Airtel offloads Bharti Infratel shares worth Rs.1,926-Cr

Publicly listed Bharti Airtel Limited has sold 55 million shares in its listed telecom tower subsidiary Bharti Infratel Limited through a secondary share sale in the stock market realizing INR 1,925 crore (about $310 Million) which will be used to pare debt. Airtel sold Infratel's shares at INR 350 a unit, a discount of 3.7% to last 30 day average closing price. Post the transaction, Bharti Airtel’s equity holding in Bharti Infratel stands at 71.9%. Allocation was done to global tower company investors, fund managers and long-only funds, including many repeat investors. Bank of America Merrill Lynch and UBS were brokers to the transaction.

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Private Equity Fund Investments

Creador invests Rs.135-Cr in PC Jeweller

Business Standard

Idria, an affiliate of PE investor Creador II LLC, has invested INR 135 crore for a minority stake in publicly listed PC Jeweller. PC Jeweller, incorporated in 2005, has 50 showrooms across 42 cities in 17 states. The fund infusion will back the company's plans to open 20 showrooms every year over the next five years. PC Jeweller also exports hand-made designer jewellery. It recently ventured into e-commerce with www.wearyourshine.com to tap the youth segment and impulse purchases.

Clearwater converts FCCBs worth $22-.4 M in Suzlon Energy into equity

Clearwater Capital has acquired 5,44,632 shares (0.016%) of publicly listed wind energy firm Suzlon Energy and converted to equity FCCBs worth $22.381 M (2.562%). Clearwater now holds 14.955,368 shares (0.439%) and FCCBs worth $50 M in Suzlon.

Matrix leads Rs.100-Cr Series B for food ordering firm TinyOwl

Yourstory

Mumbai-based food ordering app maker TinyOwl has raised INR 100 crore in its Series B round from Matrix Partners India, Sequoia Capital India and Nexus Ventures. The company plans to utilize the fresh round of capital infused to expand its footprint to over 50 cities in the country, invest in higher user-friendly technology and enhance the end-user experience. The company had earlier raised $3 million from Sequoia Capital and Nexus Venture Partners in December 2014.

TinyOwl has two products: TinyOwl for food from nearby restaurants and TinyOwl HomeMade for healthy food from local chefs.

Piramal Fund invests Rs 66 Cr in Ashiana Homes

Economic Times

Realty firm Ashiana Homes has raised INR 66 crore from Indiareit Fund Scheme V managed by Piramal Fund Management to partly finance the acquisition of 10 acres of licensed land at Sohna in Gurgaon. The company has bought the land with development rights from local land aggregators for about INR 100 crore and plans to develop a residential project on the land.

Ashiana Homes would develop 660 apartments under the project, which is expected to be launched in April-May 2015. The company plans to sell flats in a price range of INR 50-70 lakhs.

CLSA invests Rs.64.6 Cr in diaper maker Nobel Hygiene; Access part exits with 2x

Mumbai-based Nobel Hygiene, a manufacture of adult and baby diapers and other personal hygiene products, has raised its second round of institutional funding from CLSA Capital Partners’ Aria IV Funds. CLSA Capital Partners, through ARIA Investment Partners IV L.P. and ARIA Investment Partners IV (Non-US) L.P. has invested INR 64.6 crore ($10 million) in Nobel as a combination of primary investment and secondary purchase, giving partial exit to existing shareholders including Access funds and its co-investors. Access, which had invested about INR 37 crores in Nobel in February 2012, has fetched a 2x return on its investment.

Online travel firm Smartairtrip raises $10-M: report

Nextbigwhat.com

Delhi-based travel firm Smartairtrip.com has raised $10 million from undisclosed investors for a 10% equity stake. The company offers exclusive deals to travel agents with airline and hotel content. The funds will be used to enhance technology, strike exclusive deals with hotels and airlines, expand operations and marketing. The company is in the process of filing its prospectus for going public on the BSE, and will list its ADRs on the NASDAQ stock exchange in the next financial year.

Last year, the company had turnover of INR 36 crore. This year, the company is expected to touch INR 200 crore. The portal claims to have 12,300 travel agents.

Bakers Circle raises Rs. 60-Cr

Economic Times

Gaja Capital, via its new $250 million fund Gaja Capital III fund, has invested INR 60 crore round of funding in frozen bakery and confectionery producer and supplier Bakers Circle. This is the third round of fundraising by the company, whose existing backers, GEM India Advisors and HU Investments, also participated in this round.

