Corporate Finance Updates – March 2025

Patanjali, DS Group To Buy Magma General For Over $500 Mn To Enter Insurance Sector

Patanjali Ayurved Ltd and the DS Group have partnered to enter India’s insurance sector by acquiring Magma General Insurance Ltd from Sanoti Properties LLP (owned by Adar Poonawalla) and other shareholders. The acquisition, valued at approximately $517 million (around INR 4500 crores), is pending regulatory approval.

Patanjali, established in 2006 and led by Baba Ramdev and Acharya Balkrishna, is known for its herbal products, while the DS Group, established in 1929, has a diverse presence in sectors such as food, beverages, hospitality, and more. Magma General, previously known as Magma HDI General Insurance, offers over 70 products, including motor, health, and commercial insurance.

A spokesperson for Patanjali highlighted the underpenetrated insurance market in India and emphasized the potential for growth through capital infusion and enhanced distribution capabilities, particularly in rural areas.

(Source: VC Circle, 13th March 2025)

Private Equity

Beams Fintech Fund Leads $70 Mn Round in InsuranceDekho

Beams Fintech Fund, a private equity firm, led a $70 million (around INR 598 crores) funding round in its portfolio company, InsuranceDekho. Mitsubishi UFJ Financial Group (MUFG) and BNP Paribas Cardif also participated, increasing their investments. InsuranceDekho plans to use the funds to expand its reach, enhance tech-driven solutions, and strengthen its position as India’s leading insurance platform. Founded in 2016, the company allows users to compare and buy insurance products from 49 partners across various categories.

(Source: VC Circle, 4th March 2025)

Partners Group, KKR Lead $140 Mn Investment In Darwinbox

Swiss private markets investor Partners Group and American private equity firm KKR are leading a $140 million (around INR 1196 crores) investment round in Indian HR tech startup Darwinbox, with Gravity Holdings also participating. The funds will support the company’s international expansion. The round values Darwinbox at around $950 million (around INR 8120 crores), a slight decline from its $1 billion (around INR 8547 crores) valuation during its previous fundraise in 2022. Founded in 2015, Darwinbox offers HR automation solutions and has seen significant international growth, with over 60% of new revenue coming from global markets.

(Source: VC Circle, 5th March 2025)

Blackstone Buys $134 Mn Stake In Kolte-Patil Developers, Enters Housing Market

US-based alternative investment firm Blackstone is acquiring a 40% stake in Pune’s Kolte-Patil Developers Ltd for $136.6 million (around INR 1,167 crores). This includes a 14.3% stake through a preferential equity allotment for $48.8 million (around INR 417 crores) and an additional 25.7% from the promoters for $87.8 million (around INR 750 crores). Blackstone will also make an open offer to acquire about 26% from public shareholders, gaining joint control of the developer. This marks Blackstone’s entry into India’s residential real estate market, where it is already a major player in office properties, warehousing, and malls. 

(Source: VC Circle, 13th March 2025)

Alpha Wave Bets $145 Mn On Oberoi Realty Group Firm

Alternative investment firm Alpha Wave Global has agreed to invest $145 million (around INR 1,239 crores) for a 21.74% stake in I-Ven Realty Ltd, a joint venture between Oberoi Realty and its chairman, Vikas Oberoi. I-Ven Realty focuses on construction, development, and operation of real estate projects. As part of the deal, I-Ven Realty will raise $20 million (around INR 170 crores) from Oberoi Realty and Vikas Oberoi through redeemable preference shares, primarily to repay existing loans. This transaction will reduce the promoters’ combined 50% stake in I-Ven. Oberoi Realty acquired its 50% stake in I-Ven in 2013. The venture plans to develop a luxury mall, boutique hotel, and office space on a prime 1.8 million square feet land parcel in Mumbai’s Worli.

(Source: VC Circle, 20th March 2025)

Canadian Pension Funds CPPIB, OTPP Invest Another $485 Mn In NHAI InvIT

Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan (OTPP) have invested $486.7 million (around INR 4,160 crores) in a follow-on funding round for the National Highways Infrastructure Trust (NHIT), a National Highways Authority of India (NHAI)-sponsored infrastructure investment trust (InvIT). This investment is part of a $975.7 million (around INR 8,340 crores) equity raise by NHIT, with CPPIB and OTPP each contributing $243.4 million (around INR 2,080 crores). Several Indian pension funds, insurance companies, and mutual funds also participated. NHIT plans to use the funds to acquire 11 additional road concessions across India, expanding its portfolio from 15 to 26 toll roads. 

 (Source: VC Circle, 27th March 2025)

Venture Capital

Arva Health snags $1Mn in pre-seed funding

Arva Health, a fertility-care startup, has raised $1 million (around INR 8 crores) in pre-seed funding led by All In Capital, with participation from iSeed, Bharath Founders Fund, and Galaxy. Founded in 2024, Arva offers fertility clinics, at-home testing, and treatments like IVF. With over 4,000 women helped and a 40,000-member community, the company plans to expand to 10 locations by 2027 and add men’s fertility services, supported by a new digital platform.

(Source: VC Circle, 03rd March 2025)

CredResolve raises $1.1 Mn in seed round

CredResolve, a Gurugram-based startup founded in August 2023, has raised $1.1 million (around INR 9.4 crores) in a seed round led by UNLEASH Capital Partners, with participation from CDM Capital. The company uses AI to automate recovery workflows, enhance borrower communication, and ensure compliance with RBI regulations. Serving over 20 lenders, including banks, fintech, NBFCs, and asset reconstruction companies, CredResolve aims to triple its annual recurring revenue, currently at $1 million (around INR 8 crores), in the next year. This marks UNLEASH Capital’s fourth investment.

