Open, a small and medium enterprise focused neo-bank, announced that it has raised INR 735 crores (USD 100 million) in a Series C funding round. The round was led by Singapore state-sponsored Temasek Holdings while other investors were Google & Japan-based SBI Investment and among existing investors were Tiger Global and 3one4 Capital. The startup was valued at USD 500 million and the proceeds will be utilized to strengthen and accelerate its new product line which includes its embedded finance platform, Zwitch and cloud-native banking platform BankingStack. Open competes with Razorpay X, a SME-focused neo-banking platform by fintech unicorn Razorpay. The platform claims to have a user-base of around 2 million SMEs and is processing annual transactions worth over USD 20 billion.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Temasek to invest USD 73 mn in pharma platform Integrace, True North to part-exit:
Singapore state sponsored, Temasek Holdings, has entered into a definitive agreement with pharmaceuticals-focused platform Integrace Pvt Ltd to invest INR 540 crores ($ 73 million). True North, a majority stakeholder in Integrace, has announced that it will partially divest but will continue to hold a majority stake.
(Source: VC Circle, 04 October, 2021)
PE fund Somerset invests in Gujarat-based bulk drug firm in first pharma bet:
The PE firm, Somerset Indus Capital Partners, has picked up a minority stake in Gujrat-based Globela Pharma Pvt Ltd for USD 10 million (INR 74.4 crores). The investment marked the healthcare-focused private equity firm’s first bet in the pharmaceutical space in India.
(Source: VC Circle, 06 October, 2021)
Blackstone set to acquire VFS Global in third deal in three months:
Blackstone Capital Partners has agreed to acquire a majority stake in visa outsourcing and technology service provider VFS Global Services from EQT PE and Kuoni and Hugentobler Foundation (KHF). Blackstone will pay USD 1.12 billion for a 75% majority stake in VFS Global. The enterprise value of the deal is USD 2.5 billion where the debt stood at USD 1 billion.
(Source: VC Circle, 07 October, 2021)
TVS Supply Chain Solutions raises USD 80 million in funding from Exor:
TVS Supply Chain Solutions Ltd has announced raising INR 590 crores (USD 80 million) from a fund managed by Exor. The logistics arm of the conglomerate will allocate the funds to the growth of its business and further strengthen its technological capabilities.
(Source: VC Circle, 11 October, 2021)
TPG fund to invest $1 bn in Tata Motors EV arm at $9.1 bn valuation:
The newly formed wholly-owned subsidiary of Tata Motors has received INR 7,500 crores (USD 1 billion) from PE firm TPG’s Rise Climate Fund. Abu Dhabi’s ADQ is said to be a co-investor in the funding. The new entity ‘Tata EVCo’ will receive the funding at an implied equity valuation of up to USD 9.1 billion for an 11 – 15% stake in the next 18 months.
(Source: VC Circle, 12 October, 2021)
PharmEasy parent raises INR 328 crores from ADQ and others in pre-IPO round:
The parent company of e-pharmacy, PharmEasy, has raised an additional funds amounting to INR 328.4 crores from at least six investors in its pre-IPO round. In September, PharmEasy completed the acquisition of its rival Medlife international.
(Source: VC Circle, 20 October, 2021)
GIC, Spanish infra group Ferrovial to invest $713.5 mn in IRB Infra:
The highway construction firm, IRB Infrastructure Developers Ltd, will receive INR 5,347 crores (USD 713.5 million) as GIC and Cintra agreed to pick up around 42% equity stake. The company indicated that the proceeds will be used to deleverage the corporate level debt, to capitalize on growth & future opportunities, among others.
(Source: VC Circle, 26 October, 2021)
Venture Capital
Softbank Group eyes part exit as OYO files for Rs 8,430 crore IPO:
The hospitality unicorn, Oyo Hotels and Homes, has filed for an IPO with SEBI. Oravel Stays Pvt Ltd, operator of the hospitality unicorn will witness a partial exit from few of its investors including Softbank Group. Currently, Softbank owns over 46% stake in the company and is looking to dilute less than 2% of its stake at a conservative IPO valuation of USD 10 billion.
