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Greenko Energy raises $230-M from
ADIA, GIC
Reuters
Renewable energy firm Greenko Energy Holdings has raised $230
million in total new funds from an entity owned by the Abu Dhabi
Investment Authority (ADIA) and an affiliate of existing
majority shareholder, Singapore sovereign wealth fund GIC. ADIA
will invest $150 million and GIC will invest $80 million. The
funds will be utilized for the continued growth of Greenkos
business through the development of new renewable energy
projects including expansion of existing wind farms. Morgan
Stanley acted as the sole advisor to Greenko on the deal.
From the Venture Intelligence PE/VC Deal
Database: In August 2015, GIC had invested INR
1,629.97 Crore in Greenko acquiring 100% stake. (Subscribers to
the database can login to view the valuation multiples, deal
structuring and other transaction details.)
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Private Equity Fund Investments
M3M India raises Rs 1,250-Cr
from Indiabulls Housing
Economic Times
Gurgaon-based real estate developer M3M India has raised INR
1,250 crore from Indiabulls Housing Finance and used INR 700
crore of this money to pay the final installment to Sahara
group, concluding a deal to acquire 185 acres of land in Gurgaon
for INR 1,211 crore. It will use the rest INR 550 crore to repay
existing debt and for other general corporate purposes,
including buying new land. The money has been raised through a
structured debt transaction by discounting the cash flows of
M3M's highend Golf Estate project in Gurgaon.
KKR to invest
Rs.600-Cr in dairy firm Kwality: report
Mint
KKR India is set to invest about INR .600 crore
in Delhi-based dairy firm Kwality Ltd. KKR
through a structured debt transaction. The
company will refinance its existing loans and
use the rest as a growth capital for future
expansion, especially for the transformation to
a B2C (business to consumer) company. The funds
will help Kwality, which gets more than 70% of
its revenue by selling its products to companies
such as Hindustan Unilever Ltd, ITC Ltd and
Britannia Industries Ltd, strengthen its own
brand and expand its more profitable retail
business. To bolster its brand, Kwality had
hired actor Akshay Kumar as its brand
ambassador.
KKR lends Rs.200-Cr to spirits
firm Jagatjit Industries
Economic Times
Aristocrat brand whisky maker Jagatjit
Industries has raised more than INR 200 crore
from KKR India Financial Services in a debt
restructuring deal. It will use the proceeds to
upgrade technology at its two units near
Chandigarh and Hyderabad, ramp up its leadership
team, and at the same time, position the brand
as a lifestyle choice rather than a vanilla
liquor brand.
Founded in 1944 by LP Jaiswal, Jagatjit
Industries, one of the oldest distillers in the
country, is currently in the process of
streamlining its portfolio of offerings. It
plans on building its presence around its three
major brands — Aristocrat Premium, AC Black and
IICE Vodka.
In-App customer support s’ware
firm Helpshift raises $23-M Series B
Businesswire
Helpshift, the Pune, India- and Silicon Valley,
USA-based company focused on customer support experience on
mobile devices, has closed a $23 Million Series B with
participation from new investors, Microsoft Ventures, Salesforce
Ventures and all previously existing investors, including Intel
Capital, Nexus Venture Partners, True Ventures and Visionnaire
Ventures - bringing the company’s total capital raised to $36.2
Million. The new financing will help fuel its continued
expansion across teams in R&D, sales and marketing. It plans to
set up a development centre in Bengaluru.
Agrochemicals firm Parijat
raises Rs.100-Cr from Rabo Equity
Business Line
Rabo Equity Advisors managed India Agri Business Fund II will
invest about INR 100 crore in Delhi-based
Parijat Industries to acquire a
minority stake. Parijat, an agrochemical player, has a presence
in 70 countries, with six international offices and exclusive
distribution networks in India, Russia and the CIS and West
Africa. Parijat is looking to achieve sales of INR 1,500 crore
by 2021 and expand its domestic distribution network to 10,000
retail points in three years from 4,500 at present.
IIFL VC
leads Rs.60-Cr Series B for mobile business enabler Nowfloats.
From the Venture Intelligence PE/VC Deal Database:
Hyderabad-based
NowFloats, which enables SMEs to
leverage the mobile platform, has raised Rs 60 Cr in second round of
funding from IIFL VC and
WGG Partners
with participation from existing
investors Omidyar Network and Blume Ventures. IIFL VC via IIFL Seed
Ventures Fund I and IIFL Cash Opportunities Fund subscribed to 35,628
CCPS (Rs 13,064 each) aggregating to Rs 46.54 Cr.
WGG International Ltd, subscribed to 1,781 CCPS (Rs 13,064 each) aggregating
to Rs 2.33 Cr. Omidyar Network subscribed to 6,871 CCPS (Rs 13,064 each)
aggregating to 8.98 Cr. Blume Ventures subscribed to 1,608 CCPS (Rs
13,064 each) aggregating to 2.10 Cr. (Subscribers to the database can
login to view the valuation multiples and other transaction details.)
Edtech startup Cuemaths $4-M
Series A funding is announced
YourStory
Chennai-based edtech startup Cuemath has raised
$4 million in Series A funding from Sequoia
India and existing investor Unitus Seed Fund to
expand its home-based math learning network in
India and international markets. It had raised
Rs 1 crore seed funding from United Seed Fund in
2014. Cuemath is a technology-driven content
platform which combines adaptive and gamified
learning with a curriculum that focuses on
first-principles learning.
From the Venture
Intelligence PE/VC Deal Database:
The deal actually closed In March 2016. Sequoia
Capital India and Unitus Seed Fund have invested
INR 25.04 crores in Cue Learn Pvt Ltd, Abheek
Anand, Principal at sequoia Capital, joined the
board of Cue Learn in April 2016. (Subscribers
to the database can login to view the valuation
multiples, deal structuring and other
transaction details.)
Lighspeed Ventures,
Blume Ventures invest $3.12-M in BroEx
From the Venture
Intelligence PE/VC Deal Database:
In February 2016, Lightspeed Ventures and Blume
Ventures had invested INR 21.37 Crores for a
21.77% stake in BroEx (Subscribers to the
database can login to view the valuation
multiples, deal structuring and other
transaction details.)
Kalaari Capital invests $2-M in
fintech startup CreditVidya
KnowStartup
CreditVidya, a Mumbai-based financial technology
start-up raised USD 2 million (INR 13.3 crore)
from Kalaari Capital. Additionally, the three
year-old firm has received INR 1 crore from
Paragon Partners Managing Partner, Siddharth
Parekh, an early backer of the venture in his
personal capacity as well as from a clutch of
employees. The investment is expected to help
the company expand its data science team and
strengthen its technology platform.
The company uses non-traditional data sources
such as the mobile phone recharge pattern of an
individual’s utility bill payments and
e-commerce purchase behaviour to provide a
credit score for persons who do not have a
traditional credit score. The company, founded
in 2013, has tied up with financial institutions
such as Bajaj Finserv, Fullerton India and
Shriram Housing Finance and gives these lenders
the ability to score customers, minimize fraud
rates and accelerate verification processes of
potential customers.
P2P marketplace ListUp raises
$0.5 M led by Kae Capital
YourStory
Mumbai-based
ListUp, a peer
to peer(P2P) buying and selling app, has raised
$0.5 million in its seed round of funding led by
Kae Capital with participation from Kunal Shah
(Freecharge, CEO) and Sandeep Tandon (Tandon
Group). Sasha Mirchandani will be joining the
board with this round of funding. ListUp looks
to deploy the fresh funding for product
enhancements such as utilising data to give
personal recommendations, offline and online
marketing and also creating network density in
their target markets.
The startup is focused on P2P exchange of second
hand goods and aims to make it easier for buyers
and sellers using technology.
Arun Sarin to buy stake in
Truecaller
Mint
Former Vodafone Global chief executive Arun Sarin is
to pick up minority stake in phone directory app
Truecaller and join its advisory board.
Scandinavia-based Truecaller’s other investors
include Access Partners, Atomico, Sequoia Capital
and Kleiner Perkins Caufield & Byers.
Ratan Tata invests in
e-ticketing startup Kyazoonga
YourStory
Ratan Tata has invested in e-ticketing startup
Kyazoonga, which plans to use the funds to expand
into international markets including the United
States, West Asia, Pakistan and the Caribbean
Islands. Kyazoonga looks at partnering with sports
franchises, music concerts, promoters and event
organisers. The company is also vying to be the
official ticketing partner for the Rio 2016
Olympics. Kyazoonga competes with Mera Events and
BookMyShow, among others.
Edelweiss PE invests in
FMCG packaging firm Freshee
Business Line
FMCG brand Freshee has raised funds from
Edelweiss Private Equity, the venture capital
and private equity arm of Edelweiss Financial
Services. Freshee focuses on consumer food
packaging and is a well-known brand in the
aluminium foil and container business in India.
