KKR, Ontario Teachers’ Pension Fund Sell $280-Mn Stake In Road InvIT

KKR & Co and the Ontario Teachers’ Pension Plan (OTPP) have divested units worth $280 million (around INR 2,483 crores) in the NSE-listed Vertis Infrastructure Trust (formerly Highways Infrastructure Trust). Prior to the transaction, KKR held a 71.66% stake and OTPP 24.99%, with KKR selling units worth $226.3 million (around INR 2,007 crores) and OTPP $51.9 million (around INR 460 crores) through a secondary sale. Vertis currently manages highway assets valued at $2.8 billion (around INR 25,000 crores), comprising 27 projects spanning 8,100 lane km, and in 2024 acquired 12 projects from PNC Infratech at an enterprise value of $1.01 billion (around INR 9,005 crores). The InvIT has set an ambition to double its AUM to $5.5 billion (around INR 48,771 crores) over the next three years, well above the ₹30,000–40,000 crore long-term target outlined in its FY24 annual report. KKR entered India’s highways sector in 2021 through the acquisition of Global Infrastructure Partners’ roads portfolio, marking its entry into the segment. 

(Source: VC Circle, 02nd September 2025)

• Private Equity

Tessolve Raises $150 Mn From TPG Growth For Acquisition, Expansion

Bengaluru-based semiconductor engineering firm Tessolve has raised $150 million (around INR 1,332 crores) from TPG Growth to drive acquisitions, expand test labs, and strengthen global delivery centres. Acquired by Hero Electronix in 2016, Tessolve has grown revenues from $25 million (around INR 222 crores) in FY16 to over $150 million (around INR 1,332 crores) in FY25, with Novo Tellus Capital Partners also investing $40 million (around INR 355 crore) in 2021. Founded in 2004, the company runs 11 labs, partners with 18 of the top 20 semiconductor firms, and employs over 3,000 engineers worldwide. 

(Source: VC Circle, 01st September 2025)

IFC Invests In JBM Auto’s Electric Mobility Unit, Eversource-Backed GreenCell International Finance Corporation (IFC), the private-sector arm of the World Bank Group, is investing $137 million (around INR 1,216 crores) in India’s electric mobility sector $100 million (around INR 888 crores) in JBM Ecolife Mobility, a unit of JBM Auto, and $37 million (around INR 328 crores) in GreenCell Mobility, backed by Eversource Capital. IFC’s first capital investment in Asia’s e-bus sector and its largest globally, the funding will help deploy 4,000 e-buses and charging stations across 39 municipalities, creating 12,000 jobs. GreenCell’s NueGo brand connects more than 100 Indian cities, making it one of the country’s largest electric bus operators. 

(Source: VC Circle, 11th September 2025)

Kedaara Capital Invests In Life-Sciences Software Firm Axtria

Kedaara Capital, which is deploying from its $1.73 billion (around INR 15,340 crores) fourth fund, has invested $240 million (around INR 2,131 crores) in Axtria, a life sciences-focused data analytics and cloud software firm, through a mix of secondary investment and company-sponsored buyback, marking one of the largest employee-centric liquidity events in the sector. Founded in 2010, Axtria serves over 100 customers across 75 organizations, and Kedaara plans to support its organic and inorganic growth. This marks Kedaara’s second investment in the data analytics and AI space this year, following its $350 million (around INR 3108 crores) bet on Impetus Technologies, alongside recent investments in Porter and Juspay. 

(Source: VC Circle, 23rd September 2025)

Swiggy Selling Rapido Stake To Prosus, WestBridge; To Hive Off Instamart

Swiggy Ltd has agreed to divest its entire 12% stake in Rapido to Prosus and WestBridge Capital for $270.6 million (around INR 2,400 crores), according to its stock exchange filings. The transaction, subject to approvals from the Competition Commission of India and Swiggy’s shareholders, includes both equity and preference shares, with Prosus acquiring shares worth $ 221.9 million (around INR 1,968 crores) and WestBridge $48.7 million (around INR 432 crores). The company said the sale, classified as a related-party transaction given Prosus’ 23% stake in Swiggy, was executed on fair terms and is aimed at strengthening its cash reserves amid growing competition in quick commerce. 

