Private Equity Fund Investments

Warburg Pincus to invest $125-M in startup logistics co Stellar Value Chain

Economic Times

Private Equity firm Warburg Pincus has agreed to invest $125 million (INR 850 crore) in startup logistics company Stellar Value Chain Solutions Pvt Ltd. Stellar was founded earlier this year by Anshuman Singh, who previously set up and led Future Supply Chain Solutions for Kishore Biyani-promoted Future Group. Stellar intends to provide integrated logistics solutions that will include multiuser modern warehousing, primary and secondary distribution, e-fulfilment and cold storage. The company will serve customers in the food & beverages, FMCG, consumer durables, electronics, lifestyle, automotive, pharmaceuticals and engineering industries.

From the Venture Intelligence PE/VC Deal Database: Other logistics related investment by Warburg Pincus include warehousing focused Embassy Industrial Parks ($175-M in Oct-15); ecommerce logistics focused E-Com Express ($135-M in Jun-15); Bulk Liquid Storage firm IMC ($50-M in Oct-10) and Continental Warehousing Nhava Seva ($100-M in Apr-11)

Sequoia India, others invest $35-M more in S’pore shopping app firm Carousell

Forbes

Singapore-based mobile marketplace Carousell has raised $35 million in a Series B funding round. The round was led by existing investor Rakuten Ventures, with participation from Sequoia Capital India, Golden Gate Ventures and 500 Startups. The capital will be used to accelerate Carousell’s international growth into new markets, as well as strengthen its product development teams.

From the Venture Intelligence PE/VC Deal Database: In August 2014 Sequoia Capital India had invested $6 million in Carousell along with existing investors Rakuten Ventures, Golden Gate Ventures, 500 Startups, and Darius Cheung (from whom it raised $800,000 seed investment in 2014). The investment was made from Sequoia Capital India IV fund.

Healthkart raises Rs.80-Cr Series E from Sequoia, Kae Capital, others

DealStreetAsia

Online health products vendor Healthkart, owned by Bright Lifecare Pvt. Ltd, has raised INR 80 crore in a Series E round of funding from existing investors Sequoia Capital India and Kae Capital among others. The money will be used to enhance marketing initiatives and offline expansion. Healthkart, which sells consumables such as protein supplements and vitamins, has more than 200 brands and authorized vendors on its platform.

From the Venture Intelligence PE/VC Deal Database: The deal was closed in July 2016 with another existing VC investor, Omidyar Network, also participating - apart from Sequoia and Kae Capital. The company diluted a 18.70% stake in return for the INR 80 Cr. Others investors in the round included GHI Holdings, Rishabh Mariwala, Sameer Maheshwari, Prashant Tandon and Gaurav Agarwal (Subscribers to the database can login to view more detailed valuation multiples, deal structuring and other transaction details.)

Norwest invests $7.5 M more in primary care service Nationwide Healthcare

Norwest Venture Partners had invested $7.5 million for a 24% stake in Bangalore-based “family doctors” service Nationwide Healthcare. AZB & Partners advised Nationwide Healthcare.

From the Venture Intelligence PE/VC Deal Database: In September 2012 Norwest had invested $4.5 million (INR 25 crores) in NationWide Primary Healthcare Services.

Sequoia leads $7.45 M Series A for S’pore lending marketplace Funding Societies

DealStreetAsia

Singapore based Funding Societies, a “peer-to-business” (P2B) lending marketplace, has secured USD 7.45 million Series A investment in a round led by Sequoia Capital India. The round also saw participation from Harvard University experts and existing investors such as Alpha JWC Ventures .The new funds will be channeled towards strengthening customer experience, streamlining services for borrowers and lenders.

Since June 2015, Funding Societies claims to have provided more than USD $8.5 million in loans to about 100 small and medium enterprises (SMEs) in Singapore to date.

Neo-natal care specialist Ovum Hospitals raises Rs.33-Cr from Norwest, IIML

Economic Times

Bengaluru-based Neonatal Care & Research Institute (NCRI), which runs Ovum Hospitals for pediatric and neonatal care, has raised INR 33 crore from MMIML (IL&FS Investment Managers) and Norwest Venture Partners. The company was launched by four doctor-entrepreneurs in 2011 with a shop-in-shop model by offering neonatal services to several major hospitals in the city. It runs a paediatric and delivery hospital and an in vitro fertilisation (IVF) centre.

