Grapevine: ChrysCap to invest in Corona Remedies; Plum Insurance to raise funding
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Homegrown private equity fund ChrysCapital is looking to grab a 30% stake in drug manufacturer Corona Remedies for about Rs 670 crore ($90 million) at a valuation of Rs 2,300 crore. 

ChrysCapital has signed a deal to acquire 20% stake from PE firm Creador and another 10% from promoters, two people aware of the development told The Economic Times. 

The Gujarat-based drug maker received about $17.4 million from Creador in 2016. 

In November last year, it was reported that Creador is looking for an exit from its five-year bet.

Plum Insurance to raise funds

Enterprise-focused group insurance platform Plum Insurance is looking to raise a round of funding from Tiger Global, an Entrackr report said citing three people aware of the details.  

“Plum may raise up to $20 million in the round,” said one of the sources. 

“Existing investors including Sequoia may also participate in the round that could value the company at up to $80 million,” another person said. 

New Umbrella Entity's global aim

A Reliance Industries-led consortium is planning to make its proposed New Umbrella Entity (NUE) for payments services global, The Economic Times report said citing two people familiar with the matter. 

The consortium with Infibeam Avenue, Google and Facebook is likely to offer payment services overseas against giants Visa and Mastercard in some markets if it gets the operating licence. 

It is said to have approached two former officials who worked with regulators earlier. The consortium applied for the licence last week. 

Six consortiums, including those led by Tata Group and Axis-ICICI Bank, submitted applications to the central bank on Wednesday to set up a national payments infrastructure rivalling the National Payments Corp of India (NPCI) platform. 

Shop101 up for sale

Social commerce startup Shop101 is in early talks with Reliance and Amazon for a potential acquisition since it is finding it difficult to raise external capital, three people with direct knowledge of the development told Entrackr.  
The company may also be in talks with other suitors, they added. 

One of the sources highlighted that the acquisition could likely be executed at a significant haircut in valuation. 

Shop101 had last raised close to $3.9 million in March 2020 from Kalaari Capital, VY Capital, Unilever and Stellaris Venture Partners.

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