Private Equity Fund Investments

SoftBank invests Rs.1,725-Cr in Ola Electric Mobility

Regulatory Filings

SoftBank, via SB Topaz (Cayman) Limited, has bought 4,326 Series B CCPS at INR 3,987,618.54 per share of Ola Electric Mobility Private Limited. The purchase aggregates to INR 1,725.04 Cr and values the target company at INR 7,481.17 Cr. AZB & Partners was the legal advisor to SoftBank.

From the Venture Intelligence PE-VC Deal Database: In Feb 2019, Ola Electric Mobility had raised INR 400 Cr ($56 million) from Arun Sarin Family, Ratan Tata, Matrix Partners India, Tiger Global and Others.

Brookfield buys prime land in Mumbai from Mars Enterprises for Rs.750-Cr

Mint

Canada’s Brookfield Asset Management is acquiring a prime Mumbai real estate asset spread across 9.67 acres, which includes a 100-room premium hotel, for INR 750 crore from hotelier Sanjay Narang-promoted Mars Enterprises and Hospitality Ltd. Narang, who owns popular restaurants such as Pizza by the Bay and Eat Around the Corner, besides hotel properties, The Gordon House and Rokeby Manor, has been looking to sell the asset at Sahar Road in Andheri East. A five-star boutique hotel, Waterstones Hotel, and a club occupies half of the 9.67 acres. The rest remains undeveloped.

Blackstone buys building in L&T business park in Mumbai for Rs.700-Cr

Mint

Blackstone Group has purchased a 4,00,000 sq. ft office building at Larsen and Toubro Ltd’s Business Park in Powai, Mumbai for INR 650-700 crore.

Kuwait’s Markab Capital acquires 29% stake in plywood firm Uniply; launches open offer

BSE

Kuwait-based Markab Capital has signed a share purchase agreement to acquire 342,299,835 equity shares constituting 20.71% of Chennai-based architectural, design and build turnkey solutions provider Uniply Industries Ltd from the promoter, Keshav Kantamneni, and his group entities at INR 82 per share. The multi-family office is also acquiring 3,232,954 warrants of INR 10 each, which upon full conversion into equity share capital results into 16,164,770 equity shares of face value of INR 2 each, constituting 8.50% of the company. Markab is making an open offer to the public shareholders of the Uniply to acquire up to 49,466,068 shares, constituting 26% of emerging capital of Uniply at INR 82 per equity share aggregating to INR 405.62 crore assuming full acceptance. D&A Financial Services is managing the open offer.

Uniply's primary product offerings include plywood, laminates, veneers, adhesives, wooden flooring, panel products and a myriad of auxiliaries. In 2017, it acquired Mumbai-based Vector Projects - a player in integrated turnkey interior solutions and construction - to become a one-stop shop for all realty infrastructure needs.

Lemon Tree Hotels attracts Rs.360-Cr more from APG

BSE

Publicly listed Lemon Tree Hotels has issued 0.01% Compulsorily Convertible Preference Shares of Fleur Hotels to APG Strategic Real Estate Pool aggregating to INR 360 crores

From the Venture Intelligence PE-VC Deal Database: In May 2012 and April 2014, APG had invested INR 470 crores and INR 152 crores in Fleur Hotels, the Dutch investor’s Joint Venture with Lemon Tree. During the same period APG had invested INR 180 croes and INR 188 crores in Lemon Tree Hotels (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Uniphore Software Systems raises Rs.263-Cr from March Capital, others

Regulatory Filings

US-based March Capital (via Winterfield Ventures International), National Grid Partners, Chiratae Ventures, Sistema Asia Fund, The CXO Fund, Intuitive.VC and Patni Wealth Advisors have invested INR 108.50 Cr, INR 70 Cr, INR 35 Cr, INR 35 Cr, INR 7 Cr, INR 3.50 Cr and INR 3.50 Cr respectively in Uniphore Software Systems Private Limited. The purchase aggregates to INR 262.51 Cr and values the firm at INR 969.68 Cr. AZB & Partners was the legal advisor to National Grid Partners.