Ovum plans to use the money to expand to three more hospitals in and around Bengaluru in the next 18 months. Ovum offers slightly lower cost packages compared to competitors such as CloudNine and Cradle, which are targeted more at the upper middle-class segments. Ovum had earlier raised funding from primary care clinic chain Nationwide, which is also backed by Norwest.

Women focused portal Sheroes raises Rs.12-Cr in Series A funding

Economic Times

Sheroes.in, a jobs and career platform for women, has raised Rs 12 crore in a Series-A funding led by Lumis Partners as part of a larger commitment. The fundraising also saw participation from The HR Fund, angel investor Rajul Garg and existing investor Quintillion Media. Sandeep Sinha and Flipkart co-founder Binny Bansal are set to join the board of Sheroes' parent, Applied Life Pvt Ltd. Dexter Capital was the exclusive financial advisor and Vertices Partners the legal advisor to Sheroes for the transaction.

Sheroes had last year raised funds in an angel round from Quintillion Media, 500 Startups and a group of individuals including Vijay Shekhar Sharma, Rajan Anandan, Binny Bansal, Mekin Maheshwari, Girish Mathrubhootham, Indus Khaitan and Krishna Mehra.

Preventive healthcare firm Xcode raises funding from RoundGlass Partners

DealStreetAsia

Chennai-based Xcode Life Sciences Pvt Ltd, which provides preventive healthcare solutions, has raised funding from healthcare focused VC firm RoundGlass Partners and a few other investors. Mumbai-based law firm Clove Legal advised Xcode on the deal.

This is the third round of external funding raised by Xcode. In 2013, it had raised INR 1 crore in an angel funding from US-based Shead Holdings. In 2012, Xcode had received USD 250,000 from Shead Holdings and angel investor R. Narayanan. The company was incubated at Vellore Institute of Technology.

Ascendas to acquire 4th aVance IT Park in Hyd from Phoenix Infocity

Economic Times

Ascendas India Trust has entered into a pact to invest in the fourth aVance Business Hub property in Hyderabad. aVance 4, an IT building with a total space of 3,90,000 sq ft, is being constructed by Phoenix Infocity in Hyderabad's Hitec City. Ascendas India Trust would complete the acquisition of aVance 4 upon satisfaction of all conditions and the building's completion that is expected by the end of March 2017. Upon completion of this acquisition, a-iTrust will own 3.2 million sq ft of commercial space in Hyderabad spread across aVance Business Hub, The V and CyberPearl.

Heart attack diagnostic service Tricog raises funding from Inventus, Blume, angels

Mint

Bengaluru-based Tricog Health Services Pvt Ltd has raised a Series A round from Inventus Capital Partners, Blume Ventures and a group of angel investors. Tricog ECG devices, located at local clinics, help doctors detect heart complications within minutes of the patents’ arrival. The diagnosis is shared with both the patient and the doctor in real-time. The system is designed to additionally enable continuity of care at a tertiary centre when required. Tricog is currently present in almost 250 clinics, nursing homes and hospitals across 12 cities and towns in urban and rural areas.The new funds will be used to enhance technology.

Liquidity Events

GIC sells addl Hero MotoCorp shares worth Rs. 558-Cr, registers 2x return

GIC, via Lathe Investment Pte Ltd, has sold 1,851,500 shares at an average price of INR 3011.25 per share of publicly listed Hero MotoCorp Ltd between April and June 2016, aggregating to INR 557.53 crore. This constituted 0.93% of total outstanding shares of Hero MotoCorp Ltd. Post-deal the investor would hold 3,702,980 shares (1.85% stake) in the target.

From the Venture Intelligence PE/VC Deal Database: In Mar 2011, GIC invested INR 1080 Cr in Hero Investments, a promoter holding company of Hero MotoCorp. In September 2012, Hero Investments was amalgamated with Hero MotoCorp (listed entity). As a result, GIC was allotted 7,405,980 shares (3.71% stake) of Hero MotoCorp.

