Warburg Pincus, ADIA To Invest $877 Mn In IDFC First Bank
Warburg Pincus and the Abu Dhabi Investment Authority (ADIA) will invest $877 million (around INR 7,421 crores) in IDFC First Bank. The bank’s board has approved a preferential equity issue of $576 million (around INR 4,876 crores) to Warburg Pincus and $310 million (around INR 2,624 crores) to ADIA, subject to shareholder and regulatory approvals. The funds will strengthen the bank’s balance sheet, raising its capital adequacy ratio from 16.1% to 18.9%, and support its next phase of growth. IDFC First Bank plans to use the funding to scale up businesses like credit cards, cash management, and wealth management, aiming for 20% growth in its loan book.
(Source: VC Circle, 17th April 2025)
Private Equity
Mathew Cyriac’s Florintree, Others Invest In Tonbo Imagining’s Pre-IPO Round
Tonbo Imaging India Pvt Ltd, a defence technologies company, has raised $20.5 million (around INR 175 crores) in its Series D round from Florintree Advisors, Tenacity Ventures, and the Export-Import Bank of India, ahead of its planned IPO. The funds will accelerate the development of next-gen infrared sensors, high-power microwave technologies, and support global expansion. Tonbo’s technology is used by elite forces like the US Navy SEALs, NATO, and the Indian armed forces. The company aims to drive innovation in defence solutions, enhancing battlefield intelligence and protection systems.
(Source: VC Circle, 3rd April 2025)
ValueQuest Infuses Fresh Capital Into Solar Firm Jupiter International
Mumbai-based ValueQuest, which closed its first private equity fund in February, has invested $58 million (around INR 500 crores) in Jupiter International, a solar cell manufacturer aiming for a $300-million (around INR 2537 crores) IPO. This marks ValueQuest’s second investment in the company, having previously invested $36 million (around INR 300 crores) in July 2024. Jupiter, which operates a 1-GW facility in Himachal Pradesh, plans to expand its capacity to 5.6 GW for solar cells and 2.4 GW for modules. The funds will support this expansion, along with internal accruals. ValueQuest’s SCALE Fund, which focuses on growth-stage investments, also backed Tone Tag with a $78-million investment earlier this year.
(Source: VC Circle, 14th April 2025)
HDFC Capital Forms $175 Mn Platform With Eldeco Group
HDFC Capital Advisors Ltd, the real estate private equity arm of HDFC Bank, has partnered with Eldeco Group to create a $177 million (around INR 1500 crores) development platform aimed at residential projects in tier 2 and 3 cities. This initiative aligns with HDFC Capital’s strategy to focus on affordable and mid-income housing, targeting 18 projects in towns such as Panipat, Sonipat, Rudrapur, and Rishikesh, with a total development area of over 10 million square feet. The platform is expected to generate a combined revenue potential of approximately $1.3 billion (around INR 11,000 crores). HDFC Capital’s investment vehicles have raised significant capital, including contributions from entities like NIIF and ADIA, and the firm continues to expand in high-growth markets.
(Source: VC Circle, 17th April 2025)
GIC, SAMHI Hotels Plan $300 Mn Hotel Joint Venture
Singapore’s sovereign wealth fund, GIC, will acquire a 35% stake in three units of SAMHI Hotels for $88 million (around INR 744 Crores) to develop upscale hotels in India. The investment will help reduce SAMHI’s debt, with $71.3 million (around INR 603 crores) used to scale down liabilities. Following the deal, SAMHI JV will be debt-free, and Ascent Hotels will have a reduced debt of $23.6 million (around INR 200 crores). This is part of a joint venture worth $300 million (around INR 2537 crores), with GIC holding 35% and SAMHI 65%, focused on expanding upscale business hotels in India. SAMHI’s shares rose 10% following the announcement.
(Source: VC Circle, 24th April 2025)
Kotak Alternate Invests $142 Mn In South India-Based Manufacturing Firm
Kotak Alternate Asset Managers Ltd has announced a $142 million (around INR 1,200 crores) investment in Ace Designers Ltd, a leading machine tool manufacturer based in Bengaluru, India. The funds will be used to establish a new manufacturing plant, expand Ace Designers’ product portfolio, and enhance its global footprint. SG Shirgurkar, promoter of Ace Designers, highlighted that the partnership with Kotak Alts will drive investments in technology, capacity, and talent. The investment is being made through the $1.5-billion (around INR 12,703 crores) Kotak Strategic Situations Fund II. Founded in 1979, Ace Designers is a key player in CNC turning and machining centres, with annual revenue projections of over $283 million (Around INR 2,400 crores) for FY25.
(Source: VC Circle, 30th April 2025)
Venture Capital
Wendor Snags 2.5 Mn Funding
Wendor, a smart vending solutions provider, has secured $2.5 million (around INR 21 crores) in funding from commercial refrigeration firm Elanpro. The round includes $0.59 million (around INR 5 crores) in equity and & $1.89 million (around INR 16 crores) in debt. The investment will support Wendor’s expansion, enhance its AI and computer vision technologies, and drive international growth. Founded in 2021 by Lakshit Anand, Wendor specializes in digital payments, smart vending technology, and mobile integration. The partnership also grants Wendor access to Elanpro’s national logistics, warehousing, and technical expertise.
(Source: VC Circle, 01st April 2025)
The Bear House Secures 50 crores For Expansion
The Bear House Clothing Pvt Ltd, a Bengaluru-based men’s apparel brand, has raised $5.9 million (around INR 50 crores) in a Series A round led by JM Financial India Growth Fund III. The funding will support offline expansion, working capital, and branding efforts. Founded in 2017, The Bear House focuses on premium casual work wear and sells through its website, app, and platforms like Myntra, AJIO, and Flipkart. The brand opened its first store in Bengaluru in March 2025 and plans to launch 20 more stores across India over the next two years.