The funds will be used by Freshee in growing its
range for personal hygiene products like tissue
and kitchen products like baking paper, which it
plans to launch soon. Founded by Vimal Somani,
the company claims to be present across 40,000
plus retail outlets covering 17 states in India.
The company also exports its products to more
than ten countries. Mumbai-based Radix
Capital Advisors was the sole financial
advisor to Freshee.
Liquidity Events
Providence sells Idea Cellular shares worth
Rs.1,383 Cr, registers 3.01x
Providence, through its unit P5 Asia Investments
(Mauritius) Ltd, has sold 12,50,00,000 shares at
INR 110.65 per share via NSE of mobile telecom
services firm Idea Cellular Ltd. aggregating to
INR 1383 Cr on June 03, 2016. This constituted
3.47% of total outstanding shares of Idea
Cellular Ltd. Post-deal the investor would hold
12,00,00,000 (3.33% stake) in Idea.
From the Venture Intelligence
PE/VC Deal Database: In Oct 2006, Providence invested INR
1369.50 Cr for 14.6% stake in Idea. Other PE
investors who invested in the company include
ChrysCapital, Sequoia Capital India, Spinnaker
Capital, TA Associates and 2i Capital.
Providence had sold shares worth INR 1414 Cr in
Sep 2014.
ShoreCap sells Satin
Creditcare shares worth Rs 37.63 Cr, registers 4.13x
return
ShoreCap International, via ShoreCap II Limited, has
sold 1,000,000 shares through NSE at INR 376.25 per
share on Jun 9, 2016 of publicly listed microfinance
firm Satin Creditcare Network Ltd. aggregating to
INR 37.63 Cr. This constituted 3.13% of total
outstanding shares of Satin Creditcare Network Ltd.
Post-deal the investor would hold 2,908,188 shares
(9.10% stake) in the target.
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.
Intel
Capital exits 123greetings.com by selling shares
worth Rs.29.2-Cr, registers 3.53x
Intel Capital, via Intel Capital (Mauritius)
Ltd, has sold 7,84,764 shares at INR 372 per
share via NSE of publicly listed online services
firm Intrasoft Technologies Ltd. aggregating to
INR 29.2 Cr on June 03, 2016. This constituted
5.33% of total outstanding shares of Intrasoft
Technologies Ltd. Intel Capital has made a
complete exit from the company.
From the Venture Intelligence
PE/VC Deal Database: In Dec 2007, Intel Capital invested INR 19.69 Cr for 16.30% stake. The company got
listed in Apr 2010. Intel Capital started
exiting the firm from Jul and Sep 2015 quarter.
Angel Funding
Fin-tech startup ePaylater
raises $2-M
IndianWeb2
Financial-technology startup ePayLater, which is
operated by Mumbai-based Arthashastra Fintech Pvt.
Ltd, has secured $2 million (Rs 13.3 crore) in a
seed round of funding from financial industry
executives. It will use the funds for product
development and marketing.
The company gives customers the option to “buy now
and pay later” on online portals with just a
1-click. The customers are billed only after they
receive the delivery of the product. In addition,
the customers get 14 days to make the payment, in
which time they can many more transaction through a
single click checkout, bunch them all together and
make a single payment at the end of the period.
Fashion talent platform
6Degree raises $200-K from IAN
Inc42
6Degree, a Hyderabad-based fashion talent and
tech startup, has raised USD 200,000 from Indian
Angel Network. The investment was led by
Abhishek Agarwal, who will be joining the
company’s board. The raised funds will be
utilised in technology enhancement and in
expanding the portal’s reach.
6Degree was launched by Nikhil Hegde (CEO) and
Amit Bhardwaj (COO) in 2014. The firm claims to
be associated with a number of fashion weeks
such as Lakme Fashion Week, India Fashion Week
London, India Beach Fashion Week & more.
Intra-city truck aggregator GoGo Truck raises
Rs.50 lakh
TheTechPortal
Chennai-based mini-truck aggregator GoGo Truck,
run by Fruges Ventures Pvt. Ltd, has raised INR
50 lakh (around $74,400) in seed funding from a
Madurai-based angel investor. The online
marketplace, which focuses on intra-city
transport, will be using the funds to
consolidate its operations in the Chennai market
and expand its services to Hyderabad. A part of
the funds will be used for marketing initiatives
and brand-building activities.
Founded in March 2015 by Vasister Arun and
Senthil Kumar, GoGo Truck has tied up with more
than 300 drivers who have mini-trucks. It
recently started operations in Coimbatore and
claims to be getting 2,500 orders from Chennai
alone.
Multi-channel network
SillyMonks raises angel funding
YourStory
Hyderabad-based multi-channel network (MSN)
SillyMonks
raised INR 3 crore from HNI Sreenivasa Reddy
Musani, CMD of EKTHA Group. With this newly
raised funds, SillyMonks plans to introduce six
new digital media properties on its YouTube
channel ‘SILLY TUBE’. In June 2014, SillyMonks
had raised a smaller round from well-known
producer Korrapati Ranganatha Sai of Vaaraahi
Chalana Chitram.
Founded by media & entertainment specialist
Sanjay Reddy and Anil Pallala in September 2013,
SillyMonks has approximately 100 million views a
month and addresses a social audience of 16+
million followers across various social media
platforms. It has a presence in south India,
Mumbai and Los Angeles.
Teabox raises addl funding from S’pore-based
angel, DBS Bank
Business Standard
Singapore-based angel investor Cameron Jones has picked up a stake in
Teabox, an international market-focused e-commerce company that
specialises in tea. Along with Jones, the company has also raised
venture debt from DBS Bank. Teabox will use the money to upgrade its
platform, make key hires and for expansion.
From the Venture Intelligence PE/VC Deal Database:
In March 2015, JAFCO Asia and Dragoneer Investment Group along with
existing investor Accel India, invested USD 6 million in Teabox,
followed by Ratan Tata in January 2016.
Entry level focused Kickstart Jobs raises
funding from ah! Ventures
Gurgaon based entry-level talent acquisition startup
Kickstart Jobs has raised seed funding through ah! Ventures.
The round saw investments from marquee investors like Vivek Joshi –
Founder, Wyzen Tech; Mohit Satyanand – Chairman, Team Works Art; Amit
Banati – President (Asia Pacific), Kellogg’s; Arun Khanna – President
(Asia), Dun and Bradstreet and a few others.
Founded in August 2015 by Samriddhi Malhotra and Abhishek Srivastava,
Kickstart Jobs is operational in the key north Indian territories of
Delhi, Noida and Gurgaon and claims to have registered more than 5,000
candidates, enlisted about 3,000 vacancies, conducted more than 2,000
interviews and boasts of a month on month growth of 100% in the number
of candidates scheduled for interviews.
Edtech startup ExtraaEdge
raises seed funding
KnowStartup
ExtraaEdge Technology Solutions Pvt. Ltd, a
Pune-based edutech startup that helps
educational institutions acquire students and
increase admissions, has raised funding from a
group of investors including Ritesh Dwivedy, CEO
of Petoo.in and Priti Padhy, global director of
business intelligence and information management
at Microsoft. Other investors in the funding
round are Ash Damle, CEO of Lumiata, a US-based
predictive analytics company; Anup Pani,
principal engineer at NetSuite Inc; Abhishek
Bhatewara, member of Mumbai Angels; Sahil
Sharma, director of ATAP supply chain at Google;
and Shezaad J Dastoor, political and conflict
analyst at UN.
Founded by Abhishek Ballabh and Sushil Mundada
in April 2014, ExtraaEdge is a cloud-based sales
and marketing automation software enabling
educational institutes and course sellers take
smart data-driven enrolment decisions. The
startup plans to use the funds to expand the
business in Delhi-NCR, Mumbai, Hyderabad and
Bangalore in addition to strengthening its tech
and customer acquisition teams. The firm is also
planning to spend a significant amount on its
planned pilot programmes in Canada, New Zealand
and Australia.
Fashion e-tailer Shopwati
raises seed funding
INC42
Gurgaon-based Prachalit Infomedia Pvt Ltd, which
founded Shopwati, an online fashion community, has
raised seed funding from Sanjiv Rai of SRKK
Advisors. Shopwati plans to utilise the capital to
fund its next phase of technology development and
reach out to customers & vendors in cities outside
Delhi. It had launched the preview of their Android
app recently.
Shopwati helps its women shoppers find clothes and
accessories with the help of 55,000+ community
members that comprises of stylists, bloggers,
private labels, designers, brands and many other
users talking about fashion. Built around
conversations, the Shopwati community helps its
users find products, take a poll on what to buy &
discover fashion.
Co-working space Wired Hub
raises seed funding
Inc42
Wired Hub, a Jaipur-based co-working space, has
raised funding led by Ankit Maheshwari
(Jaipur-based CA) and Anand Singh. Both
investors will have an advisory role for the
business development and expansion of Wired Hub.
Ankit Maheshwari will be joining the board.
