Corporate Finance Alert – March 2024

Adani Ports To Buy 95% Of Odisha’s Gopalpur Port For $162 Mn

India Billionaire, Gautam Adani led Adani Ports and Special Economic Zone will buy a 95% stake in Odisha’s Gopalpur Port for an equity value of $161.74 million (around INR 1,349 crore) to bolster its east coast presence. India’s largest private port operator will purchase a 56% stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group and a 39% stake from Orissa Stevedores. The enterprise value of the deal is INR 3,080 crore. Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite and alumina.

(Source: VC Circle, 26th March 2024)

Private Equity

• Advent, Multiples PE Invest $230 Mn In Microlender Svatantra

Private equity firms Advent International and Multiples PE will invest $230 million (around INR 1,930 crore) in the country’s second largest microlender Svatantra Microfin Pvt Ltd. Svatantra, a decade old firm, provides small-ticket loans to rural and largely women entrepreneurs.

(Source: VC Circle, 4th March 2024)

• Blue Lotus, NAV Capital Invest In Renewable Energy Firm Matrix Gas

Matrix Gas & Renewables Ltd, a green hydrogen infrastructure developer and natural gas aggregator, has raised $42.2 million (around INR 350 crore) in its pre-IPO round. Matrix, a Gensol company, has raised funds from Blue Lotus and NAV Capital among other investors.

(Source: VC Circle, 5th March 2024)

• Rajiv Jain Led GQG Partners Acquires Singtel’s Partial Stake In Bharti Airtel

Singapore Telecommunications sold a 0.8% stake in India’s Bharti Airtel for $711 million (around INR 6040 crore) to U.S. investment firm GQG Partners. The deal is the latest effort of Southeast Asia’s largest telecom operator to recycle capital. Singtel will hold an effective stake of 29% in Airtel.

(Source: VC Circle, 7th March 2024)

• Battery Recycling Startup Raises $54 Mn In Series B Round

Lohum Cleantech Pvt. Ltd, which operates an eponymous sustainable energy transition materials company, has raised $54 million (around INR 450 crore) in a Series B funding round. The round saw participation from a host of firms including singularity Growth, Baring Private Equity, Cactus Venture Partners and Venture East amongst other firms.

(Source: VC Circle, 13th March 2024)

• JM Financial Private Equity Bets On Bottled Water Firm

The private equity arm of JM Financial Ltd, which offers investment banking, lending, wealth management, and alternative asset management services, has backed a Gujarat based bottled water maker that scaled up by more than five times in the last five years. JM Financial Private Equity has invested $5.4 million (around INR 45 crore) in Energy Beverages Pvt. Ltd, which operates premium packaged water brand ‘clear’.

(Source: VC Circle, 14th March 2024)

Venture Capital

• GenAI Startup Ema Nets $25 Mn From Accel, Prosus, Others

Technology startup Ema, short Enterprise Machine Assistant has raised $25 million (around INR 207 crore) in funding from a host of investors. The startup, which focuses on generative artificial intelligence (AI) on an enterprise level raised Series A funding from venture capital firms Accel, Section 32, Posus Ventures and Wipro Ventures.

(Source: VC Circle, 5th March 2024)

• Elev8 Venture Partners Leads $27-Mn Funding Round In IDfy

Growth stage venture capital firm Elev8 Venture Partners, has led an investment of $27 million (around INR 224 crore) in Baldor Technologies Pvt Ltd, which operates IDfy, an integrated identity platform. 

(Source: VC Circle, 6th March 2024)

• Bira 91 Secures $25-Mn Funding From Tiger Pacific Capital

B9 Beverages Ltd, which owns Indian craft beer brand Bira 91, has raised $25 million (around INR 207 crore) in funding from Tiger Pacific Capital. This transaction is pat of $50 million fundraise where existing investor, Kirin Holdings of Japan also participated with $25 million.

(Source: VC Circle, 6th March 2024)

• Nanonet Secures Series B Investment From Accel, Others

Artificial Intelligence based workplace automation platform Nanonets has raised $29 million (around INR 240 crore) in a Series B funding round. Round was led by multi-stage venture capital firm Accel and saw participation from Nanonets’ existing investors, including Elevation Capital and YCombinator.

(Source: VC Circle, 12th March 2024)

• CureSkin Snags $20 Mn From Healthcare-Focussed VC Firm HealthQuad

Consumer healthcare startup CureSkin has raised $20 million (around INR 166 crore) as a part of its Series B round, led by health-focussed venture capital investor HealthQuad. The round also saw participation from company’s existing investor including JSW Ventures, Khosla Ventures and Sharrp Ventures.

(Source: VC Circle, 12th March 2023)

Mergers & Acquisitions

• Chalet Hotels Inks Deal To Acquire Luxury Resort In NCR

Chalet Hotels, part of K Raheja Corp Group, headquartered in Mumbai, entered into a definitive agreement to acquire 158-room Courtyard by Marriot Aravali Resort in Faridabad, Haryana. Enterprise value of the resort, owned by Mankind Pharma’s RC Juneja, is $38 million (around INR 315 crore) 

(Source: VC Circle, 1st March 2024)

• Actis-Backed Blupine Energy Acquires Select India Assets From Acme Group

BluePine Energy Pvt. Ltd, a renewable energy platform established in India by the UK-based private equity firm Actis, has completed the acquisition of 369 megawatts solar power assets from Indian renewables energy producer Acme Group. Financial details of transaction are not disclosed.

(Source: VC Circle, 4th March 2024)

• HCL Invest $20 Mn In PE-Backed Digital Learning Firm Ei

HCL Group has invested $20 million (around INR 166 crore) in digital learning firm Educational Initiatives Pvt Ltd, which has presence across India, UAE, South Africa, and Singapore. 

(Source: VC Circle, 5th March 2024)

• Reliance Industries To Buy Paramount’s Stake In Viacom18

India’s Reliance Industries has agreed to buy Paramount Global’s entire 13.01% stake in local entertainment network Viacom 18 Media for about $517 million (around INR 4,286 crore). Paramount will continue to license its content to Viacom18 after closing the deal.

(Source: VC Circle, 13th March 2024)

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