Sun Pharma to Acquire Organon in $11.75 Bn Landmark Deal

Sun Pharmaceutical Industries has announced the acquisition of Organon & Co in an all-cash deal valued at approximately $11.75 billion (Around INR 1,10,620 crores), including debt, marking the largest overseas acquisition by an Indian pharma company. The transaction aligns with Sun Pharma’s strategic shift toward higher-margin specialty segments such as dermatology, oncology, and obesity, amid margin pressures in the US generics market. The deal, priced at $14 per share with a premium of over 24%, will be financed through a combination of cash reserves and committed bank funding. Organon’s portfolio of over 70 products across women’s health and general medicines, spanning nearly 140 countries, will enhance Sun Pharma’s global scale and diversify its revenue base. Additionally, the acquisition provides entry into biosimilars and strengthens its presence in emerging markets like China and Brazil. While the deal is expected to be earnings-accretive, analysts believe it may not significantly alter Sun’s US positioning due to Organon’s relatively limited footprint. With Organon carrying net debt of $8.6 billion, Sun Pharma’s strong balance sheet is expected to support deleveraging over the medium term. The announcement was positively received by markets, with Sun Pharma’s shares rising sharply following the news.

(Source: VC Circle, 27th April 2026)

 

• Private Equity

 

Permira Invests $100 Mn In Real Estate Services Firm SILA 

British private equity firm Permira has invested around $100 million (Around INR 927 crores) in SILA Solutions Pvt Ltd, acquiring an estimated 40% stake and marking its entry into India. The company plans to use the funds to scale operations, enhance technology capabilities, and expand service lines. Founded in 2009, SILA operates across 125+ cities, managing over 450 million sq. ft. with a workforce of 60,000+, offering integrated services such as facility management, catering, and real estate advisory. While SILA reported strong revenue growth of 28% to INR 914 crores in FY25, its profitability has weakened with net margins declining to 1.3%. Early investor Norwest Venture Partners is likely to partially exit through this transaction. 

(Source: VC Circle, 9th April 2026)

 

Everstone To Invest $270 Mn In Drugmaker Apothecon

Everstone Capital has committed $270 million (Around INR 2,513 crores) to invest in Apothecon Pharmaceuticals Pvt Ltd and its US based affiliate Navinta, collectively known as the Apothecon Group, acquiring a substantial stake alongside participation from Waymade Capital. The founders will retain a meaningful ownership, while Everstone aims to support the company in expanding its product pipeline, entering new geographies, and pursuing acquisitions. Founded in 2003, Apothecon specializes in complex pharmaceutical formulations with integrated API manufacturing and has a strong presence in the US and Europe. The company operates manufacturing and R&D facilities across India and the US, offering a diverse portfolio including injectables and oral solids. This investment aligns with Everstone’s broader strategy as it prepares to raise its fifth PE fund targeting $800 million. 

(Source: VC Circle, 14th April 2026)

 

ICICI Venture Invests $20 Mn In Agrochem Maker Agrow Allied

ICICI Venture has invested $20 million (Around INR 186 crores) in Agrow Allied Ventures, marking the company’s first institutional fundraise. The Gurugram-based firm manufactures herbicides, insecticides, and fungicides, operating a 30,000 MT capacity facility in Rajasthan and exporting to over 80 countries. The funds will be used to strengthen R&D in specialty molecules, expand manufacturing capacity, and support global registrations. Founded in 2015, Agrow reported FY25 revenue of INR 451 crore, up 17% YoY, with improved profitability. The investment highlights growing investor interest in India’s crop protection sector, driven by strong domestic demand and export potential.

(Source: VC Circle, 20th April 2026)

 

Siguler Guff Invests $40 Mn In Chili’s Operator Trimex Foods 

Siguler Guff & Company has invested $40 million (Around INR 379 crores) in Trimex Foods Pvt Ltd, marking the company’s first institutional fundraise. Trimex, a subsidiary of Stellar Concepts, operates over 50 outlets across 13 cities and holds franchise rights for global brands like Chili’s, PAUL, and Cinnabon. The company plans to use the capital to expand its footprint in India, scale existing brands, and onboard new international partners. Founded in 2010, Trimex has built a multi-brand dining platform catering to rising demand for global food experiences. The investment reflects growing investor interest in India’s evolving food services sector driven by changing consumer preferences. 

