Private equity firm KKR has poured INR 2,069.5 crore (about $250 million) as additional capital into Reliance Retail Ventures Ltd, a unit of the oil-to-telecom conglomerate Reliance Industries Ltd, at a valuation of around $100 billion. The investment increases KKR’s stake in Reliance Retail Ventures to 1.42% from 1.17%. KKR previously invested INR 5,550 crore in Reliance Retail in 2020. Its fresh investment comes primarily from its Asian Fund IV. The latest deal comes less than three weeks after Qatar Investment Authority, the Gulf nation’s sovereign wealth fund, invested INR 8,278 crore in Reliance. The two transactions are part of Reliance Retail’s reported plan to raise as much as $3.5 billion from private investors before it potentially floats an initial public offering.
- Private Equity
Motilal Oswal Alternates Injects Fresh Capital Into Electronics Maker
MO Alternate Investment Advisors Pvt Ltd has made a fresh investment in a Gurugram-based engineering and contract manufacturing company and telecom gear maker, its second follow-on bet on the company this year. A group of co-investors and affiliates of MO Alts, the alternative investment arm of Mumbai-based Motilal Oswal Group, made an additional investment of INR 250 crore (about $30 million) in VVDN Technologies.
(Source: VC Circle, 5th September 2023)
Ola Electric Raising $140 Mn In Temasek-Led Round
Ola Electric Mobility Pvt. Ltd has signed an agreement to raise $140 million from existing investors including Temasek Holdings. Singapore state investor Temasek is pumping in around $90 million. Others—mostly family offices—will contribute the remaining sum. The company has been valued at $5.4-5.5 billion, or at a premium to Ola Electric’s last round of around $5 billion.
(Source: VC Circle, 7th September 2023)
Kedaara To Infuse $229 Mn Into SaaS Firm Perfios
Homegrown private equity firm Kedaara Capital will be investing $229 million (around INR 1,900 crore) in fintech-focussed software-as-a-service (SaaS) company Perfios Software Solutions. The transaction is a mix of a primary issue and a secondary stake sale.
(Source: VC Circle, 11th September 2023)
WestBridge Capital Bets On TSS Consultancy At $108 Mn Valuation
Regulatory and compliance technology company TSS Consultancy has secured an undisclosed amount in its maiden funding round from private equity firm WestBridge Capital. The Mumbai-based company raised the funding at a valuation of $108 million (INR 900 crore).
(Source: VC Circle, 11th September 2023)
Convergent Finance Invests More In FMCG Contract Manufacturer
Convergent Finance, a private equity firm has upped its investment in a four-year old bet. The firm – also a backer of companies such as regional airline Fly91, food chemical manufacturer Camlin Fine Science and food supply chain player JI Foods among others – is investing $19 million (INR 160 crore) through preferential allotment of warrants in the listed contract manufacturing firm Hindustan Foods. (Source: VC Circle, 25th September 2023)
- Venture Capital
SBI Investment, Evolvence Co-Lead $20 Mn Round In Captain Fresh
Business-to-business fish and seafood company Captain Fresh has raised $20 million (around INR 166 crore) in an extended Series C funding round co-led by SBI Investment and Evolvence Capital. A few of the existing investors of the company, including Accel, Matrix Partners India, Prosus Ventures and Tiger Global, also participated in the funding mop-up. Captain Fresh, which is owned and operated by Infifresh Foods Pvt Ltd, also counts Ankur Capital and Incubate Fund as its investors.
(Source: VC Circle, 5th September 2023)
Ellipsol Gets $300K In Seed Funding
Ellipsol secured $300,668 (INR 2.5 crore) in a seed funding round led by early-
Stage venture capital firm Capital A. The round also saw participation from
Anicut Capital’s Grand Anicut Fund along with other undisclosed investors.
(Source: VC Circle, 6st September 2023)
Kuku FM Rakes In $25 Mn From The Fundamentum Partnership, Others
Audio content platform Kuku FM, operated by Mebigo Labs Pvt Ltd has raised $25 million (around INR 208 crore) in a Series C funding round co-led by its existing investor The Fundamentum Partnership and the World Bank Group’s private sector investment arm the International Finance Corporation (IFC). Vertex Ventures, another existing backer of Kuku FM, also doubled down on its investments with the latest round.
(Source: VC Circle, 20th September 2023)
Courtside Ventures, Griffin Co-Lead $22 Mn Round In Eloelo
Live entertainment and social gaming platform has raised $22 million (around INR 183 crore) as a part of its pre-Series B funding round co-led by Courtside Ventures and Griffin Gaming Partners. Mixi Inc, which recently set up its $50 million India-focused corporate venture capital firm, also participated in the round, marking its first investment from the new vehicle. Existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital also participated in the funding mop-up.
(Source: VC Circle, 20th September 2023)
Ergos Snags $10 Mn As Abler Nordic Joins Cap Table
Agritech startup Ergos has raised $10 million (Rs 82.8 crore) in a Series B
funding through a mix of equity and debt rounds. While the equity
investment was of $7 million, the debt was $3 million. The fundraise saw Oslo-based Abler Nordic (formerly Nordic Microfinance Initiative) joining the captable along with existing investors Aavishkar Capital, Chiratae Ventures and Trifecta Venture Debt Fund, who doubled down on their agritech investments.
(Source: VC Circle, 22nd September 2023)
- Mergers & Acquisitions
ADIA-Backed Mindspace REIT Takes Full Control Of Chennai Office Project
Mindspace Business Parks REIT has acquired the 22% ownership interest it didn’t already own in a commercial real estate project in Chennai for INR 181.6 crore (about $22 million). The Mumbai-listed real estate investment trust, which is sponsored by Indian developer K Raheja Corp and counts Singapore sovereign wealth fund GIC as well as Abu Dhabi Investment Authority as its investors, it bought about 240,000 square feet of leasable area at Commerzone Porur.
(Source: VC Circle, 4th September 2023)
Reliance Retail Acquires Majority Stake In Alia Bhatt’s Ed-A-Mamma
Reliance Retail Ventures Ltd. (RRVL), the retail arm of oil-to-telecom conglomerate Reliance Industries, on Wednesday, said that it has signed an agreement to acquire a 51% stake in Ed-a-Mamma, a kids clothing and maternity-wear brand owned by actor Alia Bhatt and family. The company did not disclose the financial details of the deal.
(Source: VC Circle, 6tth September 2023)
Mordor Picks Up 51% Stake In Global Market Insights
Hyderabad-based market research firm Mordor Intelligence has bought 51% stake in its Pune-based peer Global Market Insights in a move to grow and strengthen its workforce. Mordor further plans to increase this stake by another 25% by the end of the financial year. Deal financials are undisclosed.
(Source: VC Circle, 14th September 2023)
Temasek-Backed Manipal Health Buys Controlling Stake In AMRI Hospitals
Temasek-backed Manipal Health Enterprises Ltd has acquired an 84% stake in Emami Group’s AMRI Hospitals for around INR 2,300 crore. As part of the deal, Manipal will pick up an equity stake as well as assume a portion of AMRI’s debt.
(Source: VC Circle, 21st September 2023)
Abu Dhabi’s IHC To Sell Stake In Adani Units
Abu Dhabi conglomerate International Holding Company (IHC) would sell its stake in India’s Adani Green Energy and Adani Energy Solutions as part of its portfolio rebalancing strategy. It did not disclose the name of the buyer or the extent of the investment it was selling.
(Source: VC Circle, 28th September 2023)
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