KEDAARA CAP
Kedaara Capital closes largest India PE fund at $1.74 billion
Kedaara Capital has closed its $1.73 billion fund, Kedaara IV, the largest fund raised by an India private equity fund in 12 years. The fund, which will be its fourth in 12 years, was raised in just four months beginning last December and would even surpass Chrys Cap’s $1.3 billion Fund IX raised in 2023. Around 85% of Kedaara’s new fund was raised from existing backers, including the three of the largest Canadian pension funds – CPPIB, CDPQ, and Ontario Teachers’ Pension Plan (OTPP).
SaaS fintech startup Perfios secures $80 million from TVG, attains unicorn valuation
Warburg Pincus-backed Perfios is considering an initial public offering (IPO) that could raise about $500 million in India at a potential valuation of $2 billion. It is also chalking out plans to enter the US and European markets in 2024.
Byju’s puts Epic, Great Learning on sale; Perfios raises $229 million from Kedaara Capital
Byju's has begun selling its group assets as it puts Epic and Great Learning on the block to generate $800 million-$1 billion in cash.
Perfios raises $229 million from Kedaara Capital in primary, secondary mix
Perfios currently has a large footprint in West Asia and Southeast Asia. The statement added that it has been growing 100% year-on-year, without specifying any periods.
PEs, sovereign funds pick up reins of late-stage tech funding as Tiger, SoftBank go slow
Till last year, when the funding boom reached dizzying heights, these late-stage rounds were led by the likes of Tiger Global, SoftBank, Naspers and Alpha Wave (formerly Falcon Edge). But with all of these funds nursing the bruises of their public tech portfolio in the US, newer players are sensing an opportunity.
SoftBank, others may pare FirstCry stake pushing company valuation to $4 billion
Ahead of IPO, Secondary Round likely to bring local PEs on board, etailer holds talks with Kedaara Cap.
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Uber likely to sell 7.8% Zomato stake today; Foxconn expands TN factory
Uber said in its earnings report on Tuesday that it had suffered an unrealised loss of $245 million on its investment in Zomato during the second quarter, and $707 million in the first half of 2022.
Despite headwinds, Aavas has managed to navigate housing finance market. Can momentum sustain?
The home loan market in India is estimated at around $300 bn. This represents a mortgage to GDP ratio of 11%, which is relatively low compared with others, particularly developing Asian countries. The housing finance market is expected to grow to $750 bn in the next five years, according to the FY22 Annual Report of Aavas Financiers.
ADIA eyes stake in Aditya Birla’s health insurance business
The discussions for a minority stake are expected to gather momentum in the coming weeks as ADIA, one of the leading sovereign funds (SWFs) in the world, looks to double down on India’s financial services space, people cited above said.
Is crypto at the end of its tether?
Crypto is having a nightmare in 2022, it’s safe to say, but things could get even worse. That’s because a tether, a lynchpin of crypto trading, has come under increasing scrutiny and shown signs of weakness in recent months.
Sequoia closes largest India, SEA fund at $2.85B; concerns over proposed IT rules changes
The storied VC firm has now closed this fund, and will invest $2 billion of it in Indian startups and the remaining $800 million across Southeast Asia.
India gets a Purplle unicorn; some techies in demand despite layoffs
Purplle, which sells beauty and personal care products online, is the latest Indian tech startup to join the unicorn club and the second this week after edtech firm Physics Wallah.
Vedant Fashions to list on exchanges on Wednesday
Based on the upper end of the IPO price band of Rs 866 a share, the company's market cap stands at around Rs 21,000 crore.
Vedant Fashions IPO opens: Is it the right fit for your portfolio?
Vedant Fashions is selling shares in the range of Rs 824-866 apiece in the IPO, which is open till Tuesday, February 8.