Founded by Himanshi Goyal, Wired Hub publicly
opened in February and has organised regular
workshops, mentorship sessions and pitching
contests. It currently has over 10 members and
is spread in an area of over 1000 sq. ft. The
funds would be used towards further expansion of
Wired Hub to increase the number of desk spaces
and will now cover 2 floors and an area of over
2200 sq. ft.
Cookifi raises seed funding
from Kunal Shah, others through TracxnSyndicate
Inc42
Bangalore-based chef and cook hiring platform
Cookifi has raised seed funding from Kunal Shah,
Chairman of FreeCharge; Aneesh Reddy, co-founder
and CEO of Capillary Technologies; Tracxn Labs,
Venkat Tadanki, CEO of Secova; Krishna Mehra,
co-founder at Capillary Technologies; Amit
Rathore, founder and CEO, Quintype and other
angels through the TracxnSyndicate platform. The
startup will use the newly raised funding to
expand its operations in other cities and to
extend its technology solution for a better user
experience.
Founded in 2015 by Ajay Modani, Harsh Singla and
Prachi Malu, Cookifi, provides a personal party
chef at user’s doorstep and caters to birthday,
hosting get-togethers, private parties, kitty
parties, etc. It claims to have served over 3500
customers so far.
Incubation/Acceleration
Oracle announces first
batch of India accelerator program
Inc42
Enterprise software company, Oracle, has
announced its first batch for its startup
incubation centre in India called ‘Oracle
Startup Cloud Accelerator’.
The selected Startups are:
ExpertRec: A plug-n-play search and
recommendation engine for online marketplaces.
Niyo Solutions: A Fin-Tech startup
focussed on alternative payment mechanisms
Ray iCare: A sleep monitoring
device for Epilepsy, Sudden Infant Death
Syndrome and Cardiac Attacks
Tydy: A mobile-first, automated employee
onboarding platform
Vear: An AR/VR technology platform
The selected startups will get mentorship from
Oracle and industry experts, 24×7 access to a
co-working space within Oracle’s premises, and
access to Oracle customers & partners, access to
investors, and with free credits on Oracle
Cloud.
Other
PE/Strategic Investments
Assisted e-commerce firm
StoreKing raises Rs.106-Cr from Malaysian telco Axiata
Inc42
StoreKing, a Bangalore-based e-commerce enabler has raised USD
16 million (INR 106 crore) from Malaysian telecom operator
Axiata Digital, a wholly owned subsidiary of Axiata Group Berhad.
The funds will be utilised to expand team, enter tier III
markets and tie up with one lakh retailers by 2017 and up to
250,000 in 2019. This is Axiata’s first investment in India.
StoreKing, run by LocalCube Commerce Pvt Ltd., was launched in
2012 by Sridhar Gundaiah, to help rural consumers get into the
flow of digital commerce. With presence in 1200 towns, it
enables rural retailers to sell over 50,000 products to walk-in
customers via its digital kiosks. It claims to manage over
16,000 plus franchises and over 650 master franchisees spread
across eight states of southern and western India.
Dragon Asia joins HT
Media to invest GBP 3.3 M in fashion e-tailer
Koovs
Economic Times
UK listed online fashion store Koovs has raised
GBP 300,000 from Dragon Asia Holdings Pte Ltd.
After this investment, Dragon Asia has a 19.2%
stake in Koovs. Newspaper publisher HT Media has
also invested GBP 3 million (around INR 29
crore) for an 8.2% stake. Shares under the deal
were issued at 25 pence each.
Koovs is also in talks with other investors as
well in order to close its current funding round
by June 30. The company will use the funds for
investment in marketing.
Prism Cement to buy 15% in BLA
Power for Rs.21-Cr
BSE
Publicly-listed Prism Cement Ltd has agreed to
acquire 15.23% (post acquisition) equity stake
for approximately INR 21 crores in BLA Power
Private Limited (BLA Power), which is in the
business of generating thermal power. The
acquirer company shall enter into a Power Supply
Agreement (PSA) with BLA Power for the purchase
and consumption of 25 MW of RTC (Round The
Clock) power for its cement plants - Unit I and
Unit II at Satna, Madhya Pradesh under the Group
Captive Arrangement under the Electricity Rules,
2005.
Student micro-loan platform
KrazyBee raises $2-M from Chinese firms
KnowStartup
Finovation Tech Solutions Pvt. Ltd, which runs
student micro-loan platform KrazyBee.com, has
raised USD 2 million in seed funding from
Chinese mobile ad network Yeahmobi and another
Chinese firm - micro-loan/e-commerce player
Fenqile. Currently operating in Bangalore, the
company is planning to use the funds to expand
its services to other cities. The funds will
also be used to launch an Android app, besides
improving its risk evaluation model.
Founded in 2015 by Wan Hong and Madhusudan E,
KrazyBee sells electronics items such as smart
phones, cameras and mobile accessories as well
as apparel such as branded clothes, shoes and
watches to college students on flexible equated
monthly installment (EMI) plans. The firm claims
that more than 10,000 students have registered
on its platform in the last one month.
Yes Bank to pick up 8% in Receivables Exchange of India
BSE
Publicly listed Yes Bank is to pick up a 8% stake in Receivables
Exchange of India Limited (RXIL) by subscribing to 20,00,000 equity
shares. RXIL is a joint venture company setup by NSE Strategic
Investment Corporation Limited and Small Industries Development Bank of
India.
M&A
Sumitomo to buy
75% stake in Excel Crop Care for Rs.1,040-Cr
BSE,
BSE
Japanese conglomerate Sumitomo has acquired 44.98% stake in Excel Crop Care for around INR 623.44 crore and also announced launch of INR 415.80 crore open offer to acquire further 30% stake in the company. Sumitomo group is acquiring over 49.5 lakh equity shares of the company at a price of INR 1,259.36 apiece, from the company, promoter group entities and certain public shareholders. The company and promoter group entities are selling 27,20,501 shares, aggregating to 24.72% stake to Sumitomo Chemical Company and its nominees. Besides, Sumitomo Chemical Company is acquiring 22,30,000 equity shares, aggregating to a 20.26 % stake, from certain public shareholders. Sumitomo will launch an open offer for public shareholders to acquire over 33 lakh share, constituting 30% stake, at a price of 1,259.36 apiece, amounting to INR 415.80 crore. ICICI Securities will manage the open offer. Lodha Capital Markets Ltd. acted as a Co advisor to the Promoters and financial investors of Excel Crop Care Limited.
TVS Auto Solutions acquires
3 start-ups for Rs.75-Cr
Times of India
Automotive parts company TVS Automotive Solutions
has invested nearly INR 75 crore to acquired
majority stake in Delhi-based aftermarket website
Jazzmyride.com (which offers autoparts, accessories)
and analytics firm Hansa Equity (for big data
analysis) and completely acquired Redsun Consulting
(a Bengaluru-based internet of things start-up). The
services of all the three would be integrated under
one platform, both as an mobile app and on the web.
Sun Pharma
sells two manufacturing plants in US to Frontida
BioPharm
BSE,
Business Standard
Listed drug maker Sun Pharmaceutical Industries
is selling its two oral solid dosage
manufacturing plants in the US to Frontida
BioPharm Inc. Frontida has agreed to continue
manufacturing certain products for Sun Pharma at
these facilities on a contract basis for a
predetermined period. It has also agreed to
offer employment to all production, quality and
administrative personnel at the sites.
The sale is a part of the drug maker’s plans to
consolidate its manufacturing facilities in the
US and it its second divestment in the US in the
last six months. In December, the company
divested its manufacturing plant in Ohio state
to Nostrum Laboratories. The company is also
looking to sell facilities and business units
from the Ranbaxy portfolio.
Icare acquires test prep platforms MyGRE,
MyGMAT
YourStory
Delhi-based Indian Centre for Academic Rankings
& Excellence Pvt. Ltd. (ICARE) has acquired
Chennai based training and coaching platforms
MyGMAT & MyGRE. The targets were founded in
February 2013 by Santhosh Karnananda. As part of
this acquisition, Santhosh will be the Director,
Strategy at ICARE, in addition to heading the
training businesses.
Basil Advisors buys fellow HR
Services firm TGC Consulting
Business Standard
Consumer internet-focussed talent advisory firm
Basil Advisors has acquired Bengaluru-based
human capital consulting TGC Consulting in an
all-stock deal. The acquisition will enhance
Basil Advisors footprint beyond consumer
internet vertical and will also allow it to
expand its geographical footprint in the
country.
European firms EDF Energies,
EREN looking to exit Acme Solar
Economic Times
French firm EDF Energies Nouvelles and
Luxembourg-based EREN Renewable Energy may exit
Acme Solar, their joint venture in India with
Acme Cleantech Solutions. EDF and EREN hold 25%
stake each in the company with Acme holding the
rest. The foreign partners are said to have
issues with Acme Solars aggressive bidding, and
project execution. The two firms have so far
invested around INR 300 crore in the joint
venture. Formed in December 2013 Acme Solar is
now the countrys second largest solar developer
after SunEdison with nearly 1500 MW of solar
assets across 15 states.
