morgan Stanley and Trilegal advised Kogta.

Kogta Financial offers financing for commercial vehicles, tractors and cars, besides small-ticket loans against property to micro, small and medium enterprises. It operates 80 branches and is present across six states in central and western India, serving over 20,000 customers. As of September 30, Kogta Financial had a loan book of about IN 530 crore.

From the Venture Intelligence PE-VC Deal Database: In October 2016, Kogta Financial had raised INR 26 Cr from IIFL VC. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

OrbiMed invests Rs.151-Cr in Entero Healthcare Solutions

Venture Intelligence Research

OrbiMed (via OrbiMed Asia III Mauritius Ltd), IM Investments Trust and Petros Diamantides have invested INR 105 Cr, INR 45 Cr and INR 1.71 Cr respectively by buying 200 equity shares and 151,712,300 compulsorily convertible preference shares (CCCPS) at INR 10 per share of Entero Healthcare Solutions Pvt Ltd on Aug 1, 2018. The purchase, which constitutes 95.11% stake of the company, aggregates to INR 151.71 Cr and values the firm at INR 159.51 Cr. Sunny Sharma of OrbiMed has joined the board of Entero.

IFC to invest $20-M in Suryoday Small Finance Bank

Investor Disclosure

IFC proposes to lend up to USD 20 million (approximately INR 140 Cr) in Mumbai-based Suryoday Small Finance Bank. The target has a borrower base of more than 850,000 and a loan portfolio of approximately INR 1,940 Cr (US$277 million) as of June 2018. Shareholders in Suryoday include impact investor Lok Capital, other domestic and foreign private equity funds and HNI investors, in addition to the HDFC Group through HDFC Holdings Limited and HDFC Standard Life Insurance.

Car rental marketplace Drivezy raises $20-M Series B from Das Capital, Yamaha, others


Bengaluru-based vehicle sharing marketplace Drivezy has raised USD 20 million in a Series B round led by existing investor Das Capital with participation from Yamaha Motor Co Ltd and other existing Japanese investors Axan Partners and IT-Farm. The funding will be used to expand its presence into new markets and integrate advanced services.

Drivezy has also secured an additional USD 100 million via an asset financing deal, as part of which Harbourfront Capital - an unit of Japan-based Anypay Inc - will invest USD 100 million in purchasing 50,000 cars, motorcycles and scooters over the next three years. Drivezy has struck a revenue-sharing deal with Harbourfront, under which these vehicle assets will be listed on Drivezy's platform.

Sequoia invests $14-M in fintech firms Smallcase, Turtlemint

Economic Times

Sequoia Capital India is backing personal investment platform Smallcase and insurance portal Turtlemint. While the VC firm is reported have led a USD 6 million round in Turtlemint, it is investing USD 7-8 million in Smallcase. Smallcase allows an investor to invest in a portfolio of stocks based on a 'theme', such as 'GST Opportunity'. It is backed by brokerage platform Zerodha, with which it also has an integration for trading. Turtlemint, founded by former Quikr executives Dhirendra Mahyavanshi and Anand Prabhudesai in 2015, is an online insurance aggregator with a financial advisory platform to offer clients advice based on algorithm and data analytics.

From the Venture Intelligence PE-VC Deal Database: In Aug-18, Smallcase had raised $5.58 M from Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures, taking its total funding raised since Dec-15 to $7.65 M. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Turtlemint had last raised $7.43 M from Blume Ventures, Nexus Partners and Sequoia Capital India in Dec-16, taking the total capital raised by the company starting in Apr-15 to $9.46 M.

Tutoring portal Vedantu raises $11-M in Series B from Omidyar, Accel


Bengaluru-based Vedantu, an online tutoring platform, has raised USD 11 million in a Series B funding round led by Omidyar Network. The funds will be used for technology expansion and deeper penetration in tier 2 and 3 cities. Accel Partners, an existing investor, also participated in the round.

Vedantu is an online portal, where teachers tutor students in group and one-on-one sessions. The Vedantu app is operational in 80 cities including Bengaluru, Mumbai and Delhi with students from 36 countries and 1,200 cities.

From the Venture Intelligence PE-VC Deal Database: Starting in May 2015, Vedantu had previously raised $15.22 million from Accel India, Tiger Global and Omidyar Network (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Global Infrastructure Partners buys addl stake in Dewas-Bhopal Corridor worth Rs.58-Cr


Global Infrastructure Partners, via India Infrastructure Fund II, has bought 13,000 shares (representing a 13% stake) for INR 57.7 Cr in Dewas Bhopal Corridor Pvt Ltd from Welspun Enterprises Ltd. The seller is likely to get approx. INR 20 Cr as deferred consideration, contingent on obtaining approval for extension of concession agreement from MPRDC.

For FY17, the target entity had reported a revenue of INR 94.01 Cr (versus INR 91.08 Cr in FY16) and loss of INR 1.45 Cr (versus a profit of INR 12.99 Cr in FY16).

From the Venture Intelligence PE-VC Deal Database: In Dec 2015, IDFC Alternatives had invested in Dewas-Bhopal Corridor. (In May 2018, Global Infrastructure Partners had acquired a stake in Dewas-Bhopal Corridor as part of its purchase of the infrastructure asset management business of IDFC Alternatives.)

Niramai Health Analytix raises $7-M from Pi Ventures, Ankur, Axilor and Binny Bansal

Economic Times

Bangalore-based Niramai has raised a new round of about USD 6-7 million from existing investors Pi Ventures, Axilor, Ankur Capital and Flipkart co-founder Binny Bansal. Niramai Health Analytix is building an artificial intelligence (AI)-based tool for a non-invasive, non-touch, non-radiation approach to detect breast cancer. The technology, called Thermalytix, helps remove the technological, logistical and cost barriers for breast cancer screening among women. The company saw revenues of INR 43 lakh in FY17-18.

From the Venture Intelligence PE-VC Deal Database: In April 2017, Pi Ventures, Axilor Ventures, Kris Gopalakrishnan and Ankur Capital had invested INR 3.17 crore in Niramai. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

CX Partners buys addl shares of South Indian Bank worth Rs.21-Cr

CX Partners, via CX Securities Limited, has bought 11,418,904 shares of publicly listed The South Indian Bank Ltd at an avg. price of INR 18.12 per share during Jul-Sep 2018. The purchase, which constitutes a 0.63% stake, aggregates to INR 20.69 Cr. Post the latest purchase, CX holds a 2.57% stake (46,580,754 shares) in the private sector bank.

From the Venture Intelligence PE-VC Deal Database: Other PE investors who have invested in South Indian Bank include Carlyle, ChrysCapital, 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)

SaaS startup Verloop raises $3-M from IDFC Parampara Fund, others

Inc 42

Bengaluru-based Saas startup Verloop has closed an USD 3 million Series A investment round led by IDFC Parampara Fund. Infosys co-founder Kris Gopalakrishnan and chairman of the Manipal Education and Medical Group (MEMG) Dr Ranjan Pai also participated in the funding round. Verloop is a customer engagement platform that supports seven languages - Hindi, English, Tamil, Telugu, Kannada, Marathi and Bengali.

