Reliance Retail Ventures Limited (RRVL) will acquire a controlling 66.95% stake in local search engine platform Just Dial Ltd for Rs 5,713 crore ($766 million) via preferential allotment of shares and open offer. RRVL signed a definitive agreement to buy 40.95% stake in the company for around Rs 3,497 crore ($469 million) and make an open offer to acquire up to 26% equity. The deal includes preferential allotment of 2.12 crore equity shares equivalent to 25.33% post preferential share capital at Rs 1,022.25 per share. RRVL will also acquire 1.31 crore equity shares from VSS Mani equivalent to 15.62% post preferential share capital at Rs 1,020 apiece.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Flipkart raises fresh funds for $37.6 bn valuation ahead of IPO:
Ecommerce marketplace Flipkart has raised a $3.6 billion (about Rs 26,842 crore) funding round from a bunch of global investors including sovereign funds, private equity and crossovers in addition to its majority owner Walmart. The investment values the group at $37.6 billion post-money.
(Source: VC Circle 12 July, 2021)
Tamil Nadu Shelter Fund invests in Vijay Raja Homes’ housing project in Chennai:
Tamil Nadu Shelter Fund, managed by the Tamil Nadu Infrastructure Fund Management Corporation, has invested Rs 95 crore ($12.7 million) in an affordable housing project by Vijay Raja Homes Pvt Ltd. The fund will be utilised for the construction and development of VRX 360 in Thirumazhisai, a suburb in western Chennai.
(Source: VC Circle 13 July, 2021)
Belgium-based Sofina to invest $27 mn in personal care brand Mamaearth:
Belgium-based Sofina SA will invest around Rs 202 crore ($27 million) in personal care brand Mamaearth. Mamaearth, as per filings to the companies registrar, has already secured Rs 147 crore and the remaining capital will come in tranches.
(Source: VC Circle 23 July, 2021)
Everstone Capital, Yondr set up $1 bn joint venture for data centres:
Private equity firm Everstone Group and global data centre major Yondr Group have set up a $1 billion (Rs 7,445 crore) joint venture to operate data centres in India. The joint venture has acquired land for its first data centre project in the Mumbai Metropolitan Region which will operate as EverYondr.
(Source: VC Circle 27 July, 2021)
GEF Capital leads Series B funding in supply chain firm 3SC:
3SC, a Gurugram based supply chain company, has raised $15 million (Rs 111 crore) in Series B funding led by GEF Capital Partners’ South Asia Fund. 3SC plans to use the funds to expand domestically and across Europe and Southeast Asia, while also strengthening its Software-as-a-Service (SaaS) and analytics business.
(Source: VC Circle 30 July, 2021)
Venture Capital
Furlenco secures $140 mn in funding led by Zinnia Global Fund:
Online furniture rental startup Furlenco, which is run by Bengaluru-based Kieraya Furnishing Solutions Pvt Ltd, has raised Rs 1,000 crore ($140 million) in a mix of equity and debt led by Zinnia Global Fund. The company will utilise the capital to cater to much larger audiences with more tailored solutions and new offerings.
(Source: VC Circle 05 July, 2021)
Avataar, Ascent Capital co-lead Series B funding in SaaS firm CRMNext:
Software-as-a-service (SaaS) venture CRMNext has raised $16 million (Rs 119.5 crore) as part of its Series B funding round co-led by Avataar Ventures and Ascent Capital. The fresh capital will be used for geographical expansion and to double it team members, CRMNext.
(Source: VC Circle 8 July, 2021)
Learn Capital returns to lead funding in edtech startup Teachmint:
Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, has raised $20 million (Rs 149.4 crore) in a pre-Series B funding round led by global edtech-focused venture capital firm Learn Capital. It will use the funds to expand in new markets, increase hiring and develop its technology capabilities and enhance its product.
(Source: VC Circle 8 July, 2021)
PayPal Ventures, others lead funding in logistics-tech firm Shiprocket:
BigFoot Retail Solutions Pvt Ltd, which operates ecommerce focused logistics-tech firm Shiprocket, has raised $41.3 million (Rs 305 crore) as part of its Series D1 funding round. The fresh capital will be used for global expansion starting with the Middle East, core product upgrade, research and development (R&D) and hiring.
(Source: VC Circle 08 July, 2021)
Gulf Islamic Investments leads Series B funding in two-wheeler maker Hero Electric:
Hero Electric Vehicles Pvt Ltd, which manufactures lithium-ion battery-powered two-wheelers, has raised Rs 220 crore ($29.5 million) in the first part of its Series B round of funding led by Gulf Islamic Investments, a UAE-based financial services firm. The company will primarily use the money to expand capacity, invest in technology and grow footprint across India-like markets.
(Source: VC Circle 12 July, 2021)
South Korean gaming major KRAFTON leads Series D funding in Pratilipi:
Vernacular self-publishing firm Pratilipi has raised $48 million (Rs 357 crore) in its Series D funding round led by South Korean gaming major KRAFTON Inc. Pratilipi will primarily use the capital to strengthen its IP acquisition and development across various formats including audio books, podcasts, comics, web series, movies and games etc.
(Source: VC Circle 14 July, 2021)
SoftBank Vision Fund leads Series C funding in driver safety platform Netradyne:
US and India based artificial intelligence firm Netradyne, which focuses on driver and fleet safety, has raised $150 million (Rs 1,116 crore) as part of its Series C funding round led by SoftBank Vision Fund. The company will use the fresh capital for strengthening its technological capabilities, expansion into new regions and for hiring.