Altruist Group acquires stake in UK BPO firm Vertex for Rs.300-Cr: report

Economic Times

US-based private equity firm Oak Hill Capital Partners has sold its entire stake in the India arm of business process outsourcing company Vertex Data Science to Altruist Group, a Panchla, Haryana-based IT Products & Services company, for INR 250-300 crores. Vertex's India revenue was around INR 250 crore ($31 million). Vertex currently employs around 12,000 people in India across 12 cities.

Oak Hill Capital had bought Vertex Group, the holding company for Vertex India, for $426 million in 2007.

ShoreCap sells MFI Satin Creditcare shares worth Rs.138-Cr, exits with 5.85x return

ShoreCap International, via ShoreCap II Limited, has sold 2,408,188 shares on NSE at INR 572.65 per share on Aug 3, 2016 of publicly listed Microfinance firm Satin Creditcare Network Ltd. aggregating to INR 137.90 Cr. This constituted 7.54% of total outstanding shares of Satin Creditcare Network Ltd. The latest sale also marks the Complete Exit of ShoreCap from Satin.

From the Venture Intelligence PE/VC Deal Database: In Feb 2011, ShoreCap International invested INR 21.85 Cr and further invested INR 13.75 Cr in Mar 2013. Other PE investors in the company include MicroVest, Norwegian Microfinance Initiative, SBI FMO, IFU (investment fund owned by the Danish Government). In Mar 2013, Lok Capital exited the firm with 1.92x return.

SP Apparels’ IPO subscribed 2.66 times

Times of India

The initial public offer (IPO) of SP Apparels has sailed through with the offer being subscribed 2.66 times. The issue received bids for about 1.74 crore shares as against offering of 65.57 lakh shares in the IPO. The retail portion was subscribed 1.89 times. The company has fixed a price band of Rs 258 -Rs 268 per share for the IPO.

SP Apparels, which is one of the largest knitwear exporters in Tirupur, has revenues of Rs 537 crore and profits of around Rs 35 crore in 2015-16. The IPO is managed by Motilal Oswal Investment Advisors and Centrum Capital.

From the Venture Intelligence PE/VC Deal Database: In November 2006 NYLIM Jacob Ballas Funds had invested INR 36 crores in SP Apparels

Angel Funding

IoT marketplace Gaia Smart Cities raises $300-K in angel round

DealStreetAsia

Gaia Smart Cities, a Delhi-based IoT (Internet-of-Things) marketplace, has raised $300,000 in an angel funding round led by Devang Mehta and Sandeep Shetty. The latest round of funding will be used for product development at smart city initiatives, demonstrations and pilots for clients. The company has so far raised $1.5 million from over 14 investors. It plans to raise another $15-20 million in Series A round which is expected to close in the next quarter.

Gaia provides a slew of IoT solutions including remote access to water and gas meters and asset tracking. The company is also in the process of creating a public Network as a Service (NaaS) in India for low-cost and long-range IoT applications.

Neighbourhood medical services info portal Medinfi raises $200-K

DealStreetAsia

Medinfi Healthcare Pvt. Ltd has raised USD 200,000 from Mudit Saxena, senior vice-president, Genpact, and Singapore-based angel investor Evan Lim. Existing investors Hemant Kaul, former chief executive officer, Allianz General Insurance, and Ram Kumar Kakani, professor, XLRI, also participated in the round.

Medinfi is a pure-play healthcare content platform which offers verified information on doctors and clinics available in the vicinity of users. With this funding, the company has raised over USD 500,000 overall. Currently, the company has 50,000 users and targets to grow this user base to 500,000 by March 2017. Medinfi, whose services are available in 12 cities, including Bangalore, Delhi, Mumbai and Pune, seeks is to expand to 50 Indian cities and also explore South East Asian countries by March 2017.

Intra-city logistics platform Transport on Demand raises $150-K funding

Indianweb2

Ahmedabad-based Transport on Demand (ToD), an app-based online logistics platform for intra-city transport, has raised USD 150,000 from investor Dhruv Taneja, director at Empezar Logistics. While 50% of the amount raised will be spent on marketing, the company will set aside 30% for beefing up its technology and 20% for HR. The company’s services are offered within a 200 kilometer radius of Ahmedabad at present but an expansion through the franchisee model is on the cards in the next six months.