Blue Box Media co-founder
Pawas Jain acquires incubation platform Startify
Inc42
Pawas Jain, co-founder of Blue Box Media
(company that owns and manages The Tech Portal)
has acquired a majority stake in online
incubation platform Startify, in a mix of cash
and stock buy out deal, in his personal
capacity.
Founded by 3 IIT Jodhpur students, Himanshu
Sikaria, Achyut Joshi and Anshul Agarwal in
2015, Stratify is an Idea growth-cum-management
portal along with startup services. The founders
of Startify will continue to hold a minority
stake in the company. Startify claims to have
over 100 registered startups, over 140 angels,
mentors and incubators on board, and has
partnered with Google Developers Startup Launch
and E-Cell of IIT Mumbai. Pawas will be using
the platform to aid the online/virtual activity
of his other investment, Wired Hub, a co-working
incubation space in Jaipur.
Grant
Thornton acquires tax services biz of RMC
Economic Times
Grant Thornton (GT), a leading professional
services firm, has acquired the taxation
practice of Bengaluru-based RMC Global Advisory
Services. Around 26 people, including two
partners, would be joining GT, which has about
150 partners, directors and a total team of
3,000 people in India.
Curated
fashion portal Voonik acqi-hires Picksilk.com
Economic Times
Sequoia Capital-backed fashion marketplace
Voonik has acquired Picksilk.com, along with
eight employees of the firm, to build its
premium fashion product Vilara. The company has
now acquired five startups in the past six
months.
Voonik is focused on curated fashion, and has
been attempting to strengthen its leadership in
the unbranded fashion segment largely via team
acquisitions of start-ups in niche fashion
offerings.
Other Deals -
Listed Firms
Auto comp firm Motherson Sumi’s unit
raising $300-M to repay debt
BSE
Samvardhana Motherson Automotive Systems Group, the subsidiary
of listed auto component maker Motherson Sumi Systems, is
raising $300 million (around INR 2,000 crore) through issue of
BB+ rated notes at 4.875% per annum due in December 2021 to
repay debt and general corporate purposes. This is the third
successful issue of Notes by the company and marks its
successful debut in the US dollar bond markets. The offering is
scheduled to close on June 16, 2016. ANZ, DBS Bank, Deutsche
Bank and HSBC acted as Joint Global Coordinators and
ANZ, DBS Bank, Deutsche Bank, HSBC, Barclays and
Standard Chartered Bank acted as joint bookrunners and joint
lead managers to the offering
Lenders to take control
of Patel Engineering under SDR scheme
BSE
Lenders to Patel Engineering Ltd have decided to
take control of the company by converting some
of their debt to majority equity under the
strategic debt restructuring (SDR) scheme. As on
31 March, Patel Engineering had stand-alone debt
of Rs.4,103.70 crore.
Real Estate Transactions
Kanakia Group buys Mumbai Land
for Rs 125-Cr
Economic Times
Realty developer Kanakia Group has acquired a 2.5-acre land
parcel in the Kanjurmarg suburb of Mumbai from Windsor Realty, a
joint venture between Gopal Narang and Rajan Raheja. The
developer has paid about INR 125 crore for the land parcel that
was sold through a bidding process recently. The land parcel
used to house a factory of battery-manufacturer Exide Industries
until it was bought by Windsor Realty to develop a premium
residential project.
Banks plan Rs.
10,000-Cr stressed asset fund
Times of India
Major Indian
banks have started to brainstorming on setting
up a stressed asset fund on their own after the
finance ministry turned down a proposal to
provide support through the National
Infrastructure Investment Fund. The government
was of the view that NIIF was being set up to
boost funding to long-gestation infrastructure
projects and overseas investors might not be
upbeat on investing if the resources were routed
to revive ailing power or steel projects.
IvyCap to increase fund size to
Rs.1,200-Cr
Economic Times
IvyCap Ventures is planning to double the size of its second
fund, IvyCap Trust Fund II, using the greenshoe option to INR
1,200 Cr. The fund had already received hard and soft
commitments of about INR 450 crore for Fund II, with an
additional INR 150 crore expected to be raised over the next 3-4
months. The fund is in talks with a number of global
fund-of-funds, sovereign wealth funds, family offices and
corporates that are looking to enter India.
India, US announce
$60-M clean energy fund
Rediff
The Governments
of India and the US announced the setting up of
two financial assistance programmes worth $60
million for supporting Indias much-needed clean
energy initiatives including in solar power and
other renewables. This includes the creation of
a $20 million US-India Clean Energy Finance (USICEF)
initiative, equally supported by the United
States and India. This is expected to mobilise
up to $400 million to provide clean and
renewable electricity to up to 1 million
households by 2020.
The two countries also agreed on a $$40 million
US-India Catalytic Solar Finance Programme,
which would be equally supported by the United
States and India.
PE buyouts might
face higher tax
Economic Times
A Central Board
of Direct Taxes (CBDT) circular on May 2, which
deals with sale of shares of unlisted companies,
gives tax officers freedom to determine whether
buyout transactions are liable for higher tax.
The circular has been giving sleepless nights to
the country's bulge bracket buyout funds. It
provides three exceptions to the general
exemption of having profits classified as
business income under the provisions of the
revised treaty with Mauritius.
While the sale of unlisted shares is to be
treated as capital gains, the circular says that
local tax officials could have freedom to
determine whether it can be treated as business
income in three categories. One such category is
when a private equity holding a majority or
controlling stake in a company sells its entire
stake to a third party along with control of the
underlying business. If a PE firm exits a
company where it holds a majority stake or has a
management control, it could face tax of around
20%. The additional levy could also mean that
the returns of the funds could be adversely
impacted.
KKR in talks with
SBI, ICICI Bank to manage stressed loans
Times of India
KKR & Co has
approached State Bank of India and ICICI Bank
with a proposal to manage and create value from
their loan portfolios to under-performing Indian
companies. The American private equity investor
will build a platform to deploy fairly long-term
capital and operational expertise to turnaround
troubled assets, with banks on board sharing the
future upsides. The proposal - discussed with a
few public and private sector banks - is
modelled on Pillarstone, a similar European
platform created by KKR for stressed loans in
markets like Greece and Italy.
Angel
network Keiretsu Forum sets up Mumbai
chapter
Economic Times
US angel
network Keiretsu Forum, which has over
46 chapters across the world and 2,500
investors, is setting up its chapter in
Mumbai. Keiretsu later plans to set up
chapters in Pune and Ahmedabad. The
group has so far received confirmations
from 15 investors across these cities.
Keiretsu is also exploring co-investment
opportunities between its global
chapters and India’s leading angel
networks such as Indian Angel Network
(IAN) and Mumbai Angels.
Manish
Kumar steps down as CEO of startup funding platform Grex
Hindu
Manish Kumar, the Chief Executive Officer (CEO) of Pune-based
Grex Alternative Investments Market, which provides a
platform for its peers to raise money through equity
issuances, has stepped down after a squabble among the
founders. Three of the four co-founders of Grex asked Manish
Kumar to step down as the CEO and continue only as the
managing director. Abhijeet Bhandari, a co-founder who heads
market development at the start-up, has assumed the role of
CEO. In the new structure, Kumar would focus on the
long-term direction for the company while Bhandari will look
at the deliverables in the near term.
Grex was started in 2014 by Surojit Nandy, Sanjay Nishank
along with Kumar and Bhandari with an aim to provide an
organised platform for startups to raise early-stage
funding.
Jiten
Poojara quits Temasek to join HK-based
hedge fund Janchor Partners
Jiten
Poojara, Associate Director at Temasek,
has quit the firm and joined Hong Kong
based Asian equity focused Hedge Fund
Janchor Partners. Jiten has worked with
Temasek for about 6 years.
VI Updates
PE/VC Investments in Education spike up in 2016
Education
related companies have already attracted PE/VC investments worth
$184 million (across 11 deals) in the first 4.5 months of
2016 – 2.75 times compared to the $67 million across the whole
of 2015 (17 investments). The sector is well on its way to
record the highest ever figures($235 M reported in 2012).
Click here to read more.
|
How I-Banks can Ensure their Deal Announcements Get
Noticed.
|
VCs
Skip Vacation in May; Month Witnesses 45 Investments
Data from
Venture Intelligence VC
Database
shows the month of May was the most brisk month for
Venture Capital so far in 2016 - with investors
making as many as 45 investments worth $300 million
(including Growth Capital investments in IT & ITES
companies of more than $20-M). While the value of
the tech deals was less than that witnessed in
January (when companies like CarTrade and ShopClues
had attracted $145 million and $100 million
respectively), the month saw companies like
Stayzilla, Crown-it and Mobikwik attract significant
follow-on funding.
While Series A investments continued to be slow,
specialized seed funds including Blume Ventures and
YourNest Angel Fund as well as Kalaari Capital,
which backed three companies as part of its seed
investment program Kstart, were especially active.
