Data giant S&P Global Inc has agreed to buy IHS Markit Ltd in a deal worth $44 billion, creating a heavyweight in the increasingly competitive market in financial information. The mega deal, which includes $4.8 billion of debt. Deals touched a record high in the September quarter, with more than $1 trillion worth of transactions, mostly focused on coronavirus-resilient sectors such as technology and healthcare. S&P Global shareholders will own roughly 67.75% of the combined company on a fully diluted basis, while IHS shareholders will own about 32.25%.
Here are some latest financial news of Private Equity, Venture Capital and Mergers & Acquisitions:
Private Equity
NIIF to acquire two toll road projects from Essel:
A Centre-anchored platform, National Investment and Infrastructure Fund Ltd (NIIF) will acquire two toll road projects from debt-laden Essel Group. This acquisition will be made through the NIIF Master Fund, and will be managed by Athaang Infrastructure, NIIF’s proprietary roads platform.
(Source: VC Circle 02 November, 2020)
NIIF’s debt platform gets $800-mn booster dose:
The Indian government will make an equity infusion of Rs 6,000 crore ($803.5 million) in the debt platform of the National Investment and Infrastructure Fund (NIIF) to finance infrastructure projects. NIIF has already made an equity infusion of Rs 2,000 crore into its debt platform and Rest of equity—about Rs 7,000 crore—will be raised from private investors
(Source: VC Circle 12 November, 2020)
Investcorp, others bet $110 mn on Alibaba-backed Xpressbees:
Bahrain-based alternative investment firm Investcorp and other investors have put in $110 million (about Rs 816 crore) in Alibaba Group-backed logistics company Xpressbees. The funds will be used for further automating our hubs and sort centres, increased investments in technology and to expand our delivery footprint to cover the entire country
(Source: VC Circle 10 November, 2020)
Biocon Biologics gets third PE cheque this year as Goldman bets $150 mn:
Goldman Sachs will make a capital infusion of Rs 1,125 crore ($150 million) in Biocon Biologics Ltd. In which Goldman Sachs will be issued optionally convertible debentures at a post-money equity valuation of $3.94 billion (about Rs 29,500 crore) as per the transaction.
(Source: VC Circle 09 November, 2020)
Saudi Arabia’s PIF to invest $1.3 bn in Reliance Retail Ventures:
The Public Investment Fund (PIF) of Saudi Arabia will invest Rs 9,555 crore ($1.3 billion) in Reliance Retail Ventures Ltd, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd. This latest infusion values Reliance Retail at a pre-money equity value of Rs 4.58 trillion (around $62.4 billion).
(Source: VC Circle 05 November, 2020)
Reliance Retail completes fundraising, gets $6.4 bn:
Reliance Industries Ltd’s retail arm had completed its fundraising exercise as more than half a dozen investors poured 472.65 billion rupees ($6.37 bn) into a 10.09% stake in the company in two months.
(Source: VC Circle 20 November, 2020)
Venture Capital
Greycroft leads Series A funding in HR-tech startup Leena AI:
A human resources technology startup, Leena AI has raised $8 million (about Rs 59.6 crore) in a Series A funding round led by venture capital firm Greycroft Partners. The capital will be use the funding towards product enhancement, hire people and rope in more customers.
(Source: VC Circle 03 November, 2020)
Snapdeal founders, others invest in social gaming platform Tamasha:
Gamepe Technologies Pvt Ltd, which operates influencer-led live social gaming platform Tamasha.live, has raised Rs 2.5 crore (about $336,250) in a seed funding round. The funds will be used to acquire talent with “cross-functional expertise” as well as invest in product development and grow its user base.
(Source: VC Circle 03 November, 2020)
IAN Fund leads pre-Series A funding in reverse logistics firm Bizlog:
Reverse logistics solutions provider, Bizlog has raised Rs 12 crore ($1.6 million) in a pre-Series A funding round led by IAN Fund, the debut fund of the Indian Angel Network (IAN). Bizlog will use the funds to expand its business across India, strengthen technology and onboard new verticals.
(Source: VC Circle 03 November, 2020)
ICICI Bank invests in fraud detection-based fintech AdvaRisk:
ICICI Bank, India’s second-largest private-sector bank, has invested in SLO Technologies Pvt. Ltd, which operates the fraud detection- and prevention-based financial technology startup AdvaRisk. The investment would be of Rs 2.33 crore ($312,292 at current exchange rates) in AdvaRisk by subscribing to equity shares and cumulative compulsorily convertible preference shares.
(Source: VC Circle 17 November, 2020)
SoftBank leads $100 mn funding in SaaS platform MindTickle:
Company which operates an eponymous software-as-a-service-based sales readiness platform, MindTickle Inc., has raised $100 million (Rs 744.75 crore at current exchange rates) in equity and debt funding. It will use the fresh capital to accelerate its go-to-market strategy as well as its global expansion. The company will also enhance its product with a focus on closing loops in customer-facing readiness and in-field execution.
