Mubadala Investment Company will invest Rs 6,247.5 crore ($853 million) in Reliance Retail Ventures Ltd, making the Abu Dhabi sovereign wealth fund the fourth investor in the unit. This investment will translate into a 1.4% stake in Reliance Retail Ventures on a fully diluted basis. The investment values Reliance Retail at a pre-money equity valuation of Rs 4.285 trillion.
Here are some latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
Blackstone earnings jump on Mindspace REIT’s IPO, other asset sales:
Blackstone completed the $7 billion sale of Cheniere Energy Partners to Brookfield Asset Management and Blackstone Infrastructure Partners. It also completed the $625 million initial public offering of India’s second real estate investment trust (REIT), Mindspace Business Parks.
(Source: VC Circle 28 October, 2020)
Edelweiss amasses $900 mn for third structured credit fund
Edelweiss Alternative Asset Advisors Ltd has raised Rs 6,600 crore ($900 million) for its third structured credit fund, the unit of financial services conglomerate Edelweiss Group.
(Source: VC Circle 19 October, 2020)
Reliance pockets $1 bn from GIC, TPG for retail unit
Singapore sovereign wealth fund GIC Pte Ltd has committed Rs 5,512.5 cr for a 1.22% stake in Reliance Retail Ventures Ltd while TPG will put in Rs 1,837.5 crore for a 0.41% stake, RIL.
(Source: VC Circle 03 October, 2020)
Warburg Pincus expands India BFSI basket with bet on Home First Finance
Warburg Pincus will invest Rs 700 crore ($95.38 million) in Home First Finance Company India Ltd. Home First had assets under management of Rs 3,618 crore with gross non-performing assets were at 0.87% of total loans.
(Source: VC Circle 02 October, 2020)
Sovereign funds seek to raise debt and equity as pandemic strains state budgets
Sovereign wealth funds are seeking to raise funding via debt and equity markets as the coronavirus crisis and low commodity prices stretch state finances.
(Source: VC Circle 29 October, 2020)
Venture Capital
Supply chain financier CredAble raises fresh capital
Mumbai-based supply chain finance firm, CredAble has raised $4.5 million (Rs 33 crore) in a follow-on round. The funds are going to be utilized for growth and further capitalizing CredAble’s own non-banking financial company.
(Source: VC Circle 29 October, 2020)
Lightspeed India leads seed funding in Teachmint
Teachmint Technologies Pvt Ltd has raised $3.5 million (Rs 26 crore) in a seed funding round. The capital will be used for building out its product suite, as well as introducing additional offerings and increasing its geographic reach.
(Source: VC Circle 29 October, 2020)
Sequoia, Faering Capital double down on non-bank lender Finova
Jaipur-based non-banking financial company, Finova Capital Pvt. Ltd, raised $35 million (about Rs 260 crore) from existing venture capital investors Sequoia Capital India and Faering Capital. It also raised an additional $20 million from various lenders. The funds will be used to expand its presence and enable access to credit for the unbanked population.
(Source: VC Circle 28 October, 2020)
Tekion leads venture funding among tech startups with big Series C
California and Bengaluru-based Tekion Corp raised $150 million as part of its Series C funding round. The investment round catapulted the software-as-a-service (SaaS) firm into the unicorn club of startups that boasts of a valuation of at least $1 billion.
(Source: VC Circle 23 October, 2020)
Supply chain automation platform Supplynote raises $600,000 in bridge funding
Supply chain automation platform operated by Adcount Technologies Pvt Ltd, has raised $600,000 (Rs 4.4 crore at current exchange rates) in a bridge funding round from a clutch of investors. It will use the capital for business development activities as well as geographical expansion across India.
(Source: VC Circle 21 October, 2020)
Venture Catalysts, Uni-M Ventures lead pre-Series A funding for Rare Planet Handicrafts
Kolkata-based Rare Planet Handicrafts Pvt Ltd has raised Rs 3.5 crore ($477,050) in a pre-Series A funding round led by Uni-M Ventures and incubator and accelerator Venture Catalysts. It will use the capital to grow its product range, as well as expand to newer markets and increase the size of its online business.