Laundry startup HelloDhobi gets funding from HK-based Swastika, domestic investors

Knowstartup

Pune-based on-demand laundry startup, HelloDhobi Dry-Cleaners Pvt. Ltd, has raised funding from Hong Kong-based investment firm Swastika Company Ltd and a few Mumbai-based individuals. HelloDhobi will use the funds to expand operations in Pune and hire staff across verticals. The company offers subscription services to retail customers and also targets small restaurants, big hotels as well as clinics and hospitals. It claims to notch up a monthly billing between INR 10,000-15,000 from the first category and about INR 1-5 lakh from the second. It also claims to have fulfilled 10,000 orders since inception and has about 4,000 paying customers.

Gadget servicing startup Repaireasy raises seed funding

DealStreetAsia

Pune-based online gadget servicing startup Repaireasy has raised USD 250,000 in seed funding from a consortium of investors, including Rohit Tiwari, CEO and MD of Morris Steel Advisors; P Krishnamurthy, former executive of JM Morgan Stanley; Ben James, GRT India CEO and few others. Founded in 2013 by Wahi and Naveen Goyal, Repaireasy is an online platform that offers services to fix smartphones, laptops and tablets. Run by Bhrmaa Software Solution Pvt Ltd, Repaireasy has invested most of the funding sum in marketing, hiring and technology.

Food startup Yumlane raises funds from Binny Bansal, Anupam Mittal, others

Mint

QwikPik Technology Pvt. Ltd, which runs food start-up Yumlane, has raised a seed round from Flipkart CEO Binny Bansal and People Group founder Anupam Mittal. Sachin Bhatia, co-founder of TrulyMadly, angel investor Kunal Khattar and Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund, were among other participants in the round. The funding round was under USD 1 million. The company will invest the money in brand building, marketing initiatives and increasing its footprint.

Yumlane was founded by Hitesh Ahuja, the former vice-president of New Silk Route, an Asia-focused private equity fund. The company offers ready to eat meals at Rs.50-80 through packaged consumer goods outlets. Currently it has tied up with 10 stores in Mumbai.

Hyperlocal delivery startup Daily Ninja raises seed funding

Economic Times

Subscription-based hyperlocal delivery platform Daily Ninja has raised a seed round from LetsVenture and Tracxn Syndicate investor network platforms. The round saw participation from angel investor Anupam Mittal and Kunal Shah of Freecharge, among others. Led by NuVentures' Venk Krishnan, the round also saw participation from other key investors such as TaxiForSure cofounder Aprameya Radhakrishna.

Social VC Investments

MFI Chaitanya raises Rs.47-Cr from ShoreCap, others

Bengaluru-based Chaitanya Rural Intermediation Development Services Pvt.Ltd. (“Chaitanya”), has raised INR 47 crore (USD 7 million) from ShoreCap II Limited, few HNIs, existing individual investors and the promoters in its Series C round of funding. The funds raised in this round will be used to increase its branch network and operations in the existing states as well as for expansion into the northern states of India. Unitus Capital was the exclusive financial advisor to Chaitanya for this transaction.

Chaitanya provides full bouquet of financial products (micro finance, livestock financing, 2-wheeler financing, micro housing loan) to the low-income rural population. Chaitanya has a portfolio outstanding of INR 273 crore as on July 31st, 2016 spread across Karnataka and Maharashtra.

Incubation/Acceleration

Pitney Bowes names 6 Indian Startups for Summer Batch

INC42

Six startups from India have been selected for the summer session of the Pitney Bowes Accelerator Programme. The startups will be placed in Pune or Noida for incubation and will have opportunities to network with prospective investors. The six startups include:

eCourierz – Based in Bangalore, it is an online, automated shipping tool.

Infinite Analytics – It is a big data and social analytics company for a 360-degree-view of the customer. Based out of Mumbai, it has raised funding from Ratan Tata in August 2015.

Medimojo – A digital health platform for simplifying healthcare. It aims at improving health outcomes by early detection and evidence-based treatment.

Niki – It is an artificial intelligence-powered bot that simplifies the ordering experience. It helps users book cabs, order food, recharge, pay postpaid, electricity, datacard, DTH bills and much more simply via chatting.

