Grapevine: Keppel eyes Warburg stake in CleanMax; Ninjacart raises funds from backer

Singaporean conglomerate Keppel Corp is among suitors for Warburg Pincus’s majority stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt Ltd worth around $200 million (Rs 1,458 crore), a Mint report said citing two people. 

“The deal contours involve sale of Warburg Pincus’ stake and raising of more capital for future investments,” said one of the persons. 

Warburg Pincus had invested $100 million in July 2017. CleanMax also counts International Finance Corp (IFC) and UK Climate Investments LLP, managed by Macquarie Infrastructure and Real Assets, as backers. 

It was previously reported in October that Warburg Pincus is looking to exit CleanMax.


Ninjacart, a fresh produce supply chain startup, has raised $9.5 million (Rs 69 crore) from existing investor Syngenta Ventures, an Entrackr report said.

According to Entrackr, Ninjacart’s post-money valuation has crossed $500 million (Rs 3,645 crore). It appears that the tranche is ongoing, and the company may raise more funds. 

The firm was previously valued at $320 million in April 2019 when it raised $90 million from Tiger Global. https://www.vccircle.com/tiger-global-writes-90-mn-cheque-to-b2b-agri-tech-firm-ninjacart/ 

It also counts Accel and Syngenta as its backers. 

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