I Squared Capital Buys Controlling Stake in Gram Power for $100 Mn
I Squared Capital, a multinational private equity firm, has invested $100 million for a controlling stake in the Jaipur-based smart metering business Gram Power (around Rs 826.55 crore). Gram Power is entirely owned by Singapore-based Polaris Smart Metering Pte Ltd. However, the enterprise value of the deal could not be ascertained. I Squared Capital, which oversees assets worth over $36 billion, made this deal through its $2 billion ISQ Growth Markets Infrastructure Fund, which aims to invest in the infrastructure sector across expanding countries in Asia & South America. The invested funds spent will be utilized to raise the production capabilities of Gram Power to international standards, to invest in R&D, talent up skilling, and acquisitions, as well as to take part in upcoming tenders.
Mergers & Acquisition
Dr Reddy’s Acquires Mayne Pharma’s USA Prescription Portfolio For $105 Million
The USA Prescription Portfolio of Mayne Pharma has been purchased by Dr. Reddy’s for $105 million. The acquisition will add to Dr. Reddy’s U.S. retail prescription pharmaceutical business. Additionally, it helps Dr. Reddy’s initiatives to speed up and broaden access to patient-affordable pharmaceuticals. The portfolio consists of about 45 commercial products, four pipeline products, and 40 approved but unmarketed products, many of which are generic goods with a female health focus. For the purchased portfolio, Mayne Pharma reported total revenue of $111 million.
(Source: VC Circle, 27 February 2023)
Glass Maker Saint-Gobain Acquires UP Twiga
UP Twiga, a manufacturer of glass wool insulation, has entered into a binding agreement to be purchased by French glass and building products company Sain-Gobain for an unknown amount. UP Twiga runs two manufacturing facilities near Delhi and Mumbai. Since 2005, the business has had a technological licence from Saint-Gobain to produce glass wool in India.
(Source: VC Circle, 22 February 2023)
Motilal Oswal PE-Backed Molbio Diagnostics Acquires Prognosys Medical
The Goa-based diagnostics company Molbio Diagnostics Pvt. Ltd. acquired 70% share in Bengaluru’s Prognosys Medical Systems. Under the trade name Prorad, Prognosys Medical Systems creates and manufactures radiography and fluoroscopy products. The goal of the acquisition is to increase Molbio’s market share in digital radiography. In order to screen and confirm huge populations for infectious diseases including tuberculosis, Covid, and other chest anomalies, the Prorad and Truenat systems will be combined.
(Source: VC Circle, 20 February 2023)
Motherson Buys 100% Stake in SAS Autosystemtechnik
Samvardhana Motherson International Ltd (SAMIL) and SAS Autosystemtechnik, a company based in Germany, have reached a deal to buy all of the company’s shares for 540 million euros. The SAMIL subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has a contract with the SAS firm from Faurecia, a FORVIA Group company. An agreement to purchase a 100% stake in SAS Autosystemtechnik GmbH has been reached by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a 100% subsidiary of Samvardhana Motherson International Limited (SAMIL) (Germany).
(Source: VC Circle, 20 February 2023)
Shobitam Makes Maiden Bet With House Of Blouse
Shobitam, an ethnic clothing company, has made its first acquisition of House of Blouse, a clothing company, to expand its product line. The Seattle-based Shobitam claims to be a developing direct-to-consumer (D2C) online marketplace for ethnic apparel that serves over 40 countries. It was founded by Aparna and Ambika Thyagarajan in 2019. Sarees and accessories are only a couple of the things it sells. With funding from Mumbai-based Hearth Ventures and angel investor Girish Laxman, this significantly enhances and complements our customers’ experiences and allows us to broaden our product category by including additional one-of-a-kind products.
(Source: VC Circle, 20 February 2023)
MapmyIndia Invests Rs. 7 Cr in Drone Startup Indrones For 20% Stake
MapMyIndia, a provider of geospatial software and digital maps, has made a strategic investment of Rs 7 crore for a 20% share in drone solutions firm Indrones. MapMyIndia is listed as ‘CE Info Systems’. The two businesses will together offer drones and drone-based solutions through this strategic investment for use cases like surveying, mapping, real-time monitoring, and inspections. By adding Indrones to our portfolio of drone-based solutions and services, we will be able to better serve the needs of both consumers and our enterprise clientele across a variety of industrial verticals.
