Venture Intelligence
January 08; 2016 - Morning Edition
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The Big Story

Chinese travel service firm Ctrip invests $180-M in MakeMyTrip

China-based travel services firm Ctrip.com International Ltd has invested about $180 million in Nasdaq-listed online travel company MakeMyTrip through convertible bonds. In addition, MakeMyTrip has granted Ctrip permission to acquire its shares in the open market, so that combined with shares convertible under the convertible bonds, Ctrip may beneficially own up to 26.6% of MakeMyTrip’s outstanding shares. Ctrip will also acquire the right to appoint a director to the MakeMyTrip board of directors. Morgan Stanley acted as the exclusive financial advisor and Latham & Watkins served as the legal advisor to MakeMyTrip on this transaction.

MakeMyTrip reported revenues of $62.5 million for the quarter ended September 30, 2015, an increase of 3.2% over revenue of $60.5 million in the quarter ended September 30, 2014.

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Private Equity Fund Investments

Zodius leads Rs.110-Cr investment in FreshMenu

Economic Times

Online first restaurant FreshMenu has raised INR 110 crore in a new round of funding led by Zodius Capital with participation from existing investor Lightspeed Ventures. The deal values the startup at around INR 300 crore ($45 million). The company will use the funds to expand operations, hire more people and build the brand.

From the Venture Intelligence PE/VC Deal Database: K Ganesh, Founder of incubation and angel investment firm GrowthStory and also an LP in Zodius, is among the earlier investors in FreshMenu.

Lightbox invests $5-M in jewellery designer Melorra

Dealstreetasia

LightBox Ventures is to invest $5 million in Bangalore-based August Jewellery Pvt Ltd, which operates a jewellery design business under the brand Melorra,. Melorra plans to create new designs every week, which can be worn with latest clothing trends. The average price of jewellery items at Melorra is INR 16,000 and the company uses 14 carat gold to make its products. Melorra’s design team is entirely in-house, based out of Bangalore, the US and the UK.

From the Venture Intelligence PE/VC Deal Database: In May 2015, Lightbox Ventures II invested INR 9.55-Cr as a first tranche in August Jewellery and agreed to make further investments. Siddharth Talwar, Co-Founder & Partner, Lightbox joined the company’s board. (Subscribers to the database can login to view additional deal structuring and other transaction details.)

Endiya Partners invests in Hansel, Innerchef

Economic Times

Early-stage investment firm Endiya Partners has invested in Bangalore-based mobile app crash analytics startup Hansel and food technology company InnerChef founded by Rajesh Sawhney of GSF Accelerator.

Liquidity Events (Private Equity)

Quikr acquires property marketplace CommonFloor

Economic Times

Online classifieds company Quikr is to merge property portal CommonFloor with its real estate vertical QuikrHomes. The deal values CommonFloor at $100-120 million (INR 665-800 crore) - ie at a discount to its last financing round.

From the Venture Intelligence PE/VC Deal Database - Where you get real numbers, not guesses and “from sources”: CommonFloor has raised a total of INR 346.96 crores across 7 rounds of funding from Accel India, Tiger Global and Google Capital. In January 2015, CommonFloor had raised INR 60.35 Cr. led by Google Capital and at a post money valuation of INR 965 Cr.(Subscribers to the database can login to view the valuation multiples, deal structuring and other transaction details.)

Angel Investments

Two wheeler taxi service provider Bikxie raises funds

Inc42

Bikxie, a two wheeler taxi service provider, which recently launched its services in Gurgaon, has raised angel round funding from an investment banker from the Middle East and a businessman based in South India. The funds will be utilised in app development, expansion of services in Haryana and building marketing strategies. Bikxie had earlier raised seed funding from individual investment bankers. Founded in late 2015 by Mohit Sharma, Divya Kalia and Dennis Ching, Bikxie, offers last-mile connectivity to college students and office goers.

Other Private Equity / Strategic Investments

Online education startup Gyaanzone raises Rs.30 Lakhs from GBIM Tech

NextBigWhat

GBIM Technologies has invested INR 30 lakhs in Gyaanzone, an online education portal. The GBIM’s investment took place in December 2015. Gyaanzone facilitates students with flexible learning opportunities through access to Indian schools, colleges, universities, exams, courses and other distance learning programs. The funds will be used to continue its services of providing updated and enhanced educational functionalities with more extensive program and course information, better personalized services and other expanded student services.

M&A

OnMobile divests speech tech assets

Deccan Herald

Publicly listed OnMobile is to sell its speech technology assets for Euro 6,50,000 to Voicebox Technologies, France .

OnMobile had acquired the speech recognition technology from Telisma in 2008, but is no longer imperative for OnMobile’s new offerings, which are focused on smartphone apps.