On Jun 5, 2019, Uniphore issued 9457 Series C CCPS at INR 114731.87 per share to Winterfield Ventures International, 610 Series C CCPS to The CXO Fund and 305 Series C CCPS to Patni Wealth Advisors. On Jun 24, 2019, issued 1159 Series C CCPS to IDG Ventures India Fund II, 1135 Series C CCPS to IDG Ventures India Fund III, 757 Series C CCPS to Chiratae Trust, 5949 Series C CCPS to National Grid Partners Limited, 2797 Series C CCPS to Sistema Asia Fund Pte Ltd, 254 Series C CCPS to Sistema Asia Fund India Ventures, 305 Series C CCPS to Intuitive Growth Ventures Fund I. The company will issue 152 Series C CCPS additionally to National Grid Partners Limited.

From the Venture Intelligence PE-VC Deal Database: Between Mar 2014 and May 2017, Uniphore had raised $15.23 million (about INR 97.91 Cr) from JC2 Ventures, IIFL VC, Kris Gopalakrishnan, Chiratae Ventures and YourNest. The company had raised funding from Indian Angel Network in Oct-16.

Digital insurance co RenewBuy raises Rs.130-Cr from IIFL, Lok Capital

Economic Times

Gurugram-based digital insurance company RenewBuy has raised INR 130 crore in its latest round of equity financing, led by Lok Capital and IIFL Asset Management. Existing investor Amicus Capital also participated in the Series-B round. Investec was the financial advisor to the company.

Post deal, investors will hold an about 60% stake in the company. The company will use the proceeds to expand its network of insurance agents (currently at about 25,000), enter new markets, and add to its product portfolio.

From the Venture Intelligence PE-VC Deal Database: In October 2017, Amicus Capital had invested INR 60 crore in RenewBuy. The company had also raised INR 11 crore from Mount Nathan between November 2015 and March 2016 (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Ola raises Rs.78-Cr from DIG Investment, Deshe Capital and Jabbar Internet founders

Regulatory Filings

DIG Investment (DIG Investment XX AB), Deshe Capital (via Deshe Holdings LLLP) and Jabbar Internet Group founders Samih Toukan and Hussam Khoury have invested INR 54.95 Cr, INR 17.67 Cr and INR 5.31 Cr respectively in ANI Technologies Private Limited (which operates ride hailing service Ola). The purchase aggregates to INR 77.93 Cr and values Ola at INR 47,625.57 Cr.

On Jun 28, 2019, Ola issued 25,858 Series J CCPS at INR 21,250 per share to DIG Investment XX AB, 8,314 Series J CCPS to Deshe Holdings LLLP, 1,671 Series J CCPS to Samih Toukan and 830 Series J CCPS to Hussam Khoury.

From the Venture Intelligence PE-VC Deal Database: Between Apr 2012 and May 2019, Ola had raised over $3 billion dollars from various investors.

Logistics tech startup Freight Tiger raises $8-M

Business Line

Mumbai-based Freight Commerce Solutions Private Limited, which operates business-to-business logistics technology service Freight Tiger, has raised $8 million led by existing investor Lightspeed Venture Partners with participation from Alsthom Industries (a Dalmia Group company) and Pawan Munjal Family Trust. Freight Tiger had raised seed investment from Shriram Transport Finance Corporation and Mathew Cyriac (former Co-CEO of Blackstone’s India Office).

From the Venture Intelligence PE-VC Deal Database: In Sep-17, Lightspeed Ventures had invested INR 16.25 Cr in Freight Tiger. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Baring Asia buys additional NIIT Technologies worth Rs.45-Cr; hikes stake to 35%

NSE

Baring Asia, via Hulst BV, has bought 332,591 shares (0.54% stake) at INR 1,341.31 per share of publicly listed NIIT Technologies Ltd. on Jun 28, 2019 through a bulk deal on NSE. The purchase aggregates to INR 44.61 Cr. Post-deal, Baring Asia would hold 34.94% stake (21,586,103 shares) in the company.