Pop culture merchandise seller The Souled Store raises $3-M from RP-Sanjiv Goenka Group fund

Mint E-Paper

The Souled Store, a pop culture merchandise brand, has raised USD 3 million in a fresh round of funding led by RP-SG Ventures, the venture capital fund backed by the RP-Sanjiv Goenka Group.

The Souled Store, which began operations in 2013, sells a wide range of products for fans such as such as T-shirts, shorts, badges and phone covers. Its partners include global entities such as Warner Bros, Disney, WWE and Indian brands such as youth icons-stand-up comedians and Indie music artists. The company plans to use the capital to bolster its backend and for marketing needs.

Cybersecurity startup CloudSEK raises Rs.14-Cr led by Exfinity, StartupXseed

Economic Times

CloudSEK, a Bangalore-based information security risk management company, has raised INR 14 crores in Pre-Series A investment led by Exfinity Venture Partners and StartupXseed. The funds will be utilized to further build its product and expand its footprints in India and South East Asia. After targeting sectors like financial, e-commerce and transportation sector, CloudSEK now plans to target the pharmaceuticals, petrochemicals and retail industry.

Founded in 2015, CloudSEK was seed funded in 2015 by M.E. Meeran Foundation, the investment arm of Kochi based Eastern Group.

Relevant E-Solutions raises Rs.12-Cr more from Bertelsmann India

Venture Intelligence Research

Bertelsmann India Investments, via Bertelsmann Nederland B.V, has bought 17057 Series C1 CCPS at INR 6839.42 per share in Relevant E-Solutions Pvt Ltd on Oct 22, 2018. The purchase, which constitutes 19.20% stake of the company, aggregates to INR 11.67 Cr and values the target company - which operates fashion focused social network Roposo and gift recommendation service Giveter - at INR 60.77 Cr. Post-deal, Bertelsmann India holds 25.16% stake of the company on a fully diluted basis.

For FY18, the target posted a revenue of INR 3.84 Cr (INR 1.29 Cr in FY17) and loss of INR 20.57 Cr (INR -30.96 Cr in FY17).

From the Venture Intelligence PE-VC Deal Database: In Apr 2016, Bertelsmann India Investments invested INR 33.35 Cr for 6.98% stake and valued the firm at INR 477.84 Cr. Other investors in the company include Tiger Global, India Quotient and 5Ideas.

Medical tourism startup Hospals raises $1.5-M from Spiral Ventures, Vcats

INC 42

Delhi-based medical tourism startup Hospals has raised $1.5 million from Spiral Ventures and Venture Catalysts (VCats). Hospals, founded by Yebhi co-founder and Paytm's ex-VP Danish Ahmed, is targeting a Gross Merchandise Value (GMV) of $10 million by the year-end.

Hospals, which was incubated at Technology9labs, aims to combine technology and operations to build a one-stop shop for international patients, connecting them to the best hospitals, providing long stay accommodations and other services.

P2P lending marketplace Lendbox raises Rs.6-Cr in pre-Series A from IvyCap Ventures


Peer-to-peer lending and credit marketplace Lendbox has raised pre-Series A round of INR 5-6 crore from IvyCap Ventures. IvyCap Vice President Akanksha Sharma will join the Delhi-based startup's board. The startup will deploy the capital raised towards ramping up its product, efficiency and bring more users on its platform. Lendbox connects the underserved market of borrowers and lenders.

With 1,4303 registered investors and 1,39,345 borrowers, Lendbox claims to have a loan book of the size of INR 35.7 crore.

NBFC-MFI Janakalyan raises Rs.5-Cr from SIDBI VC Samridhi Fund

Investor Disclosure

SIDBI VC managed Samridhi Fund has invested INR 5 crore in Kolkata-based JCSPL (Janakalyan Consultancy & Services Private Ltd). JCSPL is a NBFC-MFI, incorporated in July 2016, with the aim of providing microcredit loans under the name 'Janakalyan' to rural, unbanked and underserved population in Eastern India. The company will use the funds to expand its portfolio in West Bengal, Bihar, Odisha and other low income states.

HR tech platform Hush raises Rs 4.5 Cr from Accel, Curefit exec

Times of India

Bangalore-based workplace discussion platform Hush has raised INR 4.5 crore from Accel India and Shamik Sharma (Ex-CTO, Myntra and current Business Head at Curefit). The new round of funds will be utilised to expand the Hush team, grow the platform's user base, and launch new features on the app.

From the Venture Intelligence PE-VC Deal Database: In Aug-18, Accel India along with angels including Sanjay Nadkarni, Country Manager of Houzz India had seed funded Hush.

Rent management platform Paymatrix raises $100-K from SucSeed Ventures

The News Minute

Hyderabad-based rent management platform Paymatrix has raised $100,000 from SucSeed Venture Partners as part of a larger Pre-Series A round, where it is targeting $1 million. Its existing investors include Xseed Venture Partners, IIIT-H seed fund, IIIT-H Foundation and SucSeed Venture Partners. Founded in Hyderabad in April 2016 by Mukesh Chandra Anchuri, Anusha Kurupathi Parambil and Muralidhar Naik, Paymatrix is an analytics-driven property Rent management platform that streamlines property rental payments and collections for tenants, landlords and property managers.

Paymatrix is part of PayPal India's accelerator program. Its last fund raise from from IIIT-Hyderabad Seed fund in December 2017. Paymatrix is targeting an annual revenue run rate of $1 million by 2020, which it hopes to achieve by growing 7X and reaching out to 100,000 customers.

Godrej Fund, Godrej Properties ink JV with Hero Cycles for 4-acre Gurgaon plot

Economic Times

Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties have entered into a joint venture with Hero Cycles for the Golf Course Road property in Gurgaon. The JV will develop, lease and manage around 1 million sq ft of office and retail space on the four-acre property.

SUN Group enters into realty platform JV with Vista Spaces

Economic Times

Private Equity focused SUN Group and Bangalore-based real estate developer Vista Spaces have entered into a pact to set up a strategic investment platform for residential and commercial real estate properties in India. This is SUN Group's maiden real estate platform venture in India.

The proposed platform will develop residential developments with an average price of INR 7,000-8,000 per sq ft across Bengaluru, Hyderabad and Chennai besides setting up commercial assets.

Waste management focused Blue Planet raises capital from Neev Fund

Press Release

Waste management solutions firm Blue Planet Environmental Solutions has attracted capital from SBICAP Ventures managed Neev Fund. Headquartered in Singapore, Blue Planet has offices in Delhi and Pune. It leverages technologies for waste management including in collection and transportation, segregation and processing to achieve high resource recovery through recycling and upcycling waste.

