Corporate Finance Alert February 2026

Torrent To Buy Thermal Power Operator From L&T In $403 Mn Deal

Torrent Power Ltd has agreed to acquire a 100% stake in L&T Power Development Ltd for $403 million (Around INR 3,660 crores), gaining control of the 1,400 MW Nabha Power Ltd in Punjab. The deal, subject to regulatory approvals, is expected to close by June 30, 2026. Nabha Power operates a 700 MW supercritical thermal plant in Rajpura and supplies power under a long-term agreement with Punjab State Power Corporation. The acquisition strengthens Torrent’s thermal generation portfolio with a high-margin, contracted asset, while supporting L&T’s strategy to divest non-core businesses. The plant benefits from assured offtake under a long-term power purchase agreement, providing revenue visibility and stable cash flows. It also has fuel supply arrangements with Coal India subsidiaries, reducing input risk. For Torrent, the transaction enhances its generation capacity and deepens its presence in North India. For L&T, the divestment aligns with its broader capital reallocation strategy toward core engineering and infrastructure businesses. 

(Source: VC Circle, 16th February 2026)

• Private Equity

 

Carlyle Returns To India’s Housing Finance Sector With $230-Mn Deal For Edelweiss Unit

The Carlyle Group is acquiring a majority stake in Nido Home Finance Ltd from Edelweiss Financial Services Ltd for $230 million (Around INR 2,100 crores), marking its return to India’s housing finance sector. Edelweiss will retain a 45% stake and receive $164 million (around INR 1,500 crores) as primary capital infusion into Nido. The transaction, subject to regulatory approvals, is expected to close by July 31. The investment aims to strengthen Nido’s capital base and support its next phase of growth in affordable housing finance. 

(Source: VC Circle, 10th February 2026)

 

NDR InvIT Acquires Asset In EV, Auto-Hub Hosur For $31 Mn

NDR InvIT Trust has acquired a 1.78 million sq. ft. warehousing asset in Tamil Nadu for $31 million (Around INR 285 crores), marking its entry into the EV and auto-hub Hosur. The acquisition, executed through a mix of cash and debt, comes with a long-term lease and a weighted average lease expiry of 23.95 years. The deal expands NDR InvIT’s footprint to seven cities and strengthens its portfolio with fully leased, high-quality logistics assets. The trust plans to scale its presence across 30 cities over the next five years, targeting further acquisitions in key industrial markets. 

(Source: VC Circle, 12th February 2026)

 

GREW Solar Secures $125 Mn Funding for Expansion 

Ahmedabad based GREW Solar has raised $125 million (Around INR 1050 crores) in a funding round led by Bay Capital Investment, following an earlier ₹300 crore raise from prominent investors. The funds will support operations and expand its Narmadapuram facility in Madhya Pradesh, increasing capacity from 3 GW to 8 GW by 2026. Founded in 2022 under the Chiripal Group, the company currently operates 3 GW capacity and manufactures M10 TOPCon modules up to 590 Wp, while Bay Capital is an India-focused investment firm established in 2006. 

(Source: VC Circle, 13th February 2026)

IDfy Secures $52.5 Mn to Drive Growth 

IDfy has raised $52.5 million (Around INR 476 crores) in a funding round led by Neo Asset Management’s Neo Secondaries Fund, with participation from existing investors. The company plans to use the funds for strategic acquisitions, global expansion, and product innovation, strengthening its TrustStack platform for digital onboarding, risk mitigation, and privacy governance amid growing regulatory support for the reg-tech sector. 

(Source: VC Circle, 13th February 2026)

 

ChrysCapital to Acquire Majority Stake in Novartis India for $159 Mn

Homegrown private equity firm ChrysCapital has agreed to acquire Swiss pharmaceutical major Novartis AG’s 70.68% stake in its Mumbai-listed arm, Novartis India Ltd, for $159 million (Around INR 1445 crores), and has launched an open offer to purchase an additional 26% from public shareholders for around INR 552 crores, potentially increasing its holding to over 96%. The deal follows Novartis AG’s strategic review of its India business announced in early 2024, while clarifying that Novartis Healthcare Pvt Ltd remains unaffected. Novartis, present in India since 1947, operates through Novartis India Ltd and Novartis Healthcare Pvt Ltd, with activities spanning commercial pharma operations, drug development, biomedical research, and operations. 

(Source: VC Circle, 20th February 2026)

• Venture Capital

 

Zeroharm Sciences Secures $4.5 Mn Investment from Kotak Alternate

Zeroharm Sciences has raised $4.5 million (Around INR 40 crores) from Kotak Alternate Asset Managers Ltd through its Kotak Life Sciences Fund I to scale operations, expand into new markets, and strengthen its brand presence amid rising demand for preventive healthcare products. Founded in 2020 by Sachin Darbarwar, the company operates a plant-based D2C nutraceutical business with in-house capabilities across extraction, formulation research, and manufacturing. It sells through its website and leading e-commerce and quick-commerce platforms in India, while expanding its footprint in the US, UK, and the Middle East, with the fresh capital set to support international growth and product development. 