(Source: VC Circle, 13 February 2023)
Venture Capital
MassMutual Leads $7.5 Mn Round In Scrut Automation
A strategic financing round led by MassMutual Ventures saw Riversys Technologies Private Limited, the company behind software-as-a-service startup Scrut Automation, collect $7.5 million (about Rs 62.09 crore). The company, which is based in Bengaluru, will use the additional money for both product development and global expansion. Scrut Automation enables small and medium-sized businesses (SMEs) to adhere to different information security standards and maintain security posture. The company asserts that it has reduced security and compliance tasks for these businesses by 70%.
(Source: VC Circle, 21 February 2023)
Mintoak Raises $20 Mn in Series A Round
Mintoak Innovations Pvt. Ltd., a fintech business, has raised $20 million (Rs 165 crore) in a Series A fundraising round, which was spearheaded by PayPal Ventures. British International Investment, White Whale Venture Fund, as well as current investors HDFC Bank and Pravega Ventures, participated in the round as well. The Mumbai-based company intends to use the investment for hiring, expanding geographically into West Asia, Africa, and Southeast Asia, and developing its technological stack.
(Source: VC Circle, 21 February 2023)
AdmitKard Raises Rs 50 Cr in Series A
AdmitKard, a startup for college admissions, has raised Rs 50 crore ($6 million) in Series A funding, with the help of leading global Ed-tech investor GSV Ventures. AdmitKard, a Noida-based company, serves the “study abroad” industry by assisting students with the application process for higher education at schools and institutions in the US, UK, Canada, Australia, and New Zealand.
(Source: VC Circle, 20 February 2023)
Infurnia Secures Funding From Clutch Of Angel Investors
An angel investment round led by Yogesh Chaudhary (Jaipur Rugs) and Bhupinder Singh netted Infurnia Technologies, a software-as-a-service (SaaS) provider for architecture and interior design, $1 million (Rs. 8.26 crore) (ex-Bentley Systems). The company plans to use the funds to expand geographically and develop new products.
With the help of this finance, technology will be developed further in order to dominate the market for cloud-native architecture and interior design software, expand internationally, and fortify our position locally.
(Source: VC Circle, 16 February 2023)
Accel-Backed Venwiz Raises $8.3 Mn In Series A Round
Software-as-a-service (SaaS) platform for business-to-business transactions, Venwiz, has raised $8.3 million (about Rs. 68.8 crore) in a Series A fundraising round, led by Sanjay Nayar’s early-stage venture capital firm, Sorin Investments. The company, which is run by Venwiz Technologies Pvt. Ltd., intends to use the funds for recruiting, product development, and customer base growth.
(Source: VC Circle, 15 February 2023)
Private Equity
Mediterrania Brings LPs As Co-Investors For Morocco Pharma PE Deal
Mediterrania Capital Partners, a private equity company, has recently completed a new transaction in the healthcare sector. Mediterrania led a group of investors, including the European development finance institutions FMO, DEG, and Proparco, to purchase a minority stake in the Moroccan pharmaceutical firm Laprophan for MAD 750 million ($72 million). Laprophan focuses on the development and marketing of pharmaceuticals and has contracts with various international pharmaceutical corporations. It anticipates using the funds to quicken its global expansion goals.
(Source: VC Circle, 27 February 2023)
Verlinvest-Backed Spring Marketing Capital Eyes $50 Mn
Venture capital firm Spring Marketing Capital is raising its second domestic fund, which will invest mostly in early-stage startups in consumer-facing areas. The investment business, which has offices in Mumbai and Bangalore, is aiming to raise $40 million to $50 million (330-413 crore) for this vehicle. It has already received commitments from limited partners (LPs) and anticipates reaching the first closure of the fund by the end of March.
(Source: VC Circle, 10 February 2023)
Motilal Oswal Invests Rs 400 Cr in Rajkot-Based Pan Healthcare
For about $50 million (about $400 crore), Motilal Oswal Alternative Investment Advisers claimed to have acquired a minority position in Pan Healthcare, a company situated in Rajkot. The investment in Pan Healthcare is in line with Motilal Oswal’s investment strategy, which emphasizes major distribution plays, underserved markets, and Indian manufacturing. The money raised will go into developing a strong organization, expanding the distribution network, and enhancing the brand in order to propel us into the next stage of growth.
(Source: VC Circle, 07 February 2023)