Camera tech startup DreamVu attracting funding from SRI Capital

Telangana Today

SRI Capital has invested in Hyderabad-based camera technology startup, DreamVu. DreamVu has developed a power and cost-efficient omnidirectional camera platform inspired by human binocular vision and perception. The startup is a spinoff from the International Institute of Information Technology (IIIT).

Business consulting co Touchdown Gurus raises funds from Hunch Ventures

Investor Disclosure

Gurugram-based Touchdown Gurus has raised funding from Hunch Ventures. Touchdown Gurus is a Gurugram-based growth and business strategy consultancy.

Angel Funding

Fin-tech startup CashRich raises seed funding from UK-based investors


CashRich, a Mumbai-based fin-tech startup, has raised seed funding from three prominent angel investors in the UK. CashRich is a smart mobile investment app for anyone seeking better ways to manage their money. The app is currently in beta phase (pilot-testing). CashRich complies with SEBI regulations and helps in secure investment transactions with multiple fund houses.


Fintech startup Prodigal Tech attracts funding from Y-Combinator

Economic Times

Mumbai- and Mountain View, CA (USA)-based collections focused fintech startup Prodigal Technologies has raised seed capital from Silicon Valley seed investor YCombinator. The startup, founded by IIT-Bombay alumni Saransh Garg, Shantanu Gangal, and Sangram Raje, was part of Y-Combinator's 2018 summer batch.

Ed-tech platform Perspectico raises seed funding from SIIF

Press Release

Perspectico, a Delhi-based career-tech platform, has raised second round seed funding from existing investor SSCBS Innovation & Incubation Foundation (SIIF), the unit of SSCBS (Shaheed Sukhdev College of Business Studies). The platform helps students prepare for job interviews with industry experts, through online and offline intervention.

Founded in November 2017 by SSCBS alumnus and the company's CEO Nikhil Chainani, Perspectico claims to be currently enjoying 125% monthly revenue growth. It has impacted 1500+ students in understanding their career interest and pursuing their respective careers across Delhi University.

Social VC Investments

Rooftop solar co Freyr Energy raises Rs.27-Cr from Dutch impact investor C4D

Business Line

Hyderabad-based rooftop solar company Freyr Energy has raised INR 27 crore through a mix of equity and debt. The Series-A round was led by C4D Partners, a Netherlands-based Impact Investment Fund. The funds raised will be used to continue improving the startup's technology platform, increase the strength of its sales and channel partner network and support the marketing activities.

Last year, Freyr Energy had raised seed funding from Doen-Participaties, another Netherlands-based investment company that invests into innovative and sustainable start-ups. The company has recorded a 16X growth in revenue in the last four years and has been profitable over the last two years.

Other Private Equity/Strategic Investments

Jubilant Life acquires 10% in US co Inipharm for $28.5 M


Publicly-listed pharmaceuticals firm Jubilant Life Sciences, via its Singapore-based wholly-owned subsidiary Drug Discovery and Development Solutions Limited, is to acquire a 10% stake in US-based biotech firm Inipharm Inc in return for a cash investment of about $28.5 million.

Info Edge invests Rs.3-Cr in B2B footwear marketplace ShoeKonnect


Publicly-listed Info Edge (India) Ltd has invested INR 3 crore in Agra-based in Bizcrum Infotech Pvt Ltd. Bizcrum Infotech runs ShoeKonnect, a B2B marketplace that enables footwear brands, manufacturers, wholesalers and retailers to connect with each other. Info Edge has acquired 2,998,800 Compulsorily Convertible Preference Shares (CCPS) which translates to 27.27% stake in the company on fully converted & diluted basis.

ShoeKonnect had reported a total revenue of INR 36.8 lakh in 2017-18 as against INR 9.6 lakh in 2016-17.

IIFL Securities acquires 15% in fintech startup Trendlyne

Economic Times

IIFL Securities has acquired a 15% stake in Bengaluru-based fintech startup Trendlyne, a stock market analytics platform for retail investors, analysts, fund managers and advisors. Trendlyne will use the funds to expand to the US, the UK and Canada.

Trendlyne had raised seed investment in January this year from DICE Fintech ACE, a startup accelerator programme backed by the Three Sisters institutional office along with the Bhagchandka Group family office fund. The existing investors also joined the round to maintain their stake in the firm.


Majesco to acquire Ireland-based FinServ focused IT firm Exaxe for $13-M

Press Release

Mumbai-based, publicly listed Majesco is to acquire Exaxe, a Dublin, Ireland-based IT Products & Services firm which has a strong presence in the European insurance sector, for Euro 7.11 million (about USD 8 million). While a 90% stake will be acquired upfront, the balance 10% will be acquired by August 2019. An additional Euro 4.5 million (about $5 M) is payable based on EBITDA linked milestones over the next three years.

The target had reported a revenue of Euro 3.7 million (USD 4.2 M) for calendar 2017. The acquisition is expected to strengthen and expand Majesco's software offerings in EMEA for the individual life, pensions and wealth management market while complementing Majesco's customer base in the UK.

Exaxe provides various SaaS solutions that helps life and pensions companies with digital transformation.

NTT Data acquires 55% in payments firm Atom for $9.24 M


Japanese IT Services firm NTT Data Corp is to acquire a 55.35% stake in Mumbai-based Atom Technologies, from the target company's publicly listed parent firm 63 moons Technologies (formerly Financial Technologies), for USD 9.24 million. Atom is a payment services provider focused on creating an end-to-end payments ecosystem over Internet, IVR, mobile and point-of-sale through online and offline platforms.

Incorporated in 2005, Atom has has 1,50,000 plus customers and has seen more than 150+ million transactions processed through its payment platforms, processing volumes of USD 10 billion annually. It has more than 250 people and operates from 25 locations across India.

Sun Pharma to acquire Japan's dermatology focused Pola Pharma for $1-M


Publicly-listed Sun Pharmaceutical Industries is to acquire 100% shares of Pola Pharma Inc., Japan in cash consideration of 100 million Japanese Yen (about USD 1 million). Pola pharma Inc., along with its wholly owned subsidiary, is engaged in the development, manufacture and commercialization of pharmaceutical products in Japan with focus on the dermatology segment. For the year ended Dec 2017, it had a total sales of 12,2    17 million JPY and a net loss of 837 JPY.

Automobiles classifieds major CarDekho acqui-hires Carbiqi


Jaipur-based Online automobile classifieds major CarDekho has acqui-hired Carbiqi. The Carbiqi team will join CarDekho's used car vertical in Gurugram.

With Carbiqi deal, CarDekho is also set to enter the auction model where it will be buying cars from consumers on behalf of dealers. Later, dealers will bid for bought inventory as they do with Cars24. Carbiqi has 4 stores at the moment in Delhi (NCR). Floated by Akansh Sinha and Anubhav Deep, Carbiqi team used to deal in automotive service space under ServX brand name. ServX was part of Y Combinator Winter 2017 Batch.

