Brookfield Renewable To Invest $1 Bn In Avaada Group
Brookfield Renewable is investing $1 billion (about Rs 8,200 crore) in Avaada Ventures Pvt. Ltd to help finance the renewable energy company’s green hydrogen and green ammonia businesses. The renewable energy arm of Canada’s Brookfield Asset Management Inc. will make the investment via the Brookfield Global Transition Fund. Thailand’s Global Power Synergy Public Company Ltd will separately invest $68 million in Avaada Energy Pvt. Ltd to help it cut debt and support growth. Avaada Group is also in advance talks with potential investors to raise another $200 million, taking its total fundraise in this round to almost $1.3 billion. Brookfield’s investment will help the company meet growing demand for sustainable energy and position itself at the forefront of the global energy transition. Avaada develops clean-energy projects including utility-scale, rooftop and off-grid solar power plants. It operates a portfolio of 4 gigawatt and plans to expand its capacity to 11 GW by 2026.
(Source: VC Circle, 26th April 2023)
Private Equity
OMERS Chips In With Over $120 Mn As Part Of Big-Ticket India Infra Deal
One of at least six significant Canadian alternative investment companies operating in India, OMERS, is investing over Rs 1,000 crore ($122 million). Four years ago, the pension fund made its initial investment of Rs 870 crore ($122 million at the time) in the InvIT to acquire a 22.4% share. With the larger counterpart, Canada Pension Plan Investment Board (CPPIB), also contributing new cash to the InvIT, the new purchase doubles OMERS’ overall investment in IndInfravit and helps maintain its ownership holding to about 21%.
(Source: VC Circle, 27th April 2023)
Encourage Capital Picks Up Stake In MSME Lender
Encourage Capital, formerly Wolfensohn Fund Management (WFM), has invested the first portion of a potential $9 million (about Rs. 74 crore) investment in Svakarma Finance Pvt. Ltd. The non-banking financial company (NBFC) with its headquarters in Mumbai will finish this second tranche over the following 12 to 18 months.
(Source: VC Circle, 24th April 2023)
PhonePe Snags Another $100 Mn From General Atlantic, Others
PhonePe, a company owned by Walmart Inc., has added another $100 million (about Rs 820 crore) to its continuing fundraising efforts. At a $12 billion pre-money valuation, the US private equity firm General Atlantic and its co-investors provided the company with new funding. In addition to the $350 million that PhonePe received from General Atlantic in January, this was also raised. PhonePe wants to invest the money in new ventures like insurance, wealth management, shopping on the Open Network for Digital Commerce (ONDC), UPI light, and credit on UPI.
(Source: VC Circle, 12th April 2023)
Blackstone Amasses $30.4 Bn For New Global Real Estate Fund
The largest real estate or private equity drawdown fund ever raised was reported by global alternative asset management firm, Blackstone Inc., to have raised $30.4 billion for its most recent global real estate fund. The fund, known as Blackstone Real Estate Partners X, is 48% larger than the previous real estate fund from the world’s largest asset manager, which closed in 2019.
(Source: VC Circle, 11th April 2023)
Venture Capital
BharatAgri Backer Capria Ventures Hits First Close Of New Fund
The first closing of Capria Ventures’ second fund has been announced. Capria Ventures is an investor in Indian businesses Betterplace, BharatAgri, Eduvanz, and Edenfarm. India is one of the biggest markets for the $100 million fund that largely focuses on investing in the global south, and it will invest over 60% of the cash there. Through this fund, the fund will add emphasis on generative AI and climate change, and it will seek to invest in 20–25 early-stage tech startups.
(Source: VC Circle, 26th April 2023)
Accel, Singh Capital Partners Invest $10 Mn In EcoSoul
EcoSoul Home, an eco-friendly product manufacturer with operations in both India and the US, has received $10 million (about Rs 82 crore) in Series A funding from global venture capital firm Accel and investment office Singh Capital Partners. The extra funding will be used for product launches, business growth, and scaling up tech and data stacks.