(Source: VC Circle 20 October, 2020)
Animal nutrition startup Krimanshi Feeds raises VC funding
Krimanshi Feeds, a startup working in the animal nutrition sector, has raised its first round of institutional funding by Rs 5 crore ($682,700) by Rajasthan Venture Capital Fund (RVCF). Funds will be used to set up its own feed production plants and scale up waste up cycling capacity.
(Source: VC Circle 19 October, 2020)
Wow! Momo secures debt funding from Anicut Capital
Quick-service restaurant (QSR) chain Wow! Momo has raised Rs 45 crore ($6.1 million) in a debt round of funding from Chennai-based Anicut Capital.
(Source: VC Circle 13 October, 2020)
Mergers & Acquisition
Pidilite to acquire Araldite maker Huntsman’s India unit for $284 mn
Pidilite Industries Ltd to acquire Huntsman Group, India unit of US-based that makes adhesives and sealants under brands such as Araldite and Araseal. The acquisition of Huntsman Advanced Materials Solutions Pvt. Ltd will be of Rs 2,100 crore (about $284 million) in cash. The amount excludes customary working capital and other adjustments.
(Source: VC Circle 29 October, 2020)
Info Edge-backed NoPaperForms makes second acquisition move this month
NoPaperForms Solutions Pvt Ltd, which operates an enrolment automation platform, announced its second acquisition, this acquisition will help NoPaperForms grow the client base of UniApply.
(Source: VC Circle 27 October, 2020)
Aurobindo Pharma to sell US-based nutritional firm Natrol for $550 mn
Aurobindo Pharma Ltd has agreed to sell its American nutritional supplement making unit Natrol Inc. for $550 million (Rs 4,048 crore). Natrol will be combined with Jarrow Formulas, a US-based formulator and supplier of nutritional supplements.
(Source: VC Circle 26 October, 2020)
Tech Mahindra to buy Aussie firm in latest acquisition
Tech Mahindra Ltd has agreed to acquire a 100% stake in Momenton Pty Ltd as part of efforts to strengthen its financial services presence in the Australian market. This acquisition of Melbourne, Australia-headquartered company in a 14.3 million AUD or Australian dollars ($10.22 million) deal that will enhance its digital transformation capabilities and provide a scaled-up presence in the Australian BFS (banking and financial services) market.
(Source: VC Circle 23 October, 2020)
Motherson Sumi to acquire Bombardier’s electrical wiring business in Mexico
Automotive parts manufacturer, Motherson Sumi Systems Ltd (MSSL) has signed a strategic agreement to acquire electrical wiring interconnection systems (EWIS) business of Bombardier Transportation, the rail equipment division of Bombardier Inc.
(Source: VC Circle 21 October, 2020)
Zensar to sell third-party maintenance business to US-based Service Express
Zensar Technologies Ltd, a publicly listed digital solutions and technology services company, has agreed to sell its third-party maintenance (TPM) business unit to Service Express, a Michigan, United States-based TPM provider.
(Source: VC Circle 20 October, 2020)
Indiabulls Housing raises $60 mn more via stake sale in UK’s OakNorth
Indiabulls Housing Finance Ltd has raised Rs 441 crore (about $60 million) by selling another chunk of its stake in UK-based OakNorth Bank Ltd’s parent to Switzerland-based alternative investment firm Riva Capital Partners.
(Source: VC Circle 09 October, 2020)
Infibeam sells 51% in logistics arm to Gujarat retail chain
Infibeam Avenues Ltd, the parent of payment gateway CCAvenue, has divested a 51% stake in its logistics arm to a Gujarat-based retail chain and agreed to sell the stake in Infibeam Logistics Pvt. Ltd to Osia Hyper Retail Ltd for Rs 19 crore ($2.58 million at current exchange rates).
(Source: VC Circle 01 October, 2020)