September 2026 Deal Roundup: Private Equity, VC and M&A

Goldman Sachs Alternatives Raises $11.7 Billion, Including $1.6 Billion for Asia-Focused Fund

Goldman Sachs Asset Management’s alternatives unit has raised $11.7 billion (around INR 112,320 crores) across its newest private equity funds and related vehicles, with a notable allocation to Asia. The total comprises $9.6 billion (around INR 92,160 crores) for its flagship fund, West Street Capital Partners IX (WSCP IX), $1.6 billion (around INR 15,360 crores) for its dedicated Asia-focused strategy, West Street Asia Equity Partners I, and $500 million (around INR 4,800 crores) for associated co-investment vehicles. The Asia fund underscores the firm’s growing commitment to private equity opportunities in the region. WSCP IX, the ninth vintage of the firm’s flagship buyout business, drew capital from institutional and high-net-worth investors across North America, Europe and the Middle East, along with significant commitments from Goldman Sachs and its employees. The fund has already invested in companies including U.S. cybersecurity audit firm Schellman, European medical devices maker Numantec, and U.S. sports representation and marketing agency Excel Sports Management. Michael Bruun, global co-head of private equity at Goldman Sachs Alternatives, told Reuters that more than a third of the capital has already been deployed, with the remainder expected to be invested over roughly four to four-and-a-half years. He added that the firm typically targets companies with enterprise values between $500 million (around INR 4,800 crores) and $2–3 billion (around INR 19,200–28,800 crores) and plans to hold its investments for four to five years.

(Source: VC Circle, 16th September 2026)

• Private Equity

 

Macquarie Buys 37.5% Stake in Maple Infrastructure Trust 

Australian asset manager Macquarie, through its Macquarie Asia-Pacific Infrastructure Fund 4, has sealed a $450 million (around INR 4,300 crores) deal to acquire a significant stake in Maple Infrastructure Trust, the InvIT that owns the Maple Highways platform, from Canadian pension fund La Caisse (formerly CDPQ). Macquarie has bought 37.5% of the trust’s units, valued at INR 2,702.54 crores (around $281.5 million), halving La Caisse’s holding to 37.5%, along with a 42.5% stake in the investment manager and 40% in the project manager, taking control from La Caisse. Macquarie’s total commitment includes $150 million (around INR 1,440 crores) of fresh equity for future acquisitions, while La Caisse has pledged an additional $150 million (around INR 1,440 crores) to support the platform’s next phase of growth. 

(Source: VC Circle, 14th September 2026)

 

Kotak Realty Fund Invests $84 Mn in Smartworld

Smartworld Developers, an M3M India affiliate promoted by the Bansal family, has secured about $83.3 million (around INR 800 crores) in financing from Kotak Realty Fund, the real estate arm of Kotak Alternate Asset Managers. The funds will go into Smartworld Sky Arc and Trump Residences in Gurugram, which together carry a gross development value of over $854.2 million (around INR 8,200 crores). Planned as a long-term partnership, the deal combines Smartworld’s luxury residential pipeline with Kotak’s institutional capital, reflecting growing institutional interest in India’s luxury housing market. 

(Source: VC Circle, 14th September 2026)

 

AMPIN Secures $100M from Norfund

India’s AMPIN Energy Transition has secured an equity investment of up to $100 million (around INR 960 crores) from Norfund, the Norwegian government’s investment fund for developing countries, made through the Norwegian Climate Investment Fund. The capital will support AMPIN’s commercial and industrial projects, utility-scale renewable projects and other energy transition businesses. With this round, the company has raised nearly $1 billion (around INR 9,600 crores) in total equity to back more than $4 billion (around INR 38,400 crores) in capital deployment. The deal deepens Norfund’s push into India’s clean energy market, building on its earlier investments in the sector through firms such as ReNew Power and Enel Green Power.

