Tiger Global led another round of investment in Infra.Market with $125 million ($928 crore) in a Series D funding. The latest funding round values the company at $2.5 billion (around Rs 18,560 crore). Infra.Market, a technology-enabled marketplace for on-demand construction materials, hit unicorn status (valued at $1 billion [about Rs 7,245 crore]) after raising $100 million (about Rs 724 crore) in a Series C funding round from its existing investors including Tiger Global, Accel, Nexus Venture Partners, Evolvence India Fund, Sistema Asia Fund and Foundamental Gmbh. The new fund-raise will enable Infra.Market to enhance its technological offerings, seed newer markets and advance their initiatives such as private label brands, direct to retail channel and exports.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Edelweiss Wealth Management to raise $1 bn via Crossover funds:
Edelweiss Wealth Management has plans to raise Rs 7,500 crore ($1 billion) via its pre-IPO (initial public offering) and late-stage private equity (PE) focused Crossover funds. The company will continue to launch funds in the Crossover series over the next 12-18 months until it achieves its target of $1 billion. Till date the three funds in the series have raised over Rs 3,700 crore ($500 million).
(Source: VC Circle 12 August, 2021)
Augment Infrastructure to buy majority stake in CleanMax from Warburg Pincus, IFC: US investment firm Augment Infrastructure will acquire majority stakes in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt Ltd for Rs 1,650 crore ($222 million) from Warburg Pincus LLC and International Finance Corp (IFC). The deal value includes new investments in Mumbai-based CleanMax.
(Source: VC Circle 12 August, 2021)
IIFL PE bets on logistics startup floated by ex-Blue Dart honcho: Homegrown private equity firm IIFL PE Fund, managed by financial services firm IIFL AMC, has struck its second bet in the logistics segment. The mid-market PE firm has led a Rs 100 crore ($13.7 million) seed round of funding in Mumbai-headquartered logistics startup Smart Express. The funds will be utilised by the startup for team building and creating pick-up and delivery (PUD) and transit hub infrastructure to service customers across India.
(Source: VC Circle 17 August, 2021)
Edelweiss Fund invests $70 mn in Jindal group firm: Edelweiss Special Opportunities Fund III has invested Rs 500 crore ($70mn) in one of the promoter holding entities of Jindal Saw Ltd, the flagship firm of the Prithavi Raj (PR) Jindal group. Specifically, the special situations fund has signed a structured finance deal in Chhattisgarh-based Siddeshwari Tradex Pvt Ltd (STPL), the investment holding firm owned by the promoters of PR Jindal-led group. The proceeds will be used for general corporate purposes.
(Source: VC Circle 27 August, 2021)
Beauty e-tailer Purplle eyes $100 mn raise:Online beauty products marketplace Purplle, operated by Mumbai based Manash Lifestyle Pvt Ltd, is in talks with private equity investors for its second fundraise in six months. The company, is now looking to raise between $100 mn and $125 mn (Rs 740 crore- Rs 925 crore), the company is expecting a valuation of Rs 4,000 crore.
(Source: VC Circle 27 August, 2021)
Venture Capital:
WestBridge Capital leads Series C funding in Yellow.ai:Yellow.ai, a customer experience automation platform, has raised $78.15 million (Rs 580 crore) in a Series C funding round led by WestBridge Capital and joined by Sapphire Ventures, Salesforce Ventures and Lightspeed Venture Partners. Company will use the fresh capital to further build its tech and increase its presence in the US, UK, Middle East, Southeast Asia and Latam. The firm will be adding around 70 employees to its workforce of over 500.
(Source: VC Circle 4 August, 2021)
Elevation leads Series B funding in fintech platform Zeni:Zeni, an artificial intelligence (AI) based booking and accounting fintech startup, has raised $35 million (Rs 259 crore) as part of its Series B funding round led by new investor Elevation Capital. Zeni will use the fresh capital to invest aggressively in its team in the US and India across product, technology, marketing, sales and finance operations.
(Source: VC Circle 5 August, 2021)
RenewBuy raises more Series C funding from new investor Evolvence India Fund:Digital insurance platform RenewBuy has raised $10 million (Rs 74 crore) more Series C funding from new investor Evolvence India Fund. Company will use the fresh capital to strengthen its tech and expand outside the domestic market.
(Source: VC Circle 05 August, 2021)
Crypto exchange CoinDCX raises $90 mn led by Savarin’s B Capital, turns unicorn: Nebilo Technologies Pvt Ltd, which operates cryptocurrency exchange CoinDCX, has raised $90 million (Rs 670 crore) in its Series C round led by Facebook founder Eduardo Savarin’s B Capital group. The funds raised will be allocated to expand and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions and focus on new business initiatives.
(Source: VC Circle 10 August, 2021)
Verlinvest, Sequoia Capital, others invest in pet care firm Heads Up For Tails:Pet care company Heads Up For Tails (HUFT) has raised Rs 277 crore ($37 million) in a Series A funding round led by Verlinvest and Sequoia Capital India, along with participations from Amitell Capital and existing investor W&C PetTech. The fresh funds will be used to increase distribution footprint across India, product development and manufacturing.