Motilal Oswal PE to infuse Rs 40 cr in Arinna Lifesciences

Business Line

Motilal Oswal Private Equity Advisors (MOPE) is to invest INR 40 crore in Ahmedabad-based Arinna Lifesciences. Founded by Vivek Seth, Arinna is a pharma company focusing on the central nervous system therapeutic segment. Bon Proximo acted as advisor to the company.

Sequoia leads $4.5 M round for interior design firm HomeLane

Times of India

Sequoia Capital has led a $4.5-million investment deal in HomeLane, a technology-led home solutions startup backed by serial entrepreneur couple K Ganesh and Meena Ganesh. Manipal Education and Medical Group (MEMG) promoter Ranjan Pai and Mohandas Pai, a former board member of Infosys and chairman of Manipal Global Education have also invested as part of the round.

IDFC to acquire 26% of Delhi airport cargo service for Rs.28.6 Cr

BSE, Mint

Delhi International Airport (P) Ltd (Dial), an unit of publicly listed GMR Infrastructure, is to sell its entire 26% stake (1.09 crore equity shares of face value of Rs.10 each) in Delhi Cargo Service Centre Pvt. Ltd, which operates cargo operations at the airport, to IDFC Alternatives managed India Infrastructure Fund-II at INR 26.20 per share, aggregating to INR 28.60 crore.

Delhi Cargo Service Center is a joint venture between Cargo Service Center India Pvt. Ltd and Dial, with Cargo Service Center holding 74% equity, with complete management and operational control. The company offers airport services through its greenfield air cargo terminal - ‘Cargo Terminal 2’.

SAIF,Fulcrum invest $3-M in property listings portal NoBroker

MediaNama

Bangalore-based peer-to-peer property listings platform NoBroker has raised $3 million from SAIF Partners and Fulcrum Ventures. The funds will be used to expand the service beyond Bangalore and Mumbai, where it’s currently operational. Last year, NoBroker had raised seed funding from angel investor and co-founder of the Four Fountains Spa Saurabh Garg.

Founded by Amit Kumar Agarwal and Akhil Gupta in March 2014, NoBroker aims to expand to 20 cities over the next 2 years. It claims to have 5000 listed properties in Mumbai.

Tiger Global invests in CultureAlley, MoneyView, Roposo, Grofers

Economic Times

Tiger Global has picked up stakes in some eight Indian startups in recent weeks as it prepares to set up its new office in the country in Bangalore. The recent investees include language learning platform CultureAlley, expense tracking application Money View, fashion focused social network Roposo and on-demand logistics startup Grofers. The average ticket size for each deal is $4-5 million

From the Venture Intelligence PE Deal database: In April 2013, Kae Capital had invested INR 0.5 Cr in CultureAlley. In December 2013 India Quotient and 5 Ideas had invested in Relevant e-solutions which owns Roposo. In December 2014 Sequoia Capital India had invested in Grofers.

SAIF invests $2-M in B2B e-commerce platform Industrybuying.com

Yourstory

Industrial ecommerce platform Industrybuying.com has raised $2 million from SAIF Partners. The funding will be utilised to continue traffic growth, expand product coverage and drive massive revenue growth. The company also intends to build custom e-commerce products to bring corporate buying online.

Sequoia invests $2-M in mobile grocery store PepperTap

Yourstory

Gurgaon-based mobile centric grocery delivery service PepperTap has raised $2 million from Sequoia Capital India. With its mobile apps, PepperTap provides quick on demand grocery products to customer’s door step. The funding will be directed towards expanding its reach across Delhi NCR, hiring and marketing.

SME lender Aye Finance raises $1-M from Accion, SAIF

Yourstory

Aye Finance, an India-based lender to micro, small, and medium enterprises (MSMEs), has raised $1 million investment from SAIF Partners and Accion. The Accion investment was made through its Venture Lab initiative.

IDG, Jungle lead Rs.7-Cr seed round for mobile payments app maker Momoe

Economic Times

Mobile payment startup Momoe has raised INR 7.4 crore ($1.2 million ) from investors led by IDG Ventures India and Jungle Ventures, with participation from India Quotient. The funds will be used to expand the team as Momoe plans to reach 500 merchant outlets in the next few months.

Momoe is the developer of an app that enables people to make payments using their mobile phones when they eat out, shop or commute. Unlike Paytm and Mobikwik, which facilitate cashless payments with a virtual wallet solution that stores a fixed amount of cash, Momoe's app works by using credit-card details.