Sponsifyme – Based in Gurgaon, it is a real-time geolocation-based marketing platform for offline businesses.

WeDoSky – Delhi-based company designs and manufactures drones and provides these services to a range of clientele — from real estate moghuls to private universities and the media.

Ginserv incubates Digikrit, Ideamart Ventures and iAccept

Global Incubation Services (GINSERV) a Technology Business Incubator has incubated Digikrit, Ideamart Ventures and iAccept.

Digikrit is currently working on various open source projects & ejabberd based chat and collaboration products. Ideamart Ventures’ products include Smartverify (product verification program that uses QR verification to help customers ensure purchase of genuine products) and Payjourney (a local transit app that tracks bus locations).iAccept has a suite of platforms catering to the Employer-Employee relationships. Its products include iAccept (routing platform which connects the job seeker and prospective employer), Thijori (helps organizations & educational institutions to park documents of their ex-employees / students) and Pehechano (an identity tracking repository, with a focus on Safety & Security of blue collar workers in the manufacturing sector, security personnel, staff from the healthcare or hospitality industry. It is a risk mitigation platform for Administrative & Facility Managers) etc.

Other PE/Strategic Investments

GE to invest $31-M in Mytrah Energy wind project

Business Line

GE has decided to invest up to USD 31 million in Mytrah, the renewable energy focussed independent power producer, to support a 200 MW wind energy project in Andhra Pradesh. Guayama PR Holdings BV, an investment vehicle of GE Energy Financial Services, will acquire a 49% stake in Mytrah Vahu (Tungabhadra) Pvt Ltd (MVTPL), the SPV of Mytrah Energy operating the project,

Mytrah Energy, with 15 projects across eight states, has over 200 wind masts installed across the country.

Infosys invests $4-M in Israelis SaaS firm Cloudyn

Publicly-listed IT services company Infosys has made an investment of $4 million for a minority stake in Israel-based Cloudyn, a company that provides SaaS solutions for management and optimization of hybrid, multi-cloud deployments.

Rental homes startup Fella Homes raises Rs.3-Cr from DS Group

Gurgaon-based fully furnished home rental service startup Fella Homes has raised INR 3 crore from diversified conglomerate DS Group. DS Group, via DS chewing products LLP, subscribed to 70,000 equity shares at the price of INR 440 each.

Fella Homes recently acquired Noida-based LifePad home, in an all cash deal.

IPOs

IPO of Dilip Buildcon subscribed 20 times

Business Standard

The Rs 650-crore initial public offering (IPO) of infrastructure firm Dilip Buildcon saw 20 times more demand than shares on offer. The 21.4-million share offering saw 444 million bids. The high net worth portion of the IPO was subscribed around 80 times, while the institutional investor portion saw nearly 10 times more demand than shares on offer. The retail investor segment saw two times subscription.

The company raised Rs 430 crore by issuing fresh shares in the IPO, while the remaining Rs 220 crore of the issue was an offer for sale by the existing shareholders, including BanyanTree Growth Capital. The price band for the IPO was fixed at Rs 214-219 per share. The firm plans to deploy the capital raised from the IPO towards repayment of loans and for working capital requirements. Axis Capital, IIFL Holdings, JM Financial, and PNB Investment were the lead managers of the issue.

M&A

BPCL acquires 21% in Fino Paytech for Rs.251-Cr

BSE

Listed PSU oil marketing company Bharat Petroleum Co Ltd (BPCL) has acquired a 21% stake in Fino Paytech for INR 251 crore in cash. The target had acquired a licence for payments bank last year. Fino PayTech is looking at launching its banking operations by December 2016. The company would be able to leverage BPCL’s marketing network, post transaction completion - which is also expected by December.

Major shareholders of Fino Paytech include The Blackstone Group, ICICI Bank, IFC, HAV3 holding and Intel Capital. FINO's Operational Revenues and Net Profit for FY15 were INR 218.95 Cr and INR 9.99 Cr respectively. Its networks as of March 31, 2015 was INR 276.59 Cr.

