Private Equity, Venture Capital and Mergers & Acquisitions News
Tata group takes control of Air India:
India’s auto-to-steel conglomerate in October 2021 emerged as the winner of bidding process started for state-run carrier Air India. Tata Group was handed the ownership of the airline after 70 years on 28 January, 2022. The conglomerate was awarded the deal in a $2.4 billion equity and debt deal, bringing an end to years of struggle to privatize the airline which was troubled by financial turmoil. The Air India strategic disinvestment transaction was completed with transfer of $360 million to government and Tata Group taking over more than $2 billion of debt. The strategic deal is inclusive of Air India, its low-cost arm Air India Express, and AI SATS. With this, Tata Group now operates three airlines in India, other two being Vistara and AirAsia India.
Here is some latest financial news of private equity, venture capital and mergers & acquisitions:
- Private Equity:
Fintech platform CASHe raises $19 mn from its Singaporean parent TSLC:
CASHe, a fintech platform, has raised Rs 140 crore in equity funding from its holding company TSLC Pte Ltd. The holding company is based out of Singapore and owns entire portfolio of intellectual property and technology of CASHe and controls CASHe’s India operations.
(Source: VC Circle 04 January, 2022)
NewQuest Capital bets $68 mn in packaged food maker id Fresh, Helion exits:
iD Fresh Food (India) Pvt. Ltd, in a Series D funding round led by PE firm NewQuest Capital, has raised a sum of Rs 507 crore. This round also facilitates secondary exit to Helion Venture Partners which backed the brand in its early days. The round also witnessed participation from an existing investor, PremjiInvest.
(Source: VC Circle, 04 January, 2022)
ADIA invests $235 mn in Mindspace REIT; Blackstone makes full exit:
In a bold move, Abu Dhabi Investment Authority (ADIA) has acquired 9.2% in Mindspace Business Parks REIT from global asset management firm Blackstone Inc. The asset management firm was on the lookout to offload its balance 9.2% stake in the REIT. Mindspace REIT, second to be listed, is backed by Mumbai-based real estate firm K Raheja Corp. and Blackstone, which was a minority shareholder.
(Source: VC Circle 10 January, 2022)
Lotus Herbals picks up minority stake in D2C beauty brand Conscious Chemist:
Lotus Herbals Pvt. Ltd has picked up 25% stake in clean beauty direct to consumer (D2C) brand Conscious Chemist. With this investment, the Indian cosmetic major completes its third consecutive investment in new age Indian beauty & D2C brand segment.
(Source: VC Circle 20 January, 2022)
Advent to buy controlling stake in Avra Labs to strengthen bulk drug biz in India:
Advent International has announced to buy a controlling stake in Avra Laboratories Pvt Ltd in a plan to boost its active pharmaceutical ingredients (API) business in India. Reportedly, Advent International paid $100 million to the drug maker’s promoters AV Rama Rao and his family.
(Source: VC Circle 24 January, 2022)
o9 Solutions raises $295 mn from General Atlantic, others; valn more than doubles:
General Atlantic and its climate investing venture BeyondNetZero have invested $295 mn in an enterprise software platform, o9 Solutions Inc. The round also saw participation from Generation Investment Management and existing investor KKR. o9 Solutions saw its valuation rise from $1 billion to $2.7 billion after the fundraise.
(Source: VC Circle 27 January, 2022)
Avanse Financial raises $48 mn in its first securitisation deal with Northern Arc:
Avanse Financial Services Ltd has closed its first securitization transaction to raise Rs 357 crore from debt financier, Northern Arc Capital. The education-focused non-banking financial company (NBFC) will use the long-term funding of 10 years for expansion of Avanse Financial Services’ education financing program and thus, strengthen its leadership position in the lending space.
(Source: VC Circle 28 January, 2022)
- Venture Capital:
Falcon Edge’s Alpha Wave invests $4.6 mn in B2B startup Groyyo:
In a round led by Alpha Wave Incubation, b2b manufacturing and automation company Groyyo Pvt Ltd has raised $4.6 million. Alpha Wave is backed by DisruptAD & ADQ’s venture platform and managed by Falcon Edge Capital. The round also saw participation from angel investors, early-stage investors and venture-debt fund.
(Source: VC Circle 03 January, 2022)
Exotel raises $40 mn in a Series D funding led by Steadview Capital:
Exotel has raised $40 million in a funding round led by Steadview Capital. The customer engagement platform has expansion plans for the fresh funding in the Middle East & Southeast Asia regions and also plans to use the funding for strategic acquisition purposes.