Indigo Airlines, S’pore fund invest Rs.6-Cr in travel app firm Trip38

Economic Times

Bangalore-based travel management app Trip38 has raised about INR 6 crores from InterGlobe Technology Quotient, the parent of Indigo Airlines, and Singapore based Lantern Capital. The funds will be invested towards improving technology, product features and expanding consumer base. Trip38 is a mobile app that provides context sensitive, location content in terms of flight e-tickets, flight status, airport information, sightseeing options, restaurants, local events, weather, etc on the traveler's smartphone with their confirmation vouchers and flight tickets.

Liquidity Events (Private Equity)

IFC sells Rs.12.15 Cr worth shares of Ramkrishna Forgings, registers 4.1x return

BSE

IFC has sold 270,000 shares of publicly listed auto components firm Ramkrishna Forgings at INR 450 per share on February 20, 2015, aggregating INR 12.15 Cr, via a bulk deal.

From the Venture Intelligence PE Deal database: In May 2012, IFC had approved an equity investment of $4.94 million and debt investment of $15 million in Ramrkrishna Forgings.

Incubation / Acceleration

Pacific Incubator backs RiskEdge, DConf

Business Standard

Nasdaq-listed technology company Progress Software Corporation has opened its first corporate incubator in Hyderabad to support application development projects for startups using its Pacific platform. Pacific is Progress’ platform-as-a-service for building and managing business apps on cloud. The first cohort will start with two startups -- RiskEdge and DoConf. While Risk Edge is a provider of commodity risk management solutions, DConf provides an online conferencing software.

Angel Investments

USF, angels invest Rs.3-Cr in handicrafts retailer Caravan Craft

Economic Times

Pune-based handicrafts startup Caravan Craft has raised INR 3 crore in a funding round led by individual investors Bijou Kurien and Narayan Ramachandran, and existing investor Unitus Seed Fund. The startup will use the funds to increase its online presence and expand footprint in India and Europe.Caravan has opened a retail store each in Bengaluru and Pune, besides duty-free outlets at the Bengaluru and Mumbai international airports.

Zomato, SlideShare founders back SquadRun

Economic TImese

Amit Ranjan, a co-founder of SlideShare (part of LinkedIn) and Deepinder Goyal, founder of restaurant search services provider Zomato, have invested in SquadRun, a mobile marketplace for crowdsourced work. Girish Khera, co-founder of medical animation studio Scientific Animations and Zishaan Hayath, founder of online test preparation startup Toppr also participated in the deal along with angel investors from Powai Lake Ventures. The target company helps businesses crowdsource micro tasks that require human intelligence. It will use the funding to scale up its ops and hire talent.

Foods ordering firm Sattviko raises Rs 2-Cr funding

Economic Times

Healthy food ordering firm Sattviko has raised INR 2 crore in a seed round led by online real estate portal CommonFloor co-founder Sumit Jain, Xerox India managing director Rajat Jain and Samsung executive Sanjay Bhasin. The Delhi-based dining chain will use the proceeds to enter into the non-food products segment, ramp up its range of live and processed food offerings, as well as further build on its mobile and web-based platforms.

Mohandas Pai, Balakrishnan invest Rs.1-Cr in online tax info firm Taxsutra

Times of India

Former Infosys CFOs and board members TV Mohandas Pai and V Balakrishnan have invested INR 1 crore in Pune-based online tax information portal Taxsutra. The target company operates four B2B online subscription-based portals on direct tax, indirect tax, transfer pricing and corporate law. The four-year-old company would deploy the money to launch new products and strengthen its technology.

IAN, Kris Gopal back fruits & vegetables retailer FreshWorld

Times of India

Infosys co-founder Kris Gopalakrishnan and the Indian Angel Network (IAN) have invested in Bangalore-based fruits and vegetables retail startup, FreshWorld. IAN's funding was led by angel investor Nagaraja Prakasam with a co-investment by Gopalakrishnan. former CEO and Vice Chairman of Infosys. FreshWorld has 24 custom-built, battery-operated, rickshaws that roam 12 localities in the city and sell around 200 kilos of fruits and vegetables per cart, per day. The latest funding will see FreshWorld scale its operations in the Bangalore and will see the induction of around 40 more rickshaws, helping the startup reach a larger consumer base.