Fortis hikes stake in Lalitha Healthcare to 80%; mulls sell off of unit

Fortis Healthcare via its step down subsidiary Fortis Cancer Care Ltd (FCCL) has increased its stake in Lalitha Healthcare Pvt Ltd (LHPL) by 98972 equity shares (12.2%). Post acquisition the shareholding of FCCL in LHPL shall be 644596 equity shares (79.43%). FCCL has acquired these shares worth INR 9.89 lakh from one of the directors of LHPL. (Established in 2007, LHPL runs a 75-bedded multi speciality hospital in Seshadripuram, Bangalore.)

FCCL is also contemplating to sell its entire holding in LHPL which had a turnover of Rs. 21.5 crore in the year ended March 31, 2015, and Rs. 18.7 crore in the preceding year.

Jaydev Mody acquires 65% in Goan football club

Press Release

Jaydev Mody, chairman of Delta Corp, has bought the 65% stake jointly held by Dattaraj Salgaocar and Shrinivas Dempo in Goan Football Club Pvt Ltd, which runs the FC Goa football team, part of the Indian Super League (ISL), for more than $5 million. The remaining stake in the team continues to be held by the Videocon Group and India cricket captain Virat Kohli. AZB & Partners was the legal advisor to the buyer.

Borosil acquires 60% in pharma packaging maker Klasspack

BSE

Publicly listed Borosil Glass Works Ltd has announced the acquisition of 60.3% shares in Nashik-based Klasspack Pvt. Ltd. While a majority of the funds were by way of primary infusion into the company, there was a smaller secondary purchase of shares as well. Klasspack, a closely held company with manufacturing facilities in Nashik, is a leading manufacturer of glass ampoules and tubular glass vials used as primary packaging materials by pharmaceutical companies. Avendus Capital was the sole financial advisor to Borosil for this transaction.

Wipro Infrastructure to acquire Israeli aerospace parts maker H R Givon

Economic Times

Wipro Infrastructure Engineering (WIN) is to acquire Israel-based H R Givon, supplier of metallic parts and assemblies to the aerospace industry, in an all-cash deal. Givon manufactures structural parts and assemblies that form part of the fuselage, wings and empennage of an aircraft. The 46-year-old target company is a supplier to firms like Boeing, Hindustan Aeronautics Ltd (India) and KAI (Korea). It has three manufacturing plants -- two in Israel and one at Everett, Washington. Givon has a global workforce of over 290 people.

Punj Lloyd sells entire stake in Simon Carves Engineering for $2-M

Pt Engineering Limited, a subsidiary of publicly listed Punj Lloyd Ltd has sold its entire stake in UK-based Simon Carves Engineering to Engineers and Constructors International Inc for $2 million. The acquirer is part of Mitsui Group and is based out of Baton Rouge, Louisiana, US. The target has a turnover of INR 76.24 crores (1.73% of total income) and has a netwoth contribution of INR 7.53 crores.

Auroile Technologies acquires digital assets protection firm iValue

Auroile Technologies Private Limited, a 100% subsidiary of IRIS Computers Ltd, has acquired Bangalore-based iValue Infosolutions Private Limited, which provides Value Added Distributor (VAD) and consultancy services in the Digital Asset Protection (DAP) and Data, Network & Application management areas. J Sagar Associates acted as the legal advisor to iValue and its promoters.

Other Deals - Listed Firms

GCPL buys 100% in Zambia-based Hair Credentials; creates JV in Senegal

Publicly-listed Godrej Consumer Products Ltd through its Africa-based step down subsidiary Darling Group has acquired 100% stake in Hair Credentials Zambia.

GCPL has also entered into a JV to manufacture and market hair products in Senegal through a newly formed company, Weave Senegal, in which GCPL will hold a 51% stake.

Other Deals

Uber folds China biz into Didi

Mint

Taxi-booking app Uber has agreed to sell its business in China to rival Didi Chuxing. Uber's China business will retain its separate branding, and Uber's global business will receive a 5.9% stake in the combined company. Uber China’s other shareholders, including search giant Baidu Inc., will get 2.3% of the economic interest in Didi Chuxing. As part of the agreement, Cheng Wei, founder and chief executive of Didi Chuxing will join the board of Uber, while Uber chief executive Travis Kalanick will join Didi's board. The valuation of the combined business will be $35 billion.

