Mukesh Ambani led Reliance Industries and Walt Disney announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the world’s most populous nation. Largest Indian conglomerate will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake, with Disney owning the rest. The merger values the India business of the US entertainment giant at just around $3 billion, far lower $15 billion valuation when Disney acquired it as a part of its Fox deal in 2019. Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, plus TV and streaming cricket rights for key tournaments in a country with a crazy following for the sport. Transaction valued the merged entity at around $8.5 billion on a post-money basis.
Private Equity
Temasek Sells Minority Stake in Manipal Hospitals to Mubadala, Others
Singapore state investment firm has cut its stake in Manipal Health Enterprises, less than a year after taking control of India’s second largest hospital chain. Temasek has sold an 8% stake to a consortium of new investors including Mubadala Investment Company, Novo Holdings, and the California Public Employees Retirement System (CalPERS).
(Source: VC Circle, 5th February 2024)
Hillhouse Acquires Singapore’s Incorp from TA Associates
Global alternative investment firm Hillhouse Investment has acquired Singapore-based corporate solutions and business advisory firm Incorp. Financial details for the transaction have remained undisclosed. This acquisition is a strategic move and will enable Hillhouse to further accelerate growth, expand service capabilities and capitalize on new acquisition opportunities in both Asia Pacific and Europe.
(Source: VC Circle, 8th February 2024)
Premji Invest, GIC Invest in Health Products Distributor
Singapore sovereign wealth fund GIC, India’s Premji Invest and private equity investors in India joined a bunch of other investors to put in a sum of USD 86.2 million (around INR 716 crore) in Faridabad-based distributor of healthcare products Entero Healthcare Solutions Ltd. GIC invested INR 166.7 crore while Premji Invest provided INR 43 crore. Other investors who took part in anchor investment round included Morgan Stanley, Goldman Sachs, CLSA Global, a few mutual funds and insurance companies.
(Source: VC Circle, 9th February 2024)
Temasek Bets On Indian Financial Services Company
Singapore state investment firm has picked up nearly 8% stake in mutual fund distributor Prudent Corporate Advisory Services Ltd for USD 49 million (around INR 406 crore). Temasek bought the stake from TA Associates who had acquired a 39.91% stake in July 2018 for INR 250 crore.
(Source: VC Circle, 13th February 2024)
Edelweiss PE Fund Leads $25.3 Mn Funding In RentoMojo
Bengaluru-based furniture rental startup Rentomojo has raised $25.3 million (around INR 210 crore) led by Edelweiss Financial Services’ private equity fund Edelweiss Discover Fund-1. Existing investors venture capital firm Chiratae Venture and Rajeev Chitrabhanu’s advisory lead investment platform Magnetic also participated in this round.
(Source: VC Circle, 17th February 2024)
Venture Capital
Deeptech Startup Algorithmic Biologics Secures Pre-Series A Funding
Deeptech startup Algorithmic Biologics Pvt Ltd (AlgoBio) has raised $2.5 million (around INR 20.7 crore) in a pre-Series A funding round led by Bharat Innovation Fund. The round also saw participation from existing investor Axilor Ventures.
(Source: VC Circle, 3rd February 2024)
Snap-E Cabs Raises Early Stage Funding
Ride-hailing application Snap-E Cabs has secured early stage funding. Startup has raised $2.5 million (around INR 20.7 crore) in a pre-Series A round led by Inflection Point Ventures (IPV). It will use the funding to develop its technology stack, expand presence across geographies and hire talent.
(Source: VC Circle, 5th February 2024)
Mufin Green Finance Snags $17 Mn in Fresh Equity Round
Listed non-banking financial player Mufin Green Finance Ltd has raised $17 million (around 140 crore) in a Series B round, from leading family offices. The funding will help non-bank lender scale up business operations in the down west region of India.
(Source: VC Circle, 6th February 2024)
Fireside Backed Petcare Startup Supertail Snags Series B Cheque
Petcare startup Supertails has raised $15 million (around INR 125 crore) in a Series B round led by RPSG Capital Ventures, the early-stage venture capital arm of the RP-Sanjiv Geonka Group. Existing investors Fireside Ventures, Saama Capital, DSG Consumer Partners and Sauce VC also joined the round.
(Source: VC Circle, 13th February 2024)
Gaja Capital Leads $21 Mn Funding Round in Amber
Student accommodation platform Amber has raised $21 million (around INR 175 crore) led by Gaja Capital in its latest funding round, which also saw participation from venture debt platforms Lighthouse Canton and Stride Ventures.
(Source: VC Circle, 12th February 2023)
Mergers & Acquisitions
Gokaldas Exports to Acquire Apparel Business of Matrix Clothing
Apparel exporter Gokaldas Exports Ltd has entered into an agreement to acquire the apparel business of Matrix Clothing Pvt Ltd for an enterprise value of $59 million (around INR 489 crore). Gokaldas Exports will get 100% stake in Matrix Design & Industries Pvt Ltd under the agreement that also includes a share swap deal.
(Source: VC Circle, 2nd February 2024)
Apparel Maker SP Apparel to Acquire Bannari Amman’s Intimate Wear Arm
Apparel manufacturer SP Aparrels has agreed to acquire textile company Bannari Amman Spinning Mills’ intimate wear subsidiary Young Brand Apparel for a consideration of $26.7 million (around INR 223 crore). It will acquire Young Brand Apparel Pvt Ltd, Bannari’s garment unit located at Palladam in Tamil Nadu.
(Source: VC Circle, 5rd February 2024)
Kunal Shah’s Cred to Buy VC-Backed Investment Platform Kuvera
Serial entrepreneur Kunal Shah’s fintech startup Cred has agreed to buy mutual fund platform Kuvera for a mix of cash and stock. Financial details of this transaction were not disclosed. The deal will help Cred compete with the likes of Zerodha and Tiger global backed fintech unicorns-Upstox and Groww.
(Source: VC Circle, 6th February 2024)
Mufin Green Finance Expects $40 Mn Cap Boost from LKP Finance Acquisition
Electric vehicle financing company Mufin Green Finance has agreed to acquire listed non-banking financial company LKP Finance Ltd. The New Delhi based lender will acquire 45.32% in LKP. The transaction will bring additional $40 million (around INR 340 crore) of equity capital into the firm.
(Source: VC Circle, 13th February 2024)
Redcliffe Labs-Owned Medicentre Acquires Diagnostic Lab in Rajasthan
Medicentre Sonography & Clinical Labs has acquired Prime Sonography & Diagnostics Centre in Kota, an integrated diagnostics laboratory that offers pathology and radiology services. Redcliffe Labs counts venture capital firm Chiratae Ventures and impact investor LeapFrog Investments among its backers. Financial details of the transaction remain undisclosed.
(Source: VC Circle, 22th February 2024)