KFC India hands over 13 more stores to RJ Corp's Devyani Intnl

Economic Times

Yum! Brands-owned KFC India has divested an additional 13 restaurants in Goa and Kerala to Devyani International, a company promoted by Ravi Jaipuria's RJ Corp and its largest franchise partner.

KFC India operates 380 stores, of which 20% are company owned. The rest are split between Devyani and Sapphire Foods, which was formed by a consortium of funds led by Samara Capital in 2016. Sapphire Foods acquired part of Yum! Brands' franchise business for INR 750 crore in 2016. Devyani operates both KFC and Pizza Hut for Yum! in India.

Bounce acquires Chinese bike rentals startup Ofo's Indian assets

Inc 42

Bengaluru-based dockless scooter sharing startup Bounce (Metro Bikes) has acquired the India assets of Chinese dockless bike rental company Ofo.

Ofo had started its operations in India in January 2018. In July this year, Alibaba-backed Ofo shut down after claiming to have completed 1 million rides in 10 weeks of operations. Bounce is now looking to expand its cycle vertical.

From Venture Intelligence PE-VC Deal Database: Bounce has raised USD 12 million from Accel India, Sequoia Capital India, Innoven Capital and other investors.

Crystal Crop Protection acquires 3 insecticide and fungicide brands from Syngenta

APN News

Delhi-based Crystal Crop Protection Limited has acquired rights to the Proclaim, Tilt and Blue Copper brands in India from Basel, Switzerland-headquartered Syngenta. This acquisition will enhance Crystal's penetration in the Pulses, Cotton, Rice, Wheat, Vegetable and Grapes markets in India.

The deal represents Crystal's fourth acquisition in 2018: the first was the acquisition of the manufacturing facility at MIDC, from Cytec India Specialty Chemicals & Materials Private Limited; the second was Indian gram sorghum, pearl millet and fodder sorghum seeds businesses from Syngenta and the third was four brands - namely Furadan, Splendour, Affinity Force and Metcil - from FMC India Limited. AZB & Partners acted as legal advisor to Syngenta.

From the Venture Intelligence PE-VC Deal Database: In Nov-11, Everstone had invested INR 150-Cr in Crystal Crop Protection. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Dineout acqui-hires cloud-based restaurant mgmt s'ware Torqus


Times Internet-owned online restaurant table booking service Dineout has acquired Pune-based SaaS restaurant management software provider Torqus. Torqus will operate as an independent business and will use the funds from the deal to fast-track innovation and client deliverables. The entire Torqus team will join Dineout.

Torqus was launched as a Point of Sale (PoS) service provider in 2013 and is now being used in more than 3,500 outlets across more than 70 cities in five countries. Torqus' cloud-based restaurant software system helps restaurateurs manage all their backend activities, ranging from procurement to billing to taking feedback from customers after the meal.

TCS acquires US consulting co BridgePoint's retirement biz

Press Release

Listed IT services company Tata Consultancy Services (TCS) has acquired the business of BridgePoint Group, LLC, a US-based management consulting firm catering to the financial services industry, and specializing in retirement services. BridgePoint's entire management team and key experts will join TCS.

Bridgepoint guides financial institutions through growth and change, navigating disruption and predicting trends.

RIL arm picks up majority stake in media startup NEWJ

BSE, Business Line

Publicly listed Reliance Industries Ltd (RIL), via its unit Reliance Industrial Investments and Holdings Ltd (RIIHL), has acquired a majority stake in a media start-up New Emerging World of Journalism (NEWJ). As initial tranche, RIIHL has subscribed to 30,000 equity shares and 125 compulsorily convertible debentures for INR 1.03 crore.

NEWJ was incorporated in January 2018 by Shalabh Upadhyay and others to focus on technology-enabled production and curation of content for the emerging social and digital media ecosystem.

AllOut cofounder Anil Arya to buy dairy-tech startup Mr. Milkman

Economic Times

Anil Arya, who cofounded mosquito repellent brand AllOut and sold it in 2005, is acquiring Gurgaon-based dairy tech startup Mr. Milkman. Arya, along with a few other investors, is setting up a company in Singapore to acquire Mr. Milkman.

Mr. Milkman is an enabler for dairy players, managing their entire business including customer subscriptions and deliveries through its platform. Its clients include Milk Mantra, WHYTE Farms, Just Doodh and Go4Life.

Debt Financing

Brewhouse Ice Tea raises $2-M loan from Singapore's Food Empire Group

Business Line

Positive Food Ventures, maker of bottled ice tea brand Brewhouse, has raised USD 2 million loan from Singapore-based FMCG firm Food Empire Group. Food Empire Group had previously invested USD 600,000 in Positive Food Ventures in November 2017. The brand started operations in Delhi in May 2017 and has presence in Chennai, Bangalore, Mumbai, Pune, Kolkata, Hyderabad, Jaipur, Chandigarh and Lucknow, retailing at over 300 restaurant & cafe partners.


Done Deals Fund News
Fund News

New Fund Raising

Roots Ventures to raise Rs.300-Cr for maiden fund

Mint (E-Paper)

Alternative asset manager Roots Ventures is raising its maiden fund with a target of INR 300 crore. In early stage, the fund will invest in ticket sizes of INR 4-5 crore, while its growth stage investments will have a ticket size of around INR 10-30 crore.

Japan Vyas, a former fund manager at IDFC Investment Ltd and partner at venture capital fund Sixth Sense Ventures, has teamed up with Ravinder Vashist, an former IDFC colleague for Roots Ventures. Delhi-based businessman Karanpal Singh's Hunch Ventures has taken up a significant minority stake in the investment firm.

Godrej realty PE arm to raise fund focused on co-working, data centres

Business Standard

Godrej Fund Management (GFM), the real estate private equity arm of Godrej Group, is planning to raise a fund in 2019, to invest in 'sunrise' segments such as co-working spaces and data centres. GFM is also considering floating a real estate investment trust (Reit) for commercial properties.

Other News

Sachin Bansal ropes in BoA exec Ankit Agarwal for new investment firm

Economic Times

Flipkart co-founder Sachin Bansal has roped in former Bank of America and Deutsche Bank executive Ankit Agarwal - whom he has known from his IIT-Delhi days - as a partner and founding employee of his new investment platform. The duo will focus initially on agri-tech and fintech investments .

Kalaari Capital hires KPMG executive Sreedhar Prasad as partner

Economic Times

VC firm Kalaari Capital has roped in KPMG India partner Sreedhar Prasad as its partner. The appointment comes after the recent departure of at least three partners from the firm.

Former Myntra CFO Dipanjan Basu joins Fireside Ventures

Economic Times

Fireside Ventures has appointed Dipanjan Basu as partner and CFO. Basu was previously the CFO of Myntra and Jabong since 2016. He will be joining towards the end of Jan 2019.

