Corporate Finance Monthly Alert December 2025

Japan’s MUFG Bank To Buy 20% Stake In Shriram Finance In Largest Foreign NBFC Bet 

Japan’s MUFG Bank will acquire a 20% stake in Shriram Finance for $4.4 billion (Around INR 39,618 crores) through a preferential allotment, marking the largest foreign investment in India’s financial services sector. Shriram Finance will issue 47.1 crore shares at INR 840.9 per share, subject to shareholder and regulatory approvals. The investment is expected to strengthen the company’s capital adequacy, balance sheet, and long-term growth prospects. It will also enable synergies in technology, innovation, and customer engagement while improving access to low-cost funding. The deal represents MUFG’s largest investment in India, reinforcing its long-standing presence in the country. 

(Source: VC Circle, 19th December 2025)

 

• Private Equity

 

Aditya Birla Renewables Secures $348 Mn Investment from GIP

Global Infrastructure Partners (GIP), the infrastructure investment arm of BlackRock, will invest up to $348 Million (Around INR 3,000 crores) in Aditya Birla Renewables (AB Ren), valuing the company at an enterprise value of $1697 Million (Around INR 14,600 crores). $232 Million (Around INR 2,000 crores) will be infused through preferential allotments, with an additional $ 116 Million (around INR 1,000 crores) available as a future greenshoe option. AB Ren has a 4.3 GW renewable portfolio across 10 states and is a leading player in the captive and C&I power segment.

(Source: VC Circle, 10th December 2025)

 

Kenya Signs $311 Mn Deal for New Power Transmission Lines

Kenya has signed a $311 Million (Around INR 2674 crores) agreement to build two high-voltage electricity transmission lines in partnership with Africa50 and PowerGrid Corporation of India, according to the finance ministry. Africa50 and PowerGrid will design, finance, construct, operate, and maintain the lines under a 30-year concession. The project aims to deliver cleaner, more affordable, and reliable power to millions of Kenyans. Details on the investment breakdown and expected increase in transmission capacity were not disclosed. 

(Source: VC Circle, 16th December 2025)

 

Arnya Backs Vaishnavi Group’s Bengaluru Projects

Arnya RealEstates Fund Advisors has committed $8.8 million (Around INR 75 crores) to residential projects in Bengaluru in partnership with Vaishnavi Group. Founded by Sharad Mittal, Arnya manages two sector-focused real estate funds. Vaishnavi Group, established in 1998, has delivered over 18 million sq. ft. across 40 projects. The firm noted that Bengaluru’s residential market remains supported by strong end-user demand and buyer preference for well-located, well-designed projects with proven execution. 

(Source: VC Circle, 17th December 2025) 

 

Somerset Indus, NIIF to Invest in Bengaluru-Based NU Hospitals

Private-equity firm Somerset Indus Capital Partners is set to invest in Bengaluru-based NU Hospitals, a chain specializing in nephrology and urology, alongside institutional backer National Investment and Infrastructure Fund (NIIF). The two investors will jointly commit $28 million(Around INR 250 crores) for a nearly 33% stake. Veda Corporate Advisors acted as exclusive financial advisor to NU Hospitals. Dr. Prasanna Venkatesh, MD of NU Hospitals, noted that Somerset’s long-term, healthcare-focused investment approach aligns with the hospital’s clinician-led, patient-first vision. 

(Source: VC Circle, 17th December 2025)

 

Spinny Raises $160M; Fidelity Joins Series G

Spinny, the used-car retailing platform, is raising $160 Million (Around INR 1392 crores) in its Series G round as it expands operations with the planned acquisition of car-servicing startup GoMechanic. American asset manager Fidelity Management and Research Company is expected to join the round, acquiring a 6.63% stake through a mix of primary and secondary transactions, likely investing around $119 million. (Around INR 1023 crores) The round, valuing Spinny at approximately $1.8 billion (Around INR 16,164 crores) post-money, also sees participation from existing investors Accel and WestBridge, each contributing about $44 million(Around INR 378 crores) Nandan Nilekani-backed Fundamentum and Blume Ventures are reported to be the primary sellers in the secondary transaction.

(Source: VC Circle, 18th December 2025)

 

• Venture Capital

 

Ace Investor Mukul Agrawal Leads StockGro’s Series B Round

StockGro, an investment advisory and market learning platform, has raised $16.7 million (around INR 150 crores) in a Series B round led by ace investor Mukul Agrawal, with participation from Param Capital. The round has been structured as a convertible instrument, with valuation linked to future performance milestones. The company plans to deploy the capital towards geographic expansion, product enhancement, and scaling across additional asset classes. StockGro currently serves over 35 million users and partners with more than 1,500 educational institutions globally. A key focus will be strengthening its full-stack investing ecosystem, including accelerating adoption of its AI research assistant, Stoxo. 

(Source: VC Circle, 02nd December 2025)

 

Ultraviolette Raises $45 Mn In Latest Round From Zoho And Lingotto

Ultraviolette has raised $45 million (around INR 404 crores) as part of its ongoing Series E round from Zoho Corporation and European investment firm Lingotto. The Zoho investment was led by Sridhar Vembu, Mani Vembu, and Kumar Vembu, underscoring strong domestic backing for deep-tech mobility innovation. The company plans to deploy the capital to scale manufacturing, advance battery and performance technologies, and expand its presence in India and global markets. Ultraviolette has grown its retail footprint to 30 Indian cities and aims to reach over 100 cities by mid-2026. 