(Source: VC Circle, 24th September 2025)

CapitaLand India Trust Divests From Chennai, Hyderabad Assets For $125 Mn

CapitaLand India Trust (CLINT) has entered into an agreement to divest CyberVale in Chennai and CyberPearl in Hyderabad for $125 million (around INR 1,110 crores), marking its first divestment since its listing in 2007. The transaction, priced at approximately a 3% premium to independent valuations, is expected to generate net proceeds of $122 million (around INR 1,083 crores), which will be utilized to strengthen the balance sheet, fund higher-yielding projects, and enhance unitholder distributions. 

(Source: VC Circle, 25th September 2025)

• Venture Capital

CityMall Raises $47 Mn in Series D Round

CityMall, an online commerce startup focused on tier II and smaller Indian cities, has raised $47 million (around INR 414 crores) in a Series D round led by Accel, with participation from existing investors including Waterbridge Ventures, Citius, General Catalyst, Elevation Capital, Norwest Venture Partners, and Jungle Ventures, bringing its total funding to $165 million (around INR 1386 crores) Founded in 2019, CityMall leverages a network of community leaders for marketing and logistics, claiming a distribution model up to three times more efficient than traditional e-commerce. The new funds will be used to strengthen its value-commerce model, expand into new regions, scale infrastructure, grow private labels and brand partnerships, and hire across tech, product, and operations.

(Source: VC Circle, 02nd September 2025)

Seekho Raises $28 Mn in Series B Round

Edtech startup Seekho has raised $28 million (around INR 246 crores) in a Series B funding round led by Bessemer Venture Partners, with participation from Goodwater Capital and existing investors Lightspeed Venture Partners and Elevation Capital. Founded in 2020 by Rohit Choudhary, Keertay Agarwal, and Yash Banwani, Seekho offers personalised, short-form educational videos across categories like technology, money, and business. With 25 million monthly active users a 60% QoQ growth—the platform aims to make learning engaging and accessible. The new funding will support the development of AI-first features, new content formats, and user experiences to scale its “edutainment” model.

(Source: VC Circle, 02nd September 2025)

FirstClub Raises $23 Mn Series A to Expand Clubhouse Network and Product Offerings

Bengaluru-based FirstClub Technology Pvt Ltd has raised $23 million (around INR 202 crores) in a Series A round led by existing investors Accel and RTP Global, with participation from Blume Founders Fund, 2am VC, Paramark Ventures, and Aditya Birla Ventures, valuing the startup at $120 million (around INR 1050 crores) Launched in June, FirstClub operates dark stores called “clubhouses” and offers over 4,000 curated SKUs across categories like packaged foods, fresh produce, dairy, and nutrition. The funds will be used to launch 35 new clubhouses, introduce new fulfilment formats like cafés and subscriptions, expand into new categories, and accelerate hiring and tech development.

(Source: VC Circle, 04th September 2025)

Reveal HealthTech Raises $7.2 Mn Series A to Expand AI Solutions for Healthcare

Healthtech startup Reveal HealthTech has raised $7.2 million (around INR 61 crores) in a Series A round led by Leo Capital, with participation from Sanos Capital. Founded in 2023 by Sanchit Mullick, the US- and India-based company offers AI-driven transformation solutions for healthcare and life sciences. Its key products include BioCanvas, which accelerates clinical trial recruitment through multimodal AI, and Prism AI, a platform for building workflow automation agents. The funding will support product expansion, sales growth, and broader market reach. The company was incubated by W Health Ventures and 2070 Health.