(Source: VC Circle 12 August, 2021)
myTVS raises $50 mn in funding from Exor:myTVS, an online to offline automotive solutions company, has raised Rs 375 crore ($50 million) from a fund managed by Exor. The fresh funds will be used to scale its online-to-offline business model, expand throughout the country and build its cloud-based digital infrastructure for its business to consumer vertical.
(Source: VC Circle 16 August, 2021)
Silicon Valley’s WestCap Group, Tomales Bay Capital lead funding in Zupee: Skill-based real money gaming platform Zupee has raised $30 million (about Rs 222 crore) as part of its Series B round co-led by Silicon Valley-based WestCap Group and Tomales Bay Capital. Zupee will use the funds to expand its product portfolio, market reach and hire global talent.
(Source: VC Circle 17 August, 2021)
Financing platform Klub raises $20 mn in seed funding led by 9Unicorns, Surge:Revenue-based financing platform Klub has raised $20 million (around Rs 148.6 crore) in a seed funding round led by 9Unicorns and Sequoia Capital India’s Surge and joined by Alter Global and GMO Venture Partners. The new round of financing will be used to hire staff to accelerate its data platform and expand into new product offerings and market segments.
(Source: VC Circle 17 August, 2021)
Alpha Wave Incubation leads $21 mn Series A funding in AgNext:Homegrown private equity players Omnivore and Kalaari Capital have re-invested in AgNext Technologies in a $21 million (around Rs 156 crore) Series A funding round. The fundraising was led by Alpha Wave Incubation (AWI) fund which is backed by DisruptAD and managed by Falcon Edge.
(Source: VC Circle 19 August, 2021)
Khatabook raises $100 mn from Tribe Capital, Moore Strategic Ventures, others:Kirana-tech startup Khatabook has raised $100 million (Rs 740 crore) as part of its Series C funding round led by US-based venture capital firms Tribe Capital and Moore Strategic Ventures.
(Source: VC Circle 24 August, 2021)
InvestCorp leads $8mn round in Bewakoof:Bewakoof, a direct-to-consumer (D2C) online apparel platform, has raised $8 million (Rs 60 crore) in its pre-Series B round of funding led by InvestCorp. The D2C brand is planning to accelerate its growth trajectory by investing in marketing, branding, technology and talent acquisition.
(Source: VC Circle 25 August, 2021)
WestBridge Capital leads $23 mn Series B funding in Skit:Skit, previously known as Vernacular.ai, has secured $23 million as part of its Series B funding led by WestBridge Capital along with participation from existing investors Kalaari Capital and Exfinity Ventures, among others. The company will use the funds for sales and marketing efforts, build delivery capabilities, boost its research and development and expand globally.
(Source: VC Circle 31 August, 2021)
Mergers & Acquisition:
Mitsui & Co invests in biomass supply chain manager Punjab Renewable Energy Systems:Mitsui & Co., Ltd will invest Rs 30 crore ($4.1 million) in Punjab Renewable Energy Systems Pvt Ltd (PRESPL), a biomass supply-chain management company in India. PRESPL is involved in the collection, storage and processing of agricultural residues and the production of biomass briquettes and pellets to meet the growing demand for biomass fuel from India’s rapidly expanding bio-energy industry.
(Source: VC Circle 4 August, 2021)
Reliance arm invests in Neolync Solutions to boost 5G tech:Reliance Industries Ltd (RIL)’s wholly owned subsidiary Reliance Strategic Business Ventures Ltd has invested Rs 20 crore (about $2.7 million) in Neolync Solutions.
(Source: VC Circle 6 August, 2021)
ReNew Power to acquire 359 MW of energy assets:Renewable energy firm ReNew Power announced the acquisition of two assets with a combined enterprise value of $384.0 million. The assets are expected to generate $50.7 – $53.4 million of EBITDA annually.
(Source: VC Circle 11 August, 2021)
Aurobindo Pharma to buy majority stake in veterinary pharma firm Cronus:Aurobindo Pharma will acquire a 51% stake in generic veterinary pharma firm Cronus Pharma Specialties India for Rs 420 crore ($56 million). The deal is expected to give Aurobindo a foothold in the $48 billion global animal health market.
(Source: VC Circle 13 August, 2021)
Serum Institute to acquire 50% stake in India’s largest vial maker Schott Kaisha:Vaccine maker Serum Institute of India has acquired a 50% stake in drug vial maker Schott Kaisha. Serum Institute of India, the world’s largest drugmaker by volume, has seen demand for vaccines soar. The deal will secure pharmaceutical packaging for the firm.
(Source: VC Circle 17 August, 2021)
South Asian Enterprises acquires controlling stake in Chai Thela:Tea retail startup Chai Thela Pvt Ltd (CTPL) is now a subsidiary of listed firm South Asian Enterprises Ltd. SAEL acquired 7,359 equity shares, representing a controlling stake of 60.34%, in Noida-based CTPL for Rs 29 lakh.
(Source: VC Circle 24 August, 2021)
Suumaya Industries acquires 51% of payAgri Innovations:Textile manufacturer and distributor Suumaya Industries Ltd has acquired a 51% stake in agri-tech company payAgri Innovations Pvt Ltd through its subsidiary Suumaya Agro Ltd. The company did not disclose the financial details of the deal. The acquisition will help it gain a strong foothold in the agri value chain business. The deal will also help the company get access to southern markets.
(Source: VC Circle 24 August, 2021)