Corporate Finance Updates – October 2024

Adani-Owned Ambuja Cements To Acquire Orient Cement

Ambuja Cements has announced its agreement to acquire Orient Cement Ltd, a company under the CK Birla Group, for an equity value of $964 million (around INR 8,100 crores). Ambuja will purchase 46.8% of OCL from its current promoters and certain public shareholders, and has also made an open offer to acquire an additional 26% from public shareholders. The acquisition will be fully funded through internal accruals. By acquiring OCL, Ambuja is set to achieve a cement capacity of 100 MTPA by FY25. This move will enhance Adani Cement’s presence in key markets and increase its pan-India market share by 2%.

(Source: VC Circle, 22nd October 2024)

Private Equity

Bain Capital-Backed 360 ONE Asset Invests In A4 Hospitals

360 ONE Asset, an asset management firm supported by Bain Capital, has made an investment in A4 Hospitals (an undisclosed amount), based in Tamil Nadu, through its healthcare and life sciences fund. A4 Hospitals plans to leverage this growth capital to expand its operations throughout southern India in the coming years. Currently operating eight centers, A4 Hospitals specializes in fertility treatments, as well as maternity and perinatal care.

(Source: VC Circle, 09th October 2024)

Stakeboat Capital Invests In Vaccum Pump Maker Economy Process Solutions

Stakeboat Capital has invested $11.9 million (around INR 100 crores) in Economy Process Solutions Pvt Ltd through its second fund. The company intends to utilize these funds to broaden its production capabilities and develop new process equipment solutions targeted at the food and beverage industry. Since its inception in 2015, Economy Process Solutions has been supplying vacuum and process equipment for industrial and manufacturing applications. Its vacuum system offerings include vacuum pumps, boosters, blowers, accessories, and spares.

(Source: VC Circle, 10th October 2024)

India Sweet House Raises Funding Ahead Of Public Market Debut

India Sweet House has successfully raised new capital as it prepares for an initial public offering in the coming months. Currently operating 35 stores across Karnataka and employing 750 staff members, the company specializes in over 200 varieties of traditionally crafted Indian sweets and savory snacks. The recent funding round, which is estimated to have raised nearly $2.4 million (around INR 20 crores), was led by private investment firm Viney Equity Market LLP and financial portal Chittorgarh Infotech Ltd.

(Source: VC Circle, 14th October 2024)

Pantomath’s Bharat Value Fund Invests In Aniket Metal

Capitalizing on the resurgence of consumer demand in India, Panthomath’s BVF has invested $6.5 million (around INR 55 crores) for a sub-10% equity stake in Aniket Metals, a cookware manufacturer with three decades of experience. Aniket Metals Pvt Ltd specializes in the production and export of cookware, generating 100% of its revenue from exports. The company supplies its products to prominent global retail chains, including Walmart Inc., the British supermarket ASDA, US-based TJX, and the discount retailer ROSS Inc. Based in Mumbai, Aniket Metals offers a diverse range of over 650 products, including kitchen gadgets, cutlery, and kitchenware, with a primary focus on the US and UK markets.

(Source: VC Circle, 17th October 2024)

Kotak Alts’ Real Estate Fund Backs Gurugram Developer

Kotak Alternate Asset Managers has invested approximately $142 million (around INR 1,200 crores) in Elan Group, a Gurugram-based real estate developer led by Rakesh Kapoor. Previously supported by the private equity firm PAG, Elan Group plans to use the proceeds from this investment to meet its growth capital needs. This strategic funding will enable the company to enhance its development projects and expand its market presence, aligning with its long-term vision for sustainable growth in the competitive real estate sector. 

(Source: VC Circle, 22nd October 2024)

Venture Capital

AI-Focused Startup Neuron7.Ai Snags $44 Mn In Series B Round

Founded in 2020, Neuron7 addresses challenges in complex service environments by providing domain-specific solutions to its customers and forming significant strategic partnerships with major cloud platforms. The AI-driven customer and field service platform, Neuron7.ai, has successfully raised $44 million (around INR 370 crores) in a Series B funding round, with participation from existing investors Nexus Venture Partners and Battery Ventures. Neuron7 reported that the funding round was oversubscribed, bringing the total capital raised to date to over $63 million (around INR 529 crores).

(Source: VC Circle, 15nd October 2024)

Neysa Raises $30 Mn In Series-A Funding Round

 Serial entrepreneur Sharad Sanghi’s latest venture, Neysa, which offers artificial intelligence (AI) cloud and platform-as-a-service solutions, has raised $30 million (around INR 250 crores) in new funding, just six months after its seed round. The primary objective of this capital is to develop its compute, storage, and AI-native network infrastructure. Additionally, the funding will support go-to-market strategies and research and development efforts for building its platform. 