Fireside has also appointed Aditya Ghosh - former president of IndiGo Airlines - as an advisory board member. Gosh will be mentoring and advising the portfolio brands and co-investing in some of them.


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Deals in the Making
Deals in the Making

Private Equity/Strategic Investments

Bharti Airtel looking to raise INR 15,000-Cr in equity capital

Economic Times

Bharti Airtel plans to raise INR 12,000-15,000 crore through issue of fresh shares in the current fiscal year as part of its strategy to create a war chest of about INR 30,000 crore in three tranches to reduce debt and financing costs, bolster cash flows and meet capital expenditure to fight the price war unleashed by Reliance Jio Infocomm. The company is examining the option of either a rights issue to existing shareholders or private placement to institutional investors and promoters.

Bharti Airtel has net consolidated debt of INR 1,14,557 crore, of which the Indian operations’ borrowings amount to about INR 80,000 crore. This amount includes outstanding spectrum payments of nearly INR 46,000 crore.

Actis to buy Essel Infra’s solar biz for Rs.6,000-Cr: report


Private Equity investor Actis LLP has agreed to buy Essel Infraprojects Ltd’s solar power projects for INR 5,500-6,000 crore. Essel has 685MW of installed capacity and under-construction projects. Its assets have power purchase agreements (PPAs) with state governments for as high as INR 8 per kilowatt hour (kWh) and the average PPA for the assets is at INR 5.50 per kWh. In 2017, solar power tariffs fell to a record low of INR 2.44 per kWh from INR 10.95-12.76 per kWh in 2010-11.

In October 2018, Sekura Energy Ltd (an unit of Edelweiss ARC) had agreed to buy four power transmission assets of Essel Infraprojects for an enterprise value of INR 6,000 crore. With the sale of solar power plants and transmission lines, Essel Group will exit its renewable energy and power transmission businesses. The group wants to expand its footprint in emerging sectors such as water, railways and municipal solid waste, and expects the asset sales in the renewable energy and transmission business will fund the growth of its new businesses.

Intercity truck transporter BlackBuck in talks to raise $250-M

Mint (E-Paper)

Bangalore-based logistics startup BlackBuck (Zinka Logistics Solutions Pvt. Ltd) is in talks to raise USD 150-250 million, as it seeks to capture the massive trucking market and take on bigger rival Rivigo. The company is seeking a USD 1 billion valuation in this round. BlackBuck has appointed JPMorgan as its investment banker for the proposed new round.

BlackBuck’s funding discussions come almost two months after it secured INR 202 crore in a round led by new investor Sequoia Capital. The company has so far raised over USD 100 million from investors including Accel Partners, Sands Capital and Tiger Global. BlackBuck provides a marketplace that connects businesses with truck owners and freight operators for intercity transport of goods. BlackBuck clocked INR 566 crore in revenue during the fiscal ended 2016-17, a jump from INR 81 crore in 2015-16.

EV Motors India to raise $200-M to build 6,500 charging outlets

Business Line

Noida-based EV Motors India, provider of infrastructure solutions for E-mobility, plans to raise USD 200 million in the next five years to build a network of over 6,500 electric vehicles (EV) charging outlets. EV Motors will raise funds from venture capital firms, private equity investors and multilateral institutions

Over the next year, EV Motors plans to set up 20 outlets in Delhi-NCR followed by charging outlets in Bengaluru, Chandigarh, Jaipur, Ahmedabad, Kanpur, Kolkata, Mumbai, Pune, Hyderabad, Amritsar, Bhubaneshwar, Kochi, Indore and Chennai. Each “PlugNgo” outlet will have multiple charging stations supplied by Taiwanese electronics manufacturing company Delta Electronics.

Realtor Lodha in talks to raise Rs.700-Cr from CDPQ for township project Palava City

Economic Times

Realty major Lodha Developers is likely to raise INR 700 crore from Canadian pension fund CDPQ for the development of its ongoing 4,500-acre integrated township 'Palava City' near Mumbai.

UK’s CDC to raise $100-M by selling stake in Ayana Renewable


CDC Group Plc, the UK government’s development finance institution, plans to raise around USD 100 million by selling a stake in Ayana Renewable Power, its renewable energy platform recently launched in India.

Local language news aggregator Dailyhunt looks to raise $100-M


Bengaluru-based local language news aggregator Dailyhunt is looking to raise up to USD 100 million from new and existing investors. Formerly known as Newshunt, Dailyhunt (Verse Innovation Pvt. Ltd) started out as an aggregator of news from multiple newspapers. Apart from a news aggregation platform in regional languages, it provides original video content in Hindi and Telugu and a free live television streaming service in nine languages through strategic partnerships.

From Venture Intelligence PE-VC Deals Database: Existing Investors in Dailyhunt include Falcon Edge Capital, Sequoia Capital India, Matrix Partners India, Omidyar Network, Arun Sarin Family and Franklin Templeton PE.

Executive education co Eruditus to raise $40-M in Series C round from Sequoia

Mint (E-Paper)

Executive education service provider Eruditus Executive Education is to raise USD 40 million in a Series C funding round led by Sequoia Capital India.

Eruditus offers professional development programmes for executives in India, Singapore and Dubai, among other countries. It partners with executive education arms of Ivy League colleges including INSEAD, MIT Sloan, Wharton, Harvard Business School and Cambridge. Eruditus raised USD 2.3 million in debt from Temasek-owned Innoven Capital in July. The company had previously raised USD 8 million (about INR 53 crore) in a Series B funding from Bertelsmann India Investments. INSEAD professor Neil Bearden had also invested in the Mumbai based ed-tech startup in 2016.

Car service chain Mahindra First Choice to raise Rs.125-Cr

Business Line

Mahindra First Choice Services, a multi-brand car service chain, is proposing to raise about INR 125 crore to fuel its growth plans. One-third of the sum will be invested in technology — digital solutions — and the rest will be earmarked for operations, working capital and to accelerate business expansion. The company, which is part of the Mahindra Group, posted revenue of INR 91 crore last year.

Online marketplace Shop101 in talks with Kalaari, Unilever to raise $11-12 M


Mumbai-based online marketplace, Shop101 is in talks with Kalaari Capital and Unilever Ventures to raise USD 11-12 million in Series B funding round. Stellaris Venture Partners, an existing investor, will also participate in the round. The funds will be used for technological development and expanding into new categories such as beauty and personal care.

Shop101 enables entrepreneurs to sell online using Whatsapp, Facebook and Instagram. The company raised USD 5 million from Stellaris in Series A funding round, less than five months ago.

Oriental Bank of Commerce to divest stake its 23% stake in life insurance JV

Money Control

State-owned lender Oriental Bank of Commerce (OBC) is planning to divest stake in its life insurance joint venture, Canara HSBC OBC Life Insurance. OBC holds 23% in the JV, while Canara Bank holds 51% and HSBC, 26%.