Other Private Equity/Strategic Investments

Micromax invests in analytics firm

Economic Times

Micromax has brought a significant minority stake in an unnamed Indian analytics company and is close to investing in a Silicon Valley-based startup that operates in the online price comparison space. The company is scouting for more, and can invest between $0.5 million and $20 million in a startup that can be an early-stage venture, a matured one or something in between. It is looking for a stake between 5% and 26%; the higher range will give voting rights and board membership. Micromax has set up a five-member merger and acquisition team headed by Kumar Shah. The team is evaluating and talking to multiple startups in India, Asia, Europe and the Silicon Valley, in areas of healthcare, gaming and entertainment besides analytics and comparison shopping.

Mitsubishi acquires 34% in noodles maker Indo Nissin Foods for Rs.500-Cr

Economic Times

Japanese conglomerate Mitsubishi has picked up a 34% stake in Indo Nissin Foods, maker of Top Ramen instant noodles, for about INR 500 crore. The target company’s Japanese parent Nissin will remain the majority shareholder with 66% stake and will drive the business. Mitsubishi has also picked up equity stake in Nissin Foods Holdings' Singapore, Thailand and Vietnam subsidiaries.

Mergers & Acquisitions

Future Group acquires residual 30% in rural retail chain Aadhaar

Publicly-listed Future Consumer Enterprise (FCE) has allotted 4,59,18,367 equity shares to Godrej Agrovet Limited and Anamudi Real Estates LLP in return for their 30% shareholding in rural retail chain Aadhaar Wholesale Trading and Distribution Limited. Consequent to the deal, Aadhaar is now a wholly owned subsidiary of FCE.

Future Group acquires 51% in processed foods firm Sublime

Publicly listed Future Consumer Enterprise has acquired a 51% stake in Sublime Foods Private Limited, a provider of processed food items like speciality sauces, salad dressings, cooking pastes, spreads and dips.

Market research firm MRSS acquires majority stake in EMTEE Research

prnewswire.com

Full service market research firm MRSS India, a subsidiary of MMRSS (Majestic Market Research Support Services Ltd), is acquiring a majority stake in New Delhi-based EMTEE Research and Consultants Pvt Ltd, a market research agency that focuses on the trade audit sector.

EXL to acquire US marketing analytics firm RPM Direct for $74-M

Nasdaq-listed BPO firm EXL is to acquire RPM Direct, LLC, an US-based marketing anaytics firm focused on the insurance industry, for $47 million in cash plus contingent cash consideration of up to $23 million and $4 million of restricted stock. RPM was exclusively represented by investment bank Petsky Prunier while Winston & Strawn LLP provided legal counsel. Founded in 2001, RPM's services cover insurance verticals including property & casualty, life and health.

Godrej hikes stake in S.African FMCF firm Darling to 90%

Publicly-listed Godrej Consumer Products as entered into an agreement with the Darling Group for increasing its shareholding in Darling South Africa and Mozambique businesses to 90%.

From the Venture Intelligence M&A Deal database: In June 2011, Godrej had invested $111 million to acquire a 51% stake in South Africa based hair care products maker Darling Group. It increased its stake further in 2014.

Future Lifestyle hikes stake in Mother Earth to 72.16%

Publicly-listed Future Lifestyle Fashions has made further investment in Indus Tree Crafts Private Limited (ITCPL) to increase its total stake from 63.34% to 72.16%. ITCPL is engaged in the business of designing, creating, exporting, domestic retailing and distribution of a wide range of environmentally and socially sustainable products under brand name "Mother Earth".

QuEST Global acquires German engg design firm EDF

QuEST Global is to acquire Munich, Germany-based EDF GmbH to strengthen its automotive engineering service offering as well as add to its capabilities in transportation. The deal will help QuEST gain a stronger presence in its core target markets of Western Europe, specifically in Germany.

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ITC acquires Park Hyatt Goa for Rs. 515-Cr

BSE, Times of India

Publicly listed ITC is to acquire Park Hyatt Goa, a five-star deluxe property of Delhi-based Blue Coast Hotels Group for INR 515 crore. The hotel was put up for sale by IFCI under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and ITC was declared the highest bidder. Blue Coast, the owner of Park Hyatt Goa, forayed into hospitality in 1996 with the acquisition of a 45-acre parcel of land in Goa where it built its flagship Park Hyatt Resort & Spa.

Balasore Alloys acquires Rohit Ferro Tech’s Orrisa plant for Rs.1,025-Cr

Balasore Alloys is to acquire fellow publicly-listed Rohit Ferro Tech Limited’s ferro alloys plant at Kalinganagar Industrial Complex, Jajpur, Odisha on a slump sale basis for INR 1,1025 Crore. Khaitan & Co. was the legal advisor to the seller.

