The Government recently announced an Rs 40,000 Crore Production-Linked Incentive Scheme for electronics. It is working upon setting up an Electronics Commission to push electronics’ manufacturing and reducing its import dependence on China.
Here is some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
PAG to buy 51% stake in Edelweiss Wealth Management:
Hong Kong private equity firm PAG has struck its second India related transactions as it inked an agreement to pick up a majority stake in Edelweiss Wealth Mgmt. for $300 Mn.
(Source: VC Circle 27 August, 2020)
Byju’s raised $122 Mn from Yuri Milner’s DST Global:
Education-technology firm, Byju’s has raised $122 Mn (around RS 902 Cr) from DST Global. DST Global will hold a 1.2% stake in the company after the transaction is completed.
(Source: VC Circle 27 August, 2020)
Phool.co amasses pre-Series A funding from IAN Fund & Existing Investors:
Phool.co, which uses floral waste to make patented organic fertilisers and incense sticks, raised $1.4 million (Rs 10.3 Cr) in a pre-Series A funding round from Indian Angel Network’s and existing investor Draper Richards Kaplan Foundation.
(Source: VC Circle 27 August, 2020)
TrueFan raised seed round funding from high worth individual:
TrueFan, a platform focussed on engagement between celebrities and fans has raised $4.3 million in a seed round funding from Bollywood producer, upGrad Co-founder Ronnie Screwvala & Saama Capital.
(Source: VC Circle 27 August, 2020)
Goldman Sachs, Everstone to invest in digital engineering firm Infostrech:
Investment banking giant Goldman Sacha and PE firm Everstone Group have jointly agreed to acquire a “significant stake” in California based digital engineering services company Infostrech.
(Source: VC Circle 18 August, 2020)
Ex-Zynga India’s chief’s meat startup Freshtohome ropes in PE investor, valued at $325 mn:
Online fish and meat seller Freshtohome Foods Pvt Ltd has raised Series C round of funding from a mid-market private equity firm at a valuation of Rs 2,432 Cr.
(Source: VC Circle 10 August, 2020)
WheelsEMI raises fresh funding in flat Series C round:
WheelsEMI Pvt Ltd, a non-banking financial company which offers loans foe two-wheelers has raised Rs 75 Cr in a Series C round from Faering Capital.
(Source: VC Circle 13 August, 2020)
Venture Capital
Video analytics startup Wobot raises pre-Series A funding from Sequoia:
Wobot Intelligence Pvt Ltd, which operates an artificial intelligence-based video analytics platform, has raised pre-Series A funding from Sequoia Capital India.
(Source: VC Circle 04 August, 2020)
SaaS startup inFeedo snags funding from Y Combinator, angel investors:
inFeedo Inc., a people analytics focussed software-as-a-service company, has raised Rs 5.25 Cr from Clutch of investors including global startup accelerator Y Combinator.
(Source: VC Circle 04 August, 2020)
Impact investor Acumen Fund leads pre-Series A funding in Haqdarshak:
Haqdarshak Empowerment Solutions Pvt Ltd, which operates a startup focussed on the delivery of government financial schemes and citizens has raised pre-Series A funding from Acumen Fund, Upaya Ventures and clutch of angel investors.
(Source: VC Circle 01 August, 2020)
Video platform Chingari raises seed funding weeks after TikTok ban:
Tech4billion Media Pvt Ltd, which operates video-focussed social media platform Chingari, has raised $1.3 million (Rs 9.7 Cr) in a seed funding round. The fund led by AngelList India, Utsav Somani’s iSeed, Village Global, LogX Venture and NowFloats co-founder Jasminder Singh Gulati.
(Source: VC Circle 10 August, 2020)
Springboard gets Series B cheques from Australian VC, Microsoft co-founder’s fund:
Education-technology platform Springboard, which provides career upskilling services to professional has raised Rs 232 Cr in Series B funding round. This funding led by Australian venture capital firm Telstra Venture, Vulcan Capital, SJF Venture and other new investors.
(Source: VC Circle 5 August, 2020)
Agri-tech startup BigHaat snags pre-Series A funding:
BigHaat Agro Pvt Ltd, which operates an online agricultural inputs platform has raised more than $2 million in a pre-Series A funding round. The funding led by Japan’s Beyond Next Venture, Rockstud Capital, Ankur Capital & other angel investors.
(Source: VC Circle 13 August, 2020)
Fintech startup CityCash pulls in seed funding from Orios Venture Partners:
CityCash, a public transit focused offline and contactless payments company, has raised Rs 7.5 Cr in seed funding from early stage venture capital firm Orios Venture Partners.
(Source: VC Circle 11 August, 2020)
Sequoia India leads Series A funding in Singapore startup IncomLend:
IncomLend Pte. Ltd, which operates a platform focussed on trade finance and global invoice trading, has raised $20 million (Rs 150 Cr) in a Series A funding round from Sequoia Capital India.
(Source: VC Circle 27 August, 2020)
Mergers & Acquisition
Japan’s Taikisha acquires Indian arm of Italian cleanroom panel maker:
Taikisha Ltd, a japan based multinational that designs and installs large-scale heating, ventilation, & air conditioning, has acquired the Indian arm of a firm that makes pharma-focused cleanroom panels.
(Source: VC Circle 05 August, 2020)
OrbiMed-backed Suraksha buys Kolkata firm’s disgnostics biz:
Suraksha Diagnostics Pvt. Ltd, which is backed by healthcare focused PE firm OrbiMed, has acquired the diagnostics business of a Kolkata based-healthcare group.
(Source: VC Circle 10 August, 2020)
Reliance Retail acquires majority stake in e-pharmacy Netmeds:
Reliance Industries Ltd’s retail unit has purchased a majority stake in online pharmacy Netmeds for Rs 620 Cr in cash.
(Source: VC Circle 19 August, 2020)
ICICI Lombard to acquire Bharti AXA General Insurance:
ICICI Lombard General Insurance Company Ltd has agreed to acquire Bharti AXA General Insurance Company Ltd via an all-stock transaction that will consolidate its position as India’s third largest non-life insurer.
(Source: VC Circle 22 August, 2020)
Reliance inks $3.4 bn deal to buy Future Group’s retail:
Energy to telecom giant Reliance Industries Ltd has agreed to acquire Kishore Biyani-led Future Group’s retail, wholesale, logistics & warehousing business for a total of RS 24,713 Cr , including debt.
(Source: VC Circle 29 August, 2020)
Indiabulls Real Estate to merge with Embassy Group’s units:
Indiabulls Real Estate Ltd has entered into a definitive agreement to merge the entire residential and commercial projects of the Embassy Group with itself.
(Source: VC Circle 19 August, 2020)