Edtech firm Lido Learning files for insolvency:
Ronnie Screwvala’s Unilazer Ventures-backed Quality Tutorials Pvt. Ltd, which runs edtech platform Lido Learning, has filed for insolvency, according to the company’s latest filings with the corporate affairs ministry. In a meeting early this week, Lido’s board passed a special resolution to file for the corporate insolvency resolution process under section 10 of the Insolvency and Bankruptcy (IBC) code, 2016. Lido Learning had asked more than 1,200 employees to resign in February 2022. The startup had told employees that they may get their salaries in the next three months. However, most employees are yet to receive the dues. Founded in 2019 by Sahil Sheth. Lido Learning was an online learning platform that provided live online classes online. Ronnie Screwvala, Anupam Mittal, and Vijay Shekhar Sharma are among the backers of the startup. In September last year, the company had received USD 10 million from Screwvala’s Unilazer Ventures. In total, it has raised nearly USD 20 million in funding.
Here is some latest financial news on private equity, venture capital, and mergers & acquisitions:
- Private Equity:
Varde Partners to pick 15% stake with Rs 933 cr investment in Rel Power:
US investment firm Värde Partners will pick up around 15% equity stake with an investment of Rs 933 crore (around USD 117 million) in debt-laden Reliance Power Ltd (RPL). RPL, was formed in 1995 and got listed in February 2008 after one of the biggest India initial public offerings (IPOs) that helped the firm raise INR 11,560 crore. Founded in 1993, Värde Partners is among India’s active distressed asset investors. It manages a total portfolio of around USD 13 billion globally with offices in India, Singapore, Minneapolis, New York, London and few cities in Europe and Asia.
(Source: VC Circle, 8 September 2022)
Nobel Hygiene snags USD 17 mn in Series C round:
Mumbai-based diaper maker Nobel Hygiene Pvt. Ltd on has secured INR 132 crore (around USD 17 million) in a Series C funding round from existing investor Sixth Sense Ventures. Founded in 2000, Nobel Hygiene makes adult diapers, maternity pads, adult pull-ups, under pads, nappy pads and baby diapers. It markets its baby diapers under the Teddyy and Snuggy brands while adult incontinence products are sold under the Friends brand.
(Source: VC Circle, 14 September 2022)
Everstone Capital acquires controlling stake in Softgel Healthcare:
Everstone Capital, the private equity arm of the Everstone Group, has acquired a controlling stake in Softgel Healthcare (SHPL) for an undisclosed sum. Puncham Mukim and Dr Arjun Oberoi, managing directors, Everstone Capital will join the board of SHFL post this deal. Chennai-headquartered SHPL is part of the pharmaceutical contract manufacturing company, Madras Pharma Group and deals in pharma, nutraceuticals and over-the-counter (OTC) products. It has 8 manufacturing facilities covering all dosage forms. SHPL specializes in the research, development and manufacturing of soft gelatine capsules and probiotics.
(Source: VC Circle, 14 September 2022)
KKR leads $450 mn investment in Hero Group’s renewable energy arm:
Global private equity major KKR will invest USD 450 million (around INR 3,585 crore) in Hero Future Energies (HFE), the renewable energy arm of the Hero Group. The majority investment comes from KKR along with co-investment from the parent conglomerate Hero Group, details of which along with the valuation remain undisclosed. Founded in 2012, Hero Future Energies is a leading independent power producer in India with a portfolio of 1.6 GW of operating assets across utility and commercial and industrial sector.
(Source: VC Circle, 14 September 2022)
Math-learning platform Bhanzu bags $15 mn in Series A:
Hyderabad-based Math-learning platform Bhanzu has raised USD 15 million (INR 119.76 crore) in Series A round, led by venture capital firm Eight Roads Ventures. B Capital and existing investor Lightspeed also participated in the round. The company did not disclose its valuation after the fundraise. In the current round, Eight Roads Ventures invested INR 87.82 crore, while B Capital and Lightspeed invested INR 15.97 crore each.
(Source: VC Circle, 21 September 2022)
Byju’s misses payment deadline to clear dues in Aakash deal:
Edtech startup Byju’s has yet again missed the deadline to clear the dues of over ₹1,500 crores, as part of the USD 950 million Aakash Educational Services deal, to private equity firm Blackstone Inc. Byju’s had announced the acquisition of test preparation startup Aakash in April 2021 in a cash and stock deal, and had made partial payments to its shareholders. Blackstone was paid a part of the USD 400 million as part of the interim arrangement, and Byju’s promised to settle the dues of ₹1,500-1,620 crore in June.
(Source: VC Circle, 24 September 2022)
- Venture Capital:
Fintech Firm Ayekart Snags Fresh Funding from Caspian, Siply:
Mumbai-based integrated supply chain and finance platform Ayekart Fintech secured USD 5 million (around INR 37 crore) from Caspian Debt and Siply in a mix of debt and equity funding round. The startup plans to deploy the fresh proceeds to serve the needs of traditional businesses across food and agri sector. Founded in December 2020, Ayekart has created an integrated supply chain and finance platform. It aims to address the challenges of MSME and retail business that have struggled and which are further aggravated by the spread of the pandemic.
