Private Equity and Venture Capital

Representative Matters

Financing and exit transactions

PRIVATE EQUITY AND VENTURE CAPITAL

• Advised Bear House Clothing Private Limited in a Series A investment of INR 50 Crore from JM Financial India Growth Fund III (acting as the lead investor), with participation from Dexter Ventures.
• Advised Retas Enviro Solutions India Private Limited in relation to an investment by SVL-SME FUND, a Category 1 Alternate Investment Fund of SBI Ventures.
• Acted for Savage Coffee Private Limited (First Coffee), a specialty, premium coffee brand, in its fundraise of USD 1.2 Million. The investment was led by Beenext with participation from other investors such as Ashish Gupta (Helion Venture Partners), AngelList India, Ritesh Malik (founder, Innov8), Sahil Malik (founder, Da Milano), Aman Arora (cofounder, board-Keventers), Agastya Dalmia (director, Keventers), among others.
• Advised Mankind Pharma Limited on incorporation of its wholly owned subsidiary in Russia, “Mankind Pharma LLC”.
• Series C financing round of Olacabs, which offers transportation across point-to-point, local and outstation rentals. Other investors, Steadview Capital, Tiger Global and Matrix Partners had also participated in this round for a total investment size of INR 250 Crore. multiple rounds of financing of Goldsquare Technologies, a wholesale trading company and the owner of the brand ‘Fashion and You’. The total financing amounted to over USD 47 Million.
• Advised Accurant International, LLC on Series A Funding of USD 40 Million for Altigreen Propulsion Labs Private Limited, a Bengaluru-based electric vehicle manufacturer.
• Acted for the private equity arm of LN Mittal Group on its investment of USD 150 Million in India Bulls Power Services, an India Bulls group promoted company to set up power plants across the country. investment (along with Good Energies, Inc.) in a company engaged in the power sector, in Ujjivan Microfinance Services Private Limited. sale of Wolfensohn’s 7.4% stake in Fabindia Overseas Pvt. Ltd. to L Capital.
• Advised Novo Holdings on Series D investment round of USD 50 Million in Medgenome, a global leader in genetic testing services, genomics research, and drug discovery solutions.
• Advised Blackstone FP Capital Partners on a proposed investment of approximately USD 275 Million in a preferred stock of Ushodaya Enterprises Limited – a leading Media company. setting up an integrated generic pharma platform, Viyash Life Sciences Private Limited, promoted by Dr. Hari Babu Bodepudi and Dr. Kalidindi Srihari Raju (former key executives of Mylan India and Laurus Labs). Carlyle has completed 2 more follow-on rounds of funding in the platform. the acquisition of 100% stake of Appcure Labs Private Limited and the acquisition of majority stake in Appco Pharma LLC, through its generic pharma platform, Viyash Life Sciences Private Limited. the acquisition of stake in Metropolis Healthcare Limited from Dr GSK Velu. the acquisition of a minority stake in Global Health Private Limited (Medanta Medcity) on the global acquisition of the performance coatings business of E.I. du Pont de Nemours. the acquisition of a minority stake in Delhivery Private Limited, an ecommerce logistics firm catering to online retailers like Flipkart, Amazon, Paytm, etc.
• Advised Steadview Capital Mauritius Limited on its investment into Lenskart Solutions Private Limited, India’s largest online eyewear portal by way of secondary purchase from two existing shareholders in Lenskart Solutions Private Limited, namely Unilazer Alternative Ventures LLP and TPG Growth II SF Pte. Ltd. The deal value was approximately USD 24 Million.
• Advised Zee Media on the acquisition of the FM radio and general entertainment television business of Reliance Group led by Anil Dhirubhai Ambani. investments of USD 250 Million in different tranches by a consortium of investors (CDC Group, GIC, Nomura, Credit Suisse, Morgan Stanley, IDFC Private Equity) in Moser Baer Group companies engaged in the thin films and photo voltaic cell business. investment of USD 300 Million by Blackstone Capital Partners.