(Source: VC Circle, 01 October, 2021)
Serum Institute to sell bulk of its stake as Wellness Forever files for IPO:
Adar Poonawalla’s Serum Institute of India (SII) backed, Wellness Forever Medicare Ltd, omni-channel retail pharmacy chain has filed with SEBI for an IPO. During the IPO, SII will exit the majority of the stake it holds in the pharmacy chain.
(Source: VC Circle, 01 October, 2021)
Edtech firm Byju’s bags $297 mn in Series F funding led by Oxshott Capital Partners:
India’s most valued startup, Byju’s, has raised a mammoth INR 2,200 crores (USD 297.5 million) in Series F funding round after raising USD 1.5 billion in June. The Series F funding round was led by New York-based Oxshott Capital Partners among others.
(Source: VC Circle, 04 October, 2021)
Biotech startup AUM Biosciences raises $27 mn from Everlife and SGI:
Biotech startup, AUM Biosciences, raised USD 27 million (INR 200 crores) in a Series A funding round. The funds collected from Singapore-based private equity fund Everlife and SPRIM Global Investments (SGI) will be used to fuel expansion and business growth.
(Source: VC Circle, 12 October, 2021)
Tala bags $145 mn in Series E funding led by lending platform Upstart:
Tala, a fintech company, has stated that in a Series E funding round led by AI-based lending platform Upstart among others investors has invested USD 145 million (INR 1,088 crores). The company seeks to make financial services more accessible and the funds will be used to accelerate the launch of its new mobile-first account services and crypto solutions for emerging markets, including India.
(Source: VC Circle, 15 October, 2021)
BharatPe raises INR 100 crores from MAS Financial in eighth debt financing in 2021:
BharatPe, a fintech company, has raised a total of over INR 600 crores (USD 84 million) this calendar year. In the eighth round held recently, the company has raised INR 100 crores from NBFC MAS Financial Services Pvt Ltd.
(Source: VC Circle, 25 October, 2021)
Market-bound Fino Payments Bank raises Rs 539 cr through anchor issue:
Market-bound Fino Payments Bank, whose IPO is set for 29th October has issued an aggregate of 93.37 lakh common shares at the upper end of the IPO price band of INR 560-577. The bank raised a total of 538.78 crores from 29 anchor investors.
(Source: VC Circle, 29 October, 2021)
Mergers & Acquisitions
Dairy.com enters India with acquisition of dairy-tech startup Mr. Milkman:
Dairy.com, American dairy services provider, has announced its entry in Indian dairy market by acquiring dairy-tech startup Mr. Milkman. The deal is said to be valued at USD 10 – 15 million as 100% of the equity has been acquired by Dairy.com. The American acquirer aims to strengthen its integrated supply chain solution offerings by acquiring Mr. Milkman and could be evaluating other targets in dairy-tech and agri-tech spaces.
(Source: VC Circle, 05 October, 2021)
Ride-hailing app Ola acquires geospatial-tech platform GeoSpoc:
Ola Cabs parent, ANI Technologies Ltd, has acquired geo-analytics technology platform GeoSpoc for an undisclosed sum. This will allow Ola to assess the road conditions better, identify & choose safer routes over faster routes.
(Source: VC Circle, 05 October, 2021)
Tata wins bid to take over troubled state-run Air India:
Air India, the financially troubled state-run airline is returning to its founder. Tata Sons was selected as the winner of the bids that GOI invited to privatize the loss-making airline. Tata Sons submitted their INR 180 billion (USD 2.4 billion) for 100% stake in the airline.
(Source: VC Circle, 08 October, 2021)
Graphy acquires edtech startup Spayee for $25 mn:
Unacademy Group-owned Graphy announced the acquisition of edtech platform Spayee. The USD 25 million acquisition will help Graphy broaden its reach and further optimize its product offerings. As of now, Spayee will continue to operate independently post-acquisition.
(Source: VC Circle, 11 October, 2021)
Aurum PropTech to buy 49% stake in Integrow Asset Management:
Mumbai-based Integrow, set up in 2020 by a former real-estate executive has been acquired by Aurum Proptech Ltd (formerly, Majesco Ltd). Aurum Proptech will acquire 49% stake for INR 25 crores. The goal is to allow convergence between property technology and fintech. Integrow operates in investment management and advisory services.
(Source: VC Circle, 31 October, 2021)
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