(Source: VC Circle 17 November, 2020)
Zomato bags $195 mn from Kora, Luxor Capital, others:
Online food delivery firm Zomato Pvt. Ltd has raised $195 million in primary capital from six investors. The company secured $50 million from Kora Management LP, $60 million from Luxor Capital Group and $40 mn from Mirae Asset. The transactions valued Zomato at a post-money valuation of $3.6 billion.
(Source: VC Circle 13 November, 2020)
Social e-commerce platform CityMall pulls in seed funding:
CityMall, which is operated by Cmunity Innovations Pvt. Ltd, a social e-commerce platform, has raised $3 million (Rs 22.15 crore) in its seed funding round led by multi-stage venture capital firm Elevation Capital. It will use the fresh capital to build its network of ‘community leaders’, expand its supply chain for smaller towns and strengthen its core team.
(Source: VC Circle 10 November, 2020)
Bosch invests $2 mn in urban mobility startup Routematic:
Nivaata Systems Pvt. Ltd, which operates the daily commute-focussed urban mobility startup Routematic, has raised $2 million (Rs 14.83 crore at current exchange rates) in funding. This investment values the startup at $28 million. It will use the capital to build out its suite of mobility products
(Source: VC Circle 10 November, 2020)
Venture Catalysts leads funding in insurance startup co-founded by former Motorola exec:
Insurance-tech startup, Ensuredit Technologies Pvt Ltd, which has raised Rs 2.5 crore ($338,100) in a pre-Series A funding round. The funding was led by startup incubator and accelerator Venture Catalysts.
(Source: VC Circle 25 November, 2020)
Mergers & Acquisition
Flipkart acquires Accel, Blume-backed gaming startup Mech Mocha:
Flipkart has acquired mobile gaming startup Mech Mocha Game Studios Pvt. Ltd, as the online retailer looks to boost user engagement amid an intensifying battle for market share with Amazon.com Inc. and Reliance Industries Ltd. The transaction comprises of the acquisition of Mech Mocha’s intellectual property as well as its team of professionals, who will develop new gaming formats.
(Source: VC Circle 03 November, 2020)
Mahindra & Mahindra to sell vehicle services arm to TVS group:
Multinational vehicle manufacturer, Mahindra & Mahindra Ltd will sell its vehicle services business to an arm of the Chennai-based TVS group. In a stock exchange filing, the company will sell 100% of the paid-up equity share capital of Mahindra First Choice Services Ltd to TVS Automobile Solutions Pvt Ltd.
(Source: VC Circle 27 November, 2020)
HDFC to pick up 20% stake in Mumbai ARC:
HDFC Ltd has announced the acquisition of nearly 20% stake in a Mumbai-based ARC. HDFC will acquire the stake in Renaissance Investment Solutions ARC Pvt. Ltd for Rs 49.8 lakh ($67,393.7). The investment would result in a holding of 4,98,750 equity shares of Rs 10 each representing 19.95% of Renaissance’s share capital.
(Source: VC Circle 25 November, 2020)
Biocon to pick up 26% stake in renewables firm:
Biocon Ltd has agreed to pick up a 26% stake in a renewables firm as the biopharmaceuticals company seeks to reduce its carbon footprint. It will buy the stake in Hinduja Renewables Two Pvt Ltd for a cash consideration of Rs 5.91 crore ($799,100).
(Source: VC Circle 23 November, 2020)
Airtel picks up stake in Avaada Energy subsidiary:
Bharti Airtel had picked up a 5.2% equity stake in Avaada MHBuldhana Pvt Ltd, which is a special purpose vehicle formed for owning and operating a captive solar power plant. It will invest Rs 4.55 crore (about $613,993) in this subsidiary in an all-cash deal.
(Source: VC Circle 23 November, 2020)
Blackstone-controlled Mphasis acquires British data engineering firm:
Indian software services company Mphasis Ltd has purchased UK-based data engineering and consulting firm Datalytyx Ltd for £13.3 million ($17.6 million). The deal also involves the acquisition of Datalytyx units Dynamyx Ltd and Datalytyx MSS Ltd.
(Source: VC Circle 19 November, 2020)
Blackstone, Embassy Group to sell office park to REIT for $1.3 bn:
Blackstone and Bengaluru developer Embassy Group will sell an office park Rs 9,782.4 crore ($1.3 billion) to REIT. The deal will add 6.1 million square feet of completed area and 3.1 million square feet of under-construction area to its portfolio, taking the total to 42.4 million square feet.
(Source: VC Circle 17 November, 2020)