India’s UltraTech Cement will buy the cement business of Kesoram Industries in an all-stock deal valued at $645 million (around INR 53 billion), boosting its capacity ambitions in a highly competitive sector. As part of the deal, Ultra Tech will issue one share for every 52 shares of Kesoram and give UltraTech ownership of two integrated cement units in southern Indian states of Karnataka and Telangana. The deal implies an offer price of INR 173.15 per share, a 24.2% premium to Kesoram’s last close.
- Private Equity
Hearzap Nets $6 Mn From 360 One’s PE Fund
Hearing Solutions Pvt Ltd, which runs hearing care chain Hearzap, has raised $6 million (around INR 50 crore) in an undisclosed funding round from 360 One Asset Management Ltd’s healthcare and lifesciences-focused private equity fund.
(Source: VC Circle, 8th November 2023)
Go Mechanic Secures $6 Mn In First Capital Raise After Acquisition
Automobile car service and repair company GoMechanic has raised $6 million (around INR 50 crore) in a new funding round. Company did not disclose the names of investors.
(Source: VC Circle, 8th November 2023)
KKR-Backed InCred Finance Raises Fresh Capital As Valuation Tops $1 Bn
InCred Finance, the lending arm of financial services provider InCred Group, raised $60 million (around INR 500 crore) in its Series D round of funding. The company did not disclose name of its investors.
(Source: VC Circle, 9th November 2023)
Clove Dental Grabs $50 Mn From Qatar Investment Authority
Global Dental Services Ltd, which operates the homegrown dental chain Clove Dental, has secured $50 million in funding from Qatari sovereign wealth fund Qatar Investment Authority.
(Source: VC Circle, 24th November 2023)
- Venture Capital
Fibmold Raises Early-Stage Funding
Fibmold has raised $10 million (around INR 83 crore) in a funding round from Omnivore and Accel.
(Source: VC Circle, 2nf November 2023)
UK’s BII, Others Back Euler Motors In Extended Series C Round
Electric vehicle company Euler Motors has raised $14.4 million (around INR
120 crore) in an extended Series C round from British International Investment
(BII), the UK government’s development finance institution, and climate-
focused investment firm Green Frontier Capital.
(Source: VC Circle, 6th November 2023)
Sequretek Raise Early Stage Funding
Cybersecurity firm Sequretek has raised $8 million (around INR 66.6 crore) in a Series A funding round led by Omidyar Network India. The round was a mix of debt and equity infusion, also saw participation from Alteria Capital.
(Source: VC Circle, 7th November 2023)
Vaaree Pockets Seed Funding
Vaaree has secured $4 million (around INR 33.3 crore) in a seed funding round Peak XV’s rapid scale-up program Surge. The round also saw participation from PeerCapital, All in Capital and Better Capital.
(Source: VC Circle, 7th November 2023)
Xpressbees Snags $80 Mn From Ontario Teacher’s Arm
Logistics Unicorn Xpressbees has raised $80 million (around INR 665 crore)
from Teachers’s Venture Growth (TVG), late stage investment arm of Ontario Teacher’s Pension Plan.
(Source: VC Circle, 7th November 2023)
- Mergers & Acquisitions
Rainmatter Backed Game Theory Snaps Up Matchday
Sportstech startup Game Theory raised $2 million (around INR 16.6 crore) in a pre-Series A funding round led by Nithin Kamath’s Rainmatter Capital, acquired sports analytics startup Matchday.ai. Financial details of the deal were not disclosed.
(Source: VC Circle, 9th November 2023)
Dehaat Acquires Freshtrop’s Fruit Export Business
Temasek backed agritech startup Dehaat has acquired fresh fruit export business of Freshtrop Fruit Ltd. Financial details of the detail were not disclosed.
(Source: VC Circle, 14th November 2023)
Bizongo Snaps Up Titan Capital-Backed Firm In Third Acquisition
Tiger Global-backed vendor digitization platform Bizongo has acquired Titan Capital-backed FactoryPlus, a factory digitization app for micro, small and medium enterprises (MSMEs). Financial details of the deal were not disclosed.
(Source: VC Circle, 21th November 2023)
IHH Healthcare-Backed Fortis Sells Chennai Facility To MGM Healthcare
Fortis Healthcare Ltd, the hospital chain controlled by Malaysia’s IHH Healthcare will sell its Chennai facility to MGM Healthcare Pvt Ltd. Fortis Healthcare will sell Fortis Malar Hospital Ltd for $15.4 million (around INR 128 crore). The transaction will be completed by end of January 2024.
(Source: VC Circle, 24th November 2023)
RP-Sanjiv Goenka’s PCBL To Acquire Aquapharm For $456 Mn
RP-Sanjiv Goenka Group’s PCBL Ltd has agreed to acquire 100% stake in Pune-based Aquapharm Chemicals Pvt. Ltd for $456 million (around INR 3800 crore). Acquisition is set to be completed in two to three months.
(Source: VC Circle, 29th November 2023)
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