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Fund News
Fund News

Endiya Partners raises Rs 100-Cr for early stage fund

Economic Times

Early-stage investment firm Endiya Partners has raised Rs 100 crore in its first close. It will focus on startups in technology, consumer internet services and healthcare. Founded by managing partner of Ventureast Tenet Fund Sateesh Andra, venture partner Ramesh Byrapaneni and investment manager Abhishek Srivastava, the fund will be looking at digital healthcare startups, medical devices and point-of-care and chronic disease management solutions. Financial institutions including SIDBI and family offices in India are part of our fund. The corpus of Rs 200 crore will be raised from five-six partners and will be utilised to fund nearly 25 companies over the next three years. The investments will range from Rs 8-10 crore for 10-20% stake in the company. The fund will also participate in follow-on rounds, with some of the limited partners co-investing with the fund.

TA promotes Naveen Wadhera, Dhiraj Poddar

TA Associates has promoted Naveen Wadhera as Managing Director from Director. He is based in the London office of TA Associates (UK), LLP, focusing on investments in companies across Europe and the Asia-Pacific region. He also serves as Co-Head of Asia.

The fund has also promoted Dhiraj Poddar to Director from Principal. He is Co-Head of India and based in the Mumbai office of TA Associates, focusing on investments in companies in India and other emerging markets.

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Avalon Consulting

"China has been at the centre of a lot of controversy following its currency devaluation and the sudden crash of the stock market. Many observers especially in the developed world are accusing it of currency manipulation to defibrillate exports and hence the economy. In a talk delivered at the Indian Chemical Council, Mr. Sridhar Venkiteswaran, Executive Director, Avalon Consulting, explored these issues and their impact on both China and India. Click here to read more.

Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is among the Top 15 Consulting Firms Overall in Asia (Vault List 2014).

Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.

 

Deals in the Making
Deals in the Making


PE/Strategic Investment

L&T Mutual Fund looks to sell 49%

Economic Times

L&T Mutual Fund is looking to sell a 49% stake to raise Rs 600-625 crore from a strategic partner. The fund house is exploring various options, which include a joint venture with an established mutual fund, a merger with an existing one or selling stake to a foreign player.

Other Deals

Govt may dilute 11.7% in Axis Bank

Times of India

The government is considering diluting its 11.7% stake in Axis Bank it holds through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal. At the current market price, the government could raise about Rs 11,240 crore by selling 27.48 crore shares. SUUTI currently holds 11.7% stake in Axis Bank.

Done Deals
Done Deals Fund News VI Updates Deals in the Making Other News
Other News
Other News

People

Cipla promotes CFO Vohra as COO, appoints Samina Vaziralli as Global Head of M&A

Cipla Limited announced the appointment of Umang Vohra, currently the Global Chief Financial and Strategy Officer, as its Global Chief Operating Officer with immediate effect. He replaces Sudhanshu Priyadarshi who has decided to pursue interests beyond Cipla.

Cipla has also appointed Samina Vaziralli, Executive Director as the company’s Global Head for strategy, M&A, Cipla New Ventures and key partner relationships.

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Tatva Legal

Tatva Legal is a full service law firm with offices across five locations in Bengaluru, Chennai, Gurgaon, Hyderabad and Mumbai founded in 2010 with 16 Partners and 80 Lawyers. The firm acts for both national and international clients.

As a full service firm, Tatva Legal provides a broad range of legal services whilst focusing on its core areas of practice corporate advisory, private equity and mergers and acquisitions, banking and finance, infrastructure and real estate.

The M&A team has extensive experience in representing private equity players, venture capitalists and corporates (including several Fortune 500 companies) in a multitude of specialised and sophisticated transactions, in both domestic and cross border deals.

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The other areas of Practice include Insurance, Competition / Anti Trust, Projects Technology & dispute resolution.

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Avalon Consulting

"China has been at the centre of a lot of controversy following its currency devaluation and the sudden crash of the stock market. Many observers especially in the developed world are accusing it of currency manipulation to defibrillate exports and hence the economy. In a talk delivered at the Indian Chemical Council, Mr. Sridhar Venkiteswaran, Executive Director, Avalon Consulting, explored these issues and their impact on both China and India. Click here to read more.

Founded in 1989, Avalon Consulting is an international management consulting firm that offers services in growth strategy, business transformation and transaction support to clients across a wide range of sectors including Agribusiness, Automotive, Chemicals, Construction, Education, Engineering, FMCG, Healthcare, Pharmaceuticals and Retail. It has offices in Mumbai, Delhi, Chennai, Bangalore and Singapore serving clients across India, Middle East, South East Asia, China, Europe and the US. Avalon Consulting is among the Top 15 Consulting Firms Overall in Asia (Vault List 2014).

Connect with Avalon Consulting on Twitter, Facebook and LinkedIn to receive interesting insights and updates.

Basiz

Basiz is a high end and specialized fund accounting service provider with international footprints, with offices in Mumbai, Chennai and Coimbatore in India, besides Singapore, London and New York. Basiz primarily focuses on servicing Fund administrators, Hedge Funds, Mutual Funds, Private Equity / Venture Capital Funds, Family Offices, REIT Funds, Insurance Portfolios and Managed Accounts.

Contact Information

Sesh A.V ACA, Managing Director
Basiz Fund Services Pvt. Ltd
M: +918286008554, E: sesha@basizfa.com
http://www.basizfa.com

 
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