Lakshmi Mittal, Poonawalla Led Group To Buy IPL Franchise Rajasthan Royals

A consortium led by steel magnate Lakshmi Mittal and vaccine entrepreneur Adar Poonawalla has agreed to acquire a controlling stake in IPL franchise Rajasthan Royals in a transaction valuing the franchise at approximately $1.65 billion (Around INR 15,673 crores). Under the proposed deal, the Mittal family will hold around 75% ownership, while Poonawalla will own approximately 18%, with existing investors retaining the remaining stake. The acquisition includes not only the Rajasthan Royals IPL team but also its sister franchises, Paarl Royals in South Africa’s SA20 league and Barbados Royals in the Caribbean Premier League. Subject to regulatory approvals from the BCCI, IPL Governing Council and competition authorities, the transaction is expected to close in Q3 2026. The deal marks one of the most significant investments in global franchise cricket and underscores the growing commercial value of sports assets in India and international T20 leagues. 

(Source: VC Circle, 04th May 2026)

• Private Equity

 

Fairfax To Gain Majority Stake In IIFL Capital With $211 Mn Investment  

Fairfax India Holdings Corp announced a $211 million (Around INR 2,000 crores) investment in IIFL Capital Services through a preferential allotment, increasing its stake from 30.5% to at least 51%. The transaction will trigger an open offer for an additional 26% stake and position Fairfax as a co-promoter alongside the existing promoter group. The capital infusion is expected to strengthen IIFL Capital’s balance sheet and support growth across wealth management, asset management, capital markets, and investment banking businesses. Fairfax will also gain board representation, enhancing governance and institutional oversight. 

(Source: VC Circle, 7th May 2026)

 

Nisus Finance Invests In Paranjape Schemes’ Project 

Nisus Finance Services invested $9.3 million (Around INR 90 crores) through its Real Estate Special Opportunities Fund-I (RESO-I) in a residential tower project within Paranjape Schemes’ Blue Ridge township in Hinjewadi, Pune. The project comprises 188 residential units with a saleable area of approximately 4.02 lakh sq. ft. Located in one of Pune’s key IT-driven residential corridors, the investment aligns with Nisus’ strategy of backing high-quality housing projects in growth markets. 

(Source: VC Circle, 15th May 2026)

 

Advent International Invests $150 Mn In Iscon Balaji Foods

Advent International has invested $150 million (Around INR 1,424 crores) in Iscon Balaji Foods as part of the company’s $215 million (Around INR 2,042 crores) Series A funding round, which also included a recent investment from 360 One Asset. The capital will support capacity expansion, product diversification, and growth across domestic and international markets. The company is further strengthening its market position through significant capacity additions, including Asia’s largest French fries manufacturing facility in Gujarat. 

(Source: VC Circle, 19th May 2026)

 

InCred Alternative Invests $19 Mn In Defence, Aerospace Player VEM Technologies 

InCred Alternative Investments has invested $19 million (Around INR  185 crores) in Hyderabad-based VEM Technologies through its private equity funds, InCred Growth Partners Fund-I and Fund-II. The investment will serve as growth capital to support the defence and aerospace company’s expansion plans, including strengthening manufacturing infrastructure and enhancing capabilities across complex defence systems. Founded in 1988, VEM Technologies is a key supplier to strategic missile programmes such as BrahMos, Akash, and Prithvi. The transaction underscores growing investor confidence in India’s defence manufacturing sector, supported by increasing localisation, policy reforms, and rising demand for indigenous defence solutions. 

(Source: VC Circle, 20th May 2026)

Aditya Birla Capital Taps IFC For $95 Mn Cheque

Aditya Birla Capital has raised $95 million (Around INR 902 crores) from the International Finance Corporation (IFC), alongside a $324 million (Around INR 3,080 crores) capital infusion from promoter group entities through a preferential share issue. The fresh capital will strengthen the company’s balance sheet, support lending business growth and fund strategic investments across subsidiaries and associated businesses. The capital infusion is expected to enhance the company’s ability to capitalize on growth opportunities and expand its digital-first financial services offerings. 

(Source: VC Circle, 20th May 2026)

• Venture Capital

 

Damroo Secures $0.5 Mn Investment

Artist-first music streaming and distribution platform Damroo has raised a strategic investment of $0.5 million (Around INR 5 crores) from Hindustan Times. The funding will support the startup’s technology expansion, artist network growth, regional music discovery, and new monetization opportunities for creators. Backed by Kumar Vishwas, Damroo focuses on empowering independent and regional artists across India, while Hindustan Times will help amplify its reach through its media and entertainment platforms. 

(Source: VC Circle, 18th May 2026)

 

StrainX Raises $13 Mn

Synthetic biology startup StrainX Bioworks has raised $13 million (Around INR 124 crores) in a funding round led by Prime Venture Partners and Leo Capital. Founded by IIT Delhi alumni Akshay  Mittal and Alok Malaviya, the company is building a precision fermentation and biotechnology platform for sustainable manufacturing across food, materials, and consumer health sectors, and is now preparing to scale its fermentation operations significantly. 

