Tata Sons’ subsidiary Tata Digital has acquired a majority stake in Supermarket Grocery Supplies (SGS), the parent and business-to-business (B2B) operator of e-grocer Bigbasket. The Competition Commission of India (CCI) had approved Tata Digital’s proposal to acquire up to 64.3% in SGS through a combination of primary and secondary transactions. The deal will give Tata Digital control of Bigbasket’s retail and B2B business arms. The deal has resulted in an enterprise value of Rs 13,500 crore or about $2 billion for Bigbasket.
Here are some of the latest financial news of private equity, venture capital and mergers & acquisitions:
Private Equity
European Investment Bank partners SBI to invest in Neev Fund II:
European Investment Bank (EIB), in one of its first private equity investments in India, has agreed to pump 100 million euros (Rs 886 crore or $120.5 million) in Neev Fund II along with the country’s biggest lender State Bank of India (SBI). The two entities have created the new Neev Fund II focused on climate action and sustainability business financing.
Akna Medical eyes up to $60 mn fundraise to propel growth plans:
Akna Medical Pvt. Ltd, which runs a healthcare supply chain, is set to raise a larger round of equity funding from some of the top asset managers to mainly fuel its inorganic growth plans. The company is looking to raise around Rs 400-450 crore (up to $61.3 million) in this round
Amicus Capital backs digital lending marketplace in latest bet:
Mid-market focused private equity firm Amicus Capital has invested in a digital lending marketplace. The PE firm has pumped around $8 million (Rs 58 crore) in Bengaluru-based Namaste Credit, which is operated by Opendoors Fintech Pvt Ltd.
TPG Growth, Norwest Venture, Evolvence invest more money in Ess Kay Fincorp:
TPG Growth, Norwest Venture Partners and Evolvence have invested Rs 337 crore (about $45 million) in the Series E funding round of non-banking finance company (NBFC) Ess Kay Fincorp Ltd.
CPPIB invests in a second India credit fund, stock exchange:
The Canadian pension fund has committed up to $250 million to Baring Private Equity Asia’s (BPEA) third India credit fund — with $125 million going to the main fund and an additional $125 million to the same fund’s ‘overflow’ vehicle.
Harsha Raghavan-backed Convergent Finance to invest in Onward Technologies:
Onward Technologies Ltd is raising Rs 70.2 crore ($9.7 million) from funds advised by Convergent Finance LLP. Convergent will subscribe to equity shares and warrants and will end up owning approximately 24.78% stake in the company on a fully diluted basis.
Venture Capital
Nivesh.com, Arthya Wealth, KikoTV, and 6Degree raise funding:
Nivesh.com has raised $1.6 million (Rs 11.8 crore) in a round led by seed and early-stage investor IAN Fund. The fresh capital will be used for expansion of product portfolio, specifically insurance and lending products, and for bringing more investment products to partners and customers.
Coursera backer Learn Capital leads Series A funding in Teachmint:
Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, has raised $16.5 million (Rs 123 crore) in a Series A funding round. The funding was led by global edtech-focused venture capital firm Learn Capital. Teachmint will use the funds to make strategic acquisitions and for market expansion. Part of the funds will also be deployed for hiring and research and development (R&D).
Creativeland Asia founder acquires 40% stake in esports startup Revenant:
Sajan Raj Kurup, chairman and founder of design solutions firm Creativeland Asia, has acquired a 40% stake in gaming company Revenant Esports LLP for close to $1 million (Rs 7.4 crore). The company will focus on growth through sponsorships, broadcasting, merchandise, tournaments and athlete management.
Car rental startup Zoomcar secures $5.5 mn from parent firm:
Bengaluru-based self-drive car rental startup, Zoomcar India Pvt Ltd has raised Rs 41 crore ($5.5 million) from its parent Zoomcar Inc, a regulatory filing showed. The firm has been looking to enhance its technological and data science infrastructure, upgrade its Internet of Things layout and shared subscription service and expand to more parts of the country.