(Source: VC Circle 15 July, 2021)
SIG, Omidyar, others invest $10.2 mn in agritech platform Otipy:
Agritech startup Crofarm Agriproducts has raised a $10.2 million (Rs 76 crores) Series A round of financing for its community group buying platform Otipy. The round was led by global venture capital firm SIG. This new round of funding will support the company in future growth trajectory, adding additional categories on supply chain making it more efficient and accelerate mission of making fresh, nutritious food accessible to all.
(Source: VC Circle 19 July, 2021)
Lightspeed, Elevation Capital lead Series A funding in agritech startup Vegrow:
Vegrow, a business to business (B2B) agritech platform for fruit and vegetables, has raised $13 million (Rs 97 crore) as part of its Series A funding round. The funding was co-led by Lightspeed Venture Partners and Elevation Capital. The Company will use the funds to expand to 100 cities, invest in technology and launch new products.
(Source: VC Circle 20 July, 2021)
LeapFrog, Khosla Ventures lead Series C funding in HealthifyMe:
Benagluru-based health and fitness platform HealthifyMe has raised $75 million (around Rs 560 crore) in a Series C round led by LeapFrog and Khosla Ventures. The company will use the funds to expand in India and Southeast Asia, make inroads into North America, as well as to acquire relevant companies in the digital health and fitness space.
(Source: VC Circle 20 July, 2021)
Sequoia Capital leads funding in healthy food brand The Whole Truth:
Healthy food brand The Whole Truth (TWT) has raised Rs 43 crore ($6 million) in a Series A funding round led by Sequoia Capital India. The fresh capital will be used to hire talent, expand manufacturing capabilities and introduce new products.
(Source: VC Circle 27 July, 2021)
Sequoia Capital leads Series A funding in skincare brand Minimalist:
Mumbai-based skincare startup Minimalist has raised Rs 110 crore ($15 million) in a Series A funding round led by Sequoia Capital India, along with participation from Unilever Ventures. The company plans to use the funds to develop its R&D capabilities and infrastructure. Minimalist will also expand its operations outside India.
(Source: VC Circle 29 July, 2021)
Eileses Capital leads Series B funding in HR startup Talview:
Talview Inc., a human resources technology startup, has raised $15 million in Series B funding led by Eileses Capital. Other investors who participated in the round include US-based Storm Ventures, Inventus Capital and Emergent Ventures. The fresh funds will be deployed to validate the video AI platform Instahiring that helps analyse talent interactions for efficient and bias-free talent decisions.
(Source: VC Circle 29 July, 2021)
Commercial estate investment platform Strata raises Series A funding:
Tech-enabled commercial real estate (CRE) investment platform Strata has raised $6 million (Rs 44.6 crore) in a Series A round co-led by Kotak Investment Advisors, Gruhas Proptech and Sabre Investments. The company will use this capital to expand aggressively in the next year, taking its assets under management (AUM) of about Rs 330 crore to Rs 1,500 crore by 2021-22.
(Source: VC Circle 29 July, 2021)
Mergers & Acquisition
HDFC sells stake in India Asset Recovery Management to WL Ross:
Housing Development Finance Corporation (HDFC) has divested 19.9% of India Asset Recovery Management Ltd (IARM) in an all-cash deal for Rs 96.94 lakh. HDFC sold its entire stake of 7,960 ordinary Class B shares of the Mauritius-based firm to investment firm WL Ross & Co. LLC.
(Source: VC Circle 5 July, 2021)
Thai firm Global Power Synergy buys stake in Avaada Energy:
Bangkok-based Global Power Synergy Public Company Ltd completed the acquisition of a stake in Avaada Energy Pvt Ltd. The company acquired 41.6% stake in Avaada, infusing approximately 14.8 billion baht ($453.3 million). Avaada aims to expand its renewable energy portfolio in accordance with significant growth expected in electricity demand in India.
(Source: VC Circle 14 July, 2021)
Marico picks up a majority stake in D2C personal care brand:
Marico Ltd, the maker of Parachute hair oil and Saffola cooking oil, has increased its exposure in the beauty and wellness category by picking up a majority stake in a direct-to-consumer (D2C) personal care brand. Marico has picked up nearly 60% stake in APCOS Naturals Pvt Ltd which markets ayurvedic beauty brand Just Herbs.
(Source: VC Circle 14 July, 2021)
Mumbai NBFC Authum gets lenders nod to buy Reliance Commercial Finance:
Authum Investment and Infrastructure Ltd will acquire Reliance Commercial Finance after lenders approved its resolution plan. After several rounds of bidding and negotiations, Authum’s Rs 1,585 crore (around $212.7 million) plan received over 80% vote share of the lenders which have already received Rs 1,240 crore ($166 million) as cash.
(Source: VC Circle 15 July, 2021)
Rossari Biotech to buy Tristar Intermediates in second acquisition this year:
Speciality chemicals company Rossari Biotech has entered into an agreement to acquire Tristar Intermediates Pvt Ltd for Rs 120 crore ($16 million). Rossari Biotech disclosed that the acquisition will happen in multiple tranches. As part of the first tranche, it will acquire 76% equity stake of Tristar by September this year and the remaining will be purchased by fiscal ending March 31, 2025.
(Source: VC Circle 19 July, 2021)
Sanofi India to sell nutraceuticals’ biz to Kedaara backed Universal Nutriscience:
Sanofi India Ltd, local unit of the French drugmaker, has received board approval to sell its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore ($78.9 million). As part of the transaction, 16 nutraceutical brands in the portfolio will be transferred to Universal Nutriscience. Universal Nutriscience is a strategic partnership between homegrown private equity firm Kedaara Capital and nutraceuticals firm Universal Medicare.
(Source: VC Circle 28 July, 2021)