• Advised NDTV Lifestyle on the acquisition of a controlling stake in NDTV Lifestyle by a subsidiary of Scripps Networks Interactive Inc.
• Advised Head InfoTech which runs Ace2Three, the largest online rummy portal in India, its founder promoters and other shareholders including angel and VC investors, in the sale of 87% shareholding to Clairvest Group Inc. and a consortium of certain other foreign and domestic investors, for USD 74 Million – the largest transaction in the Indian online gaming industry. its recent investment in Bundl Technolgies Private Limited which owns and operates Swiggy (the food delivery app)- both in the form secondary purchase from existing shareholders as well as in the form of primary issuance; Involving primary investment into Swiggy of over USD 800 Million, through subscription of equity shares, by existing investor Nasper as well as entry of big ticket investors such as Tencent and hedge funds Hillhouse Capital and Wellington Management. its investment in Dream11, India’s leading fantasy sports platform (holding almost 90% of the market share). The transaction entailed subscription of newly issued shares of Series D Preferred Stock of Dream 11 Inc. The value of the entire round of funding was USD 107 Million.
• Indian laws in relation to the investment in Quippo Telecom and Wireless TT Infrastructure Limited. investment of USD 100 Million in Quippo Telecom Infrastructure Limited. ‘Private Equity Deal of the Year’ at the IFLR India Awards.
• Advised WestBridge Capital on acquiring a significant minority stake in Vedantu Innovations Private Limited.
• Advised Cube Highways and Infrastructure on its acquisition of DA Toll Road Private Limited from Reliance Infrastructure Limited. The transaction was consummated at an enterprise value of INR 36 Billion, with further additional contingent payments of up to INR 12 Billion based on receivables from NHAI. its acquisition of IDFC Alternatives Infrastructure Fund Management, involving management of India Infrastructure Fund I and India Infrastructure Fund II, funds collectively having a corpus in excess of USD 1.4 Billion. its exit from EIPL, a company engaged in the storage of petrochemical and LPG products at the Vizag port. its exit from East India Petroleum Private Limited.
• Advised Amansa Capital in connection with acquisition of minority in Jana Small Finance Bank (formerly known as Janalakshmi Financial Services) involving an investment of approximately INR 250 Crore by Amansa Capital.
• Advised Amansa Capital and Steadview Capital in connection with their minority investment in IIFL Wealth Management Limited.
• Advised Apollo Hospitals Enterprise Limited on the restructuring of its business, particularly the divestment of its front-end retail pharmacy business under a scheme of arrangement by subscription of equity shares of Apollo Medicals Pvt. Ltd., to the extent of 74.50% of its share capital.
• Advised Life Healthcare Group on consolidation of shareholding in Max Healthcare Institute Limited which operates one of the largest private hospital chains in India. The deal involves the purchase of the entire equity stake of International Finance Corporation in Max Healthcare Institute Limited by Max India Limited and Life Healthcare, in equal proportion.
• Advised Reliance Capital Limited on proposed sale of its stake in Reliance Nippon Life Asset Management Limited by way of: sale of shares to Nippon Life Insurance of Japan; and
• Advised Madison Capital on exiting its investment in Star Health and Allied Insurance Company Limited and thereafter as a part of the consortium of buyers along with the “Big Bull” Rakesh Jhunjhunwala and private equity fund Westbridge Capital to acquire Star Health.
• Advised Samara Capital on acquisition of 235 KFC & Pizza hut franchisees of Yum Inc. in India and Sri Lanka, by a group of strategic financial investors led by Samara Advisors India, Goldman Sachs, CX Partners, IDI Emerging Markets, Adveq group and Celox Asset Management through Sapphire Foods, an Indian company.
• Advised Federal Bank Limited on an investment by True North in Fedfina. The transaction involves True North making a primary investment of INR 2810 Million for a 26% strategic stake.
• Advised Dr. V.C. Burman of the Dabur Group on the acquisition of majority shareholding of Ascendas India Development Fund.
• Advised Avenue Capital Group on its investment of approximately USD 190 Million in Morepen Laboratories Limited and a proposed hospitality project.
