Global asset manager KKR & Co has closed its maiden Asian infrastructure fund after hitting the hard cap at $3.9 billion (Rs 28,646 crore). The fund will focus on critical infrastructure with low volatility and strong downside protection. It has a broad mandate to invest across emerging and developed countries in the Asia-Pacific in sectors including waste, renewables, power and utilities, telecom, and transport infrastructure. KKR’s Indian infrastructure investments include renewable assets platform Virescent Infrastructure and India Grid Trust.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Biocon Biologics valued at over $4 bn with ADQ investment:
Abu Dhabi’s state entity ADQ, formerly known as Abu Dhabi Developmental Holding Company, will invest Rs 555 crore ($75.6 million) in Biocon Biologics Ltd. ADQ, will pick up a 1.8% stake in the unit of Biocon Ltd. The investment will value Biocon Biologics at around $4.17 billion (about Rs 30,605 crore) on a post-money basis.
(Source: VC Circle 7 January, 2021)
Malaysia’s sovereign fund Khazanah sells more stake in oldest Indian bet:
Khazanah Nasional Berhad, has sold more than 8.26 crore shares in IDFC Ltd at Rs 38.76 apiece, netting it Rs 320.37 crore (approximately $43.66 million at current exchange rates). This pares its stake in the company to 2.12%, down from the 7.3%.
(Source: VC Circle 8 January, 2021)
Oaktree Capital backs Mumbai luxury residential project:
A US-based global alternative investment management firm, Oaktree Capital Management, has invested Rs 425 crore ($58 million) in a luxury residential project in central Mumbai. The project is jointly owned by real estate developer Hubtown Group and real estate private equity-focused Rising Straits Capital.
(Source: VC Circle 8 January, 2021)
Tiger Global, Steadview, others invest more in Unacademy via secondary deal:
Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic bought the shares worth $50 million (Rs 366 crore) from other existing investors in Edtech firm Unacademy, which joined the unicorn club of startups valued at $1 billion or more last year
(Source: VC Circle 13 January, 2021)
Coronavirus reduces Tata Capital’s second PE fund by half:
Tata Capital’s second private equity fund has raised Rs 1,250 crore (about $170 million) to mark the final close. Tata Capital Growth Fund II, raised this amount from existing as well as new investors. These include global and European funds of funds, Japanese institutions and an Asian development finance institution (DFI).
(Source: VC Circle 18 January, 2021)
Morgan Stanley’s local infrastructure fund acquires stake in LEAP India:
Morgan Stanley’s India Infrastructure Fund has acquired a stake in pallet pooling firm, LEAP India for Rs 180 crore ($25 million). With Morgan Stanley India Infrastructure as a partner, LEAP aims to achieve a total asset pool of six million and provide technologically advanced products to the market.
(Source: VC Circle 21 January, 2021)
Venture Capital
Cred raises Series C funding; buys back ESOPs worth $1.2 mn:
Dreamplug Technologies, which owns and operates credit card payment platform Cred, has raised $81 million (Rs 591 crore) in a Series C round led by returning investor DST Global. The investment was made at a post-money valuation of $806 million (Rs 5,884 crore).
(Source: VC Circle 04 January, 2021)
Siana Capital leads pre-Series B funding in edtech platform practically:
3rdFlix Visual Effects Pvt Ltd, which operates education-technology platform practically, has raised $4 million (about Rs 29 crore) in a pre-Series B fundraise.
(Source: VC Circle 05 January, 2021)
Fintech startup Finsall, pregnancy-focussed iMumz raise funding:
Finsall Resources Pvt Ltd, which operates an eponymous insurance-technology startup focussed on making insurance accessible for different segments, has raised Rs 2.4 crore ($328,188) in seed capital. Finsall will use the capital to strengthen its presence in Tier-I cities and expand to Tier-II locations to leverage growing demand there.
(Source: VC Circle 05 January, 2021)
IAN leads pre-Series A funding in fintech startup Zerone:
Fintech startup Zerone Microsystems Pvt Ltd has raised $1.3 million (Rs 9.5 crore) as part of its pre-Series A funding round led by the Indian Angel Network (IAN). The company will use the funds to strengthen its platform and provide better services to customers.
(Source: VC Circle 05 January, 2021)
Udaan raises $280 mn from new and existing investors:
Udaan, the fastest startup to achieve unicorn status in India, has raised $280 million (Rs 2,045 crore). Udaan, which is operated by Hiveloop Technology Pvt. Ltd, has raised a total of $1.15 billion so far. The startup will use the funds to broaden its selection of products and categories, enhance user experience and strengthen its technology platform.
(Source: VC Circle 06 January, 2021)
Beenext leads Series A funding in digital payments firm Phi Commerce:
Phi Commerce Pvt Ltd, an omnichannel digital payments company, has raised $4 million (Rs 29.3 crore at current exchange rates) in a Series A funding round. Phi Commerce will use the capital for enhancing its product offering, expanding its presence in markets, and entering new geographies.
