Corporate Finance Alert November 2024

Bain Capital Raises $9 Bn for Special Situations Fund 

Bain Capital, which recently became a shareholder in an Indian auto component and construction equipment manufacturer, has successfully completed fundraising for its latest special situations fund. With this raise, the firm has emerged as one of the largest investors in the special situations space globally. Bain Capital has successfully raised $9 billion (around INR 76,000 crores) for its latest Global Special Situations Fund. The fund includes $5.7 billion (around INR 48,296 crores) from Global Special Situations Fund II, along with $3.3 billion (around INR 27,960 crores) from previously closed Asia and Europe regional funds. Bain’s Special Situations strategy, managing over $20 billion (around INR 169,460 crores) in assets, focuses on capital solutions, hard assets, and distressed asset investments.

(Source: VC Circle, 19th November 2024)

Private Equity

Avendus, Adani, 360 One Invest In EQT-Controlled Sagility

Swedish private equity firm EQT has sold a portion of its stake in Sagility India Ltd to a group of investors ahead of the company’s IPO. The transaction involved the sale of 122 million shares at Rs 30 per share, raising approximately $43.5 million (around INR 368 crores). Investors in this round included Adani Properties Pvt Ltd, Avendus Future Leaders Fund II, and funds managed by 360 One (formerly IIFL Wealth), among others. 

(Source: VC Circle, 04th November 2024)

Snack Maker Haldiram Bhujiawala Raises Private Equity Funding

Haldiram Bhujiawala Ltd, a Kolkata-based snacks and sweets company operating under the Prabhuji brand, has raised $27.86 million (around INR 235 crores) from Pantomath Advisors’ Bharat Value Fund, acquiring a minority stake. The investment will support the company’s expansion plans, including a larger manufacturing facility and increased market presence outside its core eastern and northeastern regions, particularly in Uttar Pradesh. The transaction values the company at approximately $236-$271 million (around INR 2,000-2,300 crores), based on a 2.5x revenue multiple. 

(Source: VC Circle, 8th November 2024)

TA Associates Inks Second Control Private Equity Deal In India

US-based private equity firm TA Associates has made an undisclosed investment in Vee Healthtek, a provider of revenue cycle management (RCM) services in India, marking its entry into the RCM sector. This investment is TA Associates’ second in the Indian healthcare IT space, following its 2022 investment in Zifo Technologies. It also represents the firm’s second majority stake acquisition in India, after acquiring a controlling interest in OmniActive Health in 2023. Although financial details were not disclosed, reports indicate that TA Associates will hold a significant majority stake for $250 million (around INR 2,111 crores). 

(Source: VC Circle, 19th November 2024)

KKR-Backed Advanta Enterprises Adds Alpha Wave To Its Cap Table

US-based private equity firm Alpha Wave Global will acquire a 12.5% stake in hybrid seeds company Advanta Enterprises Ltd for $350 million (around INR 2,950 crores), joining KKR on the investor roster. The investment, made through the Alpha Wave Ventures II fund, includes $100 million (around INR 847 crores) in primary capital to support Advanta’s growth, while the remainder is a secondary share purchase from parent company UPL Ltd. This deal values Advanta at $2.85 billion (around INR 24,147 crores) for the primary infusion and $2.70 billion (around INR 22,800 crores) for the secondary purchase. Advanta, operating in over 80 countries, specializes in plant genetics and hybrid seeds.

(Source: VC Circle, 20th November 2024)

Zepto Mops Up Another $350 Mn In An Entirely Domestic Funding Round

Zepto, a quick-commerce startup, has raised $350 million (around INR 3,000 crores) in its latest funding round from domestic investors, including high-net-worth individuals, family offices, and prominent financial institutions. This round brings Zepto’s total capital raised to over $1.35 billion (around INR 11400 crores). The funding was led by Motilal Oswal AMC, with participation from notable investors such as Raamdeo Agarwal, Mankind Pharma Family Office, RP Sanjiv Goenka Group, and several others, including celebrities like Abhishek Bachchan and Sachin Tendulkar. The round values the company at $5 billion (around INR 42,225 crores).

(Source: VC Circle, 22nd November 2024)

Venture Capital

GalaxEye Secure Early-Stage Cheque 

GalaxEye, a space-tech startup focused on satellite-based Earth observation, raised $10 million (over ₹84 crore) in Series A funding. Led by Mount Tech, chaired by former Union Defence Secretary Ajay Kumar, the round also included Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors, and Infosys. The funds will accelerate the development of GalaxEye’s satellite mission, aimed at delivering high-resolution, all-weather data by next year. Founded in 2021, the company plans to launch micro-satellites by 2027 for real-time insights.

(Source: VC Circle, 6th November 2024)

Peak XV Leads SarvaGram’s Nearly $70 Mn Series D Round

SarvaGram Solutions, a rural lender based in Pune, has raised $67 million (around INR 565 crores) in a Series D funding round led by Peak XV Partners, with participation from existing investors Elevar Equity, Elevation Capital, Temasek, and TVS Capital. This brings its total funding to $112 million (around INR 950 crores). The company, which provides loans, insurance products, and farm mechanization services, targets over 96 million rural households, focusing on farm, salaried, and MSE segments. 

