Jindal Stainless Buys $157-Mn Stake in Indonesian Firm to Secure Nickel Supply
In order to guarantee a supply of nickel, a crucial component in the creation of stainless steel, India’s Jindal Stainless Ltd paid $157 million for a 49% share in New Yaking Pte. Ltd, a company with headquarters in Indonesia. In accordance with the agreement, a nickel pig iron facility will be built and run in Indonesia’s Halmahera Islands. Within two years, the factory will be put into operation, and its production capacity will be up to 200,000 metric tonnes per year. The entire amount of nickel required by the company for its 2.9 million tonnes per year of stainless steel production is 125,000 tonnes, of which 15%–16% is derived from nickel pig iron. Nickel prices had slumped 28% over about seven weeks, weighed down by concern about weak demand and rising output in major nickel ore producer Indonesia, before rebounding. (Source: VC Circle, 28th March 2023)
Private Equity
Jupiter India-Backed Himatsingka Seide Ltd. Snags Cheque from Offshore Investor
Himatsingka Seide Ltd., a publicly traded home textile manufacturer that creates, develops, produces, and distributes a variety of textile items, is about to get a check from worldwide investors. The manufacturer supported by the Jupiter India Fund has obtained up to $69 million (about Rs 568 crore) from the International Finance Corporation, the World Bank’s private sector investment arm. The $51.6 million in current long-term debt held by Himatsingka will be refinanced using the planned investment. The company would also invest about $5.2 million in capital expenditures to debottleneck its capacity for terry towels and $12.2 million in corporate decarbonization initiatives.
(Source: VC Circle, 29th March 2023)
TPG Strikes over $200 Mn Exit With Multi-Bagger from India
With a cumulative 5.6x return on its four and a half-year-old investment, the mid-market growth equity division of global asset manager TPG Capital has marked a complete exit from listed athleisure shoe maker Campus Activewear Ltd. TPG Growth likely earned Rs 805 crore from the sale of its 7.6% remaining stake in the business. Through primary and secondary transactions, TPG Growth invested Rs 293 crore for a 17.2% ownership in the company in September 2017. The family office of the Havells Group promoters, QRG Enterprises Ltd, also took part in that round. The PE fund probably made a total withdrawal of Rs 1,655 crore (almost $210 million), which equates to an internal rate of return (IRR) of 45–48%.
(Source: VC Circle, 24th March 2023)
Tano, TR Capital-Backed Microlender Mops Up $11 Mn in New Funding
Around Rs. 91 crore ($11 million) has been raised from an additional offshore backer by a microfinance company located in Kolkata that counts private equity firm Tano Capital and secondary’s specialist TR Capital among its investors. The Aavishkaar Group Business, Arohan Financial Service Ltd. raised funds roughly a year after postponing its plan to launch an IPO because of challenging macroeconomic circumstances. Arohan obtained the additional funding from FMO, a Dutch development bank. The business will use the additional funds to accelerate its expansion and expand its technology stack. (Source: VC Circle, 13th March 2023)
CPPIB Takes Control of Indian Energy Firm with $268-Mn Deal
The largest pension fund in North America, the Canada Pension Fund Investment Board (CPPIB), has wagered an additional $268 million, in which it’ll acquire a majority interest. CPPIB, which over the past few years has been one of the largest foreign investors in the Indian infrastructure industry and closed deals totaling about $3 billion in 2022 alone, has raised its investment in ReNew Energy, which is listed on the Nasdaq. Back-of-the-envelope calculations reveal that the fund acquired additional shares of the renewable major from Goldman Sachs in a secondary deal, increasing its effective ownership position in the business from 31.6% to roughly 51.5%. The Indian company won’t profit from the deal, but Goldman Sachs will walk away with the money.
(Source: VC Circle, 6th March 2023)
Abu Dhabi’s ADQ, IHC Tie Up With General Atlantic on Asset Management
A multi-asset class investment manager will be established by the Abu Dhabi sovereign wealth fund ADQ and the local conglomerate IHC with General Atlantic as a strategic partner and investor. The portfolio of assets will be managed by the investment manager and will include assets from the Abu Dhabi Growth Fund (ADG) and IHC of ADQ, as well as new cash from founding shareholders and potential investors. With the objective of opening other foreign offices in North America, Europe, and Asia, it will establish Abu Dhabi as its main base. (Source: VC Circle, 6th March 2023)
Venture Capital
Aavishkaar Capital Taps Another LP For $200-Mn Fund
A limited partner is about to give Avishkaar Capital, the impact investing division of the Aavishkaar Group, another check for its sixth India-focused fund, which hopes to raise up to $200 million. The International Finance Corporation is poised to give $20 million to Aavishkaar, which counts sovereign wealth funds, development financial institutions, business houses, and family offices from Asia and Europe among its limited partners for its prior funds IFC, the private sector investment arm of the World Bank Group, also intends to spend an additional co-investment envelope of up to $15 million in the fund’s portfolio companies.
