Ambuja Cements Acquires South Indian Rival For $1.25 Bn

Adani-owned Ambuja Cements buys Penna Cement Industries for an enterprise value of $1.25 billion (around INR 10,422 crores) for its 14 mtpa of cement grinding capacity and 10.3 mtpa of clinker capacity. While PCIL has been facing liquidity issues, a potential turnaround can enhance the value for Ambuja Cements. At the same time, utilisation ramp-up at PCIL shall bring in additional volumes to the market and intensify competition. The buyout is aimed to boost Adani group company’s presence in the country’ south and compete with market leader Ultratech Cement, which in 2023 bought Kesoram’s cement. The transaction will be funded through internal accruals.

(Source: VC Circle, 13th June 2024)

• Private Equity

Temasek, Fidelity Bet $200 Mn On Lenskart In Secondary Deal

Singapore state investment firm Temasek and American asset manager Fidelity Management and Research company have invested $200 million (around INR 1,660 crores) in omni-channel eyewear retailer Lenskart via a secondary transaction. The transaction marks the entry of Fidelity as a new investor of Lenskart while Temasek’s investment stands doubled. The transaction values Lenskart around $5 billion (around INR 41,305 crores).

(Source: VC Circle, 3rd June 2024)

BanyanTree Invests in Groovy Juices

The Mumbai-based PE firm, BanyanTree has invested $3-5 million (around INR 25-42 crores); a significant minority stake in Groovy Juices through a primary deal from its third fund. Founded in 2019, the fruit beverage startup Groovy Juices doubled its net sales in the fiscal year 2023 to $3.8 million (around INR 32 crores).

(Source: VC Circle, 4th June 2024)

Bay Capital, Steadview Capital bet on IPO-Bound Le Travenues Technology Ltd.

Bay Capital led by founder and chief investment officer Siddharth Mehta bought a 1.43% stake in Le Travenues Technology Ltd which operates by the name Ixigo for $6 million (around INR 50 crores), while Steadview (an India focused investment firm) purchased a 1.16% stake for $4.96 million (around INR 41 crores).

(Source: VC Circle, 7th June 2024)

ValueQuest Strikes Fresh Bet In Local Healthcare Services Player

Boutique equity investor ValueQuest which has $1.6 billion AUM (around INR 13,294 crores) has invested $8.4 million (around INR 70 crores) for a minority stake in Kerala-based Sabine Hospital, which was founded in 2010 and is a mother and childcare player. Sabine provides programs in infertility, assisted reproductive technology, obstetrics, gynecology, neonatology, pediatrics, general surgery and genetics.

(Source: VC Circle, 10th June 2024)

Agri Solutions Provider Samunnati Secures Debt from Offshore Investor

Agri finance and commerce solutions provider Samunnati Financial Intermediation & Service Pvt. Ltd, has raised $16 million (around INR 134 crores) from Blue Earth Capital, impact investment arm of Blue Earth Foundation headquartered in Switzerland. The aim of this credit facility is to empower all stakeholders in the agricultural value chain and to ultimately transform the lives of smallholder farmers across India.

(Source: VC Circle, 12th June 2024)

• Venture Capital

Astro Talk Secures $14 Mn Funding

AstroTalk which was founded in 2017 is an online marketplace for astrology services has secured $14 million (around INR 117 crores) via a mix of primary and secondary funding led by Elev8 Venture Partners amongst others. The deal struck at a pre money valuation of $288 Million (around INR 2,400 crores).

(Source: VC Circle, 4nd June 2024)

Vikram Solar Ltd Secures $87.6 Mn Funding

Kolkata-based solar panel maker which was founded in 2005 has raised $87.6 million (around INR 731 crores) in a funding round led by Plutus Wealth, Haldiram Snacks, Viney Equity Market LLP as well as several high net worth individuals (81 investors collectively). Vikram Solar’s post funding valuation stood at $466 million (around INR 3,900 crores).

(Source: VC Circle, 10th June 2024)

Trampoline Secures Early Stage Funding

Trampoline, a cross border B2B home décor brand has raised $7 million (around INR 58 crores) in a seed funding round from a host of investors. The startup raised $5 million (around INR 42 crores) in equity from Matrix Partners India and WaterBridge Ventures. The round also saw $2 million (around INR 17 crores) debt investment from Alteria Capital.

(Source: VC Circle, 13th June 2024)

Crème Castle Raises $838k In Seed Funding Round

Crème castle customized cakes focused bakery brand startup has raised $838k (around INR 7 crores) in a seed funding round that was led by host of investors including V3 Ventures, Car dekho & Indian Silicon Ventures. The brand aims to use the funding to expand it’s presence across 15 cities in India along with setting up a central facility in Uttar Pradesh. 

(Source: VC Circle, 13th June 2024)

Renee Cosmetics Valuation changed in Internal VC funding round

Renee Cosmetics Pvt. Ltd, an Ahmedabad based company has raised $12 Million (around INR 100 crores) in an extended Series B round led by Evolvence India and Edelweiss Group. Its valuation has jumped by almost 60% in just one and a half years. The company now values between$144.35 million to $168.41 million (almost INR 1200 to INR 1400 crores).

(Source: VC Circle, 13th June 2024)

• Mergers & Acquisitions

Kalyan Jewellers Buys Remaining 15% Stake In Candere

Kalyan Jewelers is acquiring 15% stake in online jewellery firm Candere for $5 million (around INR 42 crores), post the transaction Candere would be a wholly owned subsidiary of Kalyan Jewellers. The valuation of Candere stands around $33.71 million (around INR 280 crores). Back in 2017 the company was valued at $2.04 million-$2.16 million (around INR 17-18 crores).

 (Source: VC Circle, 4th June 2024)

Cognizant To Buy Belcan For $1.3 Billion

Cognizant Technologies which has a market value of $33 billion (around INR 2,74,197 crores), has agreed to acquire digital engineering firm Belcan for $1.3 billion (around INR 10,802 crores) in cash and stock. As a part of the deal Belcan would continue to be led by its CEO Lance Kwasniewski and operate as a unit of Cognizant.

(Source: VC Circle, 10th June 2024)

Suven Pharma To Acquire Majority Stake In Sapala Organics

Suven Pharma has entered into a definitive agreement to acquire 67.5% stake in Hyderabad based Sapala Organics for $ 27.5 million (around INR 230 crores), the remaining stake will be acquired by 2026-27 via a secondary transaction. The 100% acquisition is expected to be in range of 13-15X EBITDA multiple, linked to next three years of financial performance.

(Source: VC Circle, 13th June 2024)

Dr Reddy To Buy Haleon’s Nicotine Replacement Therapy Business

Dr. Reddy has agreed to acquire British consumer healthcare company Haleon plc’s nicotine replacement therapy business outside the US for $633 million (around INR 5257 crores). It involves majority upfront cash payment and remaining as performance based contingent payments payable in 2025 and 2026.

(Source: VC Circle, 26th June 2024)

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