Angel investments also slowed down during May to 33
deals when compared to the peak of 49 in February.
Click Here to view
Venture Intelligence founder Arun Natarajan
discussing the trends during the month on ET-NOWs
StartupCentral show.
Legal Deal Showcase
Advisor
Name:
NovoJuris Legal
The
Deal:
Bangalore based data analytics company Bridgei2i Analytics Solutions
Private Limited has received investment from an investment arm of the
Edelweiss Group.
Deal
Description:
Bridgei2i Analytics Solutions Private Limited received Series A growth
capital. The investment will fuel the Company’s ability to deliver
greater value to customers by enabling the Company to accelerate the
development of machine learning based business applications along with
significant expansion of consulting teams across the United States and
India. With this investment, Edelweiss has acquired a minority stake in
the Company.
Advisor
Roles:
NovoJuris Legal was the legal advisor to Bridgei2i Analytics Solutions
Private Limited and was involved in the negotiations, discussions,
review and finalization of the term sheet and the other transaction
documents (including share subscription agreement, capital
table,shareholders’ agreement, promoters’ employment agreement).
NovoJuris Legal was also involved in drafting of process documents,
restated articles of association and assisting the Company in issuance
and allotment of shares.
Advisory
Team:
Sohini Mandal, Pooja Vasanth Kumar and Vadiraja P.S
VI Marketplace
Veteran Plantation Entrepreneur Seeks Partner for
Rs.130-Cr Buyout of Coffee Plantation Co.
A Kerala based
entrepreneur with over 40 years experience in the
plantation business (and currently managing vast
rubber, cardamom and plantations along with his
family members) is seeking to buyout 85% of a coffee
plantation company valued at INR 150 Cr. The company
owns over 500 acres of coffee plantation. It
reported profits of INR 41 Lakhs in FY16 against INR
33 Lakhs in FY15 and and INR 18 Lakhs in FY14. The
entrepreneur, who plans to start export to Europe
and US post the acquisition, is looking for a
partner who can invest about INR 30 Cr and also join
the Board of the target company
Interested investors can mail
bizdev@ventureintelligence.com
to connect with the entrepreneur.
From VI-Gyan.com
Will Parenting Startups Grow Up Fast?
2016 has already seen half-a-dozen
investments in parenting related tech startups -
including companies like TinyStep, Babygogo,
ParentLane, etc. The sector has seen interest from
not just angels, but also a few strategic investors
and VCs.
The
Economic Times has a news report on the
same trend today.
Highlighted Sponsor
|
|
PE/Strategic Investment
Hike in
talks with Tencent to raise $100-M
Mint
Messaging app Hike Ltd is in talks to raise
a new round of funds from China’s Internet
giant Tencent Holdings Ltd as it seeks to
catch up with market leader WhatsApp. Hike’s
existing investors Tiger Global Management
and Bharti SoftBank may participate in the
round which may see the company raising at
least $100 million.
Hike, which was launched in December 2012 by
Kavin Bharti Mittal, son of billionaire
entrepreneur Sunil Mittal (chairman of
Bharti Enterprises), has raised roughly $90
million from Tiger Global and Bharti
SoftBank, a joint venture between Bharti
Enterprises and Japan’s SoftBank Corp.
Times Group may pick up a small stake in
Flipkart for $75-M
Economic Times
E-commerce firm Flipkart is in talks to sell
a small stake to Bennett, Coleman and Co.
Ltd (BCCL) in a USD 75 million (INR 500 Cr)
deal. Flipkart will issue shares to BCCL in
return for cash and advertisements over
several years in its media properties such
as The Times of India and The Economic Times
newspapers and ET Now and Times Now
channels.
BCCL inked a similar deal with Snapdeal
(Jasper Infotech Pvt. Ltd) in February. It
also has investments in startups such as
cab-hailing service Uber, services provider
Haptik and education startup Coursera. BCCL
also owns real estate listings site
magicbricks.com and digital music startup
Gaana.
BookMyShow
to raise $75-M led by US-based Stripes Group
DealStreetAsia
Bigtree Entertainment Pvt. Ltd, which owns
online entertainment ticketing platform
BookMyShow.com (BMS), is in advanced talks
to raise around $75 million (around Rs.500
crore) in its largest round of fund-raising
yet. The company is in talks with US-based
growth equity fund Stripes Group which will
lead the round, likely infusing up to $50
million. All existing investors in the
company, SAIF Partners, Accel Partners and
Network18 also participate in the current
round.
This will be the fourth round of fundraising
for BookMyShow, founded by Ashish Hemrajani,
Parikshit Dar and Rajesh Balpande. In 2007,
Network18 invested in the company’s maiden
round. Accel Partners invested $18 million
in the company in 2012. In 2014, the company
raised $25 million in a round led by SAIF
Partners that also saw participation from
existing investors Accel and Network 18.
Flywheel
Logistics scouting for $20-M
Business Line
Delhi-based Flywheel Logistics has appointed
PwC India to advise it on the deal structure
and private equity infusion to raise $20 million
in its first round of funding. Equity infusion
will be used to fund the expansion plans of the
company’s container capacities as well as
warehouse infrastructure.
Flywheel Logistics, a family-owned venture led
by Founder and CEO Anil Syal, is into domestic
container transportation and warehousing
business, and has a network across 18 States. It
operates 160 daily departures on 60 national
routes with the help of a 750-strong fleet of
40ft and 20 ft TEU containers.
Sequoia in
talks to invest Rs.100-Cr more in outdoor
gear maker Wildcraft
Economic Times
Sequoia Capital is to invest about INR 100
crore in Bengaluru-based outdoor gear
manufacturer Wildcraft. This will be the
venture capital firms second round of
funding in the company. In 2013, Sequoia had
pumped in close to INR 70 crore in
Wildcraft. The company makes rucksacks,
backpacks, jackets and raincoats and the
deal values it at about INR 350 crore.
Wildcraft is looking to hit the primary
market with an IPO (Initial Public Offering)
in 2017.
Jewellery
shopping channel Gemporia to raise Rs.100-Cr
Business Line
Jaipur-based Jewel Alliance Network Pvt Ltd,
which runs jewellery shopping channel
Gemporia TV, is planning to raise about INR
100 crore from private equity firms in
exchange for a minority stake in the channel
within the next six months. The company
plans to increase its presence and marketing
initiatives with the fund.
OrbiMed in talks to pick up stake in Suraksha
Diagnostics; Lighthouse to exit
Mint
OrbiMed is in advanced talks to buy a
significant minority stake in diagnostic chain
Suraksha Diagnostic Pvt. Ltd. The round will
raise around Rs.150 crore valuing the Kolkata-based
Suraksha at around Rs.600 crore. The proposed
round of funding will see existing investor
Lighthouse selling its minority stake and the
fresh issue of equity of Rs.50 crore. o3
Capital is advising the diagnostic chain on
the latest round of funding.
Suraksha is the largest diagnostic chain in
eastern India and owns about 25 centres across
West Bengal, Bihar and Delhi and the National
Capital Region. It raised around Rs.50 crore
from Lighthouse Advisors in February 2013.
Brookfield
in talks to buyout Nuziveedu’s renewable
energy unit
Economic Times
Brookfield Asset Management is in talks for
a 100% buyout of the renewable energy
business of Hyderabad -based NSL (Nuziveedu
Seeds Ltd) Group. NSL Renewable Power
Private Ltd (NRPPL) is the renewable energy
arm of the NSL group and has presence in
wind, hydel, bio-mass and solar segments.
NRPPL has a total operational capacity of
around 337 MW across wind, hydel, biomass
and solar segments. Additionally, the
company has 767 MW of wind energy under
development. Based on an industry parameter
of Rs 7 per MW, the estimated value of the
operational portfolio could be around Rs
2360 crores.
International Finance Corporation (IFC),
Asian Development Bank (ADB), Germany’s DEG,
France’s Proparco, South Korea’s Asia Clean
Energy are amongst NRPPLs overseas
investors.
Large PE
firms in talks for 15% stake in Lemon Tree
Hotels
Economic Times
Private Equity funds such as the Blackstone
Group, TPG Capital Management and Capital
International Group are in talks to invest
$120-150 million (Rs 800-1,000 crore) to
acquire a 10-15% stake in New Delhi-based
hotel chain Lemon Tree Hotels. The
transaction is seen as a pre-IPO round of
funding as the company is intend to go
public by the last quarter of this fiscal
2017 or early next fiscal year. The company
is aiming to raise another Rs 1,000 crore
from the IPO.
The deal with the funds will see existing
investors including US private equity giant
Warburg Pincus and Dutch pension fund APG
reducing their holdings. Warburg invested Rs
210 crore in the company in 2006 for a 25%
stake. APG currently holds 15% that it
acquired through three rounds of investments
starting 2012. The Dutch fund has so far
invested Rs 1,120 crore in Lemon Tree.