(Source: VC Circle, 29th April 2026)

Abakkus PE Leads Over $84 Mn Round In Dholakia Lab Grown Diamond

Dholakia Lab Grown Diamond Pvt Ltd has raised over $84 million (Around INR 800 crores) in a funding round led by Abakkus Private Equity, with participation from other investors. The proceeds will be utilised to scale manufacturing capacity, expand the company’s retail footprint across India, and strengthen its working capital position. The company also aims to enhance its capabilities in precision single-crystal diamonds for advanced applications across optical, quantum, thermal, defence, and semiconductor sectors. Operating a vertically integrated business model, DLGD spans diamond growing, cutting and polishing, jewellery manufacturing, and global distribution, serving over 80 retailers across 25+ countries. The investment underscores increasing institutional confidence in the lab-grown diamond segment, driven by rising global acceptance and growing demand for sustainable luxury products. 

(Source: VC Circle, 29th April 2026)

 

• Venture Capital

NudgeBee Raises $3 Mn to Scale AI-Driven Cloud Operations Platform

NudgeBee, a Pune based AI-agentic platform, has raised $3 million (Around INR 28 crores) in a seed funding round led by Kalaari Capital with participation from technology founders, to expand its AI-led enterprise cloud operations platform. Founded in 2024, the company helps cloud, SRE, and FinOps teams reduce manual workloads and improve responsiveness through AI agents, and already works with enterprises such as Rackspace Technology. The fresh capital will be used to strengthen its core platform and expand distribution as it targets increasing complexity in multicloud environments. 

(Source: VC Circle, 21st April 2026)

 

Açaí Theory Raises $430K to Expand Healthy QSR Footprint in Bengaluru

Açaí Theory, a Bengaluru-based health-focused quick service restaurant (QSR) chain, has raised $430,000 (Around INR 4 crores) in a pre-seed round led by All In Capital, with participation from TDV Partners and angel investors. Founded in 2025, the company will use the funds to expand its presence, strengthen its supply chain, and invest in technology as it builds an açaí-led healthy indulgence brand using an assembly-only model for faster and more consistent service. Currently operating a flagship store in Bengaluru, Açaí Theory plans to scale to 8–10 outlets in the city while setting up a central kitchen and leveraging AI-driven tools to improve operational efficiency. 

(Source: VC Circle, 21st April 2026)

AITS Raises $4 Mn to Expand Rysen School Network Across India

AITS, the parent company of the Rysen School network, has raised $4 million (Around INR 37.5 crores) in a pre-Series A round led by Big Capital and Singapore-based Redbrook Fund, with participation from founders of Udaan, Livspace, and Unacademy. The company will use the funds to expand its K-12 school network into Tier 2 and Tier 3 cities, enhance technology-led learning infrastructure such as smart classrooms and coding labs, and strengthen faculty development and academic outcomes. Operating 15 campuses in Rajasthan with over 10,000 students since its 2024 launch, AITS follows an asset-light model and aims to scale to 100 new campuses and reach 1 lakh students over the next three years. 

(Source: VC Circle, 22nd April 2026)

LightFury Games Raises $11 Mn to Accelerate eCricket Development

Bengaluru-based startup LightFury Games has secured $11 million (Around INR 103.4 crores) in a pre-Series A round led by Blume Ventures, V3 Ventures, MIXI, and Times Internet, with additional backing from cricketers MS Dhoni, Jasprit Bumrah, and Hardik Pandya; founded in 2024, the company will use the funding to complete development of its flagship mobile game eCricket, slated for launch later this year, while strengthening post-launch live operations and content systems, with Karthik Reddy noting that building a AAA game demands sustained creative excellence, deep technical expertise, and long-term discipline. 

(Source: VC Circle, 23rd April 2026)

Deep Algorithm Solutions Raises $1.7 Mn to Scale AI Cybersecurity Platform

Deep Algorithm Solutions has raised $1.7 million (Around INR 16 crores) in a pre-Series A round led by Unicorn India Ventures to advance its AI-driven cybersecurity offerings focused on continuous identity risk management across human, machine, and AI agent identities. The company’s behaviour-based security platform is designed to help sectors such as banking, defence, and government mitigate threats including account takeovers and social engineering attacks. The newly raised funds will be used to support international expansion and enhance product capabilities, as the company reports strong growth momentum with annual recurring revenue tripling from FY25 to FY26 and projecting up to 20x growth by FY27, driven by its patented behavioral biometrics technology.