From the Venture Intelligence PE-VC Deal Database: In Apr 2019, Baring Asia had acquired a 30% stake in NIIT Technologies for INR 2,627 Cr. It also made open offer to buy an additional 26% stake at INR 1,394 per share.

Home rental marketplace NestAway raises $5-M from UC RNT

Entrackr

Bangalore-based home rental network NestAway has raised USD 5 million from University of California and RNT Associates (UC RNT Fund) in its ongoing Series D round. NestAway has issued 13,882 Series D1 CCPS at a price of INR 25,161 per share. (The co-living and co-working provider had raised USD 10 million from Tiger Global and Chiratae Ventures in May 2019.) Besides offering co-living and student living, Hello World has also marked NestAway’s debut into co-working space. The new investment will help NestAway in expansion as well as ramping up new brand Hello World.

Fintech startup Propelld raises Rs.15-Cr from Stellaris, India Quotient, others

Economic Times

Bangalore-based Propelld, a fintech startup that enables students to get education loans, has raised INR 15 crore from Stellaris Venture Partners and India Quotient. Existing investor India Angel Network also participated in the funding round. Other investors including Raghunandan G, the founder of TaxiForSure, and Ramakant Sharma, the founder of Livspace, participated as part of the members of Stellaris’ Founder Network.

Propelld offers loans to students pursuing vocational training in areas ranging from machine learning to hospitality management. Propelld had raised a seed round of INR 1.7 crore from IAN in 2018.

From the Venture Intelligence PE-VC Deal Database: In April 2019, Stellaris Venture Partners, India Quotient and IAN had invested INR 12 crore in Propelld. Ritesh Banglani of Stellaris Venture Partners had joined the board of Bluebear Technology Pvt Ltd which runs Propelld (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

Data collaboration platform Atlan raises $2.5-M from WaterBridge, others

Mint

Delhi-based data democratization platform Atlan has raised USD 2.5 million in a pre-Series A round led by WaterBridge Ventures. 500 Startups, Singapore-based Hatcher and family offices, including the Bhagchandka family fund, also participated in this round.

Atlan helps teams in large enterprises collaborate smoothly on data projects by democratizing both internal and external data, along with automation of repetitive tasks.

Logistics tech startup GoComet raises $2.2-M more

DealStreetAsia

Mumbai-based freight management platform GoComet has raised USD 2.2 million in a Series A funding round led by Leo Capital (a VC firm promoted by Rajul Garg). Other investors participating in the round include existing backers (Singapore-based) SGInnovate and Mumbai-based seed VC, India Quotient, besides another new investor August One (again, based out of Singapore). Apart from Singapore, GoComet also operates in India, Thailand, Indonesia, Dubai and Saudi Arabia.

From the Venture Intelligence PE-VC Deal Database: In Dec-16, GoComet had raised a seed funding round led by India Quotient. Alok Mittal, Rajul Garg and the founders of BlackBuck had also innvested along with Dubai-based Nobel House and Sunstone Capital.

WMall raises $2-M from SAIF, Venture Highway

Economic Times

Bangalore-based B2C social commerce platform WMall has raised $2 million from SAIF Partners and Venture Highway. WMall helps under-represented online personas such as women in Tier-2 & Tier-3 cities buy trusted products online. The company sells products to consumers on social platforms such as WhatsApp and YouTube, and also provide a social buying experience to users on its own app. It is in talks to close its next round of $8-10 million

B2B agri-commerce startup SuperZop raises Rs.8-Cr from SIDBI VC

YourStory

B2B agri-commerce startup, SuperZop had raised INR 8 crore in pre-Series A funding from SIDBI Venture Capital (via MS Fund), IIM Ahmedabad’s technology incubator CIIE and angel investor Gurumurthy Raman. The company plans to use the funds to expand its existing store network, aiming to reach over 30,000 B2B customers over the next year. It will also strengthen the technology platform for better customer experience on service, as well as develop a robust technology-enabled supply chain to support faster growth.

