Grapevine: Naspers, TPG to bet on PharmEasy; KSH Infra plans warehousing platform
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South African technology and media conglomerate Naspers and US-based private equity firm TPG are looking to invest close to $100 million (about Rs 730 crore) each in online pharmacy PharmEasy at a pre-money valuation of $1.2 billion, three people aware of the development told The Economic Times.

Last month PharmEasy and smaller rival Medlife received an approval from Competition Commission of India (CCI) over their proposed merger. The development comes on the heels of Reliance Retail Ventures’ acquisition of e-pharmacy Netmeds.

PharmEasy raised a $220 million round of funding last year led by a host of new investors, including Temasek, Canadian pension fund CDPQ, and Liechtenstein princely family’s asset management group LGT.

Meanwhile, KSH Infra, a warehousing and logistic parks developer, is in advanced talks with global private equity and sovereign funds to set up a dedicated platform to develop warehouses across Mumbai Metropolitan Region (MMR), Pune, National Capital Region and Bengaluru in the next four-five years.

“We are looking to build a pan-India warehousing portfolio of over 10 million square feet with a strategic partner,” Rohit Hegde, managing director at KSH Infra, told The Economic Times, confirming that the discussions with potential strategic investors are at an advanced stage.

The new strategic investors will hold a majority stake in the platform, while KSH Infra will be the execution lead. The company is looking to raise around $125 million by the end of December to fund proposed land acquisitions in these 4 cities.

KSH Infra already counts Hong Kong-based Pacific Century Group, Morgan Stanley and Singapore-based Mapletree Investment Holdings as its key backers.

In another development, credit card repayment startup Cred is in talks to raise about $100 million (about Rs 730 crore) at a valuation of up to $800 million, three people aware of the matter told Moneycontrol.

Existing investors including Sequoia Capital, Tiger Global Management and Hillhouse Capital may contribute half of the amount while new investors may include Falcon Edge Capital and Belgian investment firm Sofina, among others, the people said.

Last year, Cred raised $120 million in its Series A round of funding from Ribbit Capital, General Catalyst, Greenoaks Capital, Dragoneer Investment Group and Apoletto Asia, the personal investment vehicle of Israeli-Russian billionaire Yuri Milner, at a valuation of $450 million.

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