• Advised Capital Square Partners and CX Partners on the acquisition of USD 260 Million of Aditya Birla Minacs Worldwide BPO.
• Advised DLF Group on a number of private equity transactions, including investments from Lehman Brothers for the development of integrated townships, investments from DE Shaw for the development of SEZ projects, investments from Deutsche Bank entity for the development of integrated townships and investments from Merrill Lynch & Co. for the development of six real estate projects across the country. The cumulative value of the transaction being USD 1.2 Billion. ‘ALB SE Asia Award’ for ‘Securitization & Structured Finance’ by ALB.
• Advised Dubai International Capital on the sale of its stake in the Mauser Group – a worldwide leader in manufacturing industrial packaging, to Clayton Dubilier & Rice, for a consideration of USD 1.7 Billion.
• Assisted DLF Home Developers in USD 300 Million joint venture with GIC, Singapore’s sovereign wealth fund, to invest in two real estate projects in New Delhi.
• Advised Everstone Capital on the joint venture and franchising arrangement with Burger King Corporation, for the establishment & operation of Burger King Outlets in India.
• Advised Fidelity on the USD 38.4 Million acquisition of PC Jeweller.
• Advised Global Health Private Limited, owner and operator of the Hospital ‘Medanta – The Medicity’, in relation to Temasek’s acquisition of 17.74% stake in it from Punj Lloyd Limited.
• Acted for Bright Lifecare Private Limited, owner and licensor of the e-commerce brand ‘Healthkart’, in connection with the private equity investment by a consortium of investors consisting of Sequoia Capital, Intel Capital, Omidyar Networks and Kae Capital.
• Advised on the exit of US-based investment fund Farallon Capital Management LLC, from seven project vehicles which were subsidiaries of Indiabulls Real Estate Limited for a total consideration of USD 187 Million.
• Advised Jagran Group on the USD 50 Million investment from Blackstone FP Capital Partners.
• Advised Khazanah Nasional Berhad (Malaysia’s sovereign wealth fund): on a USD 100 Million investment in Fractal Analytics Private Limited (one of India’s leading data Analytics Company).
• Advised Kleiner Perkins Caufield & Byers and Sherpalo Ventures on the: acquisition of a minority stake in Paymate India Private Limited (India’s first mobile payment service). acquisition of a minority stake in CE Infosystems Private Limited (leading GIS solution provider in India). pre-IPO acquisition of a minority stake in Info Edge India Limited, a company who owns and operates www.naukri.com, www.99acres.com and www.jeevansathi.com.
• Advised Lehman Brothers Real Estate Partners on its investment of approximately USD 200 Million in an affiliate of Unitech Limited which was engaged in slum rehabilitation in Mumbai. its acquisition of approx. 20% stake in Wow Momo Foods Private Limited, by way of a primary and a secondary purchase from certain angel investors. investment in Bikaji Foods International Limited, a leading brand of Indian ethnic snacks and sweets. investment in Capital Trust Limited, an NBFC, investment in Stylam Industries Limited, a manufacturer & exporter of decorative laminates, etc., and investment in Indian Herbs Specialties Private Limited, a global market leader in herbal animal health care products. investment and subsequent exit from Radiant Hospitality Services Private Limited, and Suraksha Diagnostics Private Limited which operates a chain of diagnostic laboratories in eastern India.
• USD 50 Million PE investment in Imma Web Private Limited which owns and operates ‘LocalOye’ (the prominent hyper local service provider discovery marketplace). investment in Food Vista Private Limited, an ‘internet only’ restaurant operating through the portal www.freshmenu.com.
