Corporate finance_Monthly Alert_October 2025

Dubai’s Emirates NBD To Buy 60% Stake In RBL Bank For $3 Bn

Dubai-based Emirates NBD (ENBD) has announced plans to acquire a 60% stake in Indian private lender RBL Bank for $3.05 billion (around INR 26,786 crores) through a preferential allotment of shares, marking the largest-ever cross-border acquisition in India’s financial sector. The transaction, subject to regulatory approvals, will be followed by an open offer to retail shareholders for an additional 26% stake at ₹280 per share, in compliance with India’s takeover regulations. Once completed, ENBD will be designated as the promoter of RBL Bank, gaining rights to appoint directors to its board while ensuring its total ownership stays within the 74% foreign investment limit allowed for private banks. The infusion will significantly strengthen RBL Bank’s balance sheet, enhance its Tier-1 capital ratio, and provide long-term growth capital to support expansion. With $16.6 billion (around INR 145,787 crores) in assets, 15.17 million customers, and 562 branches across 28 states, RBL Bank’s position in the Indian banking sector is set to strengthen further. The move underscores ENBD’s confidence in India’s rapidly expanding financial services market and its growing strategic importance within the India–Middle East–Europe Economic Corridor, aligning with ENBD’s broader regional expansion strategy that includes operations in Egypt, Saudi Arabia, and Turkey, where it previously acquired DenizBank in 2019. 

(Source: VC Circle, 19th October 2025)

Private Equity

Membrane Group secures $50 Mn from GEF Capital Partners

Membrane Group India Pvt. Ltd, a Gurugram-based provider of industrial water and wastewater treatment solutions, has received a $50 million (around INR 439 crores) investment commitment from GEF Capital Partners’ South Asia Growth Fund III.

The funding will support the company’s expansion in ultrapure water (UPW), wastewater treatment, water reclamation, and zero liquid discharge (ZLD) solutions, targeting high-growth sectors such as solar photovoltaics, semiconductors, microelectronics, and advanced manufacturing. The capital will also be used to enhance project execution, boost R&D, and develop resource recovery technologies.

(Source: VC Circle, 08th October 2025)

Hunger Inc. raises $24.2 Mn from Lighthouse Funds and DSG Consumer Partners

Hunger Inc Hospitality Pvt. Ltd, the parent company of The Bombay Canteen, O Pedro, Veronica’s, and Bombay Sweet Shop, has raised $24.2 million (around INR 212 crores) in a funding round co-led by Lighthouse Funds and DSG Consumer Partners.The capital will fuel the company’s expansion across its restaurant and packaged goods businesses. Founded in 2015 by Yash Bhanage and Sameer Seth, Hunger Inc. has previously received backing from Everstone Capital, Anamudi Real Estates, and Godrej Group’s Tanya, Pirojsha, and Nisaba Godrej, as well as individual investors CP Gurnani and Barkha Cardoz. For DSG Consumer Partners’ managing director Deepak Shahdadpuri, the investment aligns with the firm’s focus on innovative consumer brands, adding to a portfolio that includes Sula, Epigamia, Veeba, and Ugaoo.

(Source: VC Circle, 10th October 2025)

L Catterton Picks Up Minority Stake In Proctology-Focused Clinic

Global private equity firm L Catterton has made its first external investment in Healing Hands Clinic, a Pune-based specialist proctology chain, acquiring a minority stake. Founded in 2013 by Ashwin, Snehal, and Roshan Porwal, Healing Hands offers comprehensive anorectal care through minimally invasive techniques, plant-based medicines, and holistic services across 36 clinics in 14 Indian cities. The investment will support the clinic’s nationwide expansion to improve access to quality anorectal care and plant-based treatments.

(Source: VC Circle, 16th October 2025)

Amicus-Backed Berar Finance Raises $17 Mn 

Nagpur-based non-banking lender Berar Finance has raised $17 million (around INR 150 crores) in a funding round led by Norwegian fund Abler Nordic, with participation from First Bridge India Growth Fund, providing a partial exit for early investor Amicus Capital. The company plans to use the capital to deepen its presence in two-wheeler financing and expand its secured MSME loan portfolio, aiming to evolve into a multi-product NBFC focused on growth, profitability, and asset quality. Founded in 1990 and promoted by Maroti Gendaru Jawanjar, Berar Finance also counts impact investors Maj Invest and Creation Investments among its shareholders. InteQuant Advisors acted as exclusive financial advisor for the transaction.