The JV had posted a net profit of INR 168 crore in FY18, showing a 51% YoY growth. The company's individual new business premium (weighted premium income) grew 34% YoY to INR 818 crore in FY18


IHH Healthcare eyes listing SRL Diagnostics

Business Standard

SRL Diagnostics, an arm of Fortis Healthcare, is likely to be listed on the stock exchanges in 2019. IHH Healthcare Bhd of Malaysia, which is in the process of taking over SRL, has plans to take the brand to markets abroad in the medium to long term.

IHH would be infusing about INR 2,000 crore to meet additional fund requirements of Fortis Group. It has already infused INR 4,000 crore as part of an earlier deal.

Inventia, Metropolis Healthcare, Xelpmoc Design get Sebi nod for IPO

Economic Times

Inventia Healthcare, Metropolis Healthcare and Xelpmoc Design & Tech have received the approval of markets regulator Securities and Exchange Board of India (Sebi) to float initial public offerings. These three companies had filed their respective draft documents with the markets watchdog in August-September. With this, the total companies getting clearance from Sebi to launch IPO has reached 73 so far this year.

Food supply chain co ColdEX files for public float


ColdEX Ltd, an integrated food supply chain and distribution company, has filed draft papers with capital markets watchdog Sebi to float an initial public offering. The IPO comprises fresh issue of up to 10,10,000 equity shares and an offer-for-sale of up to 16,56,408 equity stocks by SABR India Investment Pvt Ltd.

Proceeds raised through the issue will be used for investment in IT Infrastructure; fund the working capital requirements of its subsidiary Coldex Logistics; acquisitions and other strategic initiatives and general corporate purposes. Pantomath Capital Advisors is the book running lead manager to the issue.


Thailand's Minor International mulls $350-M deal for Leela chain

Economic Times

A consortium including Thailand’s Minor International Pcl is considering an investment of about USD 350 million in Indian hospitality firm Hotel Leelaventure Ltd. The proposed bid, which is also backed by investment firm Trinity White City Ventures, includes a mix of equity and debt. The consortium would end up with a majority stake in Mumbai-based hotel chain, if the deal fructifies. Hotel Leelaventure owns and manages nine properties across India.

Avantha in talks to sell agro chem unit Solaris to Agrocel for Rs.800-Cr

Economic Times

Delhi based Avantha Group is set to sell its agro chemicals unit, Solaris ChemTech, to Agrocel Industries for about INR 800 crore. Ahmedabad based Agrocel, part of the Shroff Group of Companies which includes Excel Industries, is expected to be announced by year-end.

Avantha Group has total debt of more than Rs 12,500 crore. Lenders have already dragged one of the group companies, Bilt Graphic Papers, which borrowed close to Rs 7,000 crore, to NCLT to initiate bankruptcy proceedings against the company.

HDFC Ergo in talks to buy Munich Re’s 49% stake in Apollo Munich Health Insurance

Economic Times

Housing Development Finance Corp’s general insurance arm HDFC Ergo is in talks to acquire Apollo Munich Health Insurance for an approximate valuation of INR 2,600 crore. Apollo Munich is a 51:49 joint venture between Chennai-based Apollo Hospitals and German reinsurance company Munich Re. Munich Re will exit the company after the sale. Ergo, the German insurer that holds 49% stake in HDFC Ergo, is owned by Munich Re. Arpwood Capital is the exclusive advisor to the proposed deal between HDFC Ergo and Apollo Munich.

HCC in talks to exit 100-km road project in Bengal

Mint (E=Paper)

HCC Concessions, the infrastructure development arm of the HCC Group, has started the process of selling its 100 km-long Baharampore-Farakka Highway project in West Bengal. HCC Concessions is also looking to exit the concessions business which requires a company to take a project exposure on its balance sheet in addition to construction, operation and management of assets. Of the 100 km, around 77 km is operational and tolling. The enterprise value of the project is around INR 1,400 - 1,500 crore on a fully operational basis as against the total project cost of around INR 1,800 crore.

Gujarat Govt tol buy crisis-hit IL&FS stake in JV GIFT City

Business Standard

The Gujarat government is to buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in Gujarat International Finance Tec-City, or GIFT City. The project was originally promoted by Gujarat Urban Development Company, a state government entity, and IL&FS with equal stakes.

Govt looking to merge REC, Power Finance Corp

Economic Times

The government is considering a proposal to combine two state-run lenders to utilities, Rural Electrification Corporation Limited (REC Ltd). and Power Finance Corporation. The first phase of the deal will see REC acquiring a majority stake in Power Finance valued at USD 2.5 billion possibly by March 2019. Subsequently, the plan is to merge the subsidiary with REC, a departure from the original plan to keep their operations separate.

The merger plan is being considered after REC expressed concern that just acquiring a controlling stake in Power Finance would weaken its credit profile and wouldn’t yield any operational benefit. On the other hand, a combined entity will be complementary as it would eliminate competition among them in raising funds or finding customers.

Lodha puts London properties on the block to bring down debt: report

Economic Times

Mumbai-based Lodha Developers, is close to selling its two residential projects in London - Lincoln Square on Carey Street and 1 Grosvenor Square in Mayfair - to a London-based real estate fund. The transaction is expected to fetch about INR 4,200 crore.

The exercise is aimed at pruning debt. As on December 31, 2017, net debt of the unlisted Lodha Developers was around INR 14,000 crore, about three times its net worth (INR 4,660 crore), as per the draft red herring prospectus filed by the company.

Tata Communications shelves plan to buy TTSL unit

Economic Times

The Tata Group is believed to have dropped plans for group company Tata Communications Ltd (TCL) to buy out sister concern Tata Teleservices’ (TTSL) enterprise business for now. Tata Sons has informally conveyed to the government that the group is not keen on the deal now and would like to instead concentrate on strengthening the balance sheet of Tata Communications. The government is a 26% stakeholder in TCL, earlier known as Videsh Sanchar Nigam Ltd.

JSW sole bidder for Monnet Power as Adani backs out

Business Standard

Sajjan Jindal’s JSW Energy has submitted a bid for Monnet Power, which was referred to the National Company Law Tribunal (NCLT) after it defaulted on INR 5500 crore debt. Adani Power, which submitted an expression of interest earlier, has decided to stay out of the race.

Monnet Power runs a 1,050 Mw thermal power unit in Odisha and is supplying power to Monnet Ispat, acquired by JSW Steel in July for INR 3750 crore as against its dues of INR 11400 crore to banks.

Real Estate Transactions

JNPT SEZ eyes Rs.900-1,000 crore from auction of 300-acre land parcel

Economic Times

Jawaharlal Nehru Port Trust Special Economic Zone (SEZ) is expecting to rake in INR 900-1,000 crore from auction of a 300-acre land parcel meant for industrial area. The land, which will be auctioned by December-end, falls under the 670-acre SEZ developed near the port.