SuperZop allows retailers to order quality staples (dry agriculture commodities like rice, wheat, pulses etc) in best prices directly from large selection of mills, farmer producer organisations and farmers. Currently, SuperZop has a network of more than 3000 retailers in Mumbai.

Food-tech startup Daalchini raises Rs.3.5 Cr from Artha

YourStory

Daalchini Technologies, a Delhi-NCR based food vending machine company, has raised INR 3.5 crore in a seed round led by Artha Venture Fund. The startup plans to deploy the funds to expand its product range, improve logistics, strengthen brand identity and recruit a strong management team.

Daalchini’s phygital (physical + digital) vending machines provide home-cooked meals to corporate employees. Its products can be ordered through a mobile app or on the vending machine's digital screen itself. The company claims to have 70 kiosks currently serving around 3,000 meals a day across the Delhi-NCR region.

Ankur Capital invests in healthy snack startup ToBeHealthy

YourStory

Ankur Capital has invested in Delhi-based snack brand ToBeHealthy. The funds will be used to expand its retail presence as well as set up manufacturing capabilities.

ToBeHealthy provides its customers a range of healthy snack options which go beyond the typical low calorie model by delivering tasty products that also retain the nutritious content of the vegetables and fruits. AAS Regina Legal advised Propelld.

Angel Funding

MedTrail raises Rs 6.37 Cr from Strive, LetsVenture, Miten Sampat and others

Entrackr

Delhi-based healthcare service platform MedTrail has raised INR 6.37 crore in an equity round led by GREE Ventures (Strive). Strive, investing via AT-II Investment, purchased 10 equity and 16,019 seed CCPS aggregating to INR 2.22 crores. LetsVenture invested INR 1.59 crore. The round also saw participation from LetsVenture, Times Internet’s Miten Sampat (INR 25 lakhs), Jamil Khatri (a Partner at KPMG; INR 31 lakhs) and Diverse Middle East FZE (a family fund in Dubai; INR 50 lakhs). The company will use the new funds to expand its network by onboarding more and more doctors and healthcare service providers on the platform, as well as to increase its reach among the patients.

MedTrail provides Doctors & Healthcare service providers, a platform, where they can collaborate with the patients to facilitate a single window experience.

Skilling platform Caymus Tech raises Rs 1.2 Cr

YourStory

Mumbai-based skilling platform Caymus Technology Ventures has raised INR 1.2 crore from angel investors from India and the US (including Silicon Valley-based Rob Solomon). The startup will use the capital to fuel its growth and invest in its core AI-based technology and product stack. Jigar Shah, Founder of investment advisory firm Found Capital advised on the deal.

Cookware brand The Indus Valley raises Rs.1-Cr from The Chennai Angels

Business Standard

The Chennai Angels - led by its member Chandu Nair - is to invest INR 1 crore in The Indus Valley, an Chennai-based startup in the online cookware products space. The Indus Valley, which uses natural materials in its cookware, will use the funding to expand its market presence.

Gadgets e-tailer Gizmobaba raises $250-K

YourStory

Mumbai-based gadgets and accessories e-tailer startup Gizmobaba.com has raised $250,000 in a pre-Series A round funding via LetsVenture. Gizmobaba’s current investors including Jaideep Nandi (CEO, Asian Paints PPG India), Sunit Mehra (Managing Partner, Hunt Partners India), Mazhar Faruqi, Jayesh Kamat and Sandeep Padoshi (co-founders of e-commerce logistics company WOW Express, Faisal Khan (CEO, Bahrain Operations), Al Sharaf DG, and Ajay Prabhu (Co-founder, Quest Global).

Gizmobaba is an online marketplace for curated gadgets, electronics, accessories and small appliances. It offers products that one is unlikely to find at electronic stores, such as teeth whiteners, head massagers, caps with solar-powered fans, etc.

