Mankind Pharma to Buy Bharat Serums as Advent International Exits

Mankind Pharma Ltd has agreed to acquire Bharat Serums and Vaccines Ltd (BSV)
from private equity firm Advent International for an enterprise value of $1.63 billion
(around INR 13,630 crore). The move marks a “significant leap” for Mankind
Pharma, positioning it as a market leader in the Indian Women’s health and fertility
drug market. The acquisition will also provide Mankind access to other high-entry
barrier products in critical care with established complex R and D tech platforms. Moelis
and Company acted as the executive financial advisors and AZB and Partners acted as
legal counsel to Mankind Pharma. Advent and BSV were advised by Jefferies LLC
and J.P. Morgan as financial advisors and Khaitan and Co as legal counsel.
(Source: VC Circle, 26th July 2024)

Private Equity

KKR to Acquire Kerala Hospital in Year’s Third India Healthcare Deal

Private Equity firm KKR struck a deal to acquire a majority stake in Kerala based
Baby Memorial Hospital (BMH), two years after making a blockbuster exit from North
India chain Max Healthcare. The PE firm routed the transaction through its Asian
Fund IV to support Baby Memorial Hospital to build a Pan-India network of hospitals,
both organic and inorganic routes. KKR will pick up a stake of around 70% for as
much as $240 million (around INR 2,000 crore). This is a third healthcare related by
KKR in India this year.
(Source: VC Circle, 1 st July 2024)

Brookfield Adds to India Renewables Portfolio with Acquisition of Leap Green

Canadian Investment firm Brookfield Asset Management Inc has stepped up its play
in India’s renewable energy sector with the acquisition of a majority stake in Tamil
Nadu based Leap Green Energy. Brookfield will make a $200 million (around INR
1,670 crore) upfront equity investment in Leap Green, founded by the family of
India’s first Formula One driver Narain Karthikeyan. The green energy firm seeks to
increase capacity to above 3 GW in capacity in the coming four to five years.
(Source: VC Circle, 11 th July 2024)

NSE gets another private equity backer as valuation hits new high

The National Stock Exchange (NSE), India's largest stock exchange, has added
another private equity investor, US-based Global Alternative Investment
Management (GAIM), through a secondary transaction. GAIM, which focuses on
unique private equity and venture capital opportunities, acquired shares at INR 3,850
or INR 4,150 each, valuing NSE at $23-25 billion (around INR 1,92,000 – 2,08,800
crore). This is a significant premium over ChrysCapital’s recent valuation rollover at
$16.8 billion (around 1,40,300 crore). ChrysCapital had previously transferred its
3.93% stake in NSE for around $660 million (around INR 5,511 crore).
(Source: VC Circle, 12 th July 2024)

ValueQuest Bets $36 Mn on Solar Cell Maker Jupiter

Boutique equity investor ValueQuest has invested $36 million (around INR 300
crore) in Kolkata based photovoltaic solar cell maker Jupiter International Ltd,

founded in 2009 by Alok Garodia. The investment will allow Jupiter to expand its
current cell capacity and to begin module manufacturing operations. At present, the
company has a cell manufacturing capacity of 800MW. Jupiter International is
planning to set up a 1.8GW solar cell manufacturing capacity and a 1.2GW solar
module manufacturing facility.
(Source: VC Circle, 16 th July 2024)

Biogas Plant Maker Gruner Renewable Raises $60 Mn

Gruner Renewable Energy, a Noida based company set up in 2023 providing biogas
solutions, raised $60 million (around INR 500 crore) in equity finding. Gruner will
utilize the capital to set up new compressed biogas (CBS) plants across the country,
and to expand its operations presence in the market. This will include scaling up
CNG retail outlets, and exploring new business verticals such as sustainable aviation
fuel (SAF) and green hydrogen.
(Source: VC Circle, 29 th July 2024)

Venture Capital

Abu Dhabi Wealth Fund ADIA Bets $120 Mn on Purplle

ADIA invested $120 million (around INR 1,000 crore) to increase its stake in the
unicorn via a primary infusion of capital and through a secondary purchase of shares
from some other shareholders, Purplle. Verlinvest, Goldman Sachs and some angel
investors were among the sellers. The round valued Purplle at $1.25 (around INR
10,430 crore). Purplle will use the primary capital to improve access to customers
and deliver products to them quicker; in addition to expanding its private label
business. Apart from ADIA, Purpple has raised funds from Peak XV Partners,
Kedaara Capital, PremjiInvest, Verlinvest, and Blume Ventures, among others.
(Source: VC Circle, 1 st July 2024)

Agritech Firm Arya.Ag Snags $29 Mn from Blue Earth Capital, Quona Capital

Agritech platform Arya.ag, operated by Arya Collateral Warehousing Services Pvt.
Ltd, has raised $29 million (around INR 242 crore) in a Pre-Series D funding round.
Switzerland based investment firm Blue Earth Capital led the round. The round also
saw participation from existing investors Asia Impact and Quona Capital. Setuka
Partners served as the strategic advisor for the equity round. The grain-commerce
startup will use the funds to develop its technological stack and add more users to
the platform.
(Source: VC Circle, 10 th July 2024)