(Source: VC Circle, 04th September 2025)

FlexifyMe Raises $2.3 Mn In Pre-Series A to Expand Hybrid Healthtech Offerings

Healthtech startup FlexifyMe has raised $2.3 Million (Around INR 20 crores) in a pre-Series A funding round led by IvyCap Ventures, with participation from Signal Ventures and existing investors. Founded by Manjeet Singh and Amit Bhayani, the company leverages AI-based posture and motion analysis combined with physiotherapy to address the root causes of chronic musculoskeletal pain. The funding will be used to expand its hybrid care model through online and offline centres, launch advanced posture and gait analysis labs, and strengthen clinical research partnerships.

(Source: VC Circle, 04th September 2025)

• Mergers & Acquisitions

Tata Tech To Acquire Germany’s ES-Tec Group To Boost Auto Engineering Play Tata Technologies Ltd has entered into a definitive agreement to acquire ES-Tec GmbH and its subsidiaries for up to $79 million (around INR 781 crores) in an all-cash transaction, aimed at strengthening its automotive R&D capabilities in Europe. The acquisition, expected to close by December 2026 subject to regulatory approvals, will enhance Tata Technologies’ presence in Germany, provide access to local talent and domain expertise, and is projected to be earnings-per-share accretive from the first full year of operations.

(Source: VC Circle, 15th September, 2025)

Graphite India Buys Into NYSE-Listed Firm

Graphite India Ltd has acquired a 6.82% stake in NYSE-listed GrafTech International through a secondary transaction for $19 million (around INR 168 crores). GrafTech manufactures high-quality graphite electrodes essential for electric arc furnace steel and other ferrous and non-ferrous metals. The company operates some of the world’s highest-capacity, low-cost, ultra-high-power graphite electrode facilities and is substantially vertically integrated into petroleum needle coke, a key raw material for production. 

(Source: VC Circle, 19st September, 2025)

Ventive Hospitality Acquires 76% Stake in Hilton Goa Owner to Expand Portfolio

Ventive Hospitality Ltd, a joint venture between Blackstone and Panchshil Realty, is entering the Goa market by acquiring a 76% stake in Soham Leisure Ventures Pvt Ltd, which owns the Hilton Goa Resort in Candolim. The deal is valued at approximately $36 million (around INR 320 crores), including land cost, with INR 9.5 crore to be paid in cash. This marks Ventive’s first acquisition since its INR 1,600 crore IPO in December, which was subscribed 10 times. The 64-room Hilton resort offers potential for refurbishment and expansion, aligning with Ventive’s plan to double its portfolio to 4,000 rooms over the next five years. 

(Source: VC Circle, 26th September 2025)

Lupin to Acquire VISUfarma for $201 Mn to Enter European Eyecare Market

Lupin Ltd has announced the acquisition of Netherlands-based VISUfarma for an enterprise value of $201 million (around INR 1,977 crores) to expand its presence in the European ophthalmology market. The deal, made through Lupin’s Dutch subsidiary Nanomi, is expected to close by year-end, subject to regulatory approvals in Spain and Germany. Funded through existing cash reserves, the acquisition will give Lupin access to over 60 branded eyecare products across segments such as dry eye, glaucoma, eyelid hygiene, and retinal health. Lupin expects the deal to be accretive to growth and margins, citing the rising demand in the sector due to aging populations and increasing diabetes-related eye conditions. 

(Source: VC Circle, 29th September 2025)

Entero Healthcare Acquires 60% Stake in Ace Cardiopathy,

Entero Healthcare Solutions, backed by OrbiMed and ValueQuest Scale Fund, has acquired a 60% stake in Ace Cardiopathy Solutions for $6.6–8.6 million (around INR 59.3-77.1 crores) with the deal expected to close by January 31, 2026. Incorporated in 2009, Ace Cardiopathy distributes medical devices and healthcare products, reporting revenue of Rs 155 crore in FY25, down from Rs 176 crore the previous year. Separately, Entero Healthcare has approved the sale of its entire stake in subsidiary Suprabhat Pharmaceutical to Yash Sudhir Biradar and Kavita Sudhir Biradar.

(Source: VC Circle, 29th September 2025)