Other Deals

SBI consortium takes over Kingfisher House in Mumbai

Times of India

A 17-bank consortium led by state-run SBI has taken possession of Kingfisher House in Mumbai’s Vile Parle. The property is estimated to be worth Rs 100 crore. The banks have taken possession of the over 17,000 sq ft property near the domestic airport as part of their efforts to recover the Rs 6,800 crore loan they had granted to the long-grounded Kingfisher Airlines.

Real Estate Transactions

Omaxe sells 19.35 acre land at Vizag for Rs 112-Cr

Economic Times

Realty firm Omaxe has sold its 19.35 acres land at Vishakhapatnam for Rs 112 crore as part of its plan to divest non-core assets. The fund raised would be utilised on construction of the existing projects. Omaxe has sold its entire holding of 50,000 equity shares, of Rs 10 each, at Rs 525 per share for a total Rs 2.62 crore in wholly-owned subsidiary Finishing Touch Properties and Developers Ltd. The subsidiary owned 19.35 acre of land at Vishakhapatnam and was proposing to develop a group housing project in colloboration with other fellow subsidiary.

Omaxe is also reportedly in the process of selling about 100 acres at Yamuna Nagar in Haryana.

Country Club sells Maharashtra land for Rs 4.5 cr

Business Line

Hyderabad-based leisure and hospitality chain Country Club Hospitality has monetised a surplus non-core asset in Maharashtra for Rs. 4.5 crore. The company is actively looking at monetising non-core assets to the tune of Rs. 100 crore as a part of the overall strategy to reduce the company debt.

Tata Coffee buys Chennai office space in e-auction from Andhra Bank for Rs. 65-Cr

Times of India

Tata Coffee Ltd has bought a 90,000 sq.ft commercial property in MRC Nagar in south Chennai from Andhra Bank through an e-auction for Rs. 65 crore. The property spread across four floors on TVH Beliciaa Towers was auctioned after its owner Siva Industries and Holdings, part of NRI businessman C Sivasankaran's Siva Group, availed of loans from the bank and defaulted. The transaction values commercial real estate space at the location at Rs. 7,222 per sq.ft. The property earns a rental of Rs. 65 per sq ft per month. Andhra Bank took possession of property after Siva Industries defaulted payment of Rs 42.7 crore loans.

Last month, Sivasankaran, agreed to sell Firhaven Estate, his 1.9 lakh sqft residence in MRC Nagar, to unknown buyers for nearly Rs 400 crore.

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March 12
Mumbai

The Venture Intelligence APEX’15 Private Equity & Venture Capital Summit is set to bring together over 200 entrepreneurs and investors. The Summit will kick off with a vigorous debate on how long lasting the euphoria in the public and private markets will be, followed by a Keynote by Mr. Rakesh Malhotra - who had exited Luminous Tech for INR 1,400 Cr in '11 and has since partnered PE/VC funds in newer ventures.  The Summit will also feature  special discussions on Family Offices & Private Equity and Early Stage funding successes.

Speakers Include

	Pravin Gandhi Managing Partner, Seedfund		Salil Musale ED, Astarc Ventures
	Raj Nair Chairman, Avalon Consulting		Parag Dhol MD, Inventus Capital
	Vani Kola Kalaari Capital		Rakesh Malhotra SAR Group

V. Anantha Nageswaran Markets Expert

Benaifer Malandkar RAAY Global, Patni Family Office

Rubi Arya Milestone Cap

Krishna Kumar Simplilearn

	Srikrishna Ramamoorthy Unitus Seed Fund		Vish Narain TPG Growth
	Sumit Dhanuka Sr. Investment Manager, NCubate Capital		Ashwani Gaur Founder, Playcez
	Sandeep Parekh  Founder, Finsec Law		Chandu Nair Member, Chennai Angels
	Gopal Jain Gaja Capital		Hetal Gandhi Tano Capital
For More Details & Agenda		Click Here
For Participation		apex@ventureintelligence.in

Exfinity plans to raise $200 M second fund

Business Line

Exfinity plans to launch an offshore fund of $100-300 million. Exfinity is co-founded by former Infosys CFOs TV Mohandas Pai and V Balakrishnan, former Wipro joint CEO Girish Paranjpe and former iFlex Solutions CEO Deepak Ghaisas.