• USD 30 Million and another USD 15 Million PE investment in Limeroad (the popular e-commerce marketplace). investment in Oravel Stays which operates the portal www.oyorooms.com, India’s largest managed ecommerce marketplace for budget hotels. secondary investment in Sobha Developers Ltd., an Indian public listed company engaged in the business of construction development. acquisition of equity stake in Apollo Hospital Enterprises Limited, owner of ‘Apollo’ hospitals in India. investment in Apollo Health Street Limited, a health care Knowledge Process Outsourcing company in India. investment in Punj Lloyd Limited, a leading construction and engineering company in India. acquisition of a substantial stake in Medreich, a generic pharma company. proposed acquisition (along with a consortium of other investors) of 100% stake in a large home finance company in India. proposed acquisition of a minority stake in a company engaged in the business of aggregating and distributing food products. acquisition of 100% stake in National Bulk Handling Corporation Limited, a leading integrated commodity and collateral management company, for a consideration of about INR 240 Crore.
• Advised Varun Beverages (International) Limited, the leading bottler of PepsiCo in South Asia, on the investment by Standard Chartered Bank’s Mauritius based private equity fund.
• Advised Accurant International LLC on its investment in Altigreen Propulsion Labs Private Limited.
• Advised VSS Investco Private Limited, the investment arm of Vijay Shekhar Sharma (Founder – Paytm) on various investments.
• Advised GM Modi Group’s Promoter on his various investments.
• Advised Three Sisters (Investment arm of Rana Kapoor, Ex CEO, YES Bank) on various investments.
• Advised Steadview Capital Mauritius Limited on investment into Lenskart Solutions Private Limited, India’s largest online eyewear portal by way of secondary purchase from two existing shareholders in Lenskart Solutions Private Limited, namely Unilazer Alternative Ventures LLP and TPG Growth II SF Pte. Ltd. The deal value was approximately USD 24 Million. investment of USD 235 Million for acquisition of 25% shareholding of Nxtra Data Limited, a company engaged in the business of operating data centres. acquisition of 100% shareholding of Symed Labs Limited, a company engaged in the business of manufacture of active pharmaceutical ingredients, for about USD 190 Million. setting up an integrated generic pharmaceuticals platform, currently known as Viyash Life Sciences Private Limited. Carlyle has completed 2 rounds of investment in Viyash aggregating to more than INR 1,300 Crore. transfer of a minority stake in Delhivery Private Limited to Invesco – US based investment group.
• Advised Platinum Equity (a global private equity fund with USD 13 Billion of assets under management and a portfolio of more than 30 operating companies around the world) in connection with its acquisition of the distribution business of Deluxe Entertainment Services Inc.
• Advised Awfis Space Solutions Private Limited in connection with Series D funding round from ChrysCapital and its existing investors, Sequoia and The Three Sisters Institutional Office.
• Advised Peepul Capital on its exit from Consul Neowatt Power Solutions Private Limited.
• Advised Amansa Investments Limited on their investment in Bundl Technologies Private Limited (Swiggy).
• Advised Gaja Capital in connection with its investment in MarketXpander Services Private Limited, a SaaS company carrying on its business under the brand name ‘Leadsquared’.
• Advised Catterton (world’s largest global consumer-focused private equity firm) on its investment in Zenyum, one of Asia’s fastest-growing direct-to-consumer dental product brands.

VENTURE DEBT

• Advised Scripbox, an online wealth management and mutual fund investment platform on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Advised Sugar Cosmetics, a leading cosmetic brand, on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Advised Selfin India Financial Services Private Limited , an NBFC that makes business finance accessible and seamless and acts as a long-term partner to business owners and entrepreneurs, on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Advised 91 Springboard, a leading co-working space, on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Advised Monedo Financial Services Pvt Ltd , an NBFC whose business model encompasses a non-cumbersome digital and physical lending process that evolves into point-of-sale lending, on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Advised Upwards Fintech Solutions Pvt Ltd, an RBI registered NBFC committed to offering personal loans to salaried professionals without a credit history in a paperless process, on settling venture debt documentation including the debenture agreement, hypothecation deed, right to subscribe agreement, deed of guarantee, power of attorney and other definitive documents.
• Assisted BlackSoil Capital Private Limited in relation to – venture debt provided to Valor Innovations Private Limited. venture debt provided to Quadrillion Finance Private Limited through secured non-convertible debentures. venture debt provided to Goqii Technologies Private Limited.