Investment bank Goldman Sachs and private equity firm ChrysCapital are eyeing a 20% stake in Shriji Polymers (India) Ltd, two people aware of the development told Mint.
In 2015, Shriji raised $6 million in an equity round of funding from Tata Capital Healthcare and its Singapore-based affiliate. According to the persons mentioned above, Tatas are planning to exit Shriji.
“Shriji Polymers is expecting to get a valuation of nearly Rs 1,200 crore ($162 million at current exchange rate)," one of the persons said asking not to be named.
In 2017, it acquired a 100% stake in its peer Four M Propack Ltd for Rs 19.2 crore.
The next year, it opened a new manufacturing facility—Shriji Polymers (Hubei) Ltd, under a joint venture partnership. In May 2019, it started a manufacturing facility in the US.
Meanwhile, Gurugram-based online payments platform MobiKwik has raised $1.5 million (Rs 11 crore at current exchange rate) from brokerage firm Atma Securities and individual investor Nicholas Jarroson, an associate director at Abu Dhabi-based Tribe Infrastructure Group, at a valuation north of $300 million (Rs 2,218 crore). TechCircle confirmed the news citing latest regulatory filings.
This is expected to be the extension of a $3 million round which was raised from existing investor Bajaj Finance in December 2019.
Since inception, MobiKwik has raised $120.5 million, according to data available with VCCEdge, the data research platform of Mosaic Digital.
Other investors in the company include Sequoia Capital India, Cisco Investments, media conglomerate Bennett Coleman & Company Ltd, American Express Company and GMO Venture Partners.