(Source: VC Circle, 22nd October 2024)

Even Healthcare Raises $30 Mn in Series-A Funding round

Bengaluru-based healthcare company Even Healthcare has successfully completed its Series A funding round, securing $30 million (around INR 250 crores). The round was led by existing investor Khosla Ventures, with participation from Founders Fund, 8VC, Lachy Groom, and others. The newly raised capital will be utilized to initiate hospital operations and enhance patient care and resource processes, with plans to establish three secondary-care hospitals in Bengaluru.

(Source: VC Circle, 23rd October 2024)

WishNew Gets Funding From IIT Delhi Alumni Group, DotPe Co-Founder

WishNew Wellness, a provider of health and wellness solutions, offers a diverse range of products, including nutritional supplements, skincare items, fitness aids, and mental wellness products. The company has recently raised $250,000 (around INR 2.1 crores) in an angel funding round, valuing it at $5.65 million (around INR 47 crores). This round was led by a group of alumni from the Indian Institute of Technology, with additional contributions from investors such as Gyanesh Sharma, co-founder of DotPe; Ashish Singh, a former executive at Nykaa; and the CTO of Virtualness, among others. The new funding will be used to enhance research and development, expand the product portfolio, scale manufacturing and distribution capabilities, and invest in marketing and brand-building initiatives.

(Source: VC Circle, 23th October 2024)

LeapFrog-Backed Healthify Raises $20 Mn In Fresh Funding

Healthify, a startup offering a mobile health and fitness app, delivers personalized guidance on nutrition, fitness, and overall wellness to its users. The platform claims to support over 40 million users across more than 300 cities, backed by a team of over 600 coaches. Previously known as HealthifyMe, the health and fitness platform has recently secured $20 million (around INR 170 crores) in new funding, led by Khosla Ventures and LeapFrog Investments. This investment will be directed towards global expansion, particularly into the U.S. market, and enhancing its industry-leading AI capabilities.

(Source: VC Circle, 25th October 2024)

Mergers & Acquisitions

HCL Inks Deal To Acquire HDFC Education and Development Services Pvt Ltd.

Established in 2011, HDFC Education specializes in a range of educational services, including schooling, higher education, vocational training, and supplementary education. Shiv Nadar, the founder of HCL Technologies Ltd, has reached an agreement to acquire HDFC Bank’s wholly owned subsidiary, HDFC Education and Development Services Pvt Ltd. The bank will divest this education company for $23 million (around INR 192 crores), representing more than ten times its total income for FY24. 

(Source: VC Circle, 8th October 2024)

Bharat Forge To Buy American Axle’s India Unit For $65 Mn

Bharat Forge Ltd, a leading auto components manufacturer, has reached an agreement to acquire AAM India Manufacturing Corporation Pvt Ltd, the Indian subsidiary of US-based American Axle & Manufacturing Holdings Inc. The Pune-based company will purchase AAM India at an enterprise value of $65 million (around INR 544 crores). Established in 2008, AAM India specializes in producing axles for light, medium, and heavy-duty commercial trucks, as well as passenger buses in India.

(Source: VC Circle, 17th October 2024)

Fullerton To Acquire Controlling Stake In Lendingkart

Fullerton Financial Holdings (FFH), a subsidiary of Singapore’s state investment firm Temasek, is set to increase its stake in Lendingkart to gain control of the company. Following regulatory approvals, Fullerton plans to invest $30 million (around INR 252 crores), which will position it as the majority shareholder. This capital infusion will enable Lendingkart to expand its presence in underserved markets and enhance its technological capabilities.

(Source: VC Circle, 18th October 2024)

Adar Poonawala To Acquire A Partial Stake In Dharma Productions

Adar Poonawalla, the Pune-based tycoon and head of Serum Institute of India, the maker of the Covishield vaccine, has agreed to acquire a 50% stake in the Bollywood production house Dharma Productions and its digital content division, Dharmatic Entertainment, for $120 million (approximately INR 1,000 crores). Karan Johar will retain the remaining 50% stake. This alliance will serve to widen the scope of the Indian entertainment industry and domestic content at the global stage.

(Source: VC Circle, 21st October 2024)

Arihant Academy Acquires Majority Stake In Zen Educational and Learning(ZEAL)

Arihant Academy Ltd, listed on the NSE, has announced an agreement to acquire a 51% majority stake in Zen Educational and Learning (ZEAL) for a valuation of $2 million (around INR 17 crores). This acquisition will allow Arihant to broaden its academic offerings across the metropolitan region, enabling it to serve a larger student population. The transaction will be executed in two phases, with full completion expected by October 2025.

 (Source: VC Circle, 24th October 2024)

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