3 women founded startups win prize money from Zone Startups

Inc42

Mumbai-based Zone Startups India, a venture fund and accelerator housed at BSE, handed out equity free seed funding of INR 10 Lakhs, INR 7 Lakhs and INR 5 Lakhs to three women founded startups - Saral Designs, DAZL and Shubh Puja. In April 2016, Zone Startups India had launched a six-week accelerator programme – “empoWer” to support women entrepreneurs who are building technology ventures. The program was in partnership with Department of Science and Technology, Vodafone, Google and Nishith Desai Associates. During the 6-week program, 15 founders got to interact with over 40 mentors

Real estate transactions

Cognizant buys 15-acre SEZ and in Kolkata

Economic Times

The Shapoorji Pallonji Group has sold 15 acres from its 50 acre land parcel at Action Area III of New Town-Rajarjat in Kolkata to IT services firm Cognizant Technology Solutions (CTS). This 50-acre land parcel owned by Bengal Shapoorji Developers, a subsidiary of Shapoorji Pallonji Group, enjoys special economic zone (SEZ) status.

The Shapoorji Pallonji Group firm bought the land from Hidco in 2006 for setting up an IT and ITeS SEZ. Later, it got a formal approval in 2007 and 2008 and it was notified as an SEZ. However, the company had delayed the project following global recession in 2008. Shapoorji is in talks with other IT companies for the remaining 35 acres.

Realty funds Rising Straits, Arthveda Fund to raise offshore funds

Mint

Asset management firms Rising Straits Capital and Arthveda Fund Management Pvt. Ltd have started raising money from offshore investors to invest in real estate projects. Rising Straits Capital, founded by Subhash Bedi, co-founder of Red Fort Capital, plans to raise nearly USD 1 billion over the next three years from institutional investors in the US, West Asia and South-East Asia through the managed account route. This would be Rising Straits’ first fund-raising initiative after it was formed last year. The fund will invest both in residential and commercial office space and will deploy both structured debt and equity

Arthveda Fund Management, an associate firm of Dewan Housing Finance Corp. Ltd (DHFL), is raising about USD 150 million from institutional investors, The capital will be raised through a blind pool arrangement and will only invest in low- and middle-income housing projects.

Agri-biz fund Mandala Cap to raise $250-M 2nd fund

Economic Times

The food and agri-business focused private equity firm Mandala Capital is in the process of raising up to $250 million for its new fund. The firm, which has invested INR 1,200 crore (about $180 million) in Indian companies so far, is looking at a first close of about $75 million.

Fulcrum Ventures to raise Rs.800-Cr third fund

Mint

Healthcare-focused private equity firm Fulcrum Venture India is planning a third fund which could attract as much as INR 700-800 crore (USD 100-120 million). The firm is in the process of tying up soft commitments from limited partners. The latest fund will see Fulcrum raise more than half of the money from overseas.

Mohandas Pai, Ranjan Pai float Rs.250-Cr realty fund Neev

Times Of India

Ranjan Pai and Mohandas Pai have floated a real estate investment fund to make small-sized investments in tier II property developers in Bengaluru and Mumbai, among others, The INR 250 crore fund, named Neev, also counts three other investors as its co-founders. All the five partners have pooled in 35% of the first fund while the remaining would be contributed by other HNIs. The founders also plan to start a larger fund of up to INR 1,000 crore by next year.

Neev will look to invest through debt deals or construction finance and finance against inventory, in small builders. The size of individual investments will range between INR 10 crore and INR 20 crore.

Infosys to invest $15-M in Stellaris Ventures’ fund

Economic Times

Infosys has begun discussions for what will be its first investment in an Indian venture capital fund. The software services company is in talks to invest up to USD 15 million in Stellaris Venture Partners, launched by a team of former Helion Ventures executives, who are aiming for a final corpus of USD 100 million from both local and global investors. The Infosys investment - from its $500-million Innovation Fund set apart for early-stage investments - will mark the second such deal by the company in a venture capital fund. In December 2015, it had backed Silicon Valley-based early-stage venture capital firm Vertex Ventures.