(Source: VC Circle, 23th March 2023)
Warbug Pincus-Backed Good Glamm Raising Fresh Capital For Overseas Expansion
The direct-to-consumer company Good Glamm Group is soliciting additional capital to expand its foreign business segment. The unicorn content-to-commerce company, valued at $1.2 billion when it raised $150 million (Rs 1,110 crore) in a Series D round in November 2021, is currently seeking to raise about Rs 400 crore ($48 million) from current investors. On its cap table, the new capital would be a combination of debt and equity from certain significant asset managers.
(Source: VC Circle, 23th March 2023)
InCred Group’s Arm Picks Up 20% Stake in Mumbai HR Tech Firm
The InCred Group’s wealth and asset management division, which has lately entered the retail wealth-tech area, has acquired a 20% share in an HR SaaS platform based in Mumbai. The investment made by InCred Capital as part of TeamNest’s Series A funding round will give the platform the means to compete in the HR IT market. By this investment, InCred will be able to broaden their reach, hire-to-retire partners for their clients, and accelerate outreach across the nation.
(Source: VC Circle, 9th March 2023)
Bira Raises Fresh Funding From Japan’s Largest Bank
After receiving $70 million in a Series-D fundraising round, led by the Japanese brewer Kirin Holdings Co., B9 Beverages, owner of the Indian craft beer brand Bira 91, has now raised $10 million from Japan’s largest bank, MUFG Bank. The money will be used by the business to expand its supply chain, scale up manufacturing, and strengthen its capacity for innovation.
(Source: VC Circle, 9th March 2023)
Biocon Spinout Bicara Therapeutics Snags $108 Mn in Series B Round
Claire Mazumdar, the niece of Kiran Mazumdar, launched the biotech company Bicara Therapeutics, which has raised $108 million in a Series B fundraising round. Red Tree Venture Capital and RA Capital Management jointly led the new round. The round also included participation from current investors Eight Roads Ventures, F-Prime Capital, Invus, Piper Heartland Healthcare Capital, and PremjiInvest. Omega Funds, Bioqube Ventures, Acorn Bioventures, and Janus Henderson Investors were among the additional new investors. (Source: VC Circle, 7th March 2023)
Mergers & Acquisition
VC-Backed Edtech INurture Education Buys Skilling Platform
Bengaluru-based iNurture Education Solutions Pvt. Ltd., which provides higher education programmes, is in acquisition mode to bolster its digital capabilities. The company, which counts Dubai-based family office Kimera Ltd. and venture capital firms Bertelsmann India Investments, ADM Capital, Ascent Capital, and GVFL Ltd. among its investors, has acquired the talent finding and skilling platform Youth4Work. A new business, Y4W Learning Pvt Ltd, was established as part of the transaction, with iNurture Education owning an 82.5% share.
(Source: VC Circle, 30th March 2023)
VC-Backed Pet-Care Brand Wiggles Acquires Peer To Boost Offerings
A pet grooming brand was purchased by Wiggles.in, a direct-to-consumer pet care brand, in an effort to strengthen its position in the burgeoning market. EM & EM Personal Care Pvt. Ltd, which owns the pet grooming brand Captain Zack, has been acquired by the company, which was launched in 2018 and secured $5.5 million in a pre-Series A investment headed by Anthill Ventures in October 2021, in a cash and stock agreement.
(Source: VC Circle, 30th March 2023)
VC-Backed Redcliffe Buys Diagnostic Lab Chain In First Acquisition
Redcliffe Lifetech Pvt Ltd, which counts venture capital firm Chiratae Ventures and impact investor LeapFrog Investments among its backers, has acquired the diagnostic lab chain Medicentre Sonography & Clinical Lab of Udaipur for an undisclosed sum. Redcliffe, which runs diagnostic labs in numerous Indian towns, places its first inorganic expansion wager with the agreement.
(Source: VC Circle, 24th March 2023)
General Atlantic-Backed Digital Insurer Acko Acquires Parentlane
Bengaluru-based Parentlane is a technological platform created in 2015 by Anand and Neeraj Kumar Gupta that provides healthcare solutions to new parents beginning with preconception and continuing through the most crucial early childhood development stage. In addition to providing motor and embedded insurance, Acko, which is in discussions to raise up to $150 million, entered the retail health insurance market, which is dominated by offline competitors. The most recent acquisition will complement its current services and support its objective of developing a healthcare solution.
(Source: VC Circle, 16th March 2023)
Jio-Owned Radisys Acquires WiFi Tech Player
Mimosa Networks will be acquired by Radisys Corp, a division of Jio Platforms, which is controlled by Reliance Industries Ltd (RIL), for $60 million in a debt-free, cash-free transaction. The sale of Mimosa Networks, Inc. (Mimosa) to Radisys for $60 million on a debt-free, cash-free basis has been announced by Airspan Networks Holdings (Airspan) and Radisys Corporation (Radisys), a fully owned subsidiary of Jio Platforms Limited (Jio). (Source: VC Circle, 9th March 2023)