(Source: VC Circle, 21st September 2026)

 

ChrysCapital Invests in KDDL and RHI Magnesita India

Homegrown private equity firm ChrysCapital has invested through its public markets platform, Clarus, in two listed manufacturing companies, KDDL Ltd and RHI Magnesita India Ltd. Launched in March 2023, Clarus focuses on listed large, mid-and small cap companies and had a corpus of nearly $208 million (around INR 2,000 crores) in 2024. Clarus invested $5 million (around INR 48.21 crores) in KDDL through open market transactions, acquiring a stake of just over 1%, and $3.75 million (around INR 36 crores) in RHI Magnesita India for a stake of less than 0.5%, based on back-of-the-envelope calculations.

(Source: VC Circle, 23rd September 2026)

 

Balwaan Krishi Raises $10.4 Mn in Series B Funding

Jaipur-based agricultural machinery manufacturer Balwaan Krishi has raised $10.4 million (around INR 100 croress) in a Series B round led by First Bridge India Growth Fund Private Equity, with participation from undisclosed institutional investors. The latest round takes the company’s disclosed institutional funding to at least $16.3 million (around INR 156 crores), excluding undisclosed debt or other investments. Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Balwaan Krishi manufactures affordable farm equipment, including power weeders and sprayers, and operates a hybrid B2B/B2C model with 800+ dealers across northern India and a growing e-commerce presence. 

(Source: VC Circle, 28th September 2026)

• Venture Capital

 

Creedom Raise Early-Stage Funding

Creedom, an AI-powered growth coaching platform for content creators, has raised $0.4 million (around INR 4.1 crores) in a seed funding round at a valuation of $4.0 million (around INR 42 crores). The round was backed by angel investors including Leigh Hopkins, former EVP and Regional CEO at Walmart; Raghunandan G, Founder & CEO of Zolve; and Kartheeswaran KK, Co-founder & CEO of Ninjacart, among others. The company plans to use the funds towards product development and expansion into the US market. Founded in 2022 by former Ninjacart employees Naveen Murugan, Naveen Sowriraj and Aswin Dhananjai, Creedom connects with creators’ Instagram and YouTube accounts to analyse performance data and provide personalised guidance on content performance and recommendations for future content creation. 

(Source: VC Circle, 02nd September 2026)

 

Verlinvest Leads Series B Funding In Sneaker Brand Comet 

Belgian investment firm Verlinvest has invested $10.6 million (around INR 100 croress) in sneaker brand Comet as part of its Series B funding round, with existing investors Elevation Capital and Nexus Venture Partners also participating. The company plans to use the funds for retail expansion, technology capabilities and product R&D, including proprietary sole moulds and tooling. Comet, operated by Grails Marketing Pvt Ltd, currently has 10 stores and plans to expand its portfolio from four to eight footwear models by the end of next year. 

(Source: VC Circle, 04th September 2026)

 

Temasek, London-Listed Seraphim Lead Spacetech Startup Pixxel’s Series C

Bengaluru based space-tech startup Pixel has raised US$100 million (around INR 944 crores) in a Series C funding round co-led by Temasek and Seraphim Space Investment Trust, with participation from new investors 360 One Asset and IMM Investment, alongside existing backers. The round takes Pixxel’s total funding to US$195 million (around INR 1,840 crores) since its founding in 2019 and marks the largest single funding round raised by an Indian space-tech company to date. Pixxel plans to use the proceeds to expand its next-generation Honeybee satellite constellation into short-wave infrared (SWIR) sensing, enhance its Aurora satellite-data platform, strengthen spacecraft and mission infrastructure for government programmes and scale satellite manufacturing.

(Source: VC Circle, 07th September 2026)

 

Premium Bakery Chain Harley’s Plans Maiden Fundraise, Hires Banker

Hyderabad-based premium bakery and café chain Harley’s Fine Baking has initiated the process to raise $10.5–$13.2 million (around INR 100–125 crores) in its maiden institutional funding round, with Capwise Financial appointed as the investment banker. The company plans to use the proceeds to fund its expansion across India, with the round expected to attract venture capital investors with expertise in the food and beverage sector. Founded in 2019, Harley’s operates 60+ outlets and cloud kitchens across Hyderabad, Bengaluru, Mumbai, Vijayawada, Pune and Gurugram. 

