Corporate Finance Alert October 2023
Blackstone Buys Care Hospitals, KIMS Health for $1Bn
Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant’s maiden foray into India’s healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, for $700 million. Care Hospitals, in turn, has entered an agreement to invest $400 million to acquire 80% stake in True North-backed Kims Health, of this, Blackstone has invested $300 million while TPG has put in $100 million.
Private Equity
True North Invests $75 Mn In US-Based IT Firm ILink
The PE firm will invest $ 75 million (around INR 624 crore) in US-based digital transformation services and consulting company ILink Digital for a minority stake. ILink will primarily utilize the capital towards M&A agenda.
(Source: VC Circle, 5th October 2023)
Hand Bag Brand Lavie Parent Closes Maiden Funding Round
Bagzone Lifestyles Pvt Ltd, parent of handbag brand Lavie, raised $9 million (around INR 75 crore) in their first institutional round of funding since its inception in 2010. Round was led by homegrown private equity company First Bridge via its India Growth Fund.
(Source: VC Circle, 11th October 2023)
Superops.Ai Snags Over $12 Mn In Series B Round
Artificial Intelligence based IT management software-as-a-service platform Superops.ai raised $12 million (around INR 103 crore) in a series B round. Round was co-led by American investor Lee Fixel’s venture capital firm Addition and California based March Capital, Matrix Partners India also participated in this round.
(Source: VC Circle, 11th October 2023)
Tata Capital’s Fund Writes $10 Mn Cheque To Apex Kidney Care
Dialysis service chain Apex Kidney Care has raised $10 million (around INR 83.3 crore) as part of its funding round from Tata Capital Healthcare Fund, the healthcare focused arm of private equity firm Tata Capital Ltd.
(Source: VC Circle, 11th October 2023)
InsuranceDekho Raises $60 Mn In Ongoing Series B Round
InsuranceDekho has secured $60 million (around INR 500 crore) as a part of its ongoing Series B round from Beams Fintech Fund, Japanese giant Mitsubishi UFJ Financial Group and BNP Paribas Cardif.
(Source: VC Circle, 25th October 2023)
Venture Capital
EvolutionX Signs $40 Mn Cheque to Mensa Brands
Mensa Brands Technologies Pvt. Ltd, has raised $40 million (around INR 330 crore) from growth stage debt financing platform EvolutionX Debt Capital. Mensa Brands has raised capital through a combination of debt facility and convertible investment.
(Source: VC Circle, 5th October 2023)
Aampe Raises Early Stage Funding
Aampe, AI based user engagement platform raised $7.5 million (around INR 62.3 crore) in a pre-Series A round, co-led by Matrix Partners India and Peak XV Partners.
(Source: VC Circle, 5st October 2023)
IFC Leads $24 Mn Round In Insurtech Firm Onsurity
Onsurity Technologies Pvt. Ltd, has raised $24 million (around INR 200 crore) in a Series B round led by International Finance Corporation, the private sector investment arm of World Bank Group. Existing investors Nexus Venture Partners and Quona Capital also participated in the latest funding round.
(Source: VC Circle, 9th October 2023)
Harmony Ventures Backs Jiraaf As New Investor In Series B Round
AI Growth Pvt. Ltd, which operates fixed-income investment platform Jiraaf, has secured $8.7 million (around INR 72 crore) in a Series B round co-lead by Harmony Ventures and Accel as new and existing investors, respectively.
(Source: VC Circle, 12th October 2023)
Agnikul Pockets $27 Mn Cheque From Celesta Capital, Others
Spacetech startup Agnikul Cosmos Pvt. Ltd, has raised $26.7 million (around INR 200 crore) from Celesta Capital, RocketShip.vc, Artha Venture Fund and Artha Select Fund. Existing backers pi Ventures, Speciale Invest and Mayfield India doubled down on their spacetech bet by participating in this round.
(Source: VC Circle, 17th October 2023)
Mergers & Acquisitions
Tiger Global Backed Slice Merges With North East Small Finance Bank
Fintech unicorn Slice is merging with Guwahati based North East Small Finance Bank after receiving RBI approval. Company did not disclose financial details.
(Source: VC Circle, 4th October 2023)
Birla Carbon Snaps Up Belgium Carbon Nanotubes Maker
Aditya Birla Group-led Birla Carbon, a global supplier of carbon black, has acquired Nanocyl SA, a Belgium based manufacturer of multi-wall carbon nanotubes. Company did not disclose financial details.
(Source: VC Circle, 11th October 2023)
A91 Partners-Backed VideoVerse Buys Optikka In Second Purchase Of The Year
A91 Partners-backed VideoVerse, a video editing platform, has bought AI-based design system Optikka for an undisclosed amount, marking its second acquisition this year.
(Source: VC Circle, 18th October 2023)
PE-Backed Dutch Firm NewCold Strikes First India Warehousing Deal
The dutch cold chain company is buying Palava Induslogic 3 Pvt. Ltd, a wholly owned subsidiary of Macrotech, for $18.5 million (around INR 153.7 crore) via its unit NewCold India Holding BV.
(Source: VC Circle, 26th October 2023)
Tata To Make Iphones In India After Buying Wistron Business
Tata group is set to start assembling Apple iphones in India after Wistron Corp approved the sale of its Indian manufacturing unit to salt-to-software conglomerate. Wistron board approved the sale of Wistron InfoComm Manufacturing India Pvt. Ltd, to Tata Electronics Pvt. Ltd, for an estimated value of $125 million (around INR 1040 crore).
(Source: VC Circle, 28th October 2023)