(Source: VC Circle 04 January, 2022)
Zupee inks pact with Jio; closes Series B at $600 mn valuation:
Zupee, a skill-based real money gaming platform and Jio Platforms Ltd have partnered in a revenue sharing deal which includes Series B funding round of $102 million in Zupee. The deal valued the startup at $600 million.
(Source: VC Circle 05 January, 2022)
Dunzo secures $240 mn in funding led by Reliance Retail:
In a bid to compete with hyperlocal delivery startups, Reliance Retail has picked up 25.8% stake in Dunzo for $200 million. The round saw participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital. The hyperlocal delivery player is also backed by Google and plans to use the fresh proceeds for enabling instant delivery and expanding its B2B vertical to enable logistic services for local merchants.
(Source: VC Circle 06 January, 2022)
Rooter raises $25 mn led by Lightbox, March Gaming, others:
Rooter has raised $25 million in a Series A funding round led by Lightbox, March Gaming, and Duane Park Ventures. Rooter, a game streaming & e-sports platform, has been growing at blistering pace in tandem with the fast-paced growing mobile gaming market in India.
(Source: VC Circle 12 January, 2022)
Purplle raises $34 mn from Sequoia affiliate at more than $700 mn valuation:
Manash Lifestyle Pvt Ltd operated Purplle has raised close to $34 million in its Series D1 funding round at a valuation of over $700 million. The round in Mumbai-based online beauty products marketplace was led by Faces Investment Holdings which is an affiliate of Sequoia Capital.
(Source: VC Circle 17 January, 2022)
Pixis snags $100 mn in Series C led by SoftBank; Exfinity partially exits:
Pixis Software Inc., an artificial intelligence (AI) based cloud marketing startup, has raised Rs 745 crore in its Series C funding round led by SoftBank Vision Fund 2. The round facilitated partial exit for an early investor, Exfinity Venture Partners. General Atlantic and Celesta Capital, PremjiInvest, & Chiratae Ventures also participated as new and existing investors, respectively.
(Source: VC Circle 20 January 2022)
Sequoia-backed Darwinbox turns unicorn with $72 funding:
Darwinbox, an enterprise human resources management platform, has turned unicorn after a Series D funding round led by Technology Crossover Ventures (TCV) with participation from existing investors. The Sequoia Capital India-backed Darwinbox raised $72 million and will deploy funds for product innovation & for enhancing sales & marketing.
(Source: VC Circle 25 January, 2022)
Swiggy raises $700 mn from Invesco, others at $10.7 bn valuation:
Bundl Technologies Pvt Ltd operated food tech platform, Swiggy, has received a $700 million funding. The massive round was led by Invesco with participation from Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, among ors.
(Source: VC Circle 24 January, 2022)
- Mergers & Acquisition:
Mensa marks 15th buy with leather brand Estalon:
Mensa Brands which operates on the concept ‘House of Brands’ has acquired Estalon, a leather brand. Mensa, which acquires stake in D2C brands’, has completed acquisition of 15 brands in total. The financial details of the transaction were not disclosed.
(Source: VC Circle 4 January, 2022)
Zomato-backed Shiprocket to pick 75% stake in data platform Wigzo Tech:
Shiprocket, an ecommerce shipping and enablement firm, has announced to buy 75% stake in customer data platform Wigzo Tech. Shiprocket aims to expand its product line-up for online retailers.
(Source: VC Circle 07 January, 2022)
Tiger Global-backed B2B packaging platfom Bizongo acquihires edtech firm Hexa:
Bizongo has announced its acquihiring of Hexa, a Bengaluru-based edtech cloud platform for college placements. Bizongo, a B2B e-commerce & supply chain enablement, had recently raised $110 million in its Series D funding round.
(Source: VC Circle 11 January, 2022)
Tech Mahindra acquires CTC for €310 million:
Tech Mahindra, an Indian IT services company, has acquired 100% stake in Com Tec Co IT Ltd (CTC). CTC, an IT solutions and service provider, has data centres in Latvia and Belarus was acquired for Rs. 2,620 crore. Tech Mahindra has also invested Rs 1.69 crore for 25% stake in SWFT and Surance platforms, two InsurTech ventures funded by CTC.
(Source: VC Circle 17 January, 2022)
Nazara to acquire 55% stake in ad tech firm Datawrkz:
In a bet to build its ad tech vertical, Nazara Technologies Ltd has bought 55% ownership in Datawrkz. The Mumbai-based listed gaming firm is strategically acquiring companies that are ‘built to last and not built to sell’.
(Source: VC Circle 18 January, 2022)
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