(Source: VC Circle, 07th September 2026)

 

Quick Food-Delivery Startup Swish Raises $24 Mn 

Bengaluru-based foodtech startup Swish has raised $24 million (around INR 229 crores) in a funding round led by Bertelsmann India Investments (BII), with existing investors Accel, Bain Capital Ventures and Hara Global also participating. The company plans to deploy the capital towards expanding its kitchen network and supply-chain infrastructure, with a roadmap to build 1,000+ kitchens over the next five years. Founded by Aniket Shah, Ujjwal Sukheja and Saran S., Swish operates an integrated food-delivery model, owning its kitchens, ordering platform and last-mile delivery within a defined radius. 

(Source: VC Circle, 10th September 2026)

 

• Mergers & Acquisitions

 

ITC Arm To Acquire 22.1% Stake In Happiest Minds For $140 Mn 

ITC has announced that its IT arm will acquire a 22.1% stake in Happiest Minds Technologies for $140 million (around INR 1,330 crores) in cash as part of a proposed merger with the IT services company. The combined entity is targeting $1 billion in revenue by FY28, with the transaction expected to take approximately three to eight months to complete. Under the proposed scheme, shareholders of Happiest Minds will receive 25 shares of IT Infotech for every 81 shares held, while ITC will become the promoter of the merged entity with a 73.4% stake. Following the transaction, IT Infotech is expected to be listed on both the BSE and NSE. 

(Source: VC Circle, 01st September 2026)

 

InvAscent-Backed RPG Active Pharma Buys Raghava Life Sciences’ API Business

RPG Life Sciences has agreed to acquire the bulk drugs and intermediates business of Raghava Life Sciences for $14.2 million (around INR 135 crores) through its subsidiary RPG Active Pharma, via a slump sale on a going-concern basis. The acquisition forms part of RPG Life Sciences’ buy-and-build strategy to create an integrated, scaled API-focused platform and is subject to customary closing conditions and regulatory approvals. The business operates a WHO-GMP and EU-GMP-approved API manufacturing facility near Hyderabad, with around 300 KL of installed capacity and a dedicated R&D setup. 

(Source: VC Circle, 03rd September 2026)

 

Blackstone Backed Nexus Select Trust To Acquire Guwahati Mall And Hyatt Hotel

Blackstone-backed Nexus Select Trust has approved the acquisition of a 100% stake in Galaxy Infra Creations Pvt Ltd (GICPL) at an enterprise value of $167.6 million (around INR 1,600 crores). GICPL is developing a shopping mall with approximately 516,000 sq. ft. of gross leasable retail area and a 164-key Hyatt Regency hotel in Guwahati, both currently under construction on NH-27. The transaction will be funded through a combination of cash and unit swap, with Nexus Select Trust expected to assume full ownership and control of GICPL upon completion. 

(Source: VC Circle, 10th September 2026)

 

Dr Lal PathLabs Acquires 70% Stake in SN Genelab

Dr Lal PathLabs, India’s largest diagnostics chain, has agreed to acquire a 70% controlling stake in Surat-based SN Genelab Pvt Ltd for $17.5 million (around INR 168 crores) in cash, plus a performance-linked earn-out capped at $3.3 million (around INR 31.5 crores), to strengthen its genomics capabilities and broaden its advanced diagnostics portfolio. Founded in 2013, SN Genelab operates three labs in India and one in the UAE, offering diagnostics and genomics testing in oncology, rare diseases, reproductive health and infectious diseases. 

(Source: VC Circle, 10th September 2026)

 

Thyrocare to Sell Radiology Unit to Trovera for $15 Mn

Thyrocare Technologies has received board approval to sell its radiology business, Nueclear Healthcare Ltd, to Trovera Healthcare Pvt Ltd for nearly $15 million (around INR 141.4 crores) in a cash-and-stock deal, roughly a month after its parent company sold part of its stake to reduce debt. Thyrocare will receive about $8.5 million (about INR 81.9 crores) in cash and $6.2 million (around INR 59.5 crores) in compulsorily convertible preference shares of Trovera, subject to adjustments. It will also buy Nueclear’s land and buildings in Gurugram and Hyderabad, which house its labs, for $2.1 million (around] INR 20.58 crores). The sale is expected to be completed by November 30, 2026. 

(Source: VC Circle, 22nd September 2026)