Piramal Fund to invest $800 M in construction finance

Business Line

Piramal Fund Management is planning to enter the construction finance space and has approved nine construction finance proposals totalling Rs. 1100 crore. The initial transaction volume is spread across Mumbai, Delhi NCR, Bangalore, Pune and Chennai, with projects located in micro markets with robust demands.

IIML's Archana Hingorani joins Alembic Pharma board

Publicly listed Alembic Pharmaceuticals Ltd has appointed Dr. Archana Hingorani, CEO & ED of listed PE firm IL&FS Investment Managers, as an Independent Director on its board.

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Updates from the Venture Intelligence
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Private Equity/Strategic Investment

Solar power firm Rays in talks to raise Rs.400-Cr

Economic Times

Solar power solutions provider Rays Power Experts is in tals with private equity firms to raise INR 400 crore. Blackstone and Gujarat Venture Finance are among the investors in talks to invest in the four-year-old, Jaipur-headquartered startup. A potential transaction could see the investors pick up as much as 25% ownership.

Founded in 2011 by IIT Roorkee alumni Rahul Gupta, Rays Power sets up solar parks and provides services ranging from land identification to acquisition, supplying of solar panels and accessories, site infrastructure and maintenance, as well as installation and commissioning of projects. The company is now looking to build its own solar plants and has commissioned a 100-MW solar project at Bikaner in Rajasthan. It reported profit after tax of INR 10.7 crore and revenue of INR 230 crore in the financial year ended March 31, 2014.

Mobile handsets maker Micromax shelves IPO plans; in talks with Alibaba, Softbank

Economic Times

With its IPO plans on the backburner, homegrown handset vendor Micromax is exploring strategic options including selling a significant minority stake in the company with a clear milestone-linked roadmap for a change of control in the future. Goldman Sachs is advising Micromax to explore these options. Feelers have gone out to several Asian technology and communications companies including Chinese ecommerce company Alibaba, and Japanese communications giant Softbank. The promoters of Micromax are seeking a valuation of INR 21,000 crore which is 2.5-2.9 times FY14 total income of INR 7,142 crore.

A transaction would give exits to private equity investors TA Associates, Sequoia Capital, Sandstone Capital and Madison India Capital. The company’s four founder promoters -- Rahul Sharma, Rajesh Agarwal, Sumeet Kumar and Vikas Jain - own a little less than 80% of the company.

DLF to sell 50% stakes in 4 projects to raise Rs 3,000-Cr

Economic Times

Listed real estate firm DLF plans to divest around 50% stake each in four new housing projects in Delhi-NCR and South India to private equity firms for over Rs 3,000 crore. The company would utilise the funds to improve its cash-flows that have been affected due to slowdown in housing demand.

Abhibus to raise $10-M

Economic Times

Hyderabad-based software and services provider to fleet owners Abhibus.com has appointed Kotak Investment Banking for raising $40 million from PE funds, starting with a $10 million tranche. The funds will be used to support the company's expansion plans and increase its brand presence across India.

Infosys in talks to invest in cloud-based air quality detector firm

Business Standard

Infosys is in talks to invest in a start-up that develops cloud-based air quality detectors. Recently, Infosys has announced a $15 million investment in a spin-off from animation movie maker DreamWorks Animation.

Medwell Ventures plans to raise $10-15 mn

Mint

Hyderabad-based integrated healthcare service provider Medwell Ventures Pvt. Ltd is planning to raise $10-15 million to fund the immediate growth plans of its Nightingales business, which offers doorstep healthcare services on a subscription model. The company will raise an additional $15-25 million after three years as it expands the home healthcare business, and evaluates investing opportunities. Medwell, started by former Fortis Healthcare Ltd chief executive Vishal Bali and three investors, acquired Bengaluru-based Nightingales in April last year. The company will invest about $25 million over the next 3-5 years in Nightingales Home Health Services, and in newer business opportunities.

Beauty online venture Nykaa in talks to raise $10-M

Business Standard

Nykaa, the beauty ecommerce portal founded by investment-banker-turned entrepreneur Falguni Nayar, is in talks with investors to raise Series C funding worth $10 million to expand offline stores as well launching its private labels. About 10-13 % stake will be diluted in the proposed fundraising.

Promoted by FSN E-Commerce Ventures Pvt Ltd, Nykaa.com had raised Rs 20 crore ($3.4 million) in funding from private investors last year. Nykaa sells branded products across categories of bath & body, fragrances, hair care, makeup, skincare and luxury products for men and women.