(Source: VC Circle, 22nd October 2025)

Verlinvest invests $75 Mn in The Eye Foundation

Belgium-based investment firm Verlinvest has invested $75 million (around INR 658 crores) in Coimbatore-based eyecare chain The Eye Foundation, marking its second healthcare bet in India.The deal gives Verlinvest a minority stake of about 20%, valuing The Eye Foundation at around $375 million (around INR 3,293 crores), according to people familiar with the development.Founded over four decades ago, The Eye Foundation operates 25 centres across Tamil Nadu, Kerala, and Karnataka. The company reported ₹213 crore in revenue and ₹86.4 crore in net profit for FY24, up from ₹167 crore and ₹49.2 crore, respectively, in the previous year.Verlinvest made its first healthcare investment in India in 2023, acquiring a controlling stake in Ferty9 Fertility Center.

(Source: VC Circle, 23rd October 2025)

• Venture Capital

Climaty AI Snags Early Stage Funding

Climaty AI, an India-founded and UAE-based climate and marketing technology company, has raised $2 million (around INR 17 crores) in early-stage funding led by venture capital and accelerator fund Turbostart, with participation from AI experts and angel investors. Founded in 2024 by Neel Pandya, Climaty AI is developing an agentic AI-powered marketing ecosystem that automates campaign planning, content creation, optimization, and measurement while reducing the carbon footprint of digital advertising. The funds will support the company’s expansion across APAC, EMEA, the UK, and North America, targeting the growing demand for sustainable, high-performance marketing solutions.

(Source: VC Circle, 03rd October 2025)

Luxury Watch Retailer Art Of Time Raises $19.5 Mn Series B

Art of Time, a Mumbai-based luxury watch retailer, has raised $19.5 million (around INR 175 crores) in a Series B round led by Caratlane founder Mithun Sacheti and Siddhartha Sacheti, with participation from Plutus Wealth Management and Freshworks founder Girish Mathrubootham. Founded in 2015 by Gaurav Bhatia and Bharat Kapoor, the company retails brands such as Cartier, Omega, Montblanc, and Bvlgari through 14 boutiques across major Indian cities. The funds will support the expansion of its store network, technology investments, and the launch of CIRCA, a new bridge-to-luxury omni-retail concept aimed at next-generation watch buyers. Former Caratlane executive Prashant Chaudhary has been appointed CEO of CIRCA.

(Source: VC Circle, 03rd October 2025)

Fintech Startup Dhan Enters Unicorn Club With $120 Mn Round

Raise Financial Services, the parent company of investing platform Dhan, has raised $120 million (around INR 1,053 crores) in a Series B round led by Hornbill Capital, with participation from MUFG, BEENEXT, and other investors. The funding values the company at $1.2 billion (around INR 10,538 crores), making it a unicorn.Founded in 2021 by Pravin Jadhav, Raise plans to expand its investing, AI, and financial services offerings. The company also operates ScanX, Upsurge, and Filter Coffee. Avendus Capital advised on the deal, with Veritas Legal as legal counsel.

(Source: VC Circle, 06th October 2025)

AskMyGuru Raises $500K from Bharat Matrimony to Expand AI-Powered Astrology Platform

AskMyGuru, a Bengaluru-based astrology technology startup, has raised $500,000(around INR 4.35 crores) in funding from Bharat Matrimony, part of the Matrimony.com Group. This follows its earlier $1.2 million round led by Lumikai in April 2025. Launched in June 2025, AskMyGuru offers AI-powered Vedic Shastra and astrology consultations through its app. Bharat Matrimony called the investment a strategic move to blend cultural traditions with modern technology for wider user engagement.

(Source: VC Circle, 08th October 2025)

Uniphore Raises $260 Mn From NVIDIA, AMD, Others In Flat Round

Conversational automation platform Uniphore has raised $260 million (around INR 2,283 crores) in a Series F round at an unchanged $2.5 billion (around INR 21,956 crores) valuation. The funding was led by NVIDIA, AMD, Snowflake, and Databricks, along with BNI Capital and Prosperity7 Ventures, while existing investors NEA and March Capital also participated. The funds will support the expansion of Uniphore’s AI cloud platform and global operations. Founded in 2008, the Palo Alto- and Chennai-based firm serves over 2,000 clients including KPMG, Dell, and The Washington Post.