(Source: VC Circle, 14th November 2024)

Vecmocon Rake In Early-Stage Cheque

Vehicle intelligence company Vecmocon has raised $10 million (around INR 84 crores) in a funding round led by Ecosystem Integrity Fund, with Blume Ventures and British International Investment participating. The funds will support Vecmocon’s expansion into electric two-wheelers, three-wheelers, light commercial vehicles (LCVs), and buses. The company, founded in 2016 at IIT Delhi, specializes in embedded design, power electronics, IoT, and data science, and currently powers over 70,000 vehicles in India. 

(Source: VC Circle, 18th November 2024)

Accel-Backed KGeN Raises $10 Mn From Aptos Labs, Others

Accel-backed gaming startup KGEN (Kratos Gamer Network) has raised $10 million (around INR 84 crores) in a funding round led by Aptos Labs, with participation from Polygon and Game7. This brings KGEN’s total funding to $30 million (around INR 253 crores). The company plans to use the funds to expand its platform, add new features, and increase its presence in emerging markets. The POG engine also enables gamers to monetize their profiles, reducing customer acquisition costs for gaming companies by 30-60%.

(Source: VC Circle, 22nd November 2024)

Toymaker Candytoy Corporate Snags $13 Mn In Series A Round

Indore-based Candytoy Corporate Pvt. Ltd. has raised $13 million (around INR ₹114 crores) in a Series A round, led by Abakkus Asset Managers, achieving a post-money valuation of $100 million (around INR ₹850 crores). The round saw participation from 26 investors, including Sixth Sense Ventures, Girik Capital, Param Capital, and Viney Equity Market. The funds will be used to expand manufacturing capabilities and build a skilled workforce to support global growth. Founded in 2019, Candytoy exports promotional toys and confectionery to regions including Europe, the U.S., Africa, Turkey, Japan, and West Asia.

(Source: VC Circle, 27nd November 2024)

Mergers & Acquisitions

Veefin Makes Its Fourth Acquisition In Five Months, Buys 50% In Singapore AI Firm

Veefin Solutions Ltd, a Mumbai-based supply chain fintech startup, is acquiring a 50% stake in Singapore-based AI startup Walnut Al for approximately $2 million (around INR 17 crores). This marks Veefin’s fourth acquisition in five months. Walnut, founded in 2020, provides AI-powered software solutions to financial institutions for managing large datasets in areas like credit, risk, KYC, and capital markets. With an estimated revenue of $1.2 million (around INR 10 crores) in 2024, the acquisition helps Veefin expand its client base, which includes major financial institutions like DBS and Bank of Singapore. Walnut will continue to operate independently post-acquisition. 

(Source: VC Circle, 5th November 2024)

Kunal Shah-Backed Blox Buys Into Real Estate Advisory Firm Guardians

Kunal Shah-backed proptech platform Blox has acquired an 11% stake in Mumbai-based real estate advisory firm Guardians for $12 million (around INR 105 crores), with plans to increase its stake to 50% over the next three years. The acquisition will help Blox streamline operations, double margins on transactions, and integrate both companies into a single ecosystem. The company previously acquired stakes in Justo and Plinthstone REMA and may explore further inorganic expansion opportunities.

(Source: VC Circle, 13th November 2024)

Samara, Convergent-Backed Agro Tech To Buy Bharti-Del Monte JV

Agro Tech Foods Ltd, the company behind ACT II popcorn and Sundrop cooking oil, has agreed to acquire Del Monte Foods Pvt Ltd (DMFPL) in an all-stock deal valued at $154 million (around INR 1,300 crores). DMFPL is a joint venture between Bharti Enterprises (59.29%) and Del Monte (40.71%), and both will become shareholders in Agro Tech post-transaction. The acquisition follows the purchase of a majority stake in Agro Tech by private equity firms Samara Capital and Convergent Finance for $76.9 million (around INR 650 crores. 

(Source: VC Circle, 14th November 2024)

Ontario Teachers’-Controlled Sahyadri Snaps Up Maharashtra Hospital 

Sahyadri Hospitals, a Maharashtra-based hospital chain backed by Ontario Teachers’ Pension Plan (OTPP), has acquired a controlling stake in Saideep Healthcare & Research Pvt Ltd, a smaller hospital operator in Ahmednagar, Maharashtra. This marks Sahyadri’s first acquisition since OTPP’s investment in 2022. Saideep, founded in 2012, operates a 260-bed hospital and reported revenue of $13.29 million (around INR 112.4 crores) for FY24. Sahyadri, which operates nine hospitals across Pune, Nashik, and Karad with 970 beds, reported an 8.8% revenue growth to $96 million (around INR 813 crores) for FY24.

(Source: VC Circle, 25th November 2024)

RIL’s US Unit Buys $12 Mn Stake In Helium Explorer Wavetech

Reliance Industries’ U.S. subsidiary has acquired a 21% stake in Wavetech Helium, a U.S.-based helium production company, for $12 million (around INR 101 crores). This investment is part of the conglomerate’s strategy to expand its low-carbon energy portfolio. In 2021, Reliance, led by billionaire Mukesh Ambani, committed $10 billion (around INR 84,698 crores) to develop its green energy initiatives and achieve its net-zero carbon target by 2035. Helium, a by-product of natural gas mining, is essential for various green technologies and has applications in medicine, scientific research, aerospace, electronics, and fiber optics.

(Source: VC Circle, 28th November 2024)

 

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