Moglix joins unicorn club with Series E funding led by Falcon Edge, Harvard Management:
Industrial goods marketplace Moglix has raised $120 million (Rs 878 crore) as part of its Series E funding to become the latest Indian startup to storm into the unicorn club of startups with a valuation of at least $1 billion. The funding round was led by Falcon Edge Capital and Harvard Management Company at $1 billion valuation.
Temasek-backed Pine Labs valued at $3 bn with new fundraise:
Payment solutions provider Pine Labs Pvt Ltd has raised $285 million (Rs 2,085 crore) in funding from a clutch of reputed public market-focused cross-over funds. The round has valued the company at around $3 billion.
Affable, Pickright and Spark Studio raise funding:
Singapore-based marketing-tech startup Affable.ai has raised $2 million (Rs 14.6 crore) from existing investors Prime Venture Partners, Decacorn Capital and SGInnovate. Affable plans to expand into international markets such as the US.
Mayfield India leads Series A funding in space-tech startup Agnikul:
Space-tech startup Agnikul has raised $11 million (Rs 80.5 crore) as part of its Series A round of funding led by Mayfield India. The company will use the proceeds to build its technology infrastructure, launch ground testing, and expand its team.
Netflix backer TCV, Dragoneer lead Series E funding in logistics manager FarEye:
Robotic Wares Pvt Ltd, which runs logistics management startup FarEye, has raised $100 million (Rs 728.4 crore) as part of its Series E funding round. The funding was led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group.
Insight Partners leads Series A funding in data collaboration platform Atlan:
Data collaboration software provider Atlan has raised $16 million (Rs 116.4 crore) as part of its Series A funding round led by global venture capital and private equity firm Insight Partners. The startup will use the funds to ramp up its team and accelerate its go-to market motion.
Tiger Global leads Series A funding in group health insurance startup Plum:
Plum Benefits Pvt Ltd, a group health insurance startup, has raised $15.6 million (Rs 113 crore) in a Series A funding led by US investment firm Tiger Global Management LLC.
Mergers & Acquisition
Mumbai-based ARC partners local investor to acquire stressed Odisha steel plant:
A Mumbai-based asset reconstruction company (ARC), along with a local investor, has bought a stressed Kolkata-based firm that owns a steel plant in Odisha. CFM Asset Reconstruction Pvt Ltd, registered in Gujarat, has partnered a local investor to buy MSP Metallics through a purchase of its entire debt for Rs 470.8 crore ($63.8 million).
Locobuzz, Enthu.AI, Ingenium raise funding; Sitics Logistic Solutions buys Quifers:
Locobuzz Solutions, a Mumbai-based digital customer experience SaaS platform, has raised Rs 9 crore capital in a pre-Series A round from Maharashtra State Social Venture Fund of SIDBI Venture Capital Ltd. The funds will be utilised to enhance technological capabilities of the platform, scale up the team across functions and for marketing and sales efforts.
Hospital chain Shalby to buy implant assets of US firm Consensus Orthopedics:
Multi-speciality hospital chain Shalby Ltd said it will acquire implant assets of California-based Consensus Orthopedics for $11.45 million (Rs 83.7 crore). The acquisition will help the Ahmedabad-based hospital chain to diversify its core hospital healthcare services business into related and high growth implant product offerings. The acquired assets comprise of inventory including knee systems, mobile bearing knee systems, hip systems and revision knee systems, and plant and equipment.
Zensar Technologies to acquire data engineering firm M3bi:
Pune headquartered information technology (IT) services firm Zensar Technologies is buying data engineering and analytics firm M3bi to bolster its advanced engineering capabilities. The acquisition includes an upfront payment of $21.60 million (Rs 158.3 crore according to current exchange rates) and performance based deferred payments of $9 million (Rs 65.9 crore) over a 36-month period.
Kotak Special Situations Fund acquires 74% of stressed HKR Roadways:
Kotak Special Situations Fund to acquire 74% stake in stressed HKR Roadways owned by a consortium led by Gayatri Group. The alternative investment arm of Kotak Investment Advisors Ltd bought the stake by settling up with lenders, led by government-owned Canara Bank, for Rs 715 crore (about $98 million).
Source: VC Circle