(Source: VC Circle, 07 September 2022)
Magna Leads Series B Round in Yulu:
Electric mobility startup Yulu Bikes Pvt. Ltd, has raised INR 653 crore (close to USD 82 million) in its Series B funding round, led by US-based mobility technology company Magna International Inc. Existing investors including Bajaj Auto also participated in the round. Yulu plans to use the funds to strengthen its leadership through product and technology innovation. The startup is also planning to increase its electric vehicle fleet to more than 1 lakh, along with more than 500 battery charging and swapping stations in the next 12 months.
(Source: VC Circle, 12 September 2022)
91Squarefeet Bags $10 Mn In Series A Round:
Construction tech startup 91Squarefeet, has raised USD 10 million in a Series A round led by Stellaris Venture Partners. Existing investors Y Combinator, Betatron Venture Group and some angel investors also participated in the round. 91Squarefeet plans to use the funds to strengthen its on-ground service and product development teams along with deepening engagement with its supplier network. Founded in 2019 by Amit Bansal, Amit Mishra and Puneet Bansal, 91Squarefeet enables brands to set up new physical stores. The company has a network of more than 600 contractors and factories.
(Source: VC Circle, 13 September 2022)
Google-Backed DotPe Raises $58 Million In Series B:
E-commerce enabler DotPe has raised USD 58 million in its series B funding round led by Temasek. The round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures. Mitsubishi & Naya Capital joined as new investors. The startup plans to foray into financial services and further empower merchants with business loans and credit lines for its merchant partners. DotPe was founded in 2020 by PayU co-founder Shailaz Nag along with Gyanesh Sharma and Anurag Gupta. It enables online business solutions for retailers. The company also provides ordering, online payments, and delivery facilities to its customers.
(Source: VC Circle, 19 September 2022)
IGP, Interflora Parent Raises $23.5 Mn In Series B Round:
Join Ventures Private Limited, the company behind gifting platform IGP.com, Interflora India, and a to-be-launched food company Masqa, has raised USD 23.5 million (INR 187 crore) in a Series B round, led by MO Alternate Investment Advisors Private Limited (Mo Alts). The round also saw participation by Convivialité Ventures, Pernod Ricard’s VC arm and existing investors DSG Consumer Partners, Venture Catalysts, ZNL Growth and HNI investors. The company has raised its second round of funding this year after its USD 10 million Series A round.
(Source: VC Circle, 22 September 2022)
B2B platform Saveo raises funds at $50 mn valn:
Bengaluru-based Saveo Healthtech Pvt Ltd, which operates a business-to-business e-commerce platform focused on pharmacies, has secured USD 4.5 million (around INR 35 crore) in a fresh funding round co-led by Matrix Partners, Gunosy Capital and 4point0 Health Ventures. The latest round valued the pharmacy-focused B2B startup at USD 50 million. Existing investors LC Nueva, Jetty Ventures, Ocgrow Ventures, Capier Investments, RTP Global, India Quotient and Incubate Fund also participated in the funding. Founded by Amit Kumar, Anurag Savarnya, Shivansh Shrivastava and Vivek Jaiswal in 2019, Saveo is a platform that helps pharmacies by addressing issues relating to procurement and supply chain.
(Source: VC Circle, 28 September 2022)
- Mergers & Acquisition:
Reliance Retail Arm Acquires Control of Insight Cosmetics:
Reliance Retail Ventures Ltd (RRVL) has bought a controlling stake in makeup and personal care brand Insight Cosmetics marking the entry of the billionaire Mukesh Ambani-owned company into the cosmetic business. The deal was valued at USD 10-15 million, one of the people said, requesting anonymity. The person declined to elaborate on the transaction. Insight Cosmetics was launched by Mumbai-based entrepreneur Dinesh Jain in 2001. The brand claims to have a distribution presence across 20 states and its products are sold at more than 12,000 retail and novelty stores across the country.
(Source: VC Circle, 05 September 2022)
UpGrad in Acquisition Spree Buys Centum Learning:
Upskilling unicorn upGrad Education Pvt. Ltd has bought New Delhi-based learning solutions platform Centum Learning in a share-swap deal, in its sixth acquisition this calendar year and the 11th so far. Financial details of the deal were not disclosed. Two people close to the development pegged the deal size at ₹120 crores (around USD 15 million). Centum Learning is a wholly owned unit of Bharti Enterprises Ltd, which is also the parent of telecom operator Bharti Airtel. Post the transaction, Bharti Enterprises and its affiliates will join upGrad’s cap table.
(Source: VC Circle, 15 September 2022)
Mensa Brands Acquires Peanut Butter Brand MyFitness:
D2C (direct-to-consumer) unicorn Mensa Brands has acquired peanut butter brand MyFitness for an undisclosed sum. The company has now entered the health food category with this deal. This is Mensa’s 22nd reported transaction. The deal aims to strengthen the brand’s footprint, enabling it to launch new categories, scale D2C, invest in brand-building and expand to global markets. MyFitness’ product line-up comprises flavoured peanut butter, crispy peanut butter, and high-protein bars. Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness raised USD 1 million in a seed round led by accelerator fund 9Unicorns.
(Source: VC Circle, 12 September 2022)