Corporate Finance Alert February 2025
NIIF, BII, Eversource to exit Ayana Renewable in $2.3 Bn deal
The National Investment and Infrastructure Fund (NIIF), British International Investment (BII), and Eversource Capital have agreed to sell their renewable energy platform, Ayana Renewable Power, to a joint venture between ONGC and NTPC. The acquisition, valued at $2.3 billion (around INR 19,500 crores), includes debt and marks ONGPL’s first foray into the renewable energy sector since its formation in November 2024. Ayana, which operates and develops wind and solar assets totaling 4.1 GW, was established by BII in 2018 and has received significant investment from the three parties over the years. The deal aligns with ONGC and NTPC’s targets to achieve net-zero emissions by 2038 and 2050, respectively. Deloitte and JSA Advocates advised the buyers, while Standard Chartered, Khaitan & Co, and Cyril Amarchand Mangaldas advised the sellers.
(Source: VC Circle, 12th February 2025)
Private Equity
Apex Kidney Care Secures $9 Mn Investment from Blue Earth Capital
Mumbai-based Apex Kidney Care Pvt Ltd has secured $9 million (around INR 78 crores) from Switzerland-based impact investor Blue Earth in exchange for an undisclosed equity stake. Blue Earth, a limited partner in Tata Capital Healthcare Fund’s second fund, joins as a co-investor in Apex. Tata Capital Healthcare Fund, which has raised $200 million (around INR 1751 crores) across its two funds and invested in 19 companies, continues to back Apex, a dialysis service chain.
(Source: VC Circle, 5th February 2025)
Akasa Air raises fresh capital from PremjiInvest, Ranjan Pai’s Claypond
Akasa Air has secured fresh capital from Premjilnvest, Claypond Capital, 360 ONE Asset, and the family of the late Rakesh Jhunjhunwala. The exact investment amount was undisclosed. Launched in August 2022, Akasa has flown over 15 million passengers and connects 22 cities in India and five international destinations. CFO Ankur Goel stated the funds will support sustainable growth and financial stability.
(Source: VC Circle, 6th February 2025)
Multiples PE picks up majority stake in QBurst
Multiples Alternate Asset Management, founded by Renuka Ramnath, announced on Thursday that it and its co-investors will invest $200 million (around INR 1,751 crores) to acquire a controlling stake in QBurst, a digital product engineering platform. This marks Multiples PE’s largest control investment in technology services. The firm plans to prioritize enterprise technology in the coming years and intends to deploy close to $2 billion (around INR 17,510 crores) in the sector over the next five years, according to Manish Gaur, Managing Director and Head of Enterprise Technology at Multiples.
(Source: VC Circle, 6th February 2025)
CVC Capital to sell majority stake in IPL Team Gujarat Titans to Torrent
Private equity firm CVC Capital has agreed to sell a 67% stake in the Gujarat Titans IPL franchise to Ahmedabad-based Torrent Group, retaining a 33% stake. This transaction marks CVC’s exit from the majority stake in the team after over three years. While the financial terms were not disclosed, media reports estimate the deal to be worth $866 million (around INR 7,565 crores), with CVC holding the option to sell its remaining stake in the future. CVC Capital initially acquired the franchise for $643.9 million (around INR 5,625 crores) in 2021. The deal is subject to approval by the Board of Control for Cricket in India. CVC has a history of sports investments, including in Moto GP and Formula One.
(Source: VC Circle, 12th February 2025)
MO Alts picks up majority stake in API maker Megafine Pharma
Motilal Oswal Alternates (MO Alts), the private equity arm of Motilal Oswal Financial Services, has invested $52.7 million (around INR 460 crores) to acquire a majority stake in Megafine Pharma Pvt Ltd, marking its first transaction of 2025. Megafine, an export-focused API manufacturer based in Mumbai, operates US FDA-approved facilities in Nashik and Vapi and specializes in high-value, low-volume APIs for chronic therapies. MO Alts plans to strengthen Megafine’s R&D and manufacturing capabilities and explore further inorganic growth opportunities.
(Source: VC Circle, 25th February 2025)
Venture Capital
South Korea’s Krafton leads $53 Mn Funding in Cashfree Payments
Cashfree Payments has raised $53 million (around INR 462 crores) in a funding round led by South Korean digital entertainment firm Krafton, with participation from existing investor Apis Growth Fund II. Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree provides full-stack payment solutions, helping businesses collect payments and make payouts. Clients include Swiggy, redBus, Zepto, and BigBasket. The funds will be used to enhance its payment offerings, drive market expansion, and leverage Krafton’s expertise for digital innovation. The company has also received an RBI payment aggregator license for domestic and cross-border transactions.
(Source: VC Circle, 05th February 2025)
Sofina leads The Whole Truth’s Series C funding round
Healthy food and snacking brand The Whole Truth has raised $15 million (around INR 131 crores) in a Series C funding round, led by European investment firm Sofina, with participation from existing investors Z47, Peak XV Partners, and Sauce.VC. Founded by Shashank Mehta in 2019, the company plans to use the funds for expanding in-house manufacturing, talent acquisition, and category growth. The Whole Truth offers clean-label products like chocolates, muesli, protein bars, peanut butter, and protein powders. Earlier, the company also raised $15 million (around INR 131 crores) in Series B funding in December 2023.
