Open, a small and medium enterprise focused neo-bank, announced that it has raised INR 735 crores (USD 100 million) in a Series C funding round. The round was led by Singapore state-sponsored Temasek Holdings while other investors were Google & Japan-based SBI Investment and among existing investors were Tiger Global and 3one4 Capital. The startup was valued at USD 500 million and the proceeds will be utilized to strengthen and accelerate its new product line which includes its embedded finance
Category: Corporate Finance
Vahdam India raises Rs 174 cr in Series D funding led by IIFL
Indian tea brand, Vahdam India, has raised about $24 million (Rs 174 crore) as a part of its Series D round led by IIFL AMC’s Private Equity Fund. The current round of investment, the total funding raised by Vahdam India stands at Rs 290 crore. Post this funding, the company’s valuation stands at about Rs 700 crore. The company’s existing investors including a consortium of Sixth Sense Ventures affiliates, the Mankind Group Family Office, Infosys founder Kris Gopalkrishnan’s family office,
Infra.Market raises funding led by Tiger Global, valued at $2.5 bn
Tiger Global led another round of investment in Infra.Market with $125 million ($928 crore) in a Series D funding. The latest funding round values the company at $2.5 billion (around Rs 18,560 crore). Infra.Market, a technology-enabled marketplace for on-demand construction materials, hit unicorn status (valued at $1 billion [about Rs 7,245 crore]) after raising $100 million (about Rs 724 crore) in a Series C funding round from its existing investors including Tiger Global, Accel, Nexus Venture Partners, Evolvence India Fund,
Reliance Retail to acquire 66.95% stake in Just Dial for $766 mn
Reliance Retail Ventures Limited (RRVL) will acquire a controlling 66.95% stake in local search engine platform Just Dial Ltd for Rs 5,713 crore ($766 million) via preferential allotment of shares and open offer. RRVL signed a definitive agreement to buy 40.95% stake in the company for around Rs 3,497 crore ($469 million) and make an open offer to acquire up to 26% equity. The deal includes preferential allotment of 2.12 crore equity shares equivalent to 25.33% post preferential share capital at Rs
Piramal Pharma’s contract division completes acquisition of Hemmo
The contract development and manufacturing organisation of Piramal Pharma Ltd has completed the acquisition of Hemmo Pharmaceuticals Pvt Ltd. Piramal Pharma had agreed to buy 100% of Hemmo for an upfront sum of Rs 775 crore ($105.8 million) and earn-outs linked to achievement of milestones. The acquisition will help Piramal Pharma Solutions enter into the growing peptide active pharmaceutical ingredients (API) market. Here are some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity OfBusiness turns unicorn with
Tata group picks up majority stake in e-grocer Bigbasket
Tata Sons’ subsidiary Tata Digital has acquired a majority stake in Supermarket Grocery Supplies (SGS), the parent and business-to-business (B2B) operator of e-grocer Bigbasket. The Competition Commission of India (CCI) had approved Tata Digital’s proposal to acquire up to 64.3% in SGS through a combination of primary and secondary transactions. The deal will give Tata Digital control of Bigbasket’s retail and B2B business arms. The deal has resulted in an enterprise value of Rs 13,500 crore or about $2 billion for
Reliance Industries acquires British icon Stoke Park for $79 mn
Reliance Industries has acquired UK-based Stoke Park Limited for $79 million (£57 million). Stoke Park owns and manages sporting and leisure facilities in Stoke Poges, Buckinghamshire, UK. The facilities include a hotel, conference facilities, sports facilities and one of the highest rated golf courses in Europe. The acquisition will add to the consumer and hospitality footprint of Reliance. The firm already holds investments in EIH Ltd (Oberoi Hotels) and is developing a convention centre, hotel and managed residences in BKC
Magma HDI raises funding from ICICI Venture, Morgan Stanley, Poonawala group, others
Magma HDI General Insurance has raised funding from ICICI Venture and Morgan Stanley Private Equity Asia, Cyza Chem (Poonawalla Group company) and two family offices. The total transaction size is Rs 525 crore: primary capital-raise of Rs 250 crore and secondary sale of Rs 275 crore. The fresh capital will be used for expanding distribution capabilities. The secondary sale helps Magma Fincorp and group companies in complying with guidelines for ownership of insurance companies. Here are some latest financial news
Tata Group to buy majority stake in BigBasket for $1.3 bn: February 2021 Finance News
India’s Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion). The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, which is
KKR raises $3.9 bn for first Asia infrastructure fund: January 2021 Financial News
Global asset manager KKR & Co has closed its maiden Asian infrastructure fund after hitting the hard cap at $3.9 billion (Rs 28,646 crore). The fund will focus on critical infrastructure with low volatility and strong downside protection. It has a broad mandate to invest across emerging and developed countries in the Asia-Pacific in sectors including waste, renewables, power and utilities, telecom, and transport infrastructure. KKR’s Indian infrastructure investments include renewable assets platform Virescent Infrastructure and India Grid Trust. Here are some latest