(Source: VC Circle, 18th February 2026)

 

Statiq Secures $18 Million to Expand EV Charging Network

Statiq has raised about $18 million (Around INR 163.1 crores) in a mix of equity and debt in a round led by Tenacity Ventures, with participation from Y Combinator, Shell Ventures, and RCD Holdings. The company will use the funds to expand across Tier I and II cities, add more DC fast chargers on highways, enhance technology capabilities, and scale its franchise-owned, company-operated model, targeting 20,000 charging points nationwide by 2026. 

(Source: VC Circle, 18th February 2026)

 

Portkey Raises $15 Million in Series A 

Portkey has raised $15 million (Around INR 136 crores) in a Series A round led by Elevation Capital with participation from Lightspeed Venture Partners. The San Francisco-based firm will use the funds to expand its AI control plane and go-to-market operations, as it continues to provide governance, observability, reliability, and cost management tools, processing over 500 billion LLM tokens and managing more than $500,000 in daily AI spend for 24,000+ organizations including Postman and Snorkel AI.

(Source: VC Circle, 20th February 2026)

 

Pluto Mobility Raises $2 Million in Seed Round

Delhi-based Pluto Mobility has secured $2 million (Around INR 17 crores) in seed funding led by Version One Ventures, with participation from Grad Capital and notable industry backers. The startup will use the funds to enhance product development, expand its team, and begin pilot deployments, as it builds scooter-sized, fully covered electric vehicles designed to double delivery capacity while maintaining urban manoeuvrability.

(Source: VC Circle, 20th February 2026)

 

Roopya Raises $400K in Seed Funding

Fintech SaaS startup Roopya has secured $400K (Around INR 4 crores) in a seed round led by Inflection Point Ventures to expand its lending infrastructure and enhance product capabilities. The Kolkata and Gurugram based company offers a no-code, AI-powered lending-as-a-service platform that enables financial institutions to launch customized loan products quickly and cost effectively. Roopya currently partners with over 20 lenders across 10 states, processing more than 30,000 loans monthly and facilitating over INR 200 crores in annual loan volumes. 

(Source: VC Circle, 20th February 2026)

• Mergers & Acquisitions

 

Blackstone Controlled-IGI To Buy US Gemstone Testing Firm

International Gemmological Institute (India) Ltd (IGI), backed by Blackstone, will acquire New York–based American Gemological Laboratories (AGL) for $13.2 million (Around INR 121 crores) through its US arm. Founded in 1977, AGL specializes in coloured gemstone analysis and reported $3.85 million (around INR 35 crores) in revenue in 2024. The two-tranche deal will close over the next two months and strengthens IGI’s diversification beyond diamond certification while supporting AGL’s global expansion. 

(Source: VC Circle, 02nd February, 2026)

 

Marico To Acquire Majority Stake In Protein Brand Cosmix

Marico Ltd has agreed to acquire a 60% stake in Cosmix Wellness Pvt Ltd at an equity valuation of around $41 million (Around INR 375 crore), investing $25 million (around INR 225.67 crores). Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix will see its founders retain a 40% stake and continue leading the business, with Marico holding an option to acquire the balance stake post FY29 subject to milestones. The acquisition aligns with Marico’s strategy to strengthen its premium food and nutrition portfolio by adding a digital-first functional wellness brand. 

(Source: VC Circle, 04th February, 2026)

Gravita Acquires Rashtriya Metal

Gravita India Ltd has agreed to acquire Rashtriya Metal Industries Ltd (RMIL) for an enterprise value of about $88 million (Around INR 800 crores), marking its entry into copper and copper-alloy manufacturing. Founded in 1946, RMIL operates a 24,000 MTPA facility in Gujarat, serving domestic and export markets, and supplies coin blanks to the Indian government. The deal strengthens Gravita’s diversification strategy and enhances its presence in high-entry-barrier segments alongside its existing recycling businesses. 

(Source: VC Circle, 10th February 2026)

 

Blackstone-Backed Nexus Select Trust To Buy 50% In Under-Construction Mumbai

Mall 

Nexus Select Trust, backed by Blackstone, will acquire a 50% stake in an under-construction Mumbai mall from Runwal Enterprises for $38 million (around INR 347.7 crores), valuing the asset at $ 97.7 million (Around INR 892 crores). The project, Nexus Runwal Gardens Mall, is located in Dombivli within the Mumbai Metropolitan Region and spans 7.3 lakh sq. ft., with completion expected in four years. The deal marks Nexus’s strategic expansion into a high-growth micro-market and strengthens its retail portfolio across India. 

(Source: VC Circle, 24th February 2026)

 

Avataar, Filter Capital Backed Capillary Technologies Snaps Up SessionM

Capillary Technologies India Ltd has agreed to acquire US based SessionM from Mastercard for $20 million (Around INR 181.7 crores) in cash, strengthening its North American presence where SessionM generates over 70% of revenue. SessionM reported $50.5 million (around INR 462 crores) in revenue in CY2025 and serves more than 40 enterprise clients across sectors. The acquisition supports Capillary’s global expansion strategy and follows its November 2025 public listing. It also aligns with the company’s ongoing consolidation drive in the fragmented loyalty technology market. 

(Source: VC Circle, 25th February 2026)