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In what could be a revival of investor interest in firms offering credit to the poor, microlender Janalakshmi Financial Services Pvt. Ltd (JFS) has raised '65 crore in its third round of funding from private equity (PE) firms. “Coming after a major crisis in the sector, this is a major transaction and is a clear sign that the tide is turning for microfinance,” said Ramesh Ramanathan, chairman of JFS, which focuses on lending to the urban poor. The number of deals involving investments in microfinance companies has fallen this year although the quantum has remained almost the same. In the first six months of 2010, seven investments worth $75 million ('336 crore today) were made in microfinance companies; between January and June, only four investments (including the one in JFS) worth $69 million have been made, according to Venture Intelligence, which tracks deals involving venture capital and PE firms. […]
In one of the larger deals in the legal outsourcing industry, three venture capital firms have picked up the entire stakeholding of co-founder Ajay Agrawal in UnitedLex Corporation , a legal process outsourcing firm. Existing investors, Helion Venture Partners and Canaan Partners, along with private equity major Sequoia Capital have together invested 75.3 crore (about $17 million) to pick up Agrawal's holding in UnitedLex, according to a person with direct knowledge of the transaction. The deal which closed on Thursday, gives the three PE firms an 18.1 % stake in the company that has been valued at 400 crore (approximately $92.5 million). “The deal has been completed and I have received the money in my bank,” said Ajay Agrawal who will now exit the firm that he co-founded in late 2006. Executives at Sequoia Capital and Helion Venture did not respond to email questions sent by ET. […]
Private equity firm Fidelity Growth Partners India has invested about $15 million (Rs 67 crore) to acquire an undisclosed minority stake in Delhi-based Mind Shaper Technologies. Mind Shaper, which operates under the Classteacher Learning Systems brand, is into K-12 educational content in the country. “Fidelity Growth Partners India (FGPI) invests up to $15 million to acquire a significant minority stake in Mind Shaper Technologies,” the Delhi-based firm said in a statement. The investment would be used to expand the company's product portfolio. […]
Village Laundry Service, a portfolio company of Innosight Ventures, has received a fresh round of funding from Canadian private equity investor Kensington Capital Partners and Mumbai-based Index Advisory. Village Laundry Service, which is based in India, operates laundry kiosks to provide affordable laundry services to consumers based in India's metropolitan cities, the company said in a statement. In a country where laundry is either done at home or by local washer men called 'dhobis', the company hopes to create a market for laundromats, which offer consumers a chance to get their clothes washed for a small charge similar to a dry-cleaning service. The company so far has its presence in three cities including Mumbai and Bangalore. […]
Caparo Energy (India) Ltd, a wholly-owned subsidiary of the AIM-listed Caparo Energy Ltd, today announced that it has secured the first tranche of $78.5 million (Rs 350 crore) funding from The India Infrastructure Fund managed by IDFC Project Equity Company Ltd. It described this as mezzanine financing which is in the form of preference shares with a six-year term. Morgan Stanley acted as the advisor for the transaction. In addition to this, the company hinted that it is at an advanced stage to raise another round of funding of $33.5 million (Rs 150 crore) on similar terms. Caparo Energy (India) has announced plans to set up a series of wind energy farms in the country. Along with its existing resources, the company would be able to set up 700-MW of wind projects, it said. […]
U.K.-based private equity fund, Henderson Equity Partners, has invested $10 million in Delhi-based development sector consultancy, Infrastructure Professionals Enterprise Global Pvt. Ltd. (IPE Global). It has picked up a 26% stake with the investment from its second Asia Pacific fund. IPE Global, set up 12 years ago by London School of Economics alumni, assists development and aid agencies, public sector clients and not-for-profit organizations in implementing socio-economic projects across the developing world in South Asia, parts of Africa and West Asia. While nearly 80% of the business comes from India, the company is looking at setting up two offices in Africa. Managing director Ashwajit Singh said IPE Global had grown 45% over the last five years and currently employed 300 people. It had revenue of 900 million rupees in the fiscal year 2010-11. […]
NR Narayana Murthy's venture capital firm Catamaran, the Anil Ambani Group's Reliance Venture Asset Management and some foreign investors have invested in Mumbai-based healthcare services provider Wellspring Healthcare. Catamaran, Murthy's $129-million venture capital fund, Reliance Venture Asset Management, US-based BlueCross BlueShield Venture Partners and few angel investors have invested 20.5 crore in Wellspring's first round funding. Mumbai-based Wellspring will use the money to create a chain of clinics under the brand name of 'Healthspring Community Medical centres' in Mumbai and roll it out nationally later. […]
Bangalore-based flipkart.com, India’s largest online bookstore founded by two former colleagues at Amazon.com — Sachin and Binny Bansal — has now got Series-C VC funding from its existing investor, UK-based Tiger Global, of the order of $20 million to back up its growth plans in India. With the latest round of funds inflow, Flipkart now has a total funding of $31 million. Flipkart has recently acquired weRead.com, the largest social network-based book recommendation and review platform, for an undisclosed sum and also forayed into online sales of electronics, mobile phones and CDs/DVDs of music, movies, games and software. “And the present funding will be used to significantly ramp up supply chain capacity, upgrading technology capabilities and expanding marketing initiatives,” Sachin Bansal, CEO, Flipkart, told Financial Chronicle. […]
Marquee private equity investor Capital International is leading the race to invest Rs 400 crore, or roughly $100 million, for less than 5% stake in L&T Finance Holdings, which is set for an initial public offering (IPO) possibly within three months. Capital International is in advanced talks with L&T Finance after the company firmed up valuation expectations for the upcoming IPO, sources directly familiar with the development said. L&T Finance, a subsidiary of the $10-billion engineering and construction giant Larsen & Toubro, wants to raise Rs 1,700 crore from the public issue as early as July. […]
The market is abuzz with talk that private equity fund Sequoia Capital has turned active in the counter of nonbanking finance company Manappuram General Finance, with triggers being attractive valuation and high growth potential of the gold loan sector. The fund is learnt to have bought shares worth Rs 50 crore in the past one week, thereby re-entring the company after exiting its previous investments last year. Sequoia Capital India Growth Investments had invested $14 million to acquire a 14% stake in Manappuram. […]
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