(Source: VC Circle, 01st April 2025)
Chef Robotics Raises $43M To Scale AI-Powered Meal Assembly
Chef Robotics, a San Francisco-based startup specializing in robotic meal assembly, has raised $43 million (around INR 364 crores) in a Series A round led by Avataar Ventures. The funding includes $20.6 million (around INR 174 crores) in equity and $22.5 (around INR 190 crores) million in equipment financing to support its robotics-as-a-service (RaaS) model. Other investors include Construct Capital, Bloomberg Beta, Promus Ventures, and others. Founded by Rajat Bhageria, Chef Robotics has raised over $65.6 million (around INR 555 crores) to date and partners with food brands like Amy’s Kitchen and Sunbasket, using AI-driven robots to assemble over 44 million meals.
(Source: VC Circle, 02nd April 2025)
Better Nutrition Raises 1.2 Mn To Boost Biofortified Food Expansion
Better Nutrition, a Lucknow-based food brand, has raised $1.2 million (around INR 10 crores) in a funding round backed by family offices, HNIs, and angel investors including Namita Thapar, Shantanu Deshpande, and PV Sindhu. Other participants include Aclr8.vc, Karan Jindal, Arjun Vaidya, and Akshay Ghulati. The funds will be used to expand biofortified food offerings, strengthen distribution across retail and D2C channels, scale farmer training, and invest in R&D and awareness campaigns. Founded by Prateek Rastogi and Aishwarya Bhatnagar, the startup works with over 15,000 farmers to offer nutrient-rich grains.
(Source: VC Circle, 02nd April 2025)
Scapia Snags Series-B Funding
Scapia, a travel-focused fintech startup, has raised $40 million (around INR 342 crores) in a Series B round led by Peak XV Partners, with participation from Elevation Capital, Z47, and Binny Bansal’s 3STATE Capital. The funds will be used to strengthen its team, enhance products, integrate AI, and drive growth. Founded by Anil Goteti, Scapia offers co-branded credit cards in partnership with Federal Bank, tailored for Gen Z and millennial travelers. The card features no annual fees, no forex markup, domestic lounge access, and up to 20% rewards on travel bookings made via the Scapia app.
(Source: VC Circle, 03rd April 2025)
Mergers & Acquisitions
ITC To Acquire Aditya Birla Real Estate’s Pulp And Paper Unit
ITC has announced the acquisition of Aditya Birla Real Estate’s pulp and paper business for up to $409.7 million (around INR 3471 crores). The deal will add 480,000 metric tonnes of annual capacity to ITC’s paperboards and specialty papers segment, which is facing challenges from low-priced imports and rising wood costs. The acquisition aims to strengthen ITC’s market position and create new growth opportunities domestically and internationally. The transaction is expected to close within six months, pending regulatory approvals, including from the Competition Commission of India.
(Source: VC Circle, 01st April 2025)
Metropolis Healthcare To Acquire Another North Indian Diagnostics Firm
Metropolis Healthcare Ltd, India’s second-largest pathology chain, has acquired Dehradun-based Dr. Ahujas’ Pathology and Imaging Centre (DAPIC) for $4.13 million (around INR 35 crores) in cash, marking its third acquisition in four months. This acquisition strengthens Metropolis’ presence in northern India, particularly in Dehradun, and aligns with its strategy to expand in underserved markets. DAPIC, founded in 1990, operates two labs, 11 patient service centres, and nine hospital-based centres. The deal follows Metropolis’ recent acquisitions of Core Diagnostics and Scientific Pathology to enhance its network and cancer testing portfolio. Metropolis aims to add 100 locations in FY25, with a focus on tier II, III, and IV cities in North and Central India.
(Source: VC Circle, 07th April 2025)
Bain-Backed 360 One WAM To Acquire UBS’ Wealth Business In India For $36 Mn
360 One WAM Ltd, backed by Bain Capital, has agreed to acquire the Indian onshore wealth business of UBS for $36 million (around INR 305 crores). The deal includes UBS’ local stock broking, portfolio management services, and residual loan portfolios, with active assets under management valued at $3.1 billion (around INR 26,000 crores) as of December 31, 2024. UBS will also purchase a 4.95% stake in 360 One and continue serving clients in Singapore. This is 360 One’s second acquisition in 2025, following its purchase of B&K Securities for $222.4 million (around INR 1,884 crores).
(Source: VC Circle, 22nd April 2025)
Accenture Buys TalentSprint From NSE Academy
Accenture has acquired TalentSprint, a skill development platform, from NSE Academy for $29 million (around INR 245 crores). This acquisition will enhance Accenture’s LearnVantage platform by adding university certifications and bootcamps. TalentSprint, founded in 2009, offers advanced tech courses in AI, data science, and digital transformation. The deal brings TalentSprint’s 210 professionals into LearnVantage. Accenture launched LearnVantage in 2024, aiming to invest $1 billion (around INR 8470 crores) over three years to reskill and upskill the workforce in emerging technologies.
(Source: VC Circle, 23rd April 2025)
Mahindra & Mahindra To Buy Majority Stake In SML Isuzu For $65 Mn
Mahindra & Mahindra has acquired a 58.96% stake in SML Isuzu for $65 million (around INR 550 crores) to strengthen its truck and bus business. The deal, which includes buying shares from Sumitomo Corp (43.96%) and Isuzu Motors (15%), will boost Mahindra’s market share in India’s truck and bus segment from 3% to 6%, with a goal to reach 12% by FY31. The acquisition also involves a mandatory open offer for an additional 26% stake. Mahindra sees this as a key step in achieving its growth targets and capital allocation strategy.
(Source: VC Circle, 28th April 2025)
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