Wearable devices maker GOQii raises funding from actor Akshay Kumar

Economic Times

Bollywood actor Akshay Kumar has invested in GOQii, as part of the home-grown wearable devices maker’s ongoing Series C funding round in which it is aiming to raise USD 50-70 million. The Mumbai and Palo Alto-based company has mandated GCA Corp to scout for fresh investors.

From the Venture Intelligence PE-VC Deal Database: Existing investors in GOQii include Edelweiss Private Equity, DSG Consumer Partners, Ratan Tata, Mitsui PE and NEA.

Bike accessory startup Sepal attracts investment from SucSEED

Press Release

Angel network SucSEED has invested in Mumbai-based two-wheeler accessory maker Skavion Auto Pvt Ltd (Sepal). Incubated at IIT-Bombay, Sepal’s product is a collapsible canopy that can be quickly attached to any motorcycle. When required, it can be opened in seconds to give the riders protection from the weather (Sun, Rain, Dust and even Cold). Further, Sepal comes integrated with a user-interface for using which riders can access comforts like navigation, call answering, music streaming etc. on the go. The investment will be used in expanding the product development activities and penetrating the last-mile delivery market.

Female hygiene device PeeBuddy raises addl funding from IAN

YourStory

Delhi-based startup First Step Digital, which builds women’s hygiene and intimate care products like PeeBuddy and Sirona, has raised follow-on investment from Indian Angel Network (IAN). Existing lead investors Vikas Kuthiala and Ishan Singh participated in the latest funding round along with other strategic and HNI investors. First Step Digital plans to use the new capital to sustain the ongoing marketing and distribution expansion initiatives. In its last funding round in March 2017, the startup had raised INR 2.96 crore in Pre-Series A funding from IAN. It is also planning to raise upto $5 million in Series A by the end of the year.

IoT-enabled logistics startup Intugine raises funding from IP Ventures

YourStory

Internet-of-Things (IoT) logistics startup Intugine Technologies has raised funding from IP Ventures (IPV). Intugine is developing technology infrastructure for transportation using IoT to make marketplace fleet tracking easier and cheaper. The company plans to deploy its newly raised capital to further strengthen its core software and hardware, and also expand its sales team.

Social VC Investments

HR tech startup WorkEx raises funding from Dell Foundation

Investor Disclosure

Bangalore based, WorkEx, an app-based hyper-local job discovery and matching platform, has attracted funding from Michael & Susan Dell Foundation.

Liquidity Events

Kalpataru Power acquires Tano Capital’s stake in logistics subsidiary for Rs.65-Cr

BSE

Publicly listed Kalpataru Power Transmission Limited (KPTL) has acquired the residual 19.94% stake (1,46,45,499 equity shares of INR 10 each) in its subsidiary Shree Shubham Logistics Limited (SSL) held by Tano India Private Equity Fund II for INR 64.66 crore, via a stock swap deal. Tano is to issued 12,54,900 equity shares of KPTL in return for its stake in SSL.

SSL undertakes an array of activities in the post-harvest value chain primarily for agri-commodities. The activities include warehousing, primary processing, collateral management, trading, testing & certification and pest management. For FY19, it had reported a turnover of INR 123.47 crore.

From the Venture Intelligence PE-VC Deal Database: In April 2013, Tano Capital had invested INR 80 crore in Shree Shubham Logistics (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

upGrad acqui-hires product management community startup CohortPlus

YourStory

Mumbai-based Online education venture upGrad has acqui-hired Bengaluru-based CohortPlus, a community platform focused at Product Management and Data Science. Founded in 2015 by Srinivasan Narayan, CohortPlus is an online community, which brings together like-minded career aspirants on a single community platform, where they can network with each other, ask and clarify doubts, and be abreast of the latest events in the field of data science and product management. CohortPlus had raised angel investment from Manish Maheshwari (MD, Twitter India), Alok Mittal (Founder, Indifi), and Sujatha Kumar (Head of Marketing, Visa) in 2015.

CohortPlus is upGrad's third acqui-hire in the past three years. Earlier, it acquired Gurugram-based job skilling platform Acadview, and Pyoopil Education Technologies.