Two
Japanese cos eye GEs stakes in two SBI Card
cos
Times of India
GE Capital, has been shedding its non-core
businesses, which includes its minority
stake in the joint venture with State Bank
of India. The JV operates through two
separate companies - SBI Cards & Payment
Services, which markets SBI credit cards, in
which GE owns 40% and GE Capital Business
Processes Management Services, which handles
the technology, in which GE owns 60%.
Japanese firms Mizuho Financial and Credit
Saison seek to buy the stakes of GE Capital
in the two companies. Buyout firms Carlyle
and Kohlberg Kravis Roberts & Co are also
among shortlisted bidders. GE had hired
Morgan Stanley to look for buyers. SBI
entered the credit cards business in 1998 by
partnering GE Capital India.
PE Exit
Bharti Infratel in talks to buy Tower Vision
India from Quadrangle, other investors
Economic Times
Bharti Infratel, the independent tower
company of the Bharti Group, is in talks to
acquire Tower Vision India, a company owned
by a group of international financial
investors. Tower Vision, which has about
8,500 towers with a tenancy ratio of 1.8, is
expected to be valued at about INR 4,000
crore, including debt of about INR 1,000
crore. Tower Vision has an annual turnover
of about INR 1,000 crore with an operating
margin of about 25%.
New York-based Quadrangle Capital Partners
had led a consortium of companies that
invested in Tower Vision in 2010, providing
it with about $300 million, including debt
financing. Other investors are Israel-based
Fort Group, a private holding and investment
company with global expertise in developing
cellular operations and real estate
development, and Mivtach Shamir Real Estate,
also from Israel.
Macquarie looks to sell two road assets from
India Infra fund
Mint
Macquarie Group Ltd is looking to sell its
stakes in two operational toll roads in
South India. It will soon appoint investment
bankers to find buyers. Macquarie Group is
expecting these two road assets that it
purchased in 2013 - the
Farukhnagar-Jadcherla highway in Andhra
Pradesh and the Trichy Tollways project in
Tamil Nadu - to fetch a total equity value
of Rs.600 crore. The total enterprise value
of the two deals could be about Rs.1,200
crore.
In 2009, Macquarie started its first
infrastructure fund in India along with
State Bank of India (SBI), called the
Macquarie-SBI Infrastructure Fund (MSIF).
SBI and Macquarie also jointly operate a
domestic investment entity SBI-Macquarie
Infrastructure Trust (SMIT). In 2013, GMR
Infrastructure Ltd sold its 74% stake in the
Farukhnagar-Jadcherla highway (GMR Jadcherla
Expressways Ltd) to MSIF and SMIT for Rs.206
crore. In the same year, the Macquarie funds
bought a 74% stake in Trichy Tollways Pvt.
Ltd, a joint venture project of Malaysia’s
IJM Corp. Bhd and India’s Shapoorji Pallonji
group, for about Rs.275 crore.
IPOs
Tata
Technologies revives IPO plan, likely to raise
Rs 1,400-Cr
Economic Times
The Tata Group has revived plans to list Tata
Technologies, an engineering solutions and IT
product development arm of Tata Motors, on the
local bourses. The company is planning to raise
INR 1,400 crore through an initial public
offering (IPO). The proposed share sale will be
the first IPO from the Tata Group in 12 years
after TCS in July 2004. Tata Motors holds 70.43
per cent stake in Tata Technologies, while a
Tata Capital PE unit owns 8.71 per cent in the
company.
Tata Technologies was planning an IPO in 2008 to
fund expansion and repay some of its debts, but
the plan was dropped due to the global market
meltdown.
L&T
picks banks for tech services unit’s IPO
Bloomberg
Larsen & Toubro Ltd has picked advisers -
Kotak Mahindra Bank, Bank of America and
JM Financial - to prepare an initial public
offering (IPO) of about INR 10 billion (USD 150
million) for its subsidiary L&T Technology
Services Ltd. The conglomerate seeks to monetize
some of its operations, which span finance,
shipbuilding and nuclear power. The company also
plans to list its software-services unit, Larsen
& Toubro Infotech Ltd., at the earliest.
E-commerce company IndiaMART.com in talks to
go for IPO
Times of India
Noida-based IndiaMART.com, which offers an
online platform for small and medium
enterprises, large companies and individuals
to transact, is in talks with investment
bankers to raise INR 500 crore via share
sale.
From the Venture
Intelligence PE/VC Deal Database:
In March 2008, the company raised INR 49
crore from Intel Capital and in a recent
round in March 2016, it has raised about INR
133 crore from Accion International,
WestBridge, Amadeus Capital Partners and
existing investor Intel Capital.
(Subscribers to the database can login to
view the valuation multiples, deal
structuring and other transaction details.)
Lodha
Group looking at IPO in 12-15 months
Business standard
Property developer Lodha Group is looking to go
IPO 12-15 months from now. It has delivered
6,800 homes in 2015-16, largest such in the
country and aims to cross 7,000 units in FY17.
M&A
Canara
Bank to sell stake in assets to raise Rs. 500-Cr
Times Of India
State-owned Canara Bank is set to raise INR 500
crore this fiscal by selling stake in its
non-core assets - Can Fin Homes and Canbank
Factors, after it posted a huge loss in fiscal
year 2015-16. The bank plans to sell 13% stake
in Can Fin Homes and reduce its holding to 30%.
In case of Canara Factors, where the bank has
70% stake, it will either dispose it off
completely or dilute about 20% in the factoring
business.
EDF Energies Nouvelles, EREN Renewable
Energy may exit Acme Solar
Economic Times
French firm EDF Energies Nouvelles and
Luxembourg-based EREN Renewable Energy may
exit Acme Solar, their joint venture in
India with Acme ACleantech Solutions. EDF
and EREN hold 25% stake each in the company
with Acme holding the rest. EDF and EREN
have so far invested around INR 300 crore in
the joint venture.
Formed in December 2013 Acme Solar is now
the country's second largest solar developer
after SunEdison with nearly 1500 MW of solar
assets across 15 states - 600 MW already
commissioned, 500 MW under construction and
400 MW in the pipeline.
IDBI to
auction Deccan Chronicle trademarks
Times of India
IDBI Bank has put on the block trademarks of
newspapers Deccan Chronicle, Andhra Bhoomi, The
Asian Age and Financial Chronicle, owned by
Deccan Chronicle Holdings (DCHL), which has been
declared a wilful defaulter by a dozen banks.
IDBI, which had advanced over INR 444 crore to
DCHL against the trademarks, has now reached an
agreement with the other lenders to allow the
e-auction to go through on June 24. It has fixed
a reserve price of INR 120 crore for the Deccan
Chronicle trademark, INR 3.5 crore for Andhra
Bhoomi, INR 18 crore for The Asian Age and INR 3
crore for Financial Chronicle.
DCHL owes lenders more than INR 4,000 crore.
Kolkata-based SREI has become a significant
shareholder in the company with a 24% stake
after its INR 220 crore loan was not repaid.
Dalmia
Bharat, Shree Cements, Ramco in race for
LafargeHolcims Sri Lankan ops: report
Economic Times
Dalmia Bharat, Shree Cements along with
Ramco Cements are in the race for
LafargeHolcims Sri Lankan operations that
the global cement major is divesting as part
of a global portfolio realignment. These
players have been shortlisted after an
initial round of screening and are competing
with Sri Lankan, Chinese and Thai cement
makers and private equity players like
Baring Asia.
Holcim first took over a state-run cement
factory in Puttalam in the west coast of Sri
Lanka from a Pakistani firm, which bought it
over two decades ago. With an estimated 2.3
MTPA grinding capacity and a 1.8 MTPA
clinker capacity, it currently controls 40%
of the 6 MTPA Lankan market.
Dilip
Shanghvi, Adanis, Ruias eye oil blocks
Times of India
Dilip Shanghvi, the promoter of drug maker
Sun Pharmaceuticals, along with Gautam Adani
of the Adani group and the Ruia family of
Essar, is looking to have a piece of the
action in Indias upcoming auction for 46
small oil blocks, slotted to open for
bidding on July 15. Shanghvi will bid
through Sun Petrochemicals, a company that
he floated with his personal investments.
Adani is in the fray through Adani Welspun
Exploration, a 65-35 joint venture between
Adani Group and the city-based Welspun
Group. The Ruias are coming through Essar
Exploration & Production.
Real
Estate Transactions
HDIL
to garner Rs 750-Cr from Mumbai land deals
Business Standard
Mumbai-based property developer HDIL is in
the final leg of talks to sell two land
parcels outside Mumbai that could garner
around INR 750 crore. HDIL is selling five
million sq ft each in the Palghar and
Vasai-Virar areas and is expected to
generate INR 350-400 crore for each.
According to a report, the company is in
talks with Shapoorji Pallonji for the Virar
parcel. Negotiations for Palghar are on with
Veena Developers. The proceeds are expected
to be used for lowering its debt, from INR
2,700 crore to around INR 1,900 crore after
the deals. According to reports, HDIL also
plans to sell 200 acres in Baroda and
Hyderabad.
