The contract development and manufacturing organisation of Piramal Pharma Ltd has completed the acquisition of Hemmo Pharmaceuticals Pvt Ltd. Piramal Pharma had agreed to buy 100% of Hemmo for an upfront sum of Rs 775 crore ($105.8 million) and earn-outs linked to achievement of milestones. The acquisition will help Piramal Pharma Solutions enter into the growing peptide active pharmaceutical ingredients (API) market.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
OfBusiness turns unicorn with $150 mn funding led by SoftBank Vision Fund 2:
OfBusiness is set to raise up to $150 million (Rs 1093 crore) from SoftBank Vision Fund 2 in a funding round that will catapult the small and medium enterprise (SME) financing platform to the unicorn club of startups.
(Source: VC Circle 3 June, 2021)
JM Financial PE fund bets on Pune-based ice cream brand NIC:
JM Financial Private Equity Fund II has invested Rs 35 crore ($4.8 million) in Walko Food Company Pvt Ltd, a Pune-based natural ice cream maker. The company will utilise the capital to fuel its geographical expansion, and boost capacity.
(Source: VC Circle 9 June, 2021)
Multiples PE leads Series F funding round in meat brand Licious: Homegrown private equity firm Multiples Alternate Asset Management Pvt Ltd has picked up a minority stake in meat brand Licious by leading a Series F round of funding. The brand operated by, Delightful Gourmet Pvt Ltd, has raised around $65 million (Rs 475.6 crore) in this round of funding.
(Source: VC Circle 11 June, 2021)
Singapore’s Makara to invest $297 mn in Srei Equipment Finance: Singapore’s Makara Capital Partners Pte Ltd was looking to invest Rs 2,200 crore ($297.2 million) in the Srei Equipment Finance Ltd, India’s largest equipment finance firm. Makara will invest by subscribing to equity shares and other securities of the company. However, it did not disclose how much stake Makara would buy.
(Source: VC Circle 18 June, 2021)
KKR to take controlling stake in Vini Cosmetics from Sequoia, founders:KKR & Co has signed a definitive agreement to acquire a controlling stake in personal care and beauty products firm, Vini Cosmetics for Rs 4,600 crore ($625 million). It will buy the stake from Sequoia Capital and Vini founders, Darshan Patel and Dipam Patel will continue to hold a stake in the company.
(Source: VC Circle 21 June, 2021)
Fourth Partner Energy raises equity funding from Norfund, The Rise Fund:Hyderabad-based clean energy company Fourth Partner Energy has raised $125 million (Rs 930 crore) in equity funding from Norwegian investment fund Norfund and existing shareholder. The Rise Fund, which is TPG’s global impact investing platform. Proceeds from the fundraise will be used for expansion.
(Source: VC Circle 30 june, 2021)
Venture Capital
Avishkaar, Breathe Well-being raise funding; N+1 Capital makes debut bet:Edtech startup Avishkaar has raised Rs 5 crore ($0.7 million) in a pre-Series A funding round. Avishkaar plans to use the capital raised to increase hiring, develop its product and expand its portfolio.
(Source: VC Circle 01 June, 2021)
Prosus, Dragoneer, Wellington lead $255 mn round in Urban Co at $2.1 bn valuation:Home services company Urban Company has closed its ongoing growth round of funding, dubbed Series F, at $255 million (Rs 1866.7 crore). Led by new investors Prosus Ventures, Dragoneer Investment Group and Wellington Management, the round values the Gurugram based company at $2.1 billion.
(Source: VC Circle 02 June, 2021)
Singapore’s GIC leads $50 million Series C funding in Locus:Logistics management startup Locus raised $50 million (Rs 365.4 crores) in a Series C funding round led by Singapore sovereign wealth fund GIC as it looks to improve its geographical reach and build its research and development team.
(Source: VC Circle 03 June, 2021)
Bambinos.live, Spardha, Str8bat Sports raise early stage capital:Bambinos.live, a digital academy for extracurricular activities raised $500,000 (Rs 3.6 crores) as part of its seed investment round from HNIs and angels. Bambinos.live will use the fresh funds to develop its product, scale up its distribution network and enhance the course content across categories of extracurricular activities.