M&A

Kalpataru Power sells 3 transmission projects to CLP India for Rs 3,275-Cr

BSE

Publicly listed Kalpataru Power Transmission Ltd (KPTL) has entered into binding agreements with Ahmedabad-based CLP India Private Limited to sell its stake in 3 power transmission assets - Kalpataru Satpura Transco Private Limited (KSTPL), Alipurduar Transmission Limited (ATL) and Kohima Mariani Transmission Limited (KMTL) - for an estimated Enterprise Value of INR 3,275 crore. The estimated total amount debt of the 3 SPVs would be approximately INR 2,000 crore. (Another listed company, Techno Electric & Engineering Company Limited, owns a 26% stake in KMTL.) Ernst & Young (EY) and Khaitan & Co. are the financial and legal advisors respectively to the sellers on the transaction.

Madhu Jayanti buys Eveready’s packet tea business

BSE

Eveready Industries India is to sell trademarks and assets related to its packet tea business to Madhu Jayanti International Pvt Ltd (MJIPL). The sales turnover of pack tea segment during the year ended March 31, 2019, stood at INR 68.30 crore and it registered an EBITDA loss of INR 11.3 crore during the year.

Security services agency SIS acquires NZ-based Triton Group for $3.74 M

BSE

Platform 4 Group Ltd (P4G), a subsidiary of publicly-listed Security and Intelligence Services (India) Ltd is to acquire 100% of the equity shareholding in Christchurch, New Zealand-based Triton Security Services Ltd along with its subsidiary, The Alarm Centre Ltd for NZD 5.58 million (USD 3.74 million) in cash. Triton Group provides Alarm Monitoring services and had a revenue of NZD 2.68 million for FY 19 (compared to NZD 2.72 in FY18).

The acquisition would help P4G and SIS Group to add alarm monitoring offerings to its service portfolio in the New Zealand market.

Monk Media Network acquires digital agency SocialGIZ

YourStory

Digital marketing agency Monk Media Network has acquired fellow Mumbai-based SocialGIZ, a boutique social media and website development agency. Monk Media has absorbed SocialGIZ's entire team of 10, as well as its services that pan social media, website development, and media planning.

SocialGIZ has built campaigns and website for clients across sectors. Post acquisition, Ameya Adhikari founder SocialGIZ will join Monk Media Network as a member of the board and hold the designation of Vice President – Finance.

HOEC to buy Hardy’s India assets for $1.5 M

PTI

Hindustan Oil Exploration Company (HOEC) has agreed to buy the India assets of Hardy Oil and Gas for $1.5 million (about INR 10.3 crore). HOEC will acquire the entire share capital of Hardy Exploration & Production (India), which holds interests in three oil and gas blocks in India - 75% stake in CY-0S/2 and 18% in PY-3 in the Cauvery basin offshore from Pondicherry and a 10% stake in the Reliance Industries-operated GS-01 block off the west coast.

Hardy had “faced significant challenges in respect of the (three) assets, including protracted litigation with the Government of India and disputes with partners” which have resulted in the group being unable to operate or commercialise the assets. The Asset CY-OS/2 was written-off in the group’s accounts for the half-year ended September 2018, and the other two assets were written-off in the group’s accounts in earlier financial periods. During the financial year ended March 2019, HEPI made a loss of $58.3 million.

Undone: Essel group to drop acquisition of 62% stake in LKP Finance

Business Standard

Essel group’s plan to acquire a 62% stake in LKP Finance has been dealt a blow following the change in liquidity position. Essel has paid for the 24% it acquired during the open offer, but has not been able to pick up the promoters' stake in LKP Finance. Essel may consider offloading its 24% stake if the current promoters are able to find another investor to take over the company.

Last year, Dakshin Mercantile - an Essel group company - had made an open offer to LKP’s public shareholders to acquire up to 26% stake. The deal was part of Essel's strategy to get a listed platform for its holding companies. Acquiring LKP was expected to aid growth plans of Essel group in the financial space.