(Source: VC Circle, 20th April 2023)
Sorenson Capital, Eight Roads, Others Back Safe Security With $50 Mn Cheque
The Sorenson Capital-led Series B fundraising round for the cyber security company Safe Security totaled $50 million (about Rs 410 crore), with participation from Telstra Ventures, WTI, Eight Roads, and the venture capital arm of Fidelity Investments. With the new investment, the business has now raised more than $100 million in total. The funds will be used to develop the platform’s data-driven management and risk-mitigation capabilities.
(Source: VC Circle, 19th April 2023)
SwitchOn Snags $4.2 Mn from Existing Investors, Others
SwitchOn, an artificial intelligence-based platform operated by Abee Research Labs Pvt Ltd, has raised Series A funding of $4.2 million (about Rs 34.4 crore), led by a Singapore-based fund. The Bengaluru-based company will utilise the additional funding for recruiting, research and development, and expanding its geographic reach throughout India and abroad.
(Source: VC Circle, 17th April 2023)
Iron Pillar Plans another Vehicle under New Fund Series after Raising $129 Mn
A new vehicle under Iron Pillar’s most recent fund series, which will be focused on supporting businesses developing for the Indian market, is being considered. Iron Pillar, a venture capital firm that owns unicorns like Fresh-To-Home and Uniphore, recently announced the closure of its $129 million (roughly Rs. 1,056 crore) fund, a part of the Iron Pillar Fund II series.
(Source: VC Circle, 13th April 2023)
Mergers & Acquisition
How Godrej’s Deal For Kamasutra, Park Avenue Differs From KKR’s Fogg Buyout
For Rs. 2,825 crore ($345 million), Godrej Consumer has agreed to purchase Raymond Consumer Care Ltd.’s FMCG division. Its largest acquisition to date, the agreement was made less than two years after Vini Cosmetics Pvt. Ltd., the company behind the leading deodorant Fogg, was acquired by private equity firm KKR & Co.
(Source: VC Circle, 27th April 2023)
Wipro’s Consumer Arm Seals 14th Acquisition, Buys Packaged Food Brand
The Wipro Consumer Care & Lighting division of the billionaire Azim Premji-led Wipro Group has acquired the ready-to-eat brand Brahmins from Kerala, making it the company’s 14th purchase overall. With this transaction, Wipro Consumer buys its second packaged food product in Kerala.
(Source: VC Circle, 20th April 2023)
Goldman Sachs-Backed Nextiva Snaps Up Bengaluru Firm
The social media analytics startup Simplify360, based in Bengaluru, has been acquired by conversation company Nextiva for an unknown sum. The purchase of Simplify360 will provide Nextiva access to the Asia-Pacific region as it seeks to grow and serve more businesses globally. Nextiva is financed by Goldman Sachs Asset Management.
(Source: VC Circle, 20th April 2023)
Lightspeed-Backed ThoughtSpot Acqui-Hires Sagas IT Analytics
Sagas IT Analytics, an analytics consulting and service provider based in Bengaluru, has been acquired by ThoughtSpot Inc, a US-based data analytics firm founded by entrepreneurs of Indian descent. All of the acquired staff members are experts in data solutions who will work together to build the India Customer Centre of Excellence (CCOE) to assist ThoughtSpot’s international go-to-market team and advance client results.
(Source: VC Circle, 19th April 2023)
General Atlantic-Backed ASG Hospital Makes Second Acquisition In 2023
The eye care business recently bought Mumbai-based rival Bombay City Eye Institute, with backing from illustrious private equity heavyweights like General Atlantic and Kedaara Capital. The transaction probably cost ASG Hospital between Rs 85 and 90 crore ($10.4 and $11 million). The facility provides diagnosis and treatment for a variety of conditions, including glaucoma, macular degeneration, dry eye, retinal detachment, cataract, and laser refractive surgery.
(Source: VC Circle, 13th April 2023)
Check these links to Learn More About: Financial Consultancy Firm in India | Top audit firms in India | GST Service Provider