(Source: VC Circle, 03rd March 2025)

Rezolv raises $3.5 Mn in seed round

Rezolv, a venture founded by Kissht co-founders Karan Mehta and Sonali Jindal, has raised $3.5 million (around INR 29 crores) in a seed round led by 3one4 Capital. The funding will drive product innovation, expansion, and deeper integration with financial institutions to enhance collections through AI-powered solutions. Launched in January with its first two NBFC clients, Rezolv aims to streamline collections by centralizing data, optimizing workflows, and improving recovery rates for banks and NBFCs.

(Source: VC Circle, 04th March 2025)

Deciml bags $3 Mn in seed funding

Investing platform Deciml has secured $3 million (around INR 25 crores) in seed funding from Jainam Broking Ltd, marking the firm’s first investment in the startup ecosystem. The funds will be used to expand its user base, enhance its product, and grow the team. Founded by Satyajeet Kunjeer in 2021, Deciml is a round-up investing app that automatically rounds up online transactions—via card or UPI—to the nearest 10, investing the spare change in a mutual fund.

(Source: VC Circle, 04th March 2025)

Nazara Invests $250,000 in ReelSaga’s Pre-Seed Round

Nazara Technologies Ltd has invested $0.25 million (around INR 2.18 crores) in ReelSaga’s pre-seed funding round, acquiring a 3.57% stake in the short video platform. The investment will be disbursed in cash, in one or more tranches, upon meeting customary conditions. Founded in 2024, ReelSaga plans to launch a mobile app offering serialized short drama videos in India.

(Source: VC Circle, 10th March 2025)

Mergers & Acquisitions

Metropolis Healthcare To Acquire Agra-Based Diagnostics Firm

Metropolis Healthcare Ltd, India’s second-largest pathology chain, has agreed to acquire Agra-based Scientific Pathology for an estimated price between $6.3-$9.5 million (around INR 53-81 crores). The acquisition, which includes Scientific Pathology’s laboratories and collection centers, is expected to be completed within 45 days, pending regulatory approvals. This deal follows Metropolis’ December acquisition of Core Diagnostics and aims to strengthen its diagnostic network in Uttar Pradesh. Scientific Pathology, founded in 1984, operates three labs and 11 collection centers, generating 90% of its revenue from walk-in patients.

(Source: VC Circle, 03rd March 2025)

Sun Pharma To Acquire Checkpoint Therapeutics For $355 Mn

Sun Pharmaceutical Industries has announced its acquisition of U.S.-based Checkpoint Therapeutics for $355 million (around INR 3034 crores). The deal, expected to close by Q2 2025, will expand Sun Pharma’s oncology and immunotherapy portfolio, adding UNLOXCYT, a U.S. FDA-approved treatment for advanced skin cancer. Sun Pharma will pay $4.10 per common share, a 66% premium to Checkpoint’s last closing price, with additional cash incentives tied to the approval of Checkpoint’s cancer immunotherapy, cosibelimab, in key European markets. Fortress Biotech, Checkpoint’s controlling shareholder, will also receive royalty payments on cosibelimab’s future sales.

(Source: VC Circle, 10th March 2025)

Syngene International Acquires First US Biologics Facility For $36.5 Mn

Syngene International has acquired its first biologics facility in the U.S. from Emergent Manufacturing Operations Baltimore for $36.5 million (around INR 311 crores). The acquisition, expected to be operational in the second half of 2025, will enhance Syngene’s capabilities in large molecule discovery, development, and manufacturing. The Baltimore-Bayview facility, located near key biotech hubs, will increase Syngene’s single-use bioreactor capacity from 20,000 liters to 50,000 liters. Emergent will retain rights to secure manufacturing services at the site. The deal, expected to close by March 2025, supports Syngene’s efforts to reduce dependence on China for biomanufacturing.

(Source: VC Circle, 11th March 2025)

Hero MotoCorp To Invest $60 Mn In BII, Blume-Backed Euler Motors

Hero MotoCorp, India’s largest two-wheeler maker and major shareholder in Ather Energy, has entered the electric three-wheeler market by investing $60 million (around INR 512 crores) in Euler Motors. In exchange, Hero will acquire a 32.5% stake in the commercial EV maker. This investment aims to help Hero strengthen its position in the rapidly growing electric three-wheeler sector, where EVs are expected to account for 35% of sales in the near future. Additionally, Hero may acquire shares from existing Euler shareholders through a secondary sale. Hero also holds a 37% stake in Ather Energy and has made several investments in the electric scooter maker.

(Source: VC Circle, 21st March 2025)

Krafton Acquires Controlling Stake In Real Cricket Franchise-Owner Nautilus Mobile

South Korean digital entertainment firm Krafton has acquired a majority stake worth $13.9 million (around INR 118 crores) in Pune-based game developer Nautilus Mobile, known for its Real Cricket franchise. This marks Krafton’s first controlling acquisition in India. Founded in 2013, Nautilus Mobile is renowned for mobile sports games like Real Cricket 24, Real Cricket 22, and Real Cricket Premier League. In 2020, JetSynthesys acquired a 100% stake in the studio, and will remain a significant minority investor post-acquisition, continuing to collaborate on e-sports. Krafton, which previously invested $4.7 million (around INR 40 crores) in 2022, aims to boost India’s game development sector. Krafton has invested over $200 million (around INR 1709 crores) in Indian startups in interactive entertainment, gaming, and technology.

(Source: VC Circle, 28th March 2025)

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