(Source: VC Circle 3 June, 2021)
Artha Ventures overshoots maiden fund target, raises Rs 220 crore:Micro venture capital firm Artha Venture Fund has raised investor commitments worth more than Rs 220 crore ($30 million) for its debut fund, overshooting its target to raise Rs 200 crore.
(Source: VC Circle 4 June, 2021)
The Chennai Angels invests in Blaer Motors; Swiflearn raises cash:The Chennai Angels has invested Rs 2.61 crore ($0.4 million) in Blaer Motors, an NIT-Trichy incubated startup. Blaer Motors would use the funds to develop its infrastructure, technology and strengthen its research and development team.
(Source: VC Circle 7 June, 2021)
TPG leads $80 mn investment in Zenoti as part of Series D round:Bellevue, Washington based Soham which provides cloud-based solutions for beauty, wellness and fitness businesses under the brand name Zenoti has raised an additional $80 million (Rs 583 crore per current exchange rates) as part of its Series D funding round. The additional investment was led by global private equity firm TPG and valued Zenoti at $1.5 billion. The company will use the capital for inorganic growth through acquisitions and will also provide its employees liquidity for their Employee Stock Ownership Plan (ESCOP) scheme
(Source: VC Circle 08 June, 2021)
Indonesian fintech startup BukuWarung raises $60 mn Series A: Jakarta, Indonesia headquartered accounting app for small merchants, BukuWarung, has raised $60 million (about Rs 439.4 crore) in a Series A round of funding even as it looks to expand its engineering and product teams in Bengaluru and other locations in India.
(Source: VC Circle 10 June, 2021)
US-based homebuying platform Flyhomes raises Series C funding:Flyhomes, a US headquartered homebuying platform, has raised $150 million (Rs 1,097 crore) Series C financing to fuel its growth and expand presence in India. With an aim to scale up operations in India, it is looking at increasing its India staff from the current 150 to 450.
(Source: VC Circle 11 June, 2021)
Apis Partners leads Series C funding in insurtech startup RenewBuy:Digital insurance platform RenewBuy has raised $45 million (Rs 332 crore) as part of its Series C funding round. The fresh capital will be used to further accelerate its growth.
(Source: VC Circle 18 June, 2021)
Logistics-tech startup LocoNav bags $37 mn in Series B funding:Logistics-tech startup LocoNav Inc has raised $37 million (Rs 274 crore) as part of its Series B funding round. LocoNav will use the funds to strengthen its technology and data science team across San Francisco, Gurugram and Bengaluru. The fresh capital will also help the company establish additional partnerships and channels, and make strategic acquisitions.
(Source: VC Circle 29 June, 2021)
Mergers & Acquisition
Rossari Biotech to buy Unitop Chemicals for $57.7 mn:Bengaluru-based Prestige Estates Projects has made an upfront payment of Rs 370 crore ($50 million) to the lenders of Mumbai’s stressed Ariisto Developers Pvt Ltd under the insolvency process.
(Source: VC Circle 2 June, 2021)
Tata Digital to acquire majority stake in digital health platform 1mg:Tata Digital, a 100% subsidiary of Tata Group holding entity Tata Sons, has acquired a majority stake in e-pharmacy and health technology platform 1mg as it builds out a unified consumer ecommerce platform. The financial details of the deal were not disclosed.
(Source: VC Circle 10 June, 2021)
Corporate law firm Khaitan buys boutique law firm Assentio Legal:Khaitan & Co has acquired boutique law firm Assentio Legal which will operate with its regional office in Chennai, the corporate law firm. The financial details of the deal were not disclosed.
(Source: VC Circle 21 June, 2021)
Prestige Estates Projects acquires bankrupt Ariisto Developers:Bengaluru-based Prestige Estates Projects has made an upfront payment of Rs 370 crore ($50 million) to the lenders of Mumbai’s stressed Ariisto Developers Pvt Ltd under the insolvency process.
(Source: VC Circle 23 June, 2021)
Market-bound Zomato seeks CCI nod to invest in Grofers:Food delivery service Zomato filed a proposal with the Competition Commission of India to acquire a 9.3% stake in SoftBank backed grocery etailer Grofers. The market-bound delivery app was looking to invest about $100 million (Rs 736 crore) in Grofers.
(Source: VC Circle 30 June, 2021)
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