(Source: VC Circle, 04th December 2025)

 

TPG-Backed Fintech Platform Fibe Bags $35 Mn Cheque From IFC

Fintech platform Fibe has raised $35 million (around INR 314 crores) from the International Finance Corporation (IFC) as part of its Series F funding round. The capital will be used to strengthen its product ecosystem across borrowing, savings, investments, and payments, with a continued focus on responsible credit. The company offers personal loans and impact-focused financing across healthcare, education, insurance, and school fees. Fibe closed FY24 with assets under management of approximately INR 4,000 crores, nearly doubling from FY23. 

(Source: VC Circle, 09th December 2025)

 

Energy-Efficiency Startup Smart Joules Raises $10 Mn In Series B

Energy efficiency startup Smart Joules has raised $10 million (around INR 90 crores) in a Series B funding round led by SVL SME Neev II Fund, managed by SBI Ventures, with participation from Waaree Renewable Technologies and Spectrum Impact. The company plans to use the capital to scale across India’s commercial and industrial sectors and expand into new verticals such as manufacturing, building automation, and district cooling. Founded in 2014, Smart Joules offers solutions including JoulePays, JouleCool, and DeJoule to reduce energy waste and carbon emissions. 

(Source: VC Circle, 10th December 2025)

 

Peak XV, Kalaari-Backed Spacetech Startup Digantara Secures $50 Mn In Series B Spacetech startup Digantara has raised $50 million (around INR 455 crore) in its Series B round from a mix of strategic and financial investors, including 360 ONE Asset, SBI Investments Co. Japan, and entrepreneur Ronnie Screwvala. Existing investors Peak XV Partners and Kalaari Capital also participated in the round. The company plans to use the capital to expand globally beyond India and the US, set up new satellite manufacturing facilities, and significantly scale its R&D teams. Digantara will also deploy a constellation of space surveillance and missile-warning satellites through 2026–27. 

(Source: VC Circle, 17th December 2025)

 

• Mergers & Acquisitions

 

Anupam Rasayan Sets Up US Manufacturing Presence With $150-Mn Deal

Anupam Rasayan India Ltd has agreed to acquire US-based Jayhawk Fine Chemicals LLC for $150 million (around INR 1,348.6 crores) from Germany’s CABB Group. The transaction values Jayhawk at an enterprise value of $134 million (around INR 1205 crores), with the balance comprising cash on its balance sheet. The acquisition will be funded through a mix of internal accruals, debt, and $110 million (around INR 989 crores) from a global investment management firm. The deal marks Anupam Rasayan’s entry into onshore manufacturing in the US and supports its global expansion strategy. 

(Source: VC Circle, 10th December, 2025)

 

Tata Consultancy To Acquire US Firm Coastal Cloud For $700 Mn

Tata Consultancy Services (TCS) has agreed to acquire US-based AI advisory and services firm Coastal Cloud Holdings LLC and its subsidiaries in an all-cash deal valuing the company at $700 million (around INR 6,315 crores). The acquisition, TCS’s largest to date, is expected to close by January 31, 2026, and strengthens its position in Salesforce advisory and consulting services. Coastal Cloud is a leading Salesforce partner with FY24 revenue of $132 million (around INR 1187 crores) and over 400 multi-cloud specialists. Following this and the earlier acquisition of ListEngage, TCS expects to rank among the top five Salesforce consulting firms globally. The deal enhances TCS’s capabilities across AI, data, and multi-cloud transformation for global enterprise clients. 

(Source: VC Circle, 11th December, 2025)

Rama Steel Tubes Buys UAE-Based Conglomerate For $80 Mn

Rama Steel Tubes Limited has agreed to acquire Abu Dhabi based Automech Group Holding Limited for AED 296 million ($80.6 million) through a mix of cash and share swap. Its UAE subsidiary, RST International Trading FZE, will acquire a 78.38% stake for AED 232 million in cash, while the remaining 21.62% will be acquired via equity issuance worth AED 64 million. The transaction, expected to close in 5–6 months, will give Rama Steel exposure to all eight Automech group entities. The acquisition supports the company’s geographic expansion in the UAE across diversified engineering, construction, and infrastructure verticals. Automech reported turnover of AED 192.3 million in FY24, reflecting 7% year-on-year growth. 

(Source: VC Circle, 12th December 2025)

 

Quality Power Buys Power Equipment Maker For $1.7 Mn

Quality Power Electrical Equipments Ltd has acquired a controlling 76% stake in Gandhinagar-based Veeral Controls Pvt Ltd for $1.7 million (around INR 15.2 crores). The acquisition strengthens Quality Power’s presence in the medium-voltage industrial power electronics segment, particularly high-current rectification used in green hydrogen, defence, rail, and industrial applications. Founded in 1993, Veeral Controls specialises in high-current rectifiers, traction, and defence-grade power electronics and serves clients such as ABB, BHEL, Indian Railways, and DRDO. The deal expands Quality Power’s customer base and complements its existing portfolio of high-voltage grid and power quality solutions. 

(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)