UK’s TCP acquires education infra-focused investment firm Cerestra from Religare

BSE, Economic Times

RGAM Investment Advisers Pvt Ltd, a wholly owned subsidiary of publicly-listed Religare Enterprises Limited, is to sell its stake in education real estate investment fund Cerestra Advisors Limited to The Capital Partnership (TCP), a London-based independent asset manager. Cerestra's real estate investments are focused on the educational infrastructure, acquisition of rent-yielding school and college buildings, to create a specialist real estate investment trust (REIT) to be listed on the bourses. Cerestra reported revenue of INR 0.25 crores in FY 2015-16 and its net worth as on March 31, 2016 was INR 2.66 crores.

Abhay Havaldar tipped to join Avatar Growth Capital

Mint

Abhay Havaldar, a former managing director at private equity firm General Atlantic Partners, may join Avatar Growth Capital Partners, a new India-focused PE fund launched in May by Vishal Bakshi, a former managing director at Goldman Sachs. Havaldar is currently an adviser to the boards of General Atlantic portfolio companies in India.

Darius Pandole quits NSR to head JM Financial’s PE unit: report

Mint

Darius Pandole, partner at New Silk Route, is moving to JM Financial Ltd to head its private equity unit which is currently looking to raise a new fund. JM Financial’s PE business, which had previously raised a Rs.1,000 crore fund in 2006, is planning to raise a second with a similar corpus. The first fund was co-sponsored by Old Lane Partners, a hedge fund run by Vikram Pandit, which was acquired by Citigroup.

VI Updates

Return of Confidence: VCs Sign Larger Cheques even as Green Shoots Emerge on the Liquidity Front



July witnessed Venture Capital investors write out 49 cheque worth $330 million to Indian startups - the second highest in 2016 both in terms of both volume (no. of deals) and value. Nine of these cheques were worth $10 million or more - just short of the high of 10 such investments in January.

Click here to read more.

New on VI-Gyan

Is TN nearing its AP moment in Microfinance?

A Scroll article titled A tsunami of debt is building up in Tamil Nadu – and no one knows where it is headed writes about rising level of debt in Tamil Nadu with signs of stress heading to a mass default.

In 2001, the average annual income of these families was Rs 16,000 and average debt at Rs 10,000. Come 2016, annual income has risen five-fold to Rs 80,000. Average debt, however, stands at Rs 2,50,000. This is a 25-fold increase.
 

Early morning delivery focused Morning Cart looks to raise seed funding IIIT Bangalore-incubated Morning Cart satisfies the daily morning needs of customers through a simple ordering system and a reliable doorstep-delivery service. By creating a technology-enabled marketplace for their partners, Morning Cart helps streamline and professionalize their distribution network without disrupting the current eco-system. The company’s network delivers milk and dairy products, newspapers, fresh tender coconut, pooja flowers as well as other grocery products to the doorstep early each morning. Using its mobile app and website to subscribe customers and register orders, the company’s partners gain complete control of their business from managing inventory to monitoring deliveries. The company is rapidly increasing its customer base every month and is targeting revenues of Rs. 13 Crore in FY17 with plans to cover the whole of Bangalore and launch a pilot in a second city to demonstrate the scalability of its unique social entrepreneurship model.  The company is founded by Anuj Bishnoi, a serial entrepreneur formerly with Infosys, and Satish Shetty, who has over 10 years of experience in customer acquisitions at Airtel and business solutions at Future Group. Click here to view company presentation.   Contact Anuj Bishnoi, anuj@morningcart.com

Media Mentions

Ovum gets Rs 33 crore from Norwest, IL&FS Invest: The Economic Times

An ET article quotes Venture Intelligence data on investments in the Healthcare space:

The maternity and child care healthcare sector has seen increasing interest from venture capitalists, with close to $100 million dollars invested in the sector in less than a year, according to Venture Intelligence.

In December last year, maternity care chain Cloudnine Hospital raised an investment of Rs 400 crore from India Value Fund. Cloudnine's early investor Matrix Partners India made a seven times return when it made a partial exit from the company, piquing more interest the space.

Earlier this month, TPG Growth invested $33 million (Rs 220 crore) in Rhea Healthcare Pvt. Ltd, which runs a chain of mother- and child-care hospitals under the brand Motherhood.

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