India’s Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion). The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, which is backed by Alibaba.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Kotak Investment Advisors marks final close of realty fund:
Kotak Investment Advisors, the alternative investment arm of Kotak Mahindra Bank, has hit the final close of its latest real estate fund at $380 million (about Rs 2,770 crore). The new fund will invest across cities and back residential, commercial, retail, warehousing and hospitality projects. It is open to investing early and late.
(Source: VC Circle 9 February, 2021)
TIW Private Equity invests in beauty brand co-founded by Mahesh Bhupathi:
Local buyout fund TIW Private Equity has invested nearly $6 million (Rs 43 crore) in Scentials Beauty Care and Wellness Pvt. Ltd, which mainly offers beauty products endorsed by celebrities. It focuses on developing beauty brands across fragrances, skincare and colour cosmetics.
(Source: VC Circle 9 February, 2021)
Canada’s CPPIB Q3 net assets rise to C$475.7 bn:
The Canada Pension Plan Investment Board (CPPIB) it ended the third quarter with net assets of C$475.7 billion ($375.63 billion), compared with C$456.7 billion at the end of the previous quarter.
(Source: VC Circle 12 February, 2021)
Musk’s SpaceX raises $850 mn in equity financing:
Billionaire Elon Musk’s SpaceX has raised about $850 million in equity financing, the private rocket launch service. The private space company had raised $1.9 billion in August in its largest single fundraising round.
(Source: VC Circle 24 February, 2021)
Ashok Leyland buying out partner; Hinduja Global in talks with PEs for unit sale:
Ashok Leyland Ltd, the multinational automobile firm that is the flagship of the group, is acquiring the 38% stake held by Nissan International in Hinduja Tech Ltd for Rs 70 crore (around $9.7 million). Hinduja Tech, which is an information technology (IT) firm, reported consolidated revenues of Rs 226 crore for the 2019-20 financial year.
(Source: VC Circle 25 February, 2021)
PE firm ChrysCapital eyes investment in personal care brand:
Homegrown private equity firm ChrysCapital is in discussions to invest in a reputed skin care and wellness brand. It is in talks for WOW Skin Science, a brand owned by Vivayogi Pvt Ltd (formerly Fit & Glow Health Care Pvt Ltd). The Delhi-based PE firm is set to invest $50 million (Rs 361 crore) at a valuation of Rs 1,500-1,800 crore.
(Source: VC Circle 25 February, 2021)
Venture Capital
InnerHour raises Series A round led by Lightbox:
Mental health platform InnerHour has raised $5.2 million (about Rs 37.9 crore) in Series A funding led by venture capital firm Lightbox Ventures. Lightbox invested $4.5 million (about Rs 32.8 crore). InnerHour will use this funding to scale its technology-led platform to be able to cater to a section of the 200 million Indians suffering from mental health conditions.
(Source: VC Circle 05 February, 2021)
US stock trading platform for Indians Vested Finance raises $3.6 million:
San Francisco based online investment platform provider Vested Finance has raised $3.6 million in a seed funding round from Moving Capital, Ovo Fund and TenOneTen Ventures in the United States, and Inflection Point Ventures and Venture Catalysts in India. The company will use the new funds to accelerate product development and hire talent across the US and India
(Source: VC Circle 05 February, 2021)
Elevation Capital leads Series C round in cosmetics brand SUGAR:
Make-up brand SUGAR Cosmetics has raised $21 million (Rs 153 crore) in its Series C funding round led by Elevation Capital (formerly SAIF Partners). The company will utilize the funding to build both digital and retail distribution.
(Source: VC Circle 05 February, 2021)
Elevation Capital leads Series B funding in rural lending startup SarvaGram:
SarvaGram Solutions Pvt Ltd has raised $10.5 million (Rs 76.32 crore) as part of its Series B funding round. The round was led by Elevation Capital (formerly SAIF Partners). The company will use the fresh capital to expand, introduce new offerings and upgrade its technology platform.
(Source: VC Circle 08 February, 2021)
Nexus leads seed round in celebrity engagement platform Unlu:
Unlu, a celebrity engagement platform that allows both consumers and brands to communicate with high-profile personalities, has raised Rs 9 crore (around $1.23 million) in a seed funding round. The round in Delhi-based Unlu has been led by Nexus Venture Partners.
(Source: VC Circle 08 February, 2021)
Infosys to bet $1 mn more on drone maker ideaForge:
Information technology (IT) and outsourcing services major Infosys will invest $1 million (Rs 7.2 crore at current exchange rates) in Mumbai-based drone startup ideaForge Technology. The fresh tranche of capital is aimed at meeting the working capital needs of the UAV (unmanned aerial vehicle) system manufacturer as well as boosting its R&D, sales, marketing, and business development activities.
(Source: VC Circle 12 February, 2021)
Tomorrow Capital leads Series A funding in Leverage Edu:
Leverage EdTech Pvt. Ltd, which operates university admissions-focused startup Leverage Edu, has raised Rs 47 crore ($6.5 million) as part of its Series A funding round. The funding was led by Tomorrow Capital which alone brought in Rs 26.5 crore. The company will use the funds for expansion in newer markets, product innovation and to deepen its student-first approach.
(Source: VC Circle 18 February, 2021)
Kora Holdings, Tiger Global double down on Zomato bet in $250 mn round:
Food delivery and restaurant aggregation platform Zomato has raised $250 million (around Rs 1,808 crore according to current exchange rates) at a valuation of $5.4 billion. The company was valued at $3.9 billion in November 2020 when it had raised $145 million as part of its $660 million ahead of going public in 2021.
(Source: VC Circle 22 February, 2021)
Mergers & Acquisition
GAIL to acquire stake in Indian Energy Exchange arm:
State-owned GAIL will acquire a 5% equity stake in the Indian Gas Exchange (IGX) for Rs 3.6 crore ($490,000). IGX is a natural gas trading platform and a wholly owned subsidiary of Indian Energy Exchange.
(Source: VC Circle 09 February, 2021)
Gibraltar Technologies acquires HCL arm for Rs 147 crore:
Dubai, UAE headquartered information technology (IT) solutions provider Gibraltar Technologies has bought HCL Infotech, which is a part of IT services giant HCL Group, for Rs 147 crores or 74.6 million dirhams (about $20 million at current exchange rates).
(Source: VC Circle 17 February, 2021)
Tiger Global-backed Open acquires tax filing platform Optobizz:
Open, a neo-banking platform focused on small and medium businesses, has acquired tax filing automation platform Optobizz for $5 million (around Rs 36 crore). The move will help Open strengthen its position in the SME-focused neo-banking space and enhance product capabilities on automating GST and tax compliance.
(Source: VC Circle 18 February, 2021)
Dailyhunt acquires AI firm Cognirel:
VerSe Innovation Pvt. Ltd, which entered the famed unicorn club of startups two months ago, has acquired Bengaluru-based AI solutions provider Cognirel Technologies Pvt. Ltd. The acquisition will help VerSe, the parent of online news and content platform Dailyhunt and short video app Josh, boost its plan to create cutting-edge digital capabilities to serve the emerging content needs of millions of consumers using technology.
(Source: VC Circle 23 February, 2021)