The start-up was founded in 2012 by Falguni Nayar, the former managing director at Kotak Mahindra Capital Company and her husband Sanjay Nayar, chief executive officer, KKR India. The Nayars had invested $2 million in the company and controlled 95% stake, while employees held the rest. After a Series B funding, the family's stake came down to 78%.

IPOs

Tano Capital-backed Shree Shubham Logistics to raise Rs.210-Cr

Economic Times

Gandhinagar-based Shree Shubham Logistics, a subsidiary of publicly listed Kalpataru Power Transmission Ltd, has filed for an IPO to raise INR 210 crore. The offer will also include an offer for sale of up to 7,007,876 equity shares by Tano India Private Equity Fund II. Inga Capital, Citigroup and IDFC Securities are the book running lead managers to the issue.

From the Venture Intelligence PE Deal database: In April 2013, Shree Shubham Logistics Ltd. raised Rs.80 crore from Tano India Private Equity Fund II. Inga Capital was the sole advisor to the company for the transaction. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)

IL&FS Energy planning Rs.4,000 Cr IPO: report

Mint

IL&FS Energy Development Co. Ltd (IEDCL) is looking to raise Rs.4,000 crore through an initial public offering

Currently, IEDCL has around 1,000 megawatts (MW) of power generation capacity, 3,000MW of capacity in various phases of implementation and around 10,000MW of capacity in the project development phase. Its 1,200MW thermal power project in Cuddalore, Tamil Nadu, is due for completion in 2015.

M&A

Housing.com in talks to acquire real estate data firm PropEquity for Rs.80-Cr

Business Line

Housing.com is in talks to buy New Delhi-based PE Analytics, a firm that owns online subscription-based real estate data and analytics platform, PropEquity, for INR 80-85 crore. PropEquity provides data on more than 40 cities in India. A source said it tracks market trends and offers data and analytics to the real estate sector.

From the Venture Intelligence PE Deal database: In July-08, PropEquity had raised an investment commitment of $10 million from US-based hedge fund Och-Ziff.

Engg design firm Tata Tech earmarks $250-M for acquisitions

Times of India

Pune-based Tata Technologies is looking to be a billion-dollar company in the next few years and it will be achieved through a combination of organic and inorganic route. The company is looking to acquire companies worth $250 million in three main areas: domain coverage, customer profile acquisitions and geographical expansion.

Mahindra in talks to acquire stake in ABG Shipyard: report

Times of India

The Mahindra Group has initiated talks with ABG Shipyard to acquire a large strategic stake in the publicly listed maker of naval ships and vessels. Pune-based Bharat Forge is said to be another contender. Mahindra has also been in discussions to acquire Pipavav Defence & Offshore Engineering, where it is pitched against the Munjals of Hero MotoCorp.

Rishi Agarwal-promoted ABG, the country's largest ship builder with facilities in Gujarat and Goa, is in the midst of a Rs 11,000-crore debt restructuring plan.

Baring looking to exit BFSI software firm Infrasoft: report

Business Line

Baring Private Equity Partners India has initiated talks to offload its entire stake in Mumbai-based BFSI focused software products and services firm Infrasoft Technologies for INR 500 crore. The PE fund has appointed a global investment bank to scout for buyers.

From the Venture Intelligence PE Deal database: In July 2007, Baring India had invested about INR 100 crore in Infrasoft for a 53.22% stake.

Apax looks to exit iGate

Times of India

IT services company iGate's largest shareholder Apax has indicated that it would look to liquidate its stake in the firm. The US-listed company's founders -Sunil Wadhwani and Asholk Trivedi -have pared their holding in the company. iGate has filed an `automatic shelf registration' with the Securities and Exchange Commission announcing Apax's desire to have an option to liquidate its stake in the firm. Apax owns close to 30% of iGate. The registration statement relates to the registration and possible resale of up to 23,384,095 shares of our common stock by funds advised by Viscaria Limited., a unit of Apax.

Apax had invested $480 million in debt to fund iGate's $1.2 billion acquisition of Patni in 2011. In November 2014, iGate announced that it had struck a deal with Apax to convert the debt to equity and would pay the private equity firm $80 million to effect the conversion.

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New Ventures

Shiv Sena leader Uddhav Thackeray launches real estate firm

Business Standard

Aditya Thackeray, the son of Shiv Sena chief Uddhav Thackeray, has launched Como Stocks & Properties LLP to carry out real estate related activities.