(Source: VC Circle 7 January, 2021)
Dental-tech brand Toothsi raises Series A capital:
AMPA Orthodontics Pvt Ltd, which operates tech-infused dental care brand Toothsi, has raised $5 million (Rs 36.6 crore) in Series A fundraising. The Mumbai-based company will use the capital it has raised to expand to over 15 cities in the country and enhance its technological infrastructure, among other things.
(Source: VC Circle 8 January, 2021)
BharatPe raises debt funding from Trifecta Capital:
Resilient Innovations Pvt Ltd, which operates payments and financial services startup BharatPe, has raised Rs 50 crore ($7 million) in venture debt from Trifecta Capital. BharatPe has raised a total of Rs 249 crore ($35 million) in debt in January. It has been able to raise debt from all three major venture debt providers – Alteria, Innoven and Trifecta Capital — is a testimony to the scalability of its business model.
(Source: VC Circle 20 January, 2021)
Starfish-Investpad fund piles into bionics firm Makers Hive:
Makers Hive, a bionics firm, has raised $9 million (around Rs 65.6 crore) in growth capital from an idea-stage fund established by Starfish Growth Partners and Investpad. This fund will raise $100 million and focus on idea-stage startups.
(Source: VC Circle 27 January, 2021)
IvyCap leads pre-Series A funding in health-tech firm Elucidata:
Elucidata, a biomedical molecular data company, has raised $5 million (Rs 36.4 crore) in its pre-Series A funding round led by IvyCap Ventures. Elucidata will use the funds to expand operations in the US and to accelerate product development. Part of the funds will also be used for hiring and marketing.
(Source: VC Circle 28 January, 2021)
Dettol maker Reckitt Benckiser leads round in Bombay Shaving Company:
Male grooming brand Bombay Shaving Company has raised Rs 45 crore ($6.2 million) in a funding round led by consumer goods giant Reckitt Benckiser. It will mainly use the capital for expanding rapidly in offline retail distribution as post-Covid footfall rises.
(Source: VC Circle 28 January, 2021)
Udaan, Vedantu backer GGV raises $2.5 bn across four latest funds:
Venture capital firm GGV Capital has raised $2.52 billion (around Rs 18,418.7 crore) across four vehicles to invest in companies and entrepreneurs across different stages. GGV Discovery III will focus on early growth stage firms. And GGV Capital VIII Entrepreneurs Fund will invest alongside the other vehicles with a focus on building the firm’s entrepreneur network.
(Source: VC Circle 28 January, 2021)
Mergers & Acquisition
Japan’s Kirin to invest $30 mn in craft beer maker Bira:
Japan’s beer maker Kirin Holdings will invest $30 million (about Rs 220 crore) in New Delhi-based B9 Beverages. The Japanese brewer will acquire a stake of under 10% in B9.
(Source: VC Circle 04 January, 2021)
Tech Mahindra to acquire Payments Technology Services in a $9 mn deal:
Tech Mahindra has signed a professional services agreement with FIS (Fidelity Information Services). Tech Mahindra plans to acquire Payments Technology Services (PTSL), a step-down subsidiary of the Fortune 500 fintech giant, for $9 million (nearly Rs 66 crore at current exchange rate).
(Source: VC Circle 13 January, 2021)
Electrical appliances maker V-Guard invests in battery startup Gegadyne:
Gegadyne Energy Labs Pvt. Ltd has received a strategic investment of $5 million (Rs 36.5 crore) from electrical appliances maker V-Guard Industries Ltd.
(Source: VC Circle 15 January, 2021)
Metropolis to acquire Hitech Diagnostic in its biggest deal:
Metropolis Healthcare Ltd has agreed to acquire Hitech Diagnostic Centre Pvt. Ltd. The cash consideration will be Rs 511 crore (about $70 million) and it will issue 495,000 equity shares of face value Rs 2 each on a preferential basis to the promoters of Hitech.
(Source: VC Circle 18 January, 2021)
Total spurs renewables drive with $2.5 bn stake in Adani Green:
Total is paying $2.5 billion (Rs 18,320 crore) for a share in India’s Adani Green Energy Limited (AGEL) and its solar power assets. AGEL is controlled by Indian conglomerate Adani Group and has a market capitalisation of about Rs 1.483 trillion ($20.25 billion).
(Source: VC Circle 18 January, 2021)
Zomato acquires sports startup Fitso: Report:
Food delivery and restaurant aggregation platform Zomato has reportedly acquired Jogo Technologies, which operates sports facilities provider Fitso. Zomato has bought 100% of the company in an equity and cash deal.
(Source: VC Circle 21 January, 2021)
Aditya Birla Fashion signs control deal for Sabyasachi in ethnic wear push:
Aditya Birla Fashion and Retail Ltd has entered into an agreement to acquire a 51% stake in designer brand Sabyasachi Couture, Aditya Birla Fashion is paying Rs 398 crore ($54 million) for the stake.
(Source: VC Circle 27 January, 2021)