To make the auction process attractive, the JNPT has relaxed certain norms in the SEZ which includes easy exit by transferring assets to another entity. It had received a valuation of INR 13 crore an acre in the auction for a 44-acre plot for warehousing, against a reserve price of INR 2 crore.

ASF Group in talks with IREO to buy Rs.700-Cr land parcel in Delhi

Economic Times

Delhi-headquartered ASF group is in talks to buy a land parcel on the Golf Course Extension road in a deal valued at over INR 700 crore. The land is owned by IREO, which is currently embroiled in multiple controversies related to misappropriation of funds by the firm and promoter Lalit Goyal. IREO was the first foreign direct investment fund raised to invest in the Indian real estate and has a total debt of INR 2,500 crore.

Other News
Other News

India Ahoy

UAE’s Rainbow Hospitality group to expand ops in Kerala

Economic Times

The UAE-based Rainbow Hospitality group is planning to spread its operations in Kerala. The group has set up a INR 6 crore centralised kitchen at Njarrakal in Kochi which can make 10,000 dishes daily for catering .The group will open its services in Kannur and Kozhikode districts next month.

Italian appliances maker De’Longhi partners with Orient Electric for India foray

Business Line

Italian small appliances maker De’Longhi Group is making its foray in the Indian market through a partnership with Orient Electric, part of the diversified CK Birla Group. Orient Electric will exclusively market and distribute premium small appliance brands — De’Longhi, Kenwood and Braun in India.

British beauty brand Molton Brown to have 15 stores by 2023 in India

Economic Times

British luxury beauty and fragrance brand Molton Brown is set to open 15 stores across India over the next five years. The company is looking to expand its India presence through the direct and later omni-channel route and will scout for locations in luxury hotels and malls across the top metros. The company's India partner is Berkeley Beauty Brands.


Century Real Estate promoters enter financial services space, launch NBFC

Business Standard

Bengaluru-based real estate firm Century Real Estate is foraying into financial services space with the launch of a non-banking financial company (NBFC). After receiving licence for setting up an NBFC last year, the firm has started giving small-ticket loans to realtors in the initial phase.

ITW Playworx opens London office

Economic Times

ITW Playworx, the entertainment, media & communication arm of Bangalore-based brand and celebrity management firm ITW Consulting, has entered in the UK market with the opening of its office in London. The company had earlier opened an office in Dubai.

From its London office, ITW Playworx will be offering integrated marketing services for the UK clients, including experiential marketing, branded entertainment, influencer marketing, talent management, MICE and sports sponsorship.

Pump maker Ekki to enter Saudi Arabia

Business Line

Coimbatore-based pump manufacturer Ekki is set to enter Saudi Arabia through a strategic alliance with a Saudi Arabian distributor. Ekki would offer pumps designed to meet local requirements.


Doctalk lays off 100 employees; CEO resigns


Health-tech startup DocTalk Solutions Inc. co-founder and chief executive officer Akshat Goenka has resigned. DocTalk, which has raised roughly USD 5 million from Matrix Partners and Khosla Ventures, among others, has laid off nearly 100 people.

Lupin CFO Ramesh Swaminathan quits

Economic Times

Ramesh Swaminathan, Chief Financial Officer (CFO) of publicly-listed Lupin Pharma, has quit the company to pursue opportunities outside of pharmaceutical industry. Swaminathan was part of Lupin for the last 12 years where he was also a whole time director.

Rohit Kapoor to head OYO’s real estate biz

Economic Times

Gurgaon-based hospitality chain OYO Hotels & Homes has named former Max Healthcare senior executive Rohit Kapoor as the head of its new real estate business.

Hitesh Jain, Ravi Hegde start Parinam Law Associates

Legally India

Juris Corp partner Hitesh Jain and his team, as well as recently-exited J Sagar Associates (JSA) partner Ravichandra Hegde, are setting up a new law firm, with offices in Mumbai, Pune and Delhi. Parinam Law Associates is to have 7 partners and around 48 associates at its start.

Dipti Lavya Swain starts new law firm

Legally India

Mumbai-based Dipti Lavya Swain, who had been general counsel (GC) at Azure Power until around six months ago, has set up a new law firm DLS Law Offices.

DLS Law Offices now has 3 partners, consisting of Swain, litigation partner Haripad Mohanty who is heading up its Orissa office, and litigation partner Anish Desai in Mumbai.

Anand Chandrasekaran quits Facebook, while Neeraj Arora signs off from Whatsapp

Social Media Updates

Angel investor and former Snapdeal executive Anand Chandrasekaran has confirmed quitting Facebook after a two-year stint at the social networking giant’s Menlo Park headquarters. Anand was serving as Director of Platforms and Product Partnerships. Prior to Facebook, the Stanford University and PSG College of Technology graduate had served as Chief Product Officer at Snapdeal and its unit Freecharge (May 2015 to Jul 2016) and before that, Airtel (2013-2015).

Anand’s exit from Facebook quickly follows Neeraj Arora’s quitting as Chief Business Office of Facebook owned WhatsApp, after a 7 year stint. Neeraj, who described himself as "all things business at WhatsApp" on his LinkedIn profile, had earlier worked in Corporate Development roles at Google and Times Internet. The Indian School of Business and IIT-Delhi graduate has also served on the board of Paytm.

Regulatory News

Bankrupt firms to get quick rescue option


The Union government is set to introduce a quick corporate rescue option, which will be finalized mostly in boardrooms than in courts, as it seeks to avoid prolonged and costly legal battles over the resolution of bankrupt companies. The so-called “pre-packaged” bankruptcy schemes, creditors and shareholders will approach a bankruptcy court with a pre-negotiated corporate reorganization plan, as prevalent in countries such as the US and the UK. With this step, the government aims to cut down on litigation and ensure that deadlines are met. A time-bound resolution of bankrupt assets would help prevent any erosion in their value.

Under the existing regime, companies or their creditors move a bankruptcy tribunal to explore future options for the defaulting entity, which receives protection for a maximum of 270 days from any recovery of dues. Litigation during this period, a frequent event in big cases referred to tribunals by banks, delays the resolution.

RBI launches survey to profile startups

Times of India

The Reserve Bank of India (RBI) has launched a survey on India’s startup sector with the aim of capturing profiles of these businesses and for first-hand information on their profitability. The survey comes amid calls to the RBI to do more for easing access to credit for small and medium enterprises. The survey will also look into challenges faced by Indian startups and quiz them on their plans with regard to stock exchange listing.

RBI makes it easier for NBFCs to sell their loans

Times of India

In a move to improve liquidity for non-banking finance companies (NBFCs), the Reserve Bank of India (RBI) relaxed guidelines on securitisation transactions. Finance companies can now sell their long-term loans after receipt of six monthly instalments, or two quarterly instalments, subject to the lender retaining 20% of the book value of the loans being securitised.