Uno Minda forms JV with Japan's Kosei Aluminum

Economic Times

Auto component maker Uno Minda has inked a joint venture pact with Japan's Kosei Aluminum Co to manufacture and sell alloy wheels in the country. The joint venture firm, Minda Kosei Aluminum Wheel, will be set up in Bawal (Haryana) with a total investment of Rs 200 crore for first phase of production and with an equity share of 70% with Uno Minda and 30% with Kosei Aluminum Co Ltd. The JV company would develop, manufacture and market aluminium alloy wheels for major car manufacturers

People

Snapdeal's CTO Quits, may Turn Entrepreneur

Economic Times

Snapdeal Chief Technology Officer Amitabh Misra has quit the New Delhi based online marketplace, and is likely to start his own entrepreneurial venture. Misra, who joined the company in 2011, and held the role of Senior Vice-President ­Engineering, spearheaded the company's efforts in creating and building its information technology infrastructure and backend systems. Misra, who put in his papers earlier this month, will leave at the end of February.

Snapdeal has recently brought on board former Yahoo India and Amazon Web Services executive Jeyandran Venugopal.

FINO PayTech elevates Rishi Gupta to CEO & MD

Medianama

Rishi Gupta, previously the COO and Executive Director of FINO PayTech, has been appointed the company's Managing Director and CEO. Gupta had been overseeing the business operations of the company since December 2013. FINO has applied for payment bank license and has ICICI Bank, Union Bank of India, Indian Bank, Corporation Bank, LIC, ICICI Lombard, Intel Capital, IFC, Headland Capital Partners and the Blackstone Group as its investors.

FINO had acquired Nokia Money in 2012 and launched a service called Takatak Money. Takatak Money offers money transfers, utility bill payments, mobile & DTH recharges.

Rabobank India CEO steps down

Business Standard

Surojit Shome, Chief Executive Officer of Rabobank India has stepped down last week. Shome had taken over as the MD & CEO in 2009. He was earlier the MD and head of investment banking at Nomura Group.

Others

PE firms served MAT notices

Business Standard

A host of foreign private equity firms have received income-tax notices for payment of minimum alternate tax (MAT). MAT is levied at 20% on capital gains made on the sale of shares in India-listed companies. A tax demand of Rs 1,000 crore has been made from about 35 private equity funds that took advantage of the Mauritius route while selling shares in Indian companies.

RBS to shut down its banking ops in India, retains back office biz

Business Standard

Royal Bank of Scotland (RBS), has decided to shut down its banking operations in the country but will be retaining the back office. At the end of December 2014, the net balance sheet exposure of the bank's operations in India fell by £1.7 billion to £2.0 billion.

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The Deal: Stake acquisition by Sun Pharma promoter Dilip Shanghvi in Suzlon Energy

Advisor: Finsec Law

Client: IndusInd Bank, manager to the open offer.

Deal Value: The deal is approximately valued at Rs. 18000 Million, with an additional open offer size of approximately Rs. 28000 Million (total of Rs. 46 billion)

Deal Date: February 2015

Deal Description: The Dilip Shanghvi family and associates (DSA) will make equity investments worth INR 1,800 crore in publicly listed wind turbine manufacturer Suzlon Energy Ltd promoted by Tulsi Tanti. Post allotment, DSA will hold 23% in Suzlon, while the Tanti Family will hold 24%. DSA has made an Open Offer at INR 18 a share costing INR 2,837.59 crore. IndusInd Bank is managing the open offer for DSA.

Advisory Role: Finsec Law Advisors advised and acted as legal advisor to the manager to the open offer, in the recent acquisition of a 23% stake in Suzlon Energy Ltd (a listed company) by billionaire, Dilip Sanghvi and his associates .

More Info: Click Here

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Knowledge Partner

Trilegal is one of India's leading law firms with offices in four of India’s major cities - Mumbai, New Delhi, Bangalore and Hyderabad.  The firm has the experience and expertise in acting on complex, high-value, cross-border as well as domestic transactions, leading to its key practices winning top industry awards and accolades. The firm’s key practice areas include private equity and venture capital; corporate - mergers and acquisitions, strategic alliances and joint ventures, projects, energy and infrastructure, banking and finance, restructuring, capital markets, telecoms, media and technology, dispute resolution, competition law, labour and employment, real estate and taxation. Trilegal is recognised as having a market leading practice with a client base that includes leading international and Indian companies as well as smaller growing businesses. The firm’s client roster comprises many of the world's leading funds, corporations, banks and financial institutions.

http://www.trilegal.com/

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