Corporate Finance Updates – January 2025
Blackstone Inks MOUs To Invest $11 Bn In Maharashtra Over 3-5 Years
Blackstone has signed three memoranda of understanding with the Maharashtra government at the World Economic Forum in Davos, committing an investment of approximately $11 billion (around INR 95,247 crores) over the next three to five years to develop infrastructure assets in the state. The agreements, made with Maharashtra Industrial Development Corporation (MIDC), City & Industrial Development Corporation of Maharashtra (CIDCO), and Mumbai Metropolitan Region Development Authority (MMRDA), will focus on projects such as data centers, warehousing, and industrial assets. This investment is part of a larger initiative, with over 60 MoUs signed by the state government, potentially amounting to $180 billion in investments. Blackstone’s existing real estate portfolio in India is valued at around $30 billion (Around INR 259,750 crores), including data centers in Navi Mumbai.
(Source: VC Circle, 24th January 2025)
Private Equity
Botanic Healthcare Raises Maiden PE Funding From Stakebot, Abakkus
Hyderabad-based Botanic Healthcare Pvt. Ltd has raised $28.9 million (around INR 250 crores) in its first private equity funding round from Stakeboat Capital and Abakkus Asset Manager Pvt. Ltd, valuing the company at around $120 million (Around INR 1038 crores). The funds will support the company’s global expansion and consolidation of its group entities. Founded in 2013, Botanic manufactures a range of botanical extracts, including fruit powders, herbal extracts, and natural colorants, catering to industries like nutraceuticals, food and beverage, and cosmeceuticals. The investment is expected to help Botanic scale its operations and achieve annual sales exceeding$120 million (Around INR 1,038 crores) within the next three to four years.
(Source: VC Circle, 3rd January 2025)
PE Backed Foxtale Ropes In Strategic Investor To Lead Series C Round
Foxtale, a Mumbai-based D2C skincare brand, has raised $30 million (around INR 259 crores) in its Series C funding round, led by KOSÉ Corporation, with participation from existing investors Panthera Growth Partners, Z47, and Kae Capital. The funds will support market expansion and R&D development. Foxtale has also formed a strategic partnership with KOSÉ to boost the latter’s presence in India. Launched in 2021, Foxtale offers targeted skincare solutions and has seen a 150% growth in FY25 revenue. Its D2C channel contributes half of its revenue with a strong repeat rate of 50%. The brand aims for profitability by the end of the next financial year. KOSÉ sees this partnership as an opportunity to grow in the premium mass skincare segment in India.
(Source: VC Circle, 15th January 2025)
Kedaara Capital Starts 2025 With $350 Mn Bet On Impetus Technologies
Kedaara Capital, a leading Indian private equity firm, has made its first investment in the data analytics and AI space, committing over $350 million (around INR 3,030 crores) to US-based Impetus Technologies. Impetus, which operates six offices in India, specializes in data-driven solutions for industries like financial services, healthcare, and travel. The firm has key partnerships with AWS, Databricks, Google Cloud, Microsoft, and Snowflake. Kedaara’s investment strategy focuses on growth sectors such as technology, healthcare, and financial services. Its portfolio includes companies like Lenskart, Vishal Mega Mart, and Aavas Financiers.
(Source: VC Circle, 16th January 2025)
Reliance Backed Netradyne Grabs $90 Mn In Series D Round
Netradyne, a Reliance Industries-backed fleet management software provider, raised $90 million (Around INR 779 Crores) in a Series D funding round led by Point72 Private Investments, with additional participation from Qualcomm Ventures and Pavilion Capital. This follows previous investments, including a $150 million (around INR 1298 crores) Series C in 2021. Netradyne offers AI-powered SaaS solutions to monitor driver performance and improve fleet safety, leveraging over 18 billion miles of driving data. The company plans to use the funds to boost R&D, accelerate global expansion, and enhance its market presence, with a focus on Europe and Japan. Since its 2015 launch, Netradyne has expanded to over 3,000 customers in multiple countries, including the US, India, and the UK.
