Corporate Finance Alert November 2025

 

Brookfield REIT To Acquire Bengaluru’s Ecoworld For $1.5 Bn

Brookfield India Real Estate Trust, a publicly listed entity sponsored by Brookfield, has signed an agreement to acquire 100% of Ecoworld for $1.5 billion (around INR 13,412 crores). Ecoworld is a 7.7 million sq. ft. office campus on 48 acres along Bengaluru’s Outer Ring Road, leased to global capability centers including Honeywell, Morgan Stanley, Standard Chartered, Shell, KPMG, Deloitte, and Cadence. The acquisition, made at a 6.5% discount to gross asset value, is expected to increase the REIT’s operating area by 31% and gross asset value by 34%, while improving tenant diversification and global capability center share to 45%. Funding will come from a mix of $391.3 million (around INR 3,500 crores) in new debt, $111.8 million (around INR 1,000 crores) from a preferential issue, and $279.5 million (around INR 2,500 crores) in fresh equity. Brookfield REIT currently manages ten Grade A assets across major Indian gateway cities, with 29.1 million sq. ft. of leasable area. CEO Alok Aggarwal noted the acquisition strengthens its Pan-India platform, enhances growth prospects, and positions the REIT to deliver value to unitholders. 

(Source: VC Circle, 06th November 2025)

 

• Private Equity

 

Furniture Maker Spacewood Snags Fresh Capital From A91 Partners

A91 Partners has invested $ 33.9 million (around INR 300 crores) in Spacewood Furnishers, valuing the modular furniture manufacturer at about $135.5 million (around INR 1,200 crores). The funding will support Spacewood’s expansion in Tier-2 cities, strengthen its presence in the mass-premium and premium segments, and enhance automation and technology capabilities. Founded in 1996, the company operates a large manufacturing facility in Nagpur and currently runs 35+ exclusive stores with a 500-partner dealer network. 

(Source: VC Circle, 06th November 2025)

Mantra Group Raises $14 Mn To Expand Identity-Check And AI-Based Solutions

Deeptech firm Mantra Group has raised $14 million (around INR 125 crores) in its first institutional round led by India SME Fund II. The capital will be directed towards expanding R&D, enhancing AI and computer vision capabilities, and scaling its certified biometric and access-control product portfolio. Founded in 2006, Mantra has deployments across 50+ countries and is active in areas such as employee access, DigiYatra, and defence ID solutions. The company plans to strengthen its global presence, particularly in the Middle East, while expanding enterprise and airport-focused offerings. 

(Source: VC Circle, 06th November 2025)

Waaree Energies’ Battery Storage Arm Bags $113 Mn In Funding

Waaree Energy Storage Systems, the battery-storage arm of Waaree Energies, has raised $113 million (around INR 1,010 crores) from multiple investors in a round led by Surat-based Niveshaay, which contributed $14.3 million (around INR 128 crores). The fundraise supports Waaree’s broader strategy to scale its renewable energy capabilities including storage, smart metering, and manufacturing—following a $33.6 million (around INR 300 crores) infusion from its parent earlier this year. The capital will be used to expand cell and pack manufacturing, strengthen engineering and validation, and scale containerised BESS solutions in India and select global markets. 

(Source: VC Circle, 12th November 2025)

Kotak Alts, Asha Ventures Bet On Eastern India- Focussed Hospital Operator

Kotak Alternate Asset Managers, through its Kotak Life Science Fund I, has invested $4.5 million (around INR 40 crores) in Patna-based Mediversal Healthcare, with Asha Ventures also participating. The funding will support Mediversal’s organic and inorganic expansion across Bihar and eastern India. Founded in 2020, the company operates a 200-plus bed hospital and served over 60,000 patients last year, recording $9.58 million (around INR 85.7 crores) revenue in FY24 and turning profitable. The capital will help strengthen its technology infrastructure and scale new facilities in underserved regions. 