(Source: VC Circle, 23rd October 2025)

• Mergers & Acquisitions

RateGain Set To Expand Global Operations With $250 Mn US Acquisition 

Tata RateGain Travel Technologies Ltd has entered into definitive agreements to acquire US-based travel advertising and marketing platform Sojern Inc. for $250 million (around INR 2,195 crores) in an all-cash deal through its newly formed US subsidiary, RateGain Merger Sub, Inc. The transaction will be funded via increased investments in its US arm, backed by a corporate guarantee of up to $150 million (around INR 1,317 crores) for securing loans. Founded in 2007, Sojern reported $172.2 million (around INR 1,512 crores) revenue in 2024 and operates across multiple global markets.

(Source: VC Circle, 1st October, 2025)

PE-Backed Indegene To Acquire US Firm For $106 Mn

Mumbai-listed Indegene Ltd, a life sciences and healthcare services company, has agreed to acquire US-based marketing services firm BioPharm Parent Holding Inc. from Omnicom Health Group for $106 million (around INR 930 crores) in cash. Founded in 2005, BioPharm specializes in AI-driven ad-tech and omnichannel marketing for pharma companies, serving 17 of the 25 major global biopharma clients, and recorded $38.13 million (around INR 334 crores) revenue in FY2024. The acquisition strengthens Indegene’s commercialization portfolio by integrating advanced tech capabilities and data-driven media solutions, enhancing media ROI and agentic operations for clients. 

(Source: VC Circle, 1st October, 2025)

Abu Dhabi’s IHC To Take Controlling Stake In Sammaan Capital For $1 Bn

Abu Dhabi-based International Holding Company (IHC) has agreed to acquire a 41.2% stake in Indian non-bank lender Sammaan Capital (formerly Indiabulls Housing Finance Ltd) for nearly $1 billion (around INR 8,782 crores), marking the largest primary capital infusion by a foreign investor in an Indian NBFC. The deal will trigger a mandatory open offer for an additional 26% stake at ₹139 per share, a 17% discount to the recent closing price. Post-transaction, IHC will be classified as promoter, with the right to appoint the majority of the board, and may hold up to 63.4%, depending on open offer uptake. 

(Source: VC Circle, 3rd October 2025)

ReNew Energy To Sell Rajasthan Solar Project To Sembcorp For $191 Mn

ReNew Energy Global Plc, currently delisting from Nasdaq and planning an Indian IPO, has entered into a definitive agreement to sell its 300MW Rajasthan solar project to Sembcorp Green Infra Pvt Ltd for an enterprise value of $191 million (around INR 1,700 crores). The transaction, expected to generate approximately $98 million (around INR 860 crores) in cash inflow, covers a project commissioned in November 2021 under a 25-year power purchase agreement with Maharashtra State Electricity Distribution Co. Ltd. The acquisition will increase Sembcorp’s renewable capacity in India to 6.9GW and its global portfolio to 19.3GW. The deal is anticipated to close in H1 2026, subject to regulatory approvals, and will be funded through a combination of internal resources and external borrowings. 

(Source: VC Circle, 8th October 2025)

GEF Capital-Backed Premier Energies To Buy Power Transformer Maker In $57 Mn Deal

GEF Capital Partners-backed Premier Energies Ltd, India’s second-largest solar cell and module manufacturer, is expanding into the power transmission space by acquiring a 51% stake in Hyderabad-based transformer manufacturer Transcon Industries Ltd for around $57 million (around INR 500 crores). Additionally, the company has acquired a 51% stake in Pune-based solar inverter maker KSolare Pvt Ltd for $9.8 million (around INR 86 crores), with the remaining 49% taken by Syrma SGS Technologies. These acquisitions mark Premier Energies’ strategic move to become a full-spectrum energy solutions provider, bridging the gap between power generation and transmission. The deals will enhance its ability to offer integrated energy solutions and cross-sell to a wider customer base. 

(Source: VC Circle, 23rd October 2025)