(Source: VC Circle, 17th January 2025)
Apis Partners Leads Series E Round Of Overaeas Education Financier Leap
Leap, an education guidance and financing platform, raised $65 million (around INR 562 crores) in its Series E round led by Apis Partners. The funding will help accelerate growth, drive AI innovation, and support potential acquisitions. Founded in 2019, Leap has raised over $200 million (around INR 1,731 crores) and operates in 10 countries, offering services like counseling, visa support, and education loans. The company plans further expansion globally. Leap’s AI-driven solutions aim to enhance student experiences and streamline international education processes. Apis Partners highlighted the transformative potential of embedded finance in education.
(Source: VC Circle, 29th January 2025)
Venture Capital
Zoplar raises $3.4 Mn In Series-A Funding
Zoplar, a medical equipment procurement platform, has raised $3.4 million (around INR 29 crores) in a Series A funding round led by Blume Ventures, bringing its total funding to $5.1 million. (around INR 44 crores) The round also saw participation from Beenext, Saison Capital, Atrium Angels, Finfirst, and LogX. The Gurugram-based startup plans to use the funds to enhance operational capabilities, focus on supply chain integration, and build a robust service engineering team. Zoplar helps MSME hospitals optimize procurement, manage vendor relationships, ensure quality after-sales service, and access financing. The company was founded by Amit Sah and Umesh Sharma.
(Source: VC Circle, 07th January 2025)
EMO Energy Snags Series-A Funding
EMO Energy, a Bengaluru-based battery solution (software and hardware) startup, has raised $6.2 million (around INR 53 crores) in a Series A round led by Subhkam Ventures, with participation from Transition VC. The funds will help scale energy solutions for two- and three-wheel vehicles and deploy 1 gigawatt-hour of energy storage. The company, founded in 2022 by veterans from Tesla, Rivian, Ather, and GM, previously raised $1.2 million (around INR 10 crores) in 2023.
(Source: VC Circle, 07th January 2025)
Beyond Snacks Bags $8.3 Mn
Beyond Snack, an FMCG brand based in Alappuzha, Kerala, has raised $8.3 million (around INR 71 crores) in a Series A round led by 12 Flags Group, with participation from existing investors NAB Ventures, FAAD Network, and Japanese VC firm Enrission India Capital. The funds will be used to expand into new territories, invest in product innovation, and enhance its supply chain infrastructure. Founded in 2020 by Manas Madhu, Jyoti Rajguru, and Gautam Raghuraman, Beyond Snack currently operates in 12 countries and aims to further expand its global presence.
(Source: VC Circle, 09th January 2025)
Healthcare-Focused SaaS Unicorn Innovacer Raises $275 Mn In Series F
Tiger Global-backed Innovaccer, a healthcare SaaS startup, has raised $275 million (around INR 2365 crores) in its Series F round, marking its first external fundraise in over three years. The company helps healthcare organizations integrate data to provide unified patient records. The funds will enhance AI and cloud capabilities, expand its developer ecosystem, and deepen offerings for existing customers. Innovacer plans to add new solutions for utilization management, clinical decision support, and care management. Founded in 2014 by Shashank, Kanav Hasija, and Sandeep Gupta, the company serves over 130 healthcare organizations. (Source: VC Circle, 10th January 2025)
Boba Bhai Raises $3.5 Mn In Series-A Funding
Boba Bhai, a Bengaluru-based QSR startup serving tea, has raised $3.5 million (around INR 30 crores) in a Series A round led by 8i Ventures, with participation from Titan Capital Winners Fund, Global Growth Capital, DEVC, and existing investors. The funds will be used to expand to new cities, scale operations, introduce menu innovations, and explore new sub-brands. Founded in 2023 by Dhruv Kohli, the company combines Bubble Tea, K-pop Burgers, and Ice Creams, processing over 80,000 monthly orders across 42 outlets in nine cities.