Other Deals

Bank of Baroda buys Rs3,000-Cr loans from DHFL

Mint

Bank of Baroda (BoB) is to acquire loans worth INR 3,000 crore from Dewan Housing Finance Corp. Ltd (DHFL) against its exposure to the non-bank lender, even as a lenders’ consortium to the stressed non-bank lender is considering a resolution plan. BoB acquired the pool of loans made by DHFL and adjusted it against its loans to the firm. DHFL will only act as a collection agent for the bank for these loans. The bank will keep around 85-90% of the repayments to itself and the rest will go to DHFL.

Kerala’s Astrek Innovations raises $40-K on selection to Startup Chile program

Press Release

Astrek Innovations, a startup from Kerala, incubated by Gurgaon-based Huddle, and provided acceleration support by HealthStart India, has been selected to the Startup Chile program Seed G22 (Generation 22). Astrek would receive around USD 40,000 (25 million Chilean Pesos) as an equity free grant over the next 7 months.

The best startups of each of the programs will be able to apply for an extension to access another 25 million pesos to stay in Chile doing business.

Other Deals - Listed Firms

With 60% stake, L&T receives promoter's tag in Mindtree

Business Standard

Larsen and Toubro (L&T) has acquired equity shares to an extent 60.06% of the total shareholding of Bengaluru-based IT services firm Mindtree and has acquired control and is categorised as ‘promoter’.

YES Bank acquires 9.47% in Eveready on payment default by group co McLeod

Business Line

Yes Bank Ltd has picked up a 9.47% stake (68,80,149 equity shares) in Eveready Industries by way of invocation of shares pledged by group company, McLeod Russel India Ltd, following McLeod Russel defaulting on repayment of credit facilities extended by the bank. Both Eveready and McLeod are part of the BM Khaitan Group.

Secondary Issues

Godrej Properties raises Rs. 2,100-Cr via QIP

Business Line

Godrej Properties has raised INR 2,100 crore by issuing equity shares to qualified institutional buyers (QIBs). The company allotted over 2.26 crore equity shares to eligible qualified institutional buyers at INR 928. Post QIP, the paid-up equity share capital of the company stands increased from INR 114.69 crore consisting of 22.93 crore shares to INR 126.01 consisting of 25.2 crore shares.

Real Estate Transactions

Raheja to buy Citibank’s fmr HQ in Mumbai's BKC for Rs 400-Cr

Business Standard

Realty developer K Raheja Corporation is set to buy the erstwhile headquarters of Citibank in the Bandra Kurla Complex (BKC) area of Mumbai for around INR 400 crore. Blackstone-backed Raheja has pipped Mirae Asset Management and another individual investor in bagging the property. Sixteen entities had bid for the property, including Interglobe Aviation’s property arm, Singapore’s GIC, Godrej Fund Management and Kotak Realty Fund.

Spread across 130,000 sq. ft popularly known as Citi Centre, the building was Citibank India’s headquarters until 2012. The bank later shifted to the First International Finance Centre in the area. International property consulting firms JLL India and CBRE have the mandate to sell the property.

Pallonji buys Turner Morrison Building in Mumbai’s Kala Ghoda for Rs.150-Cr

Economic Times

M Pallonji Group has bought Turner Morrison Building in Fort’s Kala Ghoda locality in Mumbai. The century-old building was sold by the Kolkata-based company Turner Morrison for about INR 150 crore. The ground plus four storey building has a total area of 54,000 sq ft built-up space. CBRE India was the transaction advisor to the deal.

The Turner Morrison Building houses travel and tour operator Cox & Kings, the largest and anchor tenant of the building, and legal firm Crawford Bayley. Turner Morrison also occupies some space in the building.

