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Grapevine: Everstone looks to sell IT firm Everise; Adani may bid for Air India
Photo Credit: VCCircle

Private equity firm Everstone Capital has decided to sell its Singapore-based IT services firm Everise Holdings for about $300 million, a media report said.

Citing two people aware of the development, The Economic Times said that global strategic buyers as well as PE firms have been approached for a deal.

Everstone holds a majority stake in Everise while the company’s co-founder and CEO Sudhir Agarwal holds a minority stake. Founded in 2016, Everise provides services in the areas of health and wellness, travel and hospitality, media and communications, financial services, and logistics and supply chain.

The exit from Everise will add to Everstone’s stake sales in non-bank lenders Hinduja Leyland Finance Ltd and Indostar Capital Finance Ltd earlier this year. The PE firm also plans to exit OmniActive Health Technologies and Burger King India Ltd, VCCircle reported previously.

Meanwhile, the Adani Group has decided to join the race to acquire national carrier Air India and will submit an expression of interest by next month, Business Standard reported, citing people close to the development.

Other potential bidders for the loss-making airline could include Tata Group, Hinduja Group, budget carrier IndiGo and New York-based fund Interups.

The report also said that Adani’s bid for Air India could face regulatory hurdles given its ownership of Lucknow, Ahmedabad, Mangalore, Thiruvananthapuram, Ahmedabad and Guwahati airports. According to the bid criteria, an airline cannot own more than 27% in these airports, the report said.

In another development, The Economic Times reported citing sources that Samsung Venture Investment Corp, an arm of Samsung Electronics, planned to invest up to $10 million (Rs 72 crore) in food delivery major Swiggy.

This investment will be part of Swiggy’s ongoing Series-I financing round, the report said. Last week, Swiggy had raised $112.6 million in funding from existing investors Naspers and Meituan-Dianping, among others.

Meanwhile, Saurabh Arora, CEO of University Living, an online global student housing marketplace, told The Economic Times that the startup was set to raise up to $7 million from existing investors Indian Angel Network and LetsVenture in its Series A round of funding.

The company is also in talks with domestic and international venture capital funds and a few family offices, Arora said. He added that the company could close the round by March-end and that it plans to use the money for expansion in the US and Canada, he said.

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