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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.
Private Equity Fund Investments
Allianz creates
logistics JV platform with HK-based ESR to
invest $1-B in 8 Indian cities
Mint
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
PTI
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
Mint
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
BSE
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
Entrackr
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
IndianWeb2
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.
Incubation/Acceleration
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
BSE
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
BSE
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.
M&A
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
BSE
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
BSE
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
Entrackr
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
Inc42
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.
New Fund Raising
Roots Ventures to
raise Rs.300-Cr for maiden fund
Godrej realty PE
arm to raise fund focused on co-working, data centres
Mint (E-Paper)
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.
Business Standard
Other News
Sachin Bansal ropes
in BoA exec Ankit Agarwal for new investment firm
Kalaari Capital
hires KPMG executive Sreedhar Prasad as partner
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 .
Economic Times
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.
VI Updates
Partner Event
Highlighted Sponsor
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Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.
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
Mint
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
Mint
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
Mint
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
DealStreetAsia
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
IPOs
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
Mint
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.
M&A
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.
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.
Expansion/Diversification
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.
People
Doctalk lays off 100 employees; CEO resigns
Mint
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
Mint
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.
Bankruptcy
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
Mint
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
Mint
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
Others
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
Entrackr
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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Contact Information
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Basiz Fund Services Pvt. Ltd
M: +918286008554, E:
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http://www.basizfa.com
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