Blackstone will sell its entire 23.9% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after it was first listed. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to INR 335.75 per unit price as of December 19, according to the term sheet. The units will be sold via block deals in the secondary market. The deal marks Blackstone’s exit from India’s first ever listed REITs. The US based investment manager has been trimming its interest over time in Indian REITs. In 2022, it sold its entire stake in India’s Mindspace Business Parks REIT for $235 million.
- Private Equity
ChrysCapital Acquires Majority Stake in Prohance in Maiden SaaS Bet
Indian private equity fund ChrysCapital has acquired a 75% stake in Prohance Analytics, marking its first investment in a software-as-a-service (SaaS) company. The financial details of the deal are not disclosed.
(Source: VC Circle, 7th December 2023)
BII Leads Series F Round of MSME Lender Aye Finance
Micro-enterprise fintech lender Aye Finance has raised $37 million (around INR 310) in a Series F funding round, led by UK’s development finance institution and impact investor British International Investment (BII). The Waterfield fund of funds and Aye’s existing shareholders also participated in this round.
(Source: VC Circle, 13th December 2023)
Norwest, Qualcomm Ventures Exit ABI Health as PE Firm Joins Cap Table
Venture and growth investment firm Norwest Venture Partners and Qualcomm’s corporate VC unit have exited health software-as-a-service firm, ABI Technologies Pvt. Ltd. The two investors have signed off from Bengaluru based ABI as a part of a $10 million (around INR 83 crore) transaction where health-focused private equity firm InvAscent has picked a stake in the company.
(Source: VC Circle, 19th December 2023)
NIIF to Invest $81 Mn in GMR’s Bhogapuram Airport
National Investment and Infrastructure Fund (NIIF), India’s quasi-sovereign fund, has signed a pact to invest $81 million (around INR 675 crore) in GMR Visakhapatnam International Airport Ltd (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram international airport.
(Source: VC Circle, 22nd December 2023)
- Venture Capital
Zyla Health Snags Series A Funding From Exfinity Venture Partners, Others
Healthcare management platform Zyla Health has raised $4 million (around INR 33.3 crore) in a Series A funding round led by venture capital firm Exfinity Venture Partners. Sony Innovation Fund, Venture Catalysts, and Paula Mariwala-led Aureolis joined the round.
(Source: VC Circle, 1st December 2023)
Biryani By Kilo Raises $9 Mn At Flat Valuation
Biryani and kebab chain, Biryani By Kilo has secured $9 million (around INR
75 crore) in a Series C round. Transaction is said to be the first tranche of Series
C where the existing investors Alpha Wave Ventures and IvyCap Ventures also
participated. The company is possibly planning to raise around $25 million in
this outing.
(Source: VC Circle, 4th December 2023)
Lightspeed Leads Sarvam AI’s $41 Mn Series A Round
Sarvam, a homegrown startup in the generative artificial intelligence (AI) segment has raised $41 million (around INR 360 crore) in its Series A funding round led by venture capital firm Lightspeed Venture Partners. Peak XV Partner and Khosla Ventures participated in this round.
(Source: VC Circle, 7th December 2023)
GIC Leads $46 Mn Funding in Fruit Marketplace Vegrow as Early Investors Exit
Vegrow, a business to business agritech platform, has concluded its Series C round of funding led by a Singapore sovereign wealth fund GIC. Existing investors Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed Venture Partners also participated in this round. Total size of the round, including both primary and secondary capital was $46 million (around INR 384 crore) and provided exit to some of its existing investors.
(Source: VC Circle, 13th December 2023)
Snitch Pockets Large Series A Cheque
Fast fashion brand Snitch has raised $13.1 million (around INR 110 crore) in a Series A funding round co-led by SWC Global and IvyCap Ventures and also saw participation from undisclosed angel investors.
(Source: VC Circle, 13th December 2023)
- Mergers & Acquisitions
TV18 Broadcast to Merge with Network18 in $1.2 Bn Deal
India’s TV18 Broadcast will merge with Network18 Media & Investments in a $1.2 billion deal that will help the Reliance-owned companies expand their reach and cut costs.
(Source: VC Circle, 7th December 2023)
GIC Backed Max Healthcare to Acquire Sahara Hospital for $113 Mn
Abhay Soi-led Max Healthcare Institute Ltd will acquire the 550 bed Sahara Hospital in Lucknow for an enterprise value of $113 million (around INR 940 crore).
(Source: VC Circle, 8th December 2023)
Mirae Asset to Acquire BNP Paribas Unit Sharekhan for $370 Mn
South Korea’s Mirae Asset Securities, an investment banking and stock brokerage firm, will acquire French bank BNP Paribas’s Indian retail brokerage unit, Sharekhan, in a $370.11 million (around INR 3082 crore) deal.
(Source: VC Circle, 12th December 2023)
KFC Operator Devyani International Enters Thailand with $129 Mn Deal
India’s Devyani International will begin operating KFC outlets in Thailand after it acquired Restaurants Development Company in a deal worth $128.9 million (around INR 1083 crore) expected to be completed by March 2024. The Thai restaurant operator runs 274 KFC outlets.
(Source: VC Circle, 18th December 2023)
Varun Beverages to Acquire South African Firm for $159 Mn
Pepsi India bottler Varun Beverages will buy South Africa-based The Beverage Company in a deal valued at $158.71 million (around INR 1316 crore), enabling it an entry into Africa’s largest market.
(Source: VC Circle, 19th December 2023)
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