Didi Chuxing, WeWork may back OYO; General Atlantic, Temasek eye stake in Byju’s
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Budget hospitality chain OYO is looking to raise money from Chinese ride-hailing firm Didi Chuxing and shared workspace provider WeWork, The Times of India reported.

Citing a person aware of the development, the report said Didi Chuxing and WeWork are looking to primarily invest in OYO’s China business.

OYO is looking to raise $500 million for its India operations and another $500-600 million for its China unit, the report added.

OYO had announced its China operations earlier this year. It has a presence across 1,000 hotels in China.

Last September, OYO had raised $250 million (Rs 1,600 crore) in a Series D round led by SoftBank Group Corp.

Byju’s seeks funding

Ed-tech startup Byju’s is in advanced discussions with private equity firm General Atlantic and Singapore state investment firm Temasek to raise $200-300 million, Mint reported, citing three people aware of the development.

The new funding round may value Byju’s around $2.2-2.4 billion, the report added.

Citing a person in know of the development, the report said either General Atlantic or Temasek will participate in the funding round.

Run by Bengaluru-based Think and Learn Pvt. Ltd, Byju’s is the most well-funded ed-tech startup in India.

The company had last raised funds in July 2017, from Chinese internet conglomerate Tencent. Besides Tencent, the ed-tech startup counts the Chan Zuckerberg Initiative, Belgian family office Verlinvest and the World Bank’s private-sector investment arm, the International Finance Corporation, among its investors.

Everstone-Burger King

Private equity firm Everstone Capital is looking to sell about 20% stake in quick-service restaurant chain Burger King India Pvt. Ltd, The Economic Times reported, citing two people aware of the development.

Everstone is seeking a valuation of $300-350 million for Burger King India, the report said.

Everstone holds about 88% of Burger King India; the remaining 12% is held by Burger King Worldwide, according to the report.

F&B Asia, an investment vehicle managed by Everstone, operates several marquee brands such as Burger King in India and Indonesia, and Domino’s Pizza in Indonesia. It also houses brands such as Masala Library, Farzi Café, Masala Bar, Harry’s, Pind Balluchi and Duck & Rice.

Burger King India’s net sales stood at Rs 233.4 crore for the year through March 2017 as against Rs 138.6 crore the year before, according to VCCEdge, the data research platform of News Corp VCCircle.

Brookfield-Hotel Leelaventure

Brookfield Asset Management is in discussions with JM Financial Asset Reconstruction Company to pick up a stake in debt-laden hotel chain Hotel Leelaventure, The Economic Times reported, citing people aware of the development.

Dinesh Nair, managing director at Hotel Leelaventure, told the financial daily a consortium of BlackRock, SSG Capital and RB Capital is also in talks to acquire a stake in the hotel chain.

In June, the board of Hotel Leelaventure had approved a plan to transfer a majority stake to JM Financial ARC by converting a part of debt to equity.

JM Financial ARC's stake in the luxury-hotel chain will rise to about 75% when the transaction is completed from 26% at the end of March.

Nair said this transaction didn’t materialise due to objection from one of the lenders at the company’s annual general meeting in August.

Kissht funding

Online lending startup Kissht, run by OnEMi Technology Solutions Pvt. Ltd, is in advanced discussions with global venture capital firm B Capital Group to raise capital in a Series C round of funding, Mint reported, citing two people aware of the development.

The report said Kissht is looking to raise $50 million in Series C round led by B Capital Group and could see participation from a new investor.

The company had last raised $10 million in November 2017 in a round led by China's Fosun International.

Kissht offers pre-approved credit to customers in the form of an EMI card, which can be used across partner merchants to make purchases at digital points of sale both online and physical stores.

In February, B Capital Group closed its maiden fund at $360 million.

B Capital Group was co-founded in 2015 by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly. 

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