(Source: VC Circle, 23rd April 2026)

 

• Mergers & Acquisitions

 

Wipro To Acquire Temasek-Owned Olam’s IT Services Arm For $375 Mn 

Wipro Ltd has agreed to acquire 100% of Mindsprint Pte. Ltd from Olam Group for $375 million (Around INR 3,488 crores) in cash. The deal is part of a broader strategic partnership that includes an eight-year digital transformation contract with Olam, expected to exceed $1 billion in value with a committed spend of $800 million. Through this acquisition, Wipro aims to strengthen its consulting-led, AI-powered capabilities while leveraging Mindsprint’s expertise in supply chain transformation and agri-business solutions. Founded in 2007, Mindsprint has a global workforce of over 3,200 employees and reported revenues of $135.6 million in 2025, with the transaction expected to close by June 30.

(Source: VC Circle, 06th April 2026)

 

Blackstone-Backed Nexus Select Trust To Acquire Kolkata Mall

Nexus Select Trust, backed by Blackstone, has agreed to acquire Diamond Plaza mall in Kolkata for $37.5 million (Around INR 347 crores) by purchasing Super Diamond Enterprises, the entity that owns the asset. The mall has a gross leasable area of 244,000 sq. ft. and generated INR 40.1 crore in revenue in FY25. This acquisition will strengthen the REIT’s presence in eastern India and aligns with its strategy to expand aggressively, particularly in smaller cities with rising consumption. Nexus currently operates a retail portfolio of 10.6 million sq. ft. across 19 malls in 15 cities, along with office and hotel assets, and aims to double its portfolio over the next five years. 

(Source: VC Circle, 08th April 2026)

 

Mindspace REIT, 360 One Buy CapitaLand’s Chennai Asset For $321 Mn

Mindspace Business Parks REIT, sponsored by K Raheja Corp, along with 360 One Asset, has acquired International Tech Park Chennai from CapitaLand Investment Ltd at a valuation of $321 million (Around INR 3,000 crores), with a 51:49 ownership split. The 2.6 million sq. ft. Grade A office campus will be rebranded as “One Radial” and strengthens Mindspace REIT’s presence in Chennai. The acquisition aligns with its strategy of expanding through high-quality, income-generating assets in key markets, and follows its recent purchase of Commerzone Pallikaranai. Post completion, Mindspace REIT’s total leasable portfolio is expected to increase to approximately 44.2 million sq. ft., reinforcing its position as a major office asset owner in India. 

(Source: VC Circle, 15th April 2026)

 

Inventurus to Acquire Trubridge for $565 Million to Expand Healthcare SaaS Capabilities

Inventurus Knowledge Solutions (IKS), backed by the Jhunjhunwala family, will acquire US-based Trubridge Inc for $565 million (Around INR 5,330 crores) in cash through its subsidiary, strengthening its health records and revenue cycle management (RCM) offerings. The deal, which values Trubridge at an enterprise value of $557 million (Around INR 5,254 crores), will see the merger of IKS’s US subsidiary with Trubridge and enable expansion into the SaaS-based electronic medical records (EMR) segment. Trubridge, which serves small and mid-sized US hospitals, brings established EMR and RCM solutions along with data-driven assets, enhancing IKS’s capabilities as a technology-led healthcare provider

 (Source: VC Circle, 24th April 2026)

Pine Labs to Acquire Shopflo in $9.3 Mn All-Cash Deal 

Pine Labs Ltd has agreed to acquire Shopflo Technologies, a Tiger Global-backed direct-to-consumer checkout platform, for $9.3 million (Around INR 88 crores) in an all-cash transaction, with completion expected within three months. Founded in 2021, Shopflo provides checkout optimization solutions to over 1,000 e-commerce brands, serving more than 60 million consumers. The acquisition is likely to offer an exit to existing investors and may be at a premium to its previous funding round, reflecting strong growth. Shopflo last raised $2.6 million (Around INR 24 crores) in 2022 in a seed round led by Tiger Global and TQ Ventures, with total funding reaching $3.7 million (Around INR 35 crores). 

(Source: VC Circle, 27th April 2026)