Debt Financing

L&T Finance raises $550-M in ECB from IFC, BNP Paribas, Citi, DBS

BSE

L&T Finance Ltd., the wholly owned subsidiary of publicly listed L&T Finance Holdings Ltd, will receive USD 550 million in an ECB investment round anchored by IFC, BNP Paribas, Citibank, and DBS Bank Ltd. In the first tranche, the investors have contributed USD 275 million. Of this, IFC is bringing in USD 125 million, which will be utilized by L&T Finance to expand its farm equipment finance book by extending loans to farmers for buying equipment and modernizing farming. AZB & Partners was the legal advisor to IFC.

Healthtech startup mfine raises Rs.31-Cr from Alteria Capital

The News Minute

Bengaluru-based mfine, a health-tech AI startup that enables virtual medical consultations, has raised INR 31 crore as venture debt from Alteria Capital. In the next six months, mfine will foray into Delhi NCR, Mumbai, Chennai and Kolkata. mfine had recently raised USD 17.2 million in Series B from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners.

mfine partners with leading hospitals instead of aggregating individual doctors on its platform. It has already built a network of 160 such hospitals across 5 cities. Including the current funding round, the startup has raised over USD 28 million and has 300 employees in Bengaluru and Hyderabad.

Sachin Bansal’s BAC to invest addl Rs.10-Cr in Bounce

Regulatory Filings

Sachin Bansal promoted BAC Acquisitions Private Limited has committed to buy 1,000 Tranche B NCDs (Unlisted, secured, Non-Convertible Debentures) at INR 100,000 per NCD of Bangalore-based Wickedride Adventure Services Private Limited (which operates self-drive bike rental service Bounce). The purchase will aggregate to INR 10 Cr.

From the Venture Intelligence PE-VC Deal Database: Between Jun 2018 and Jun 2019, Bounce has raised $97.47 million (INR 681.04 Cr) through equity and debt from various investors including B Capital Group,Falcon Edge Capital,Accel USA,Omidyar Network, Maverick Capital, Qualcomm Ventures, Accel India, Chiratae Ventures and Sequoia Capital India.

Dalmia Nisus Finance to buy 2 realty-focused PE funds with assets of Rs.850-Cr

Business Standard

Mumbai-based fund manager Dalmia Nisus Finance Investment Managers is to buy two real estate private equity funds with a total asset under management (AUM) of INR 850 crore. Dalmia Nisus Finance is promoted by the Dalmia Group and fund manager Nisus Finance. Dalmia Nisus will buy two funds with AUM of INR 450 crore and INR 400 crore, respectively.

Sajan Pillai to set up $75-M VC fund focused on Kerala startups

Mint

Sajan Pillai, former CEO of Kerala-based IT major UST Global, is to set up a $75 million venture capital fund to help startups with special focus on Kerala.

Facebook to join hands with VC funds to support SMBs

BusinessLine

Facebook India has launched its VC Brand Incubator Programme under which it will be collaborating with venture capital funds to accelerate the growth of the small and medium businesses (SMBs) they invest in. The program will organize a series of events across Mumbai, Bangalore and other key cities, where SMBs will be provided with skilling and training sessions by Facebook experts on a range of themes and topics that will help them build their brands on the digital medium more effectively. For the first edition, Facebook is working with Sauce.vc, a Mumbai-based early-stage venture capital fund that among others has partnered with start-ups in the food and beverages, personal care, apparel, and the lifestyle space.

NBFC crisis impacts Birla AMC Realty Fund's ability to exit 8 of 13 deals: report

Business Standard

The Aditya Birla Sun Life Asset Management Company’s Real Estate Fund - I has cited the liquidity crisis plaguing the non-banking financial companies (NBFCs) for its inability to exit from eight of its 13 real-estate investments.The fund is currently valued below its net asset value (NAV). The fund has so far secured complete exit from four investments and substantial exit from one investment (98 % of amount has been received). These exits have helped the fund to return about INR 601 crore to investors, which is approximately 57% of the initial investment.

The fund had a fixed life of six years. However, the fund’s life has been extended twice for a year each. The extended life of the fund expired on August 31, 2018. The fund is looking to now liquidate the entire investment portfolio on a best-effort basis by July 31, 2019 and if required extend the liquidation by another month (till August 31, 2019).

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