India Ahoy!
Global oil giants eye India's retail fuel
market
Business Line
Global oil majors including Saudi Aramco and
Total are keen to enter the retail fuel
market in India. The oil companies seek
outlets for their gasoline and diesel.
French major Total and European major Royal
Dutch Shell that have a limited presence in
India are also keen to strengthen their
presence. The ministry has agreed to grant a
licence to BP to market jet fuel in India.
Digital gifting startup Bouxite plans
India entry
Times Of India
San Francisco-based digital gifting startup
Bouxtie (pronounced as Bowtie) is seeking
strategic investors in India. Bouxtie plans
to launch its services to Indian consumers
by the end of 2016. Founded in 2013 by
Renato Libric, Bouxtie allows instant
delivery of personalised gift cards from a
mobile device. It currently operates in 12
cities across 3 continents.
Singapore Technical Institute to set up
centres in India
Economic Times
Singapore-based Institute of Technical
Education will help set up vocational skill
centres across India to train youth to
fulfil the requirements of skilled manpower
in selected industries. ITE Education
Services (ITEES), a subsidiary of the state-
owned Institute of Technical Education (ITE)
which offers consultancy and training
services in skills development and
vocational training to more than 25
countries, is already working on other
projects in India, the first of which is
slated to commence training from September
27 in Rajasthan, coinciding with the World
Tourism Day.
New Incubators
AP-Shenzhen incubation centre to come up
in Kakinada
Economic Times
The Andhra Pradesh-Shenzhen joint incubation
centre and smart city innovation hub will
come up in the coastal city of Kakinada in
Andhra Pradesh. A letter of intent for
setting up the incubation centre was signed
here on Saturday by the state's information
technology, electronics and communication
department and ZTESoft, a fully owned
subsidiary of the ZTE Corporation, a Chinese
telecom provider.
AP Shenzhen joint incubation centre and
smart city innovation hub will be an 85:15
venture between Innovation Society of the AP
government and Qianhai Authority/ZTE Soft.
While the state will invest INR 13.60 crore,
ZTESoft will invest INR 2.40 crore over
three years. Companies like Datafactors
Software (P) Ltd, Tutti Frutti Interactive,
3Q mentors, Grabmy Grocery and other
individual promoters are setting up start-up
ventures.
SAP, CIIE launch 2nd edition of startup
accelerator
INC42
SAP India has launched the second edition of
its Startup Accelerator Program in
collaboration with the Center for Innovation
Incubation and Entrepreneurship (CIIE) at
IIM-Ahmedabad, to mentor and build
capacities of 30 startups by 2017. The
accelerator program aims at identifying
investable regional startups, catalysing
participation of regional stakeholders
including domain experts, angels and
academics, to foster regional
entrepreneurship ecosystem.
New Ventures
Siva Group set to launch UTOO Cabs
Economic Times
App-based taxi aggregator UTOO Cabs, which
includes the family office of NRI telecom
entrepreneur C Sivasankaran among its promoters,
is set to launch services in Chennai. UTOO has
tied up with Japanese carmaker Nissan to lease
out cars for driver entrepreneurs. Sivasankaran
will mentor the venture to be headed by former
colleague at Aircel KVP Bhaskaran is floating a
differentiated pricing and aggregation model.
Leela Group signs pact with Qatar firm to
build hotel near the Taj Mahal
Business Line
The Leela Group and Qatar’s Al Faisal Group
have signed an agreement to build a
five-star hotel near Taj Mahal in Agra with
an FDI of about INR 500 crore. The hotel
will be built under the brand name ‘Aiana’.
. The hotel will be built on an area of
seven acres, just 1 km from Taj Mahal. There
will 100-room Leela Palace and 150
room-Aiana on top of a shared podium.
Indiabulls
Real Estate, Oricon to develop Worli
property
BSE
Tapir Realty Developers, a 100% subsidiary
of Delhi-based Indiabulls Real Estate, has
entered into a joint development agreement
with Oricon Properties, a subsidiary of
Oricon Enterprises, for development of 7,810
sq metres plot situated at E Moses Road,
Worli, Mumbai.
Expansion/Diversification
Smartphone maker Micromax to foray into air
conditioners
Mint
Gurgaon-based tech firm Micromax is foraying
into the air-conditioner category in consumer
durables. The company aims to generate about 20%
of its overall revenue from durables in the next
12 months. Micromax is manufacturing window and
split ACs at its Uttarakhand facility and will
invest about INR 200 crore in the category over
the next year. It is also looking to launch
washing machines in the second half of 2017
followed by air purifiers and water purifiers.
From the Venture
Intelligence PE/VC Deal Database:
Micromax is backed by TA Associates, Sequoia
Capital India, Sandstone Capital and Madison
India. (Subscribers to the database can login to
view the valuation multiples, deal structuring
and other transaction details.)
CarTrade aims to add servicing, finance
businesses to its platform
Mint
MXC Solutions India Pvt. Ltd, which operates
CarTrade.com, an online automobile
classifieds company, plans to become an
aggregator for car servicing and finance
businesses as it seeks to become a one-stop
shop for car buyers in India.
From the Venture
Intelligence M&A Deal Database:
In November 2015, CarTrade acquired
Carwale.com from German media conglomerate
Axel Springer, catapulting it to India’s
largest online marketplace for used and new
cars.
From the Venture
Intelligence PE/VC Deal Database:
In January 2016, CarTrade raised INR 950
crore in 5th funding round led by
Singapore-based investment firm Temasek and
March Capital, with participation from
existing investor Warburg Pincus.
Regulatory News
Adjust Rs 2,000-Cr in High Court against
Mallyas loan to banks: DRT
Business Standard
With an idea of bringing down the
liabilities of banks and reduce interest,
the Debt Recovery Tribunal (DRT) in
Bengaluru has advised the State Bank of
India (SBI) to explore adjusting Rs 2,000
crore deposited by Vijay Mallya in the
Karnataka High Court against unpaid loans by
the liquor baron and his companies taken to
run the defunct Kingfisher Airlines. The
Tribunal was hearing the arguments of case
against Mallya to recover over Rs 7,200
crore dues owed by him and his companies.
Mallya claimed that the banks have already
received Rs 1,244 crore in pledged shares
since April 2013 and additional Rs 1,250
crore has been deposited in Karnataka high
court belonging to United Breweries
(Holdings) Ltd.
Cyprus agrees to amend tax treaty ahead
of GAAR with caveat
Business Standard
Ahead of India’s rolling out of anti-tax
avoidance regulations, Cyprus has shown
eagerness to amend the bilateral tax treaty
allowing New Delhi to tax capital gains. In
return, it has pitched to be taken off the
blacklist of being considered a “notified
jurisdiction” for not sharing tax
information, which implies increased
scrutiny for investments coming from the
Mediterranean island nation, which is the
seventh largest foreign direct investment
source for India. Cyprus is learnt to have
approved, in-principle, the proposals made
by the Indian side on taxing capital gains.
Cyprus was declared a non-cooperative
jurisdiction by India in 2013 over not
sharing information related to Indian
account holders. It has sought removal from
the blacklist and is ready to amend the
double taxation avoidance agreement (DTAA)
with India. It is very keen for that now
since the general anti-avoidance rule (GAAR)
is coming into play April 2017 onwards and
the Mauritius treaty has already been
amended.
People
Kedar Upadhye
named global CFO for Cipla
BSE
Drug firm Cipla has appointed Kedar Upadhye as
the company's Global Chief Financial Officer
starting in August. Upadhye will replace Umang
Vohra, who will continue to be the Global Chief
Operating Officer. At present, Upadhye is with
Dr Reddy's Laboratories where he is Vice
President, Global Generics Finance and Head of
Investor Relations
Umang Bedi to replace Krithiga Reddy as
Facebook India MD
Deccan Herald
Social networking giant Facebook has
appointed former Adobe executive Umang Bedi
as managing director of its India
operations. Bedi, whose appointment is
effective July, will lead in building and
maintaining strategic relationships with top
clients and regional agencies in the
country. Prior to this, Bedi served as the
MD of the South Asia region at Adobe. He
will take over from Kirthiga Reddy, who will
be returning to the US to take on a new role
at the companys headquarters at Menlo Park
in August.
Alibaba starts building team for India
foray
Times of India
Chinese e-commerce behemoth Alibaba has
begun setting up its core India team by
getting on board Bharati Balakrishnan, who
was earlier the chief business officer at
local services marketplace LocalOye. He is
expected to be accompanied by Soumitra
Sharma, former associate at IDG Ventures
India, who joined Alibaba as director of
global strategies earlier this year.
CRM firm Servion hires Sameet Gupte as
new CEO
Chennai-based Customer Engagement Management
(CEM) solutions provider Servion Global
Solutions Ltd has appointed IT Services
veteran Sameet Gupte as its new CEO and
Board member. The new appointment comes as
the company aims to double revenues within
the next four years. Prior to joining
Servion, Gupte was Executive Vice-President
& Global Head of financial services for
VirtusaPolaris, an IT consulting firm. He
replaces Balakrishnan K. who has been
elevated to Executive Vice Chairman of
Servion’s Board.