(Source: VC Circle, 25th May 2026)

 

Fairdeal.Market Raises $15 Mn in Series A Funding

Fairdeal.Market, a B2B quick commerce platform serving neighborhood retailers, has raised $15 million (Around INR 143 crores) in a Series A funding round led by Bertelsmann India Investments, with participation from WaterBridge Ventures and Incubate Asia Fund. Operating across Delhi-NCR, the company plans to use the fresh capital to expand its retailer network, dark store operations, technology infrastructure, and last-mile delivery capabilities. Fairdeal currently delivers over 1,000 SKUs to more than 20,000 retailers within 60 minutes. 

(Source: VC Circle, 26th May 2026)

 

Quantum Tiger Secures Pre-Seed Funding at $2 Mn Valuation

Kolkata-based AI-native intelligence startup Quantum Tiger has raised pre-seed funding at a valuation of $2 million (Around INR 19 crores), backed by a prominent Middle East-based family office. The company is developing an intelligence operating system that integrates graph memory systems, adaptive risk analysis, contextual AI reasoning, and intelligence workflows to support strategic decision-making. Its platform enables organizations to ingest, connect, and analyze documents, communications, operational reports, and enterprise knowledge within a unified AI-native workspace. 

(Source: VC Circle, 26th May 2026)

 

Flexprice Raises $1.5 Mn in Seed Funding

Open-source usage billing infrastructure platform Flexprice has raised $1.5 million (Around INR 14 crores) in a seed funding round led by Shastra VC, with participation from People Group founder Anupam Mittal and TDV Partners. Founded in late 2024, the New Delhi-headquartered startup provides a platform for real-time usage ingestion, entitlement management, and flexible pricing logic, helping companies manage evolving billing workflows without relying on rigid or opaque systems. Flexprice also operates teams in San Francisco and Bengaluru. 

(Source: VC Circle, 26th May 2026)

• Mergers & Acquisitions

 

Zydus Lifesciences Arm To Acquire US Oncology Firm Assertio 

Zydus Lifesciences has agreed to acquire US-based pharmaceutical company Assertio Holdings Inc for approximately $166.4 million (Around INR 1,596 crores) in an all-cash transaction. The acquisition will strengthen Zydus’ oncology and specialty pharmaceutical presence in the US by providing access to Assertio’s established commercial platform, including a network of over 170 oncology accounts and its approved oncology therapy, ROLVEDON. The transaction, expected to close during the current financial year, reflects Zydus’ strategy of expanding its global specialty healthcare portfolio through targeted acquisitions. 

(Source: VC Circle, 14th May 2026)

 

Inox Clean Energy Inks $750 Mn Deal To Acquire Boviet Solar’s US Assets

Inox Clean Energy has acquired the US solar manufacturing assets of Boviet Solar Technology LLC for an enterprise value of approximately $750 million (Around INR 7,195 crores), marking one of the largest overseas renewable energy manufacturing acquisitions by an Indian company. The transaction provides Inox with 3 GW of operational solar module manufacturing capacity in the US and access to an additional 3 GW solar cell manufacturing facility expected to be commissioned by 2026. The acquisition strengthens Inox’s global footprint, establishes a strategic manufacturing presence in the US and positions the company to benefit from domestic clean energy incentives and tax credits. 

(Source: VC Circle, 15th May 2026)

 

Temasek-Backed Cloudnine To Acquire Apollo Health’s Maternity, Fertility Units Cloudnine has agreed to acquire the maternity, childcare, and fertility businesses of Apollo Health & Lifestyle in a cash and stock transaction valued at approximately $162 million (Around INR 1,550 crores). The deal includes the merger of Apollo Cradle and Apollo Fertility with Cloudnine, creating one of India’s largest integrated maternity and fertility care platforms. As part of the transaction, Apollo Health & Lifestyle will receive a 9.9% stake in Cloudnine. The acquisition significantly expands Cloudnine’s healthcare network and strengthens its leadership position in the rapidly growing maternal and reproductive healthcare segment.

(Source: VC Circle, 21st May 2026)

 

LTM To Acquire Randstad Tech Services’ Business In Europe, Australia

LTM has announced plans to acquire the technology and consulting services business of Randstad across select European markets and Australia in a transaction valued at up to $188 million (Around INR 1,786 crores). The acquisition encompasses operations in France, the Netherlands, Australia, and several other European countries. The deal is expected to strengthen LTM’s AI-led technology services portfolio, engineering capabilities and regional delivery footprint across key international markets. In addition to the acquisition, the companies have entered into a broader strategic partnership, including a five-year IT services agreement and talent management collaboration, supporting LTM’s long term global growth strategy.

(Source: VC Circle, 22nd May 2026)

Steel Pipe Maker MAN Industries Buys Saudi Firm For $102 Mn

MAN Industries (India) Ltd has acquired Saudi Arabia-based National Pipe Company (NPC) for $102 million (Around INR 1,000 crores), strengthening its presence in the Middle East and expanding access to infrastructure, energy, water, and industrial projects in the region. The acquisition adds a manufacturing capacity of 430,000 metric tonnes per annum, a strong order book of $120 million (Around INR 1,139 crores) and relationships with leading customers such as Saudi Aramco and Saudi Water Authority. The transaction is expected to be immediately earnings-accretive and enhances MAN Industries’ position in one of the world’s fastest-growing infrastructure and energy markets.