Corporate Finance Alert May 2024 – Google To Invest $350 Mn In Flipkart At $37 Bn Valuation

Alphabet’s Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion. The tech giant will join in as an investor in the latest funding round for the Bengaluru-based company. The round will be led by Walmart, Flipkart’s biggest shareholder and will make Google a minority investor, subject to approvals. Flipkart has been a source of IPO speculation since Walmart took over the company, which competes with Amazon in India.

(Source: VC Circle, 24th May 2024)

• Private Equity

Samena Capital Leads $158 Mn Funding Round In U Gro Capital

Listed non-banking lender U Gro Capital Pvt Ltd has raised $158.3 Million (around INR 1,322 crore) of fresh capital from existing and new institutional investors and family offices. It raised the funds through a mix of compulsorily convertible debentures and warrants. Samena Capital led the exercise with infusion of INR 500 crore through warrants.

(Source: VC Circle, 2nd May 2024)

CapitaLand Inks Pact To Acquire IT Park Assets In Hyderabad

The Singapore-based real estate investor is set to acquire about 2.5 million square feet of IT buildings in Hyderabad’s HITEC City, a major IT and office hub which counts some large multinational companies as its tenants. CapitaLand will invest $25.77 million (around INR 215 crore). Proceeds will be used to refinance existing loan.

(Source: VC Circle, 3rd May 2024)

KKR Signs Deal To Acquire Healthium From Apax Partners

US private equity giant KKR has signed an agreement to acquire Bengaluru-based medical device maker Healthium Medtech Ltd from UK-based private equity Apax Partners. Acquisition will be facilitated through a special purpose vehicles owned by KKR-managed funds. Financial details of the transaction have not been disclosed.

(Source: VC Circle, 6th May 2024)

Quadria Capital To Invest $102 Mn In India’s Leading Dialysis Chain

Healthcare focused private equity firm Quadria Capital has signed an agreement to acquire a significant minority stake in India’s largest dialysis services provider, NephroPlus. Nephrocare Health Services Pvt Ltd will receive an investment of $102 million (around INR 850 crore), valuing the company at around INR 2000 crore.

(Source: VC Circle, 6th May 2024)

Jungle Ventures Leads $20 Mn Series B Round In RED.Health

Medical emergency response platform RED.Health, which claims to dispatch ambulances within eight minutes, has raised $20 million (around INR 167 crore) in its Series B funding round led by venture capital firm Jungle Ventures. Round also saw participation from existing and new investors including HealthQuad, HealthX and Alteria Capital.

(Source: VC Circle, 15th May 2024)

• Venture Capital

Confectionary Brand Go Desi Secures Series B Funding

Benguluru-base Go Desi has raised $4.9 million (around INR 41 crore) in a Series B funding round, led by impact investor Aavishkar Capital. Round also saw participation from existing investors Rukam Capital, Roots Ventures and DSG Consumer. 

(Source: VC Circle, 2nd May 2024)

Parseable Raises Early Stage Funding

Bengaluru-based analytics platform Parseable has raised $2.75 million (around INR 23 crore) in a seed funding round led by Peak XV Partners’ early stage accelerator program surge. Round also saw participation from NP-Hard Ventures. 

(Source: VC Circle, 6th May 2024)

Cold-Chain Marketplace Celcius Logistics Snags $5 Mn In Pre-Series B

Celcius Logistics, a domestic aggregator providing end-to-end cold-chain solutions has raised $4.8 million (around INR 40 crore) in its pre-Series B funding round led by existing investor Ivy Cap Ventures. Other investors participating in the funding round included Mumbai Angels and Caret Capital.

(Source: VC Circle, 14th May 2024)

Niqo Robotics Snags $13 Mn In Series B Round

Agriculture robotics startup Niqo Robotics has raised $13 million (around INR 109 crore) in its Series B funding round that was led by Bidra Innovation Ventures. The round also saw investments from new investor Fulcrum Global Capital and existing investor Omnivore. This funding round brings Niqo’s total fundraising to $21 million. 

(Source: VC Circle, 15th May 2024)

Japan’s Eneos Leads Zypp Electric’s Series C Funding

Electric vehicle delivery app Zypp Electric has raised $15 million (around INR 124.6 crore) as part of its Series C funding round, led by Japanese investor Eneos. The round also saw participation from existing investors, including 9unicorns, IAN fund, Venture Catalysts, and We Founder Circle. The funding is part of its ongoing $50-million Series C round that is split into $40 million in equity and $10 million in debt. (Source: VC Circle, 27th May 2024)

• Mergers & Acquisitions

Bayer Acquires Remaining Stake In JV With Zydus Lifesciences

Germany’s Bayer Pharmaceuticals Pvt. Ltd has acquired the 25% stake it didn’t already own in its joint venture with Ahmedabad-based Zydus Lifesciences Ltd for $33.8 million (around INR 282.2 crore). Bayer and Zydus, formerly Cadila Healthcare, formed Bayer Zydus Pharma Pvt. Ltd in 2011 as a 50:50 JV for sale and marketing of pharmaceutical products in India. Bayer bought a 25% stake in the JV in April 2018, increasing its ownership interest to 75%. It has now taken full ownership as per pre-agreed JV terms. (Source: VC Circle, 1st May 2024)

Firstsource Solutions To Acquire Medical Billing Firm QBSS

Firstsource Solutions Ltd, has entered into an agreement to acquire a 100% stake in Quintessence Business Solutions & Services (QBSS), a medical billing and coding services company. Firstsource Solutions will acquire 100% stake in QBSS for $39.2 million (around INR 327.8 crore) from Anitha Balasubramanian, N S Ragunathan, TS Giridharan and R Nirmal Kumar.

(Source: VC Circle, 3th May 2024)

Happiest Minds Technologies To Acquire US Firm Aureus

Indian IT services firm Happiest Minds Technologies Ltd has signed an agreement to acquire a 100% stake in the US- based digital product engineering firm Aureus Tech Systems, LLC. The deal is expected to be finalized by the end of June this year, with Happiest Minds paying an upfront cash consideration of $8.5 million (around INR 72.3 crore).

(Source: VC Circle, 9th May 2024)

ACT Fibernet Invests In Aprecomm

ACT Fibernet, broadband and internet service provider-backed by private equity firms such as True North and TA Associates, has invested an undisclosed amount in network intelligence solution provider Aprecomm in a bid to improve its offerings.

The Bengaluru-based telecom company plans to integrate Aprecomm’s technology into its Wi-Fi products, which will help provide real-time network visibility into Wi-Fi performance, thereby allowing quick resolution of problems in last-mile connectivity.

(Source: VC Circle, 31th May 2024)

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