(Source: VC Circle, 13th January 2025)
Mergers & Acquisitions
ChrysCapital-Backed Intas Pharma Strikes Another Overseas Acquisition
Gujarat-based Intas Pharmaceuticals Ltd., backed by investors like ChrysCapital, Temasek, and ADIA, has reached an agreement to acquire the Udenyca brand from US-based speciality division for up to $558.4 million (around INR 4800 crores) Udenyca, a pegfilgrastim-cbqv product, is used to treat low white blood cell counts in cancer patients. The deal includes an upfront payment of $483.4 million (around INR 4157 crores), with an additional $75 million (around INR 645 crores) in potential milestone payments. Intas’s US division, Accord BioPharma, will expand its portfolio with this acquisition, which is expected to close in Q1 2025. The acquisition underscores Intas’s continued diversification and growth in the biosimilar industry.
(Source: VC Circle, 07th January 2025)
Goodyear To Sell Dunlop Brand To Japan’s Sumitomo Rubber For $701 Mn
Goodyear Tire & Rubber Co. announced it will sell its Dunlop brand to Japan’s Sumitomo Rubber Industries for $701 million (around INR 6028 crores) in cash as part of its business streamlining strategy. The sale includes Dunlop’s trademarks in Europe, North America, and Oceania. Goodyear will continue selling Dunlop-branded passenger tires in Europe until December 31, 2025, while paying royalties to Sumitomo. It will also supply certain Dunlop tires to Sumitomo for five years and license back Dunlop trademarks for truck tires in Europe on a long-term basis. This move follows Goodyear’s broader cost-cutting efforts, including the sale of its Off-the-Road tire business to Yokohama Rubber for $905 million (around INR 7783 crores)
(Source: VC Circle, 08th January 2025)
One Point One Solutions To Acquire US-Based Healthcare Company For $45 Mn
Mumbai-based IT services firm One Point One Solutions Ltd (OPO) has agreed to acquire a US-based healthcare company specializing in revenue cycle management for $45 million (around INR 390 crores), including earnouts. The acquisition, pending regulatory clearances, is expected to conclude by Q3 2025. The combined entity aims to enhance service delivery through AI and machine learning, strengthening OPO’s presence in the $410 billion (around INR 35,49,765 Crores) global BPM healthcare market. OPO also plans to expand operations with new nearshore delivery centers in Uruguay and the Dominican Republic, in addition to its existing offshore facilities in the Philippines. The company provides solutions across various sectors, including healthcare, banking, retail, and insurance.
(Source: VC Circle, 17th January 2025)
Piramal Alts-Backed Unit Of Aussie Firm Findi To Acquire BankIT On Road To India IPO
Australian payment provider Findi Ltd will acquire Noida-based BankIT Services Pvt. Ltd for $18.5 million (around INR 160 crores) through its subsidiary, Transaction Solutions International (India) Pvt Ltd, with completion expected by March 31. This follows Findi’s November purchase of Tata Communications’ Indicash ATM business for $34.7 million (around INR 330 crores). Both acquisitions support Findi’s strategy to launch an IPO for its India unit, backed by Piramal Alternatives. Findi aims to expand India’s fintech landscape, targeting underserved regions, while strengthening its market presence.
(Source: VC Circle, 20th January 2025)
Bain Capital-Backed 360 One WAM To Buy B&K Securities For $218 Mn
360 ONE WAM Ltd, formerly IIFL Wealth Management, has agreed to acquire Batlivala & Karani Securities India Pvt Ltd (B&K Securities) and its mutual fund distribution arm for $218 million (around INR 1,887 crores) in a cash-and-stock deal. The transaction includes $ 69.33 million (around INR 600.11 crores) in cash and shares worth $135.7 million (Around INR 1,174 crores), along with $12.69 million (around INR 109.89 crores) in cash for B&K Finserv. This acquisition will enhance 360 ONE’s broking, equity capital markets, and corporate treasury services, strengthening its position as a market leader. It also expands its offerings to retail, institutional, and high-net-worth clients. As part of the deal, Saahil Murarka, MD at B&K Securities, will join 360 ONE and lead the broking and capital markets business.
(Source: VC Circle, 27th January 2025)