(Source: VC Circle, 13th November 2025)

HDFC Capital, Hero Realty Create $112 Mn Housing Platform

HDFC Capital Advisors and Hero Realty have formed a $112 million (around INR 1,002 crores) platform to develop mid-income housing projects across Tier 1 and Tier 2 cities. HDFC Capital noted strong demand driven by infrastructure growth and rising aspirations in these markets. Hero Realty, which has delivered 8.4 million sq. ft. of residential projects and operates across NCR, Punjab, and Uttarakhand, aims to accelerate its expansion through this partnership. The collaboration is expected to support new projects in well-connected urban extensions of major metros. 

(Source: VC Circle, 27th November 2025)

 

• Venture Capital

 

TVS Capital, Z47 Invest In Digital Lender Finnable

Finnable, a digital lending platform focused on salaried professionals, has raised $56.4 million (around INR 504 crores) in a new equity round led by Z47 (formerly Matrix Partners India) and TVS Capital. The funds will be used to expand its product suite, deepen partnerships, and strengthen tech and data capabilities. Founded in 2018, Finnable targets salaried individuals earning ₹15,000–₹50,000 segments often underserved by traditional banks through a hybrid “phygital” model combining digital underwriting with physical verification. 

(Source: VC Circle, 11th November 2025)

MAIA Estates Secures $13.5 Mn From Arnya For New Residential Development

Bengaluru-based MAIA Estates has raised $13.5 million (around INR 120 crores) from real estate investment firm Arnya to develop a residential project in Basavanagudi, South Bengaluru. Founder and CEO Mayank Ruia said the partnership will help deliver a project that aligns with the locality’s heritage and focus on resident well-being. Arnya’s founder Sharad Mittal noted that Bengaluru’s luxury housing market is poised for strong growth, mirroring trends seen in Mumbai and Gurgaon. Established in 2016, MAIA Estates has a development pipeline of 11 million sq ft. Arnya, led by Mittal after his stint at Motilal Oswal Real Estate, manages two sector-focused funds. 

(Source: VC Circle, 11th November 2025)

Sixth Sense Ventures Leads Funding In Bombay Shaving Company

Bombay Shaving Company has raised $15.3 million (around INR 136 crores) in a new round led by existing investor Sixth Sense Ventures, with participation from founder-CEO Shantanu Deshpande, the Patni Family Office, Gulf Islamic Investments, Rahul Dravid and other HNIs. The round includes both primary and secondary components, with Sixth Sense estimated to have invested INR 90–100 crores while also buying out an HNI investor. The company plans to use the funds to strengthen its Omni channel presence, deepen retail reach, and build capabilities ahead of a potential IPO in the next 18–24 months. 

(Source: VC Circle, 12th November 2025)

AgroStar Raises $30 Mn From Just Climate, Existing Investors

Pune-based AgroStar has raised $30 million (around INR 268 crores) in equity funding from Just Climate, with participation from existing investors. The company will use the capital to expand its Pan-India presence, enhance product offerings across input and output categories, and accelerate AI-led platform development. Founded in 2013, AgroStar operates an Omni channel agri-inputs and advisory platform serving over 10 million farmers through 10,000+ retail stores. The company reported significant sustainability gains in FY25, including 276 billion litres of water savings and 120,000 tonnes of CO₂-equivalent emissions avoided. 

(Source: VC Circle, 20th November 2025)

Wealth-Tech Platform Wealthy.in Secures $14.5 Mn Series B Funding

Wealth-tech platform Wealthy.in has raised $14.5 million (around INR 130 crores) in a Series B round led by Bertelsmann India Investments, with participation from Alpha Wave Global, Shepherd’s Hill and prominent tech entrepreneurs. The funds will be used to enhance its tech stack, build AI-powered advisory tools, and expand across tier II and III markets. Founded by Aditya Agarwal and Prashant Gupta, the platform supports 6,000+ mutual fund distributors serving over 100,000 clients and processing $34.48 million (Around INR 300 crores) in monthly transactions. 