From the Venture
Intelligence PE/VC Deal Database:
In November 2014, Everstone Capital and
Solmark had acquired a controlling stake in
the company for USD 66 million. (Subscribers
to the database can login to view the
valuation multiples, deal structuring and
other transaction details.)
Japanese e-commerce firm Rakuten hires
Sachin Dalal from Infibeam
YourStory
Sachin Dalal, Co-founder of BSE listed
company Infibeam, is all set to spearhead
Japanese e-commerce company Rakuten’s entry
into India. Dalal joined the company earlier
this month and will be taking on the likes
of Amazon and Flipkart. Rakuten plans to
start its marketplace in India by next year.
Khaitan & Co's Paku Khan to move to USA
to build firm's anti-trust, BD there
Legally India
Khaitan & Co competition law executive
director Paku Khan will relocate to San
Francisco, USA for family reasons and would
continue working exclusively for the firms
competition practice. He will further
strengthen the firms interest in the US and
help strengthen existing relationships and
build new relationships. Khan had joined
Khaitan in 2012 from erstwhile Amarchand
Mangaldas in Delhi.
Torrent Pharma ED Ruchir Modi quits
company after 13 years
Economic Times
Ruchir Modi , part of the management
leadership team at Ahmedabad-based Torrent
Pharma, has quit the organisation, snapping
a 13-year-old association. Modi, who held
the position of executive director, has
decided to purse alternative
business/professional opportunities.
JSW Group’s HR head Yugesh Goutam and CIO
Nikhil Chaturvedi quit
Economic Times
Sajjan Jindal-led conglomerate JSW Groups
human resources head Yugesh Goutam and CIO
Nikhil Chaturvedi have quit the firm just
before heir apparent Parth Jindal joins the
business. Goutam had joined JSW in June 2014
and Chaturvedi in September. Goutam will now
join pharma major Lupin as president, Global
Human Resources.
Others
Amazon plans to hike India
investments to $5-B
Knowstartup
Amazon’s Chief Executive Jeff Bezos said the e-tail would be
investing an additional $3 billion in India (on top of the $2
billion announced in 2014). The plan was announced at a meeting
of business leaders with the visiting Indian Prime Minister
Narendra Modi in Washington.
6 startups blacklisted from IIT
placements for 2016-17
KnowStartup
After a meeting, the placement heads of 16
IITs decided to blacklist 6 startups from
participating in campus placement for the
academic year 2016-17. The list includes
e-tailer Zimply, healthcare startup Portea
and grocery portal PepperTap. The
blacklisted startups have been categorised
into three types: one that delay joining
dates, one that reduces the promised
salaries, and the one that withdraw their
job offers altogether. These companies can
again participate in next year’s campus
recruitments after giving satisfactory
explanation.
Flipkart and Roadrunnr have delayed their
joining date for campus hires. While
Flipkart has given assurance to provide
internship with a stipend of INR 50,000 per
month, Roadrunnr has agreed to provide
joining by September. There have been at
least 5 companies which have slashed their
initial packages by as much as 25%. A week’s
time has been given to these companies to
respond and move forward with their initial
offer. Those who will fail to do so, will be
blacklisted.
Truck aggregator TruckSumo suspends
operations: report
KnowStartUp
Hyderabad-based truck aggregator TruckSumo.com
has suspended its services and has stopped
taking orders since June 1. The startup is an
aggregator of mini-trucks and connects
businesses having local logistics needs in
real-time with service providers who can fulfill
those needs.
From the Venture
Intelligence Angel Deal Database:
In February 2015 GrowthStory had invested in
TruckSumo.com
SBI may house bad loans in separate
company
Economic Times
State Bank of India (SBI) is considering a
proposal to hive off its stressed-loan
portfolio into a separate company, freeing
it of a massive bad-debt burden. SBI has
seen interest from sovereign wealth funds
and private equity players in acquiring
stakes in such a so-called bad bank, which
would house Rs 1.37 lakh crore of
non-performing assets (NPAs), or 9% of total
advances.
Jaypee Group defaults on Rs 4,460-Cr
loans, payments
Rediff
Jaypee Group companies have defaulted on
loans and other payments worth Rs 4,460
crore (Rs 44.60 billion). The Group has on a
consolidated basis failed to repay Rs
2,905.6 crore (Rs 29.05 billion) in
principal amount to banks and another Rs
1,558.93 crore (Rs 15.58 billion) in
interest payments. As far as overdue
interest in borrowings is concerned, it
includes Rs 837.45 crore (Rs 8.37 billion)
dues on Jaiprakash Associates, Rs 152.18
crore (Rs 1.52 billion) on Jaiprakash Power
Ventures and Rs 63.13 crore (Rs 631.3
billion) on Jaypee Cement Corporation.
Besides overdue interest included Rs 193.08
crore (Rs 1.93 billion) on Jaypee Infratech,
Rs 3.01 crore (Rs 30.1 million) on Jaypee
Agra Vikas Ltd, Rs 308.66 crore on Prayagraj
Power Generation Ltd, Rs 0.75 lakh on Madhya
Pradesh Jaypee Minerals Ltd and Rs 0.67 lakh
on Bhilai Jaypee Cement.
Adani may withdraw from Australian coal
mine project, citing delays: report
Reuters
Indian conglomerate Adani Enterprise Ltd may
walk away from its proposal to build one of
the world's biggest coal mines in Australia,
citing long delays caused by legal
challenges to the project by groups
concerned about the environment. Adani is
battling multiple legal challenges from
green groups opposed to its $10-billion
Carmichael mine, rail and port project.
Australia's Queensland state government in
April gave Adani permission to mine coal
reserves estimated at 11 billion tonnes and
to build roads, workshops, power lines and
pipelines associated with the mine.
Economic Laws Practice
("ELP") is a leading full-service Indian law
firm established in the year 2001 by eminent
lawyers from diverse fields. The firm’s
Private Equity & Venture Capital practice
brings onboard a unique understanding of
commercial matters and legalese to be able
to provide effective solutions to all
stakeholders in a transaction. The team
looks at providing a bespoke legal service
experience, which is sector agnostic in
nature and driven towards successful
consummation of the relevant transactions.
ELP advises clients on all aspects of
private equity and venture capital
transactions, whether from a fund formation
perspective or a potential portfolio
investment or a relevant exit transaction.
Our services include right from
conceptualising a structure, to conducting
the legal due diligence exercise, to the
preparation of the relevant documentation,
to providing assistance to the final closure
including negotiations and corporate
secretarial assistance.
ELP is the firm of choice for clients
because of its in-depth expertise,
continuous availability, geographic reach,
transparent approach, competitive pricing
and most importantly the involvement of
partners in every assignment.
India is seen to be an attractive destination in an otherwise bleak global market and despite mixed signals coming out of India’s noisy democracy and noisier media, there are some key reasons why India can break into the ranks of major manufacturing countries in the world. Mr. Girija Pande, Chairman Apex Avalon Consulting, Singapore shares his views on the ‘Make in India’ program in his article titled “Made in India to Make in India – why it will succeed, despite a noisy democracy” published in the newsletter FII-News.com. Click here to read more”
Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is among the Top 15 Consulting Firms Overall in Asia (Vault List 2014).
Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.
Basiz is a high end and
specialized fund accounting service provider
with international footprints, with offices
in Mumbai, Chennai and Coimbatore in India,
besides Singapore, London and New York.
Basiz primarily focuses on servicing Fund
administrators, Hedge Funds, Mutual Funds,
Private Equity / Venture Capital Funds,
Family Offices, REIT Funds, Insurance
Portfolios and Managed Accounts.
Contact Information
Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E:
sesha@basizfa.com
http://www.basizfa.com
Tatva Legal is a full
service law firm with offices across five
locations in Bengaluru, Chennai, Gurgaon,
Hyderabad and Mumbai founded in 2010 with 16
Partners and 80 Lawyers. The firm acts for
both national and international clients.
As a full service firm, Tatva Legal provides
a broad range of legal services whilst
focusing on its core areas of practice
corporate advisory, private equity and
mergers and acquisitions, banking and
finance, infrastructure and real estate.
The M&A team has extensive experience in
representing private equity players, venture
capitalists and corporates (including
several Fortune 500 companies) in a
multitude of specialised and sophisticated
transactions, in both domestic and cross
border deals.
The firm has an active practice in advising
Banks and Non-banking Financial Companies in
their fund deployment including listed
corporate bonds, mezzanine debt and lending.
The firm is highly recommended for Real
Estate transactions and has advised
Developers, Funds and End Users like Hotels
& Hospitals, SEZ, IT Parks across India.
The other areas of Practice include
Insurance, Competition / Anti Trust,
Projects Technology & dispute resolution.
N.K.Dilip
E:
nk.dilip@tatvalegal.com
Tel. +91 80 43311433
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