The special dispensation will be applicable to securitisation/assignment transactions carried out during a period of six months from November 29. Securitisation of debt refers to the process whereby a lender transfers a pool of loans that it has advanced to a trust, which finances the purchase by issuing securities to investors.


Stanchart moves NCLT in Essar Steel takeover case

Business Standard

Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to take over debt-ridden Essar Steel, saying the decision was illegal and was taken without considering its claims.

SCB had lent Essar Steel, which the lenders are auctioning to recover INR 49,395 crore of unpaid financial dues, a principal amount of INR 2646 crore but the Committee of Creditors admitted only INR 60.7 crore for repayment out of the auction proceeds.

NCLT gives 90 more days for Sterling Biotech resolution


The National Company Law Tribunal’s (NCLT) Mumbai bench has granted the resolution professional of Sterling Biotech Ltd another 90 days to complete the insolvency process. There are around 12 resolution plans at different stages of evaluation.

Lenders may invite fresh bids for Jhabua Power


Lenders to Jhabua Power Ltd may call fresh bids for the company after attempts to sell it to industrial gas manufacturer Goyal MG Gases Pvt. Ltd failed to make headway. Delhi-based Goyal MG Gases, a late entrant to the race, had offered INR 2,350 crore for Jhabua Power, outbidding rivals such as Adani Power, Tata Power-backed Resurgent Power Ventures Pte Ltd, Edelweiss Asset Reconstruction Co. (ARC) and Phoenix ARC.

NCLT admits insolvency plea against power co EMC

Economic Times

The National Company Law Tribunal’s Kolkata bench has admitted the insolvency plea against power transmission company EMC, which has defaulted on payments to the tune of INR 6,500 crore to banks and other creditors. NCLT took action following a petition filed by operational creditors to the company and appointed an interim resolution professional, prompting the financial creditors led by State Bank of India to swing into action.

Real Estate News

Dalmia Group wins Rs.160-Cr arbitration award in land case with Ansal API Group

Economic Times

The Dalmia Group, which has a portfolio of diverse businesses spanning cement, private equity and real estate, has won an arbitration award of INR 160 crore over a land dispute with the Delhi-based Ansal API Group. The Dalmias have approached the Delhi High Court for enforcement of the arbitration award that was granted by RC Lahoti, a former chief justice of India.

UP govt to allow co-promoters in bid to complete stuck projects

Economic Times

The UP government, in a bid to get the large volume of stuck projects completed in Noida, Greater Noida and Yamuna Expressway, will soon allow co-promoters in projects. The authority will soon have a core committee meeting to assess the audit reports that are now completed and ready for review.

Godrej Properties exits Hyderabad market

Business Line

Godrej Properties (GPL) has exited the Hyderabad market and will move out Kochi and Mangaluru residential projects as well, as it looks to penetrate deeper in four core markets of Mumbai, Bangalore, Pune and Delhi NCR


Six firms bid for advising FinMin on two M&A deals

Business Standard

Six firms, including Ernst & Young LLP and Deloitte Touche Tohmatsu, are in the race for advising the Finance Ministry on two merger and acquisition (M&A) deals in energy sector. The four other entities which have bid for advising on the deals are ICICI Securities, IDBI Capital Market and Securities, SBI Capital Markets and RBSA Capital Advisor LLP.

These firms would be making their presentation before the Department of Investment and Public Asset Management on November 26, as per a notice on the DIPAM website. The selected advisor would assist the government on modalities of disinvestment and the timing; and prepare business valuation of companies, as well as suggest measures to fetch optimum value.

More woes for online lenders: NPCI suspends eSign-based eNACH payment option


The National Payments Corporation of India (NPCI) has suspended eSign-based electronic mandate, used in a paperless automated collection of loan payments from customers, for digital lenders. The eSign-based eMandate product would be suspended from November 26. Digital lenders have time till November 30 to clear all the existing mandates.

I-T dept sells Cairn Energy shares to recover retrospective tax

Business Line

The Income Tax Department has sold almost all of Cairn Energy Plc attached shares to recover a part of the INR 10,247 crore retrospective tax demand.

While the Indian government had used a 2012 legislation to tax certain past income of at least half a dozen foreign companies such as Vodafone plc, Cairn Energy of the UK remains the only company against whom the demand has been enforced.

Govt to offer 50-yr lease to privatise six airports

Economic Times

The government is targeting to complete the privatisation of six airports — Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru — by February 28 by awarding a 50-year lease. Unlike Delhi and Mumbai, where Airports Authority of India (AAI) was a joint venture partner for GMR and GVK, this time the panel has decided to allow 100% private participation for operation, development and management. A foreign investor can also be the sole developer.

To make it attractive for prospective bidders, entire non-air side development for commercial purposes, such as building hotels or malls, will be allowed.

Yes Bank promoter cos routed debt as equity in private financial firm: report

Economic Times

Yes Bank promoter Rana Kapoor’s investment companies borrowed from mutual funds and invested the money as equity in a finance company in a transaction that could possibly questioned by the regulator. Yes Capital, owned by the Rana Kapoor family, invested a part of funds borrowed from the market as equity in ART Capital Ltd, which in turn invested a portion of the money in ART Housing Finance through select subsidiaries. Yes Capital’s balance sheet shows the investment of debt as equity in ART Capital. The ultimate beneficial ownership of both companies rests with Yes Capital, which also owns shares in Yes Bank.

Software services co Vakrangee gets Sebi’s clean chit

Times of India

Markets regulator Securities Exchange Board of India (Sebi) has given a clean chit in a recently conducted investigation into the trading activities of certain entities in the scrip of Vakrangee, a Mumbai-based software services provider and white label ATM operator. During the Sebi investigation it was found that promoter entities viz, NJD Capital Private along with Vakrangee Holdings, Dinesh Nandwana and Dinesh Nandwana (HUF) (being members of promoter and promoter group), had increased their shareholding from 38.71% to 41.61% between June 2015 and August 2015. It was observed that there was a slight delay in intimating the same to the company and to the stock exchanges. The matter was reviewed by Sebi and it was warned the promoters to avoid recurrence of such instances. The promoters had also received a clean chit from the office of EOW (economic offences wing).

Myntra puts offline store plan on backburner

Business Standard

Bengaluru-based online fashion merchandise firm Myntra has put its plan to open 100 franchise stores across the country on hold. Myntra, which was planning to open the stores even two months back, has decided to concentrate on the online business. It already has 15 stores across the country - 12 under the Mango brand, which it manages; and three under Roadster.

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Avalon Consulting

Avalon Consulting, among Asia’s top-rated consulting firms, is proud to announce a partnership with Cordence Worldwide. With this partnership, Avalon becomes the 11th member firm of the partnership, which now has 3000+ professionals, a presence in 23 countries through 70+ network offices around the world. For more details click here

Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is a member firm of Cordence Worldwide, a global management consulting partnership.

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