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Venture capital firm Walden to re-enter India

San Francisco-based venture capital (VC) firm Walden International – better known for its investment in Bangalore-based IT firm Mindtree Consulting – is re-entering India after a five-year-long hiatus. It has appointed Rajesh Subramaniam, the erstwhile Chief Financial Officer of BPO firm Firstsource Solutions, as Managing Director (for India) – reflecting the increasing demand from the VC industry for senior officials with operational knowledge from diverse industries. Walden is looking at making sector agnostic ‘early to expansion stage’ investments in start-ups that have a scalable business model, Subramaniam told Business Line. “The growing pace of domestic consumption of products and services in India is prompting Walden to commit serious capital and time to India,” said Subramaniam. Founded in 1987, Walden has over $ 1.6 billion (Rs 672 crore) in committed capital. […]

Frontline Strategy takes 26% in Shriram SEPL

Mauritius-based Frontline Strategy's India Industrial Growth (IIG) Fund has picked up a 26 per cent take in Shriram SEPL Composites, a joint venture of Shriram EPC and Strategic Engineering. This is the first investment from the SME-specific IIG Fund, a press release issued here today stated. Frontline Strategy is a Fabiani family office-anchored asset management company with prime focus on private equity investments. The company's Managing Partner Atim Kabra, said that “the investment in Shriram SEPL Composites is a continuation of Frontline Strategy's focus on investing in companies with global scope and capability.” […]

Ibibo will sell 50% to Tencent Holdings

The subsidiary of Cape Town, South Africa-based multinational media firm Naspers Ltd, MIH India Global Internet, which owns social networking site, will sell up to 50% stake in five years to China’s Tencent Holding Ltd Inc., an instant messaging service provider owned 36.1% by Naspers. Tencent has already put in $7.5 million (Rs32.10 crore) for an undisclosed stake in ibibo Web Pvt. Ltd, the company that manages three India-based websites—, and “This partnership allows us to benefit from Tencent’s expertise in providing Internet and mobile value-added services, as well as online advertising services,” said Ashish Kashyap, chief executive officer at ibibo Web. Naspers has invested 103 million rand (Rs55 crore) in India “to develop the greenfields social network services and local search operation, ibibo”, according to information on its website. Besides ibibo, Naspers’ interests in India include a 30% stake in ACL Wireless Ltd, a mobile software developer. As part of the deal, Tencent, which owns QQ, an instant messaging and communication tool, will give access to its products and technologies. […]

Axis Bank picks up 2.5% in HCC's realty project

Axis Bank has picked up 2.5 per cent stake in the in Lavasa Corporation, a subsidiary of Hindustan Construction Company (HCC), engaged in the development of a township in Lavasa near Pune, for Rs 250 crore. The deal values Lavasa at Rs 10,000 crore. Lavasa has issued convertible preference shares and convertible debentures to Axis bank in the transaction. At present, HCC holds 29 per cent stake in the project, while 16 per cent stake is held by Avantha Group (LM Thapar Group) and Venkateshwara Hatcheries holds 13 per cent. After the conversion of shares and debentures over the next five years, the equity stake of current investors will go down accordingly. […]