India Investment Deals July 2026: PE, VC & M&A Updates

Cube Highways Trust Secures $131.6 Mn Pre-IPO Investment
Premji Invest, the family office of Wipro founder Azim Premji, has invested $100
Million (around INR 950 crores) in Cube Highways Trust as part of a $131.6 Million
(around INR 1,250 crores) strategic investor round ahead of the InvIT's $526 Million
(around INR 5,000 crores) initial public offering (IPO). The pre-IPO placement also
attracted investments from HDFC Life Insurance, HDFC Pension Fund Management,
Axis Max Life Insurance, and WhiteOak Capital REIT & InvIT Alternatives Fund I,
reflecting strong institutional confidence in the infrastructure investment trust. The
IPO, comprising entirely an offer-for-sale (OFS) by existing unitholders including I
Squared Capital, Mubadala Investment Company, and British Columbia Investment
Management Corporation (BCI), will facilitate Cube Highways Trust's transition from
a privately listed to a publicly listed InvIT, enabling access to a broader investor base
and additional sources of capital. As of March 31, 2026, the InvIT manages 27
operational road assets across 12 Indian states and one Union Territory, covering
8,754 lane kilometres, with assets under management of $3.87 billion (around INR
36,842 crores) and an average residual concession life of 18 years.
(Source: VC Circle, 14 th July 2026)
 Private Equity
Vitruvian Partners in Talks to Invest in Linux Laboratories
Global investment firm Vitruvian Partners is in advanced discussions to acquire a
significant stake in Linux Laboratories Pvt. Ltd., a Chennai-based domestic
formulations manufacturer focused on central nervous system (CNS) therapies. The
company is reportedly looking to raise around $70 million (Around INR 674 crores)
through a funding round comprising both primary and secondary components.
Backed by Tata Capital Healthcare Fund, Linux Laboratories has appointed Avendus
Capital to manage the fundraising process, with other private equity firms including
ChrysCapital, Creador, and Investcorp also having expressed interest in the
transaction.
(Source: VC Circle, 16 th July 2026)
Neo Group Raises $36.8 Mn to Accelerate Growth
Neo Group, a Mumbai-based wealth and asset management firm, has raised $36.8
Million (around INR 350 crores) in a funding round led by existing investor Peak XV
Partners, following a recent $58 Million (Around INR 550 crores) capital infusion from
TVS Capital. The company plans to use the proceeds to strengthen its technology
platform, expand its talent base and develop new products as it scales across India.
As of 30 June 2026, Neo Group manages approximately INR 1.3 trillion in client
assets with a focus on alternative investment strategies including private credit,
infrastructure and private equity.
(Source: VC Circle, 16 th July 2026)
Bain Capital to Acquire Vitabiotics and Its Indian Unit
Bain Capital has agreed to acquire Vitabiotics, the UK-based nutritional supplements
manufacturer, including its Indian subsidiary Meyer Organics, as part of its
international expansion strategy. While the financial terms were not disclosed, Bain
will support the company through investments in digital capabilities, e-commerce,
international distribution, supply chain resilience and product development.
Vitabiotics will continue operating under its existing brand while accelerating growth

across key markets, including India, the Middle East & North Africa (MENA), China
and Africa, with Bain's Asia private equity team leading the investment.
(Source: VC Circle, 24 th July 2026)
Prime Pharmaceuticals Raises $14.7 Mn
Mumbai-based Prime Pharmaceuticals Pvt. Ltd. has raised $14.7 Million (around
INR 140 crores) in its first external fundraise through a convertible instrument,
reportedly backed by DMI Finance Pvt. Ltd. Established in 1968, the company
manufactures generic, specialty and OTC medicines, exporting finished formulations
to over 50 countries. The proceeds will be used to strengthen R&D capabilities,
expand its consumer healthcare business, and accelerate growth in developed
markets. The company opted for a convertible structure to balance its funding
requirements while deferring immediate equity dilution.
(Source: VC Circle, 31 st July 2026)
Mahindra Last Mile Mobility Raises $33 Mn at Unicorn Valuation
Mahindra Last Mile Mobility Ltd. (MLMML), the electric three-wheeler subsidiary of
Mahindra & Mahindra, has raised $33 Million (around INR 322 crores) in a funding
round led by Lightrock, with participation from existing investors IFC and the India-
Japan Fund (IJF) through pre-emptive rights. The transaction values MLMML at a
post-money equity valuation of approximately $1.1 billion (around INR 10,822
crores), making it a unicorn. The fundraise will be completed in tranches, subject to
regulatory approvals, and is expected to reduce Mahindra & Mahindra's shareholding
from 78.11% to 75.79%.
(Source: VC Circle, 31 st July 2026)

 Venture Capital
Age Care Labs Snags Series B Cheque, Ties Up With Shrem For Senior Living
Platform
Age Care Labs, the parent company of Emoha and Epoch Elder Care, has raised $9
million (around INR 85 crores) in the first tranche of its Series B funding round, led
by Shrem Group, with participation from Rainmatter, Pegasus Finvest and other
investors. The company plans to raise a total of $26 million (around INR 250 crores)
as part of the broader Series B round and will utilise the proceeds to expand its
eldercare platform, enhance healthcare and technology capabilities and scale its
services across India.
(Source: VC Circle, 02 nd July 2026)
Econovus Packaging Snag Funding
Pune-based engineered sustainable packaging company Econovus Packaging has
raised $4.2 million (around INR 40 crores) in its pre-Series A funding round, led by
Rainmatter, with participation from Rockstud Capital. The company will utilise the
proceeds to strengthen its presence in high-growth sectors, including automotive,
lithium-ion batteries, solar infrastructure, steel, defence and broader industrial supply
chains, while expanding its sustainable packaging solutions.
(Source: VC Circle, 07 th July 2026)
Aukera Bag Early-Stage Cheques