Religare Finvest debt recast at final stages; NBFC to reboot in January
With debt recast at final stages, Religare Finvest Ltd (RFL) is all set to restart its business come new year 2022, Religare Enterprises Ltd Chairperson Rashmi Saluja said. RFL, a NBFC arm of Religare Enterprises Ltd, has been barred from undertaking fresh business as it is under corrective action plan (CAP) of the Reserve Bank of India (RBI) since January 2018, due to its weak financial health.
View: The independence struggle of India Inc’s boards
With stronger stewardship codes for institutional money managers; regulatory tweaks like majority of minority shareholders vetting any related party transactions or even digital voting that gave teeth to small shareholders unable to attend key AGM meetings to the ever increasing influence of proxy firms, shareholder activism is finally woke, forcing Indian boards to sit up and be vigil.
Purplle eyes controlling stake in Faces Cosmetics
Premium cosmetics player Lotus Herbals was also in talks to buy out majority stake in Faces earlier but it didn’t materialise, one of the executives said.
Bumper Nykaa listing sees biggest payday for TPG, eclipses PE firm’s Silicon Valley bets Uber, AirBnB
Starting 2019, TPG Growth has made a cumulative investment of Rs 191 crore in Nykaa at an entry price of Rs 118/share, as part of the beauty e-tailer’s Series E round of capital raise. Upon listing, Nykaa or FSN Ecommerce Ltd shares opened at Rs 2,001 apiece and closed the day at Rs 2,206/share, with a market capitalization of Rs 1.04 lakh crore.
ETtech Deals Digest: Acko, Groww raise funds this week
General insurance startup Acko became the 32nd startup unicorn of 2021 after it picked up $255 million in funding led by General Atlantic and Multiples Private Equity.
Data, kidnapped
We take a closer look at ransomware attacks that has grown from a cottage industry for crooks into a multi-billion-dollar racket and global security threat.
Third wave threat to Diwali sales
In today's ETtech Morning Dispatch, Amazon and Flipkart may call off Great Indian Festival and Big Billion Days face the threat of a third wave, Kedaara Capital raises over $1 billion corpus; Wipro CEO gets more salary that TCS, Infosys peers
Dream11 anticipates more secondary transactions
Dream11 counts venture capital firm Kalaari Capital, Renuka Ramnath-led Multiples Alternate Asset Management and San Francisco-based Think Investments among investors.
Dream11 parent secures $225 million in fresh funding
The funding, which is largely secondary in nature with a smaller primary component, is expected to result in the further reduction of Chinese gaming and social media giant Tencent Holdings’ stake in the company to single digits, sources told ET. The investment values Dream Sports at about $2.5 billion, said people with knowledge of the matter.
Kedaara pads up to join fantasy sports platform Dream 11’s $200-million round
Kedaara is competing with global and domestic funds such as TPG, Advent International, James Murdoch’s Lupa Systems and Chrys Capital that have already evaluated the investment opportunity until lockdown temporarily halted the fundraising exercise at a $2-2.2 billion valuation, said four people with knowledge of the development.
Trending stocks: Religare Enterprises shares gain nearly 5%
A total of 3,451 shares changed hands on the counter till 11:36AM (IST).
Carlyle to buy 74% stake in SeQuent for Rs 1,587 crore
On Friday, the shares ended at Rs 80.25 on the BSE, valuing the company at Rs 1,993 crore.
Keddara, Creador join in race for Tata Capital's stake in Shriji Polymers
Final bids are likely to be submitted by 31 March and the company is expected to be valued at Rs.1000 - 1200 crore, said two people aware of the development. ICICI Securites is running the mandate for Tata Capital. Tata Capital Healthcare Fund had invested Rs.40 crore in Shriji in 2015.
Spandana to launch Rs 1200 crore IPO
Microfinance companies have to maintain a minimum capital adequacy (CAR) ratio of 15%.
Post division, brothers Rajiv and Sanjiv Bajaj taking Bajaj Group to new highs
8 years after father Rahul Bajaj split his business group between them, brothers have made the divided parts more valuable than the undivided whole.
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