(Source: VC Circle, 20th February 2025)
Onetab snag early-stage funding for expansion
Onetab AI, a software development platform, has secured $3.3 million (around INR 28 crores) in seed funding from investors including a Singapore-based family office, SOSV, Orbit, LIT Fund, and Sunik Kumar Singhvi. The capital will be used to enhance the platform’s capabilities, expand its team, scale operations, and accelerate the development and deployment of OneAsk, an AI-powered agent designed to oversee the entire software development life cycle (SDLC). The company’s goal is to streamline project management by integrating various tools such as communication, task management, code deployment, and AI-driven automation into a single interface.
(Source: VC Circle, 20th February 2025)
Dodo Payments rake in early stage funding
Dodo Payments, a merchant platform serving India and other emerging markets, has raised $1.1 million (around INR 9.6 crores) in a pre-seed funding round led by Antler, 9Unicorns, and Venture Catalysts. The round also attracted investments from several angel investors, including Uni Cards founder Nitin Gupta and former Oyo chief security officer Maninder Gulati, according to a company blog post. The funds will be used to accelerate product development, expand local processing across more than 30 new markets, and enhance compliance and security measures.
(Source: VC Circle, 25th February 2025)
Elevation Capital leads Series B funding in MOC Cancer Care
MOC Cancer Care & Research Centre has raised $18 million (around INR 157 crores) in a Series B funding round led by Elevation Capital, following a $10 million (around INR 87 crores) Series A round two years ago. The funds will help enhance infrastructure, expand services, and support clinical trials. Founded in 2018, MOC provides affordable and accessible cancer care, having treated over 450,000 patients across 24 centers in India. The company merged with Hemato Oncology Clinic in 2024, allowing it to expand further into new regions and develop a molecular oncology lab and preventive services.
(Source: VC Circle, 27th February 2025)
Mergers & Acquisitions
Equirus acquires Credence Family Office as TIW Private Equity exits
Equirus Capital has acquired Credence Family Office for $11.5 million (around INR 100 crores) to strengthen its wealth management business. Credence’s founder, Mitesh Shah, will join Equirus’ leadership, and the combined entity will be called Equirus-Credence Family Office. This acquisition increases Equirus’ wealth assets to $2.07 billion (around INR 18,000 crores) and expands its workforce to 450. Founded in 2010, Credence offers wealth management and tax advisory services, with assets under advisory of $919 million (around INR 8,000 crores)
(Source: VC Circle, 03rd February 2025)
Veefin snaps up UAE company in second offshore acquisition
Veefin Solutions Ltd has acquired a 74% stake in UAE-based TradeAssets for $4.4 million (around INR 38 crores) marking its second international acquisition and its fifth overall in eight months. TradeAssets is a platform that facilitates the trading of trade finance assets such as letters of credit, guarantees, and receivables. With over $4 billion (around INR 34,800 crores) in deals handled, it connects more than 120 banks across 35 countries. This acquisition strengthens Veefin’s position in supply chain and trade finance, enhancing its offerings in liquidity management and global market access for banks and financial institutions. It also adds to Veefin’s portfolio, now comprising ten companies, and is expected to create operational synergies and new cross-selling opportunities within its expanding ecosystem.
(Source: VC Circle, 04th February 2025)
ITC to buy firms behind frozen food brands Prasuma, Meatigo to beef up portfolio
ITC Ltd will acquire frozen food producers Ample Foods Pvt. Ltd and Meat and Spice Pvt. Ltd to strengthen its presence in the high-growth segments of frozen, chilled, and ready-to-cook foods. ITC will acquire a majority stake in Ample Foods for $21.4 million (around INR 187 crores), initially purchasing 43.8% for $15.07 million (around INR 131 crores) by March 2025, with the remaining stake to be acquired by 2028. The deal will also include full control of Meat and Spice. The acquisition will help ITC expand its portfolio, complementing its existing frozen food brand, ITC Master Chef, and positioning the company as a key player in India’s growing frozen foods market, valued at over $1.15 billion (around INR 10,000 crores)
(Source: VC Circle, 07th February 2025)
Alkem Labs buying two firms to foray into medical devices, grow dermatology business
Alkem Laboratories Ltd has entered into separate agreements to acquire two smaller companies for a total of $32.8 million (around INR 87 crores) in cash, aiming to expand its product portfolio and increase market share in India. The company will acquire Adroit Biomed Ltd for $16 million (around INR 140 crores), payable in two transactions. Additionally, Alkem’s wholly owned subsidiary, Alkem Medtech Pvt Ltd, will acquire Bombay Ortho Industries Pvt Ltd for $16.90 million (around INR 147 crores), payable in four tranches. The acquisition of Bombay Ortho, a manufacturer of orthopedic implants such as hip and knee implants, will enhance Alkem’s manufacturing capabilities in the growing orthopedic sector.
(Source: VC Circle, 07th February 2025)
Veefin to acquire controlling stake in digital marketing firm White Rivers
Veefin Solutions Ltd, a Mumbai-listed supply chain fintech platform, has agreed to acquire up to 49% stake in digital marketing agency White Rivers Media Solutions Pvt Ltd for $19 million (around INR 166.6 crores). The deal includes a mix of cash and equity share swap, and Veefin will gain majority board control. White Rivers Media, headquartered in Mumbai, serves clients across sectors such as banking, entertainment, FMCG, real estate, and e-commerce. With over 600 employees, the agency posted FY24 revenue of $13.07 million (around INR 113.85 crores) The acquisition aligns with Veefin’s strategy to integrate technology and AI-driven marketing to enhance client engagement.
(Source: VC Circle, 10th February 2025)