Premium lab-grown diamond jewellery brand Aukera has raised $9.4 million (around
INR 90 crores) in a funding round led by existing investor Alteria Capital, with
participation from Innoven Capital, Lighthouse Canton and an undisclosed bank. The
proceeds will be utilised to accelerate store expansion, strengthen its omnichannel
presence and invest in design, product innovation and talent. Founded in 2023, the
company has rapidly expanded its retail footprint from 13 to 35 company-owned
stores across multiple Indian cities, reflecting the growing demand for premium lab-
grown diamond jewellery.
(Source: VC Circle, 10 th July 2026)
Quick Commerce Player Plazza Bag Early-Stage Funding
Medicine delivery quick commerce platform Plazza has raised $15 million (around
INR 145 crores) in its Series A funding round, co-led by Accel, Elevation Capital and
Nexus Venture Partners, with participation from existing investors All In Capital and
Better Capital. Founded in 2024, the pharmacy-first platform provides 15-30 minute
medicine deliveries powered by AI-driven inventory intelligence. The company plans
to utilise the funds to strengthen its technology platform, enhance operational
capabilities and expand into new geographies.
(Source: VC Circle, 20 th July 2026)
Omega Seiki Mobility Secure Funding
Electric commercial vehicle maker OSM (Omega Seiki Mobility) has raised $5.2
million (around INR 50 crores) in a funding round co-led by Securocorp Securities,
Sangeeta Pareekh, Saket Aggarwal Family Office and Vanshika Sharma. The
company will utilise the funds to expand manufacturing capacity, strengthen R&D
capabilities, enhance its nationwide dealer and service network and accelerate the
adoption of electric mobility solutions. Founded in 2018, OSM operates across
electric cargo three-wheelers, passenger vehicles, premium electric two-wheelers
and electric light commercial vehicles.
(Source: VC Circle, 27 th July 2026)
 Mergers & Acquisitions
Emcure Acquires Full Ownership of Gennova Biopharmaceuticals
Emcure Pharmaceuticals Ltd. has acquired the remaining 12.05% stake in its
biopharma subsidiary, Gennova Biopharmaceuticals Ltd., for $24.2 Million (around
INR 231.8 crores), increasing its ownership from 87.95% to 100%. The acquisition
reinforces Emcure's strategic focus on expanding its biologics and biosimilars
business and is accompanied by a leadership transition, with Samit Mehta set to
lead Gennova's next phase of growth. The company stated that the transaction will
not materially impact its capital allocation, deleveraging plans, or R&D investments,
while Gennova will continue to strengthen its biologics franchise and biosimilars
pipeline.
(Source: VC Circle, 13 th July 2026)
Zaggle To Invest In Unobanc
Mumbai-listed fintech company Zaggle Prepaid Ocean Services Ltd. has agreed to
invest $0.83 million (around INR 7.96 crores) in technology-driven cross-border
payments and remittances company Unobanc Pvt. Ltd. through one or more
tranches. Following the investment, Zaggle will acquire up to a 19.9% equity stake in
Unobanc. The investment will strengthen Zaggle’s presence in the fintech

ecosystem, while enabling access to Unobanc’s digital infrastructure for cross-border
payments and remittance solutions through its MoneyHop platform.
(Source: VC Circle, 21 st July 2026)
Godrej Capital To Acquire Kanakadurga's Gold Loan Business
Godrej Capital, the financial services arm of the Godrej Industries Group, has
entered the gold loan segment through the acquisition of the gold loan business of
Kanakadurga Finance for $12.1 million (around INR 117.5 crores), with an additional
consideration of $1.8 million (around INR 17.5 crores) subject to fulfilment of certain
conditions. The acquisition will add nearly 12,000 customers, 54 branches across
Andhra Pradesh, and around 250 employees to Godrej Capital’s platform. The
transaction aligns with Godrej Capital’s strategy to build a diversified financial
services franchise and expand its presence across lending segments. The
acquisition is expected to be completed by September 30, 2026.
(Source: VC Circle, 22 nd July 2026)
Wipro Consumer Acquires Good Home and Eva Brands
Wipro Consumer Care & Lighting has agreed to acquire the Good Home and Eva
brands from TTK Healthcare Ltd. For $26 Million (around INR 256 crores),
strengthening its presence in the home care and personal care segments. The
acquisition, Wipro Consumer Care's 17th transaction, aligns with the group's
acquisition-led growth strategy and follows its recent agreement to acquire S Brands
Consumer Care Inc. in the Philippines. The Good Home brand offers household
cleaning and hygiene products, while Eva is a well-established personal care and
deodorant brand. Both brands will continue to operate under their existing identities
while leveraging Wipro Consumer Care's extensive distribution network, brand-
building capabilities, and market reach to accelerate future growth.
(Source: VC Circle, 23 rd July 2026)
Japan's Galilei Holdings To Acquire Stake In Ice Make Refrigeration, Form JV
Japan-based Galilei Holdings Co. Ltd. has announced plans to acquire a 12.36%
stake in Mumbai-based Ice Make Refrigeration Ltd. through an investment of $18.7
million (around INR 180 crores). The companies will also establish a technology-led
joint venture, Ice Make Horeca Pvt. Ltd., to manufacture and market commercial
refrigeration products in India. The joint venture will be majority-owned by Galilei
Holdings, which will hold a 60% stake, while Ice Make Refrigeration will hold the
remaining 40% stake. The partnership is expected to support capacity expansion,
technology enhancement and long-term growth in India’s refrigeration and cold-chain
sector. The venture will initially focus on manufacturing and distribution of
commercial refrigerators, ice makers,