ResponsAbility, MS Dhoni Leas Pre-Series B Funding of EV Ride Hailing Co BluSmart

Home-grown electric vehicle (EV) ride hailing company BluSmart completed pre-
series B round raising $24 million (around INR 201 crore) from multiple investors
including Swiss impact investor responsAbility, cricketer MS Dhoni’s family office,
ReNew Power’s chief executive Sumant Sinha, amongst other existing investors.
BluSmart’s latest fundraising, post a $42 million (around INR 350 crore) bridge
round, will be used to support expansion plans.
(Source: VC Circle, 15 th July 2024)

Dharana Capital Bets $50 Mn on Urban Company

India focused Investment firm Dharana Capital, which has backed domestic
companies such as NoBroker, Zomato, Zooper, Lentra and Itilite, has invested $50
million (around INR 400 crore) in Urban Company via secondary transaction.

Dharana Capital bought shares from Urban Company’s employees and other
shareholders. Vamsi Duvvuri, founder and managing director of Dharana Capital, will
join Urban Company’s board as a non-executive director.
(Source: VC Circle, 17 th July 2024)

Simple Energy Raises $20 Mn; Funds to Help Scale Production as Deliveries Start

Non Electric Vehicle and clean energy startup Simple Energy raised $20 million
(around INR 167 crore) in its latest funding round that saw participation from the
company’s current investors, including family offices of Haran, Dr. A Velumani,
Vesavi, and Desai, promoter group of Apar Industries, among others. The company
plans to scale up the production of electric two-wheelers. The fund will also support
the company’s entry into new markets, expand its presence across India, and
facilitate new product development.
(Source: VC Circle, 29 th July 2024)

Mergers and Acquisitions

CASHe Acquires Centcart to Foray into Insurance Broking

Aeries Financial Technologies Pvt. Ltd., which operates fintech startup CASHe, has
forayed into insurance broking services with the acquisition of Hyderabad based
Centcart Insurance Broking Services Pvt. Ltd. CASHe claims to have disbursed
INR10,200 crore worth of digital loans over 3 million users across India over the last
seven years. With a direct insurance broker license, it can now sell life, health, and
vehicle insurance products from all insurance companies in India. This shall further
allow CASHe to expand its presence across key sectors of the fintech industry,
including lending, wealth management, and insurance domains.
(Source: VC Circle, 10 th July 2024)

Indusland Adani-IHC Joint Venture Sirius Digitech to Acquire Cloud Firm Coredge.Io

Sirius Digitech Ltd, a joint venture between billionaire Gautam Adani-led Adani
Group and Abu Dhabi-based International Holding Company (IHC) unit Sirius
International Holding, will acquire cloud platform company Coredge.io to expand its
offerings for data centre operations through cloud and artificial intelligence (AI)
solutions. As per agreement, Sirius Digitech will buy a 77.5% stake in Coredge’s
parent Parserlabs India Pvt Ltd. Parserlabs owns 100% of Coredge.io. The cost of
acquisition will be INR 20,000 per equity share.
(Source: VC Circle, 17 th July 2024)

Nazara Technology Buys out Promoters in Paper Boat, Raises Stake to 100%

Listed gaming firm Nazara Technology bought an additional 48.42% stake in Paper
Boat Apps Pvt Ltd, making the company that develops and publishes popular
learning app kiddopia its wholly-owned subsidiary. Nazara Technology, which has
bought 50.91% stake in Paper Boat Apps in 2019, is buying the rest of the stake in
tranches from promoters Anupan and Anshu Dhanuka for around $35 million (around
INR 300 crore). Nazara Technology aims to drive growth and expansion of the
Kiddopia franchise through IP licensing and integration, global market expansion,
and additional revenue streams including merchandising, video, and advertising
revenues.

(Source: VC Circle, 19 th July 2024)

Insurtech Platform Acko Acquires Healthcare Manager OneCare

General Atlantic backed digital insurance provider Acko, acquired digital chronic care
management company OneCare, as the company looks to create a comprehensive
healthcare ecosystem. The acquisition is a strategic move to re-emphasize Acko’s
broader vision of being a comprehensive healthcare provider to its customers going
beyond the insurance services. The transaction will see OneCare founders Rakesh
Shivran and Sagar Bhat joining he leadership team of Acko.
(Source: VC Circle, 24 th July 2024)

Ultra Tech Board Approves $472 MN Deal to Take Control of India Cements

UltraTech Cement, India’s number one cement maker approved a $472 million
(around INR 3,954 crore) deal to gain control of India Cements, which will bolster its
position in the country’s southern states. UltraTech, part of India’s Aditya Birla group,
will buy a 32.72% stake in India Cements at INR 390 per share from its promoters
and their associates, adding to the 23% stake it bought in June.
(Source: VC Circle, 29 th July 2024)

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