(Source: VC Circle, 24th November 2025)

 

• Mergers & Acquisitions

 

Cipla To Acquire Inzpera Healthsciences To Expand Paediatric Portfolio

Cipla has signed an agreement to acquire Inzpera Healthsciences for $12.5 million (around INR 111 crores), making it a wholly owned subsidiary upon completion. The acquisition bolsters Cipla’s paediatric pharmaceutical and wellness portfolio, leveraging its distribution and operational strengths to scale Inzpera’s differentiated products. Founded in 2016 and backed by Tata Industries, Inzpera offers brands such as Bowmuv, Babeaze, Tasiron, Curkey and Imki. The company reported $2.99 million (around INR 26.75 crores) revenue in FY25, up 21.3% YoY. The transaction implies an enterprise value of $13.5 million (around INR 120 crores), or ~4.5x FY25 revenue. 

(Source: VC Circle, 04th November, 2025)

Carlyle Controlled Hexaware Makes Second Acquisition Within Four Months

Hexaware Technologies has agreed to acquire CyberSolve, an IAM-focused cybersecurity solutions provider, for $66 million (around INR 590 crores), with $34.5 million (around INR 308 crores) payable upfront and the balance tied to future performance. The deal enhances Hexaware’s AI-led cybersecurity capabilities through CyberSolve’s specialised IAM consulting, integration services and proprietary accelerators. Founded in 2016, CyberSolve earns ~90% of its revenue from the US and has completed over 500 implementations. This marks Hexaware’s second acquisition within four months, following its $120 million (around INR 1073 crores) purchase of SMC Squared to strengthen its GCC capabilities. 

(Source: VC Circle, 07th November, 2025)

PE-Backed Indegene To Acquire Austrian Healthcare Marketing Firm

Indegene has signed an all-cash deal to acquire Austria-based Cake Kommunikations Holding GmbH (Cake Group) and its European subsidiaries for up to $9.8 million (around INR 87 crores), pending regulatory approval under Austria’s InvKG. The acquisition strengthens Indegene’s European footprint and enhances its healthcare communications capabilities across the DACH region. Cake Group, which provides brand strategy, creative campaign development and digital marketing solutions, operates with a team of around 25 professionals. The deal follows Indegene’s recent acquisition of US-based BioPharm as part of its strategy to expand its commercialization and ad-tech offerings. 

(Source: VC Circle, 11th November 2025)

Cement Maker Nuvoco Vistas To Buy Vadraj Energy From JSW, Alpha Alts

Nuvoco Vistas has agreed to acquire Vadraj Energy (Gujarat) Ltd from JSW Cement and Alpha Alternatives for $22.4 million (around INR 200 crores), with $21.42 million (around INR 191.63 crores) payable to JSW Cement and remaining $0.98 million (around INR 8.63 crores) to alpha alternatives. Vadraj Energy owns two captive power plants in Kutch and Surat and is currently a wholly owned unit of Algebra Endeavour, which will become a subsidiary of Nuvoco post-transaction. The acquisition strengthens Nuvoco’s captive power capacity, enhancing operational efficiency and cost control. 

(Source: VC Circle, 18th November 2025)

RPSG Ventures To Acquire Stake In Luxury Fashion House Falguni Shane Peacock

RPSG Ventures is acquiring a 40% stake in luxury fashion house Falguni Shane Peacock (FSP Design Pvt Ltd) for $20.34 million (around INR 182 crores) in cash, valuing the company at an enterprise value of $51.4 million (around INR 459 crores). The deal includes an option for RPSG to buy an additional 10% within 18–24 months, potentially raising its total investment to $25.46 million (around INR 227.6 crores). The acquisition marks RPSG’s entry into India’s rapidly expanding luxury couture and lifestyle segment. Founded in 2004, FSP operates in India and internationally, including a showroom in New York, and is known for dressing global celebrities such as Beyoncé, JLo, Katy Perry, and Rihanna. 

(Source: VC Circle, 19th November 2025)