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Grapevine: Tiger to back MyGate, Infra.Market, UrbanPiper; TPG eyes Café Coffee Day
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New York-based Tiger Global Management is in advanced talks to invest in three new startups, which would take the total number of new bets by Tiger Global in India to over 15 this year, two people aware of the matter told The Times of India.

MyGate, which offers security management for gated communities, will receive close to $50 million (Rs 350-crore) in a round of funding. Owned by Vivish Technologies Pvt. Ltd, the platform had last received $8.81 million in its Series A round of funding from Prime Venture Partners.

Mumbai-based Infra.Market, a real estate and construction materials marketplace, and UrbanPiper, which helps restaurants with solutions for online orders, are also getting their Series A investments from Tiger Global. Both these investments are expected to be below $10 million in size each, the report said.

Infra.Market, owned by Hella Infra Market Ltd, received $3.6 million from Accel in its seed round of funding last month.

UrbanPiper, owned by UrbanPiper Technology Pvt. Ltd, also closed its seed round last year.

In another development, private equity firm TPG is in preliminary discussions to acquire Coffee Day Global, which owns the Café Coffee Day (CCD) chain founded by the late VG Siddhartha, two people familiar with the development told The Economic Times.

The promoters planned to restart talks with Coca-Cola on selling their stake in the chain.

Listed Coffee Day Enterprises Ltd owns about 89.6% in Coffee Day Global, which has a debt of about Rs 1,100 crore.

“The coffee chain is expected to be valued at up to Rs 4,000 crore, while the late entrepreneur was seeking up to Rs 10,000 crore in valuation. The transaction will not include its vending machine business,” said one of the persons cited above.

Coffee Day Enterprises recently entered into an agreement with Blackstone, the world’s largest manager of alternative assets such as private equity and real estate, to sell its Bengaluru tech park for up to Rs 3,000 crore.

Separately, stake sale talks with private sector lender Yes Bank Ltd hit a roadblock after at least four global private equity funds did not draw enough comfort from publicly available information, 
Bloomberg Quint reported.

On the NSE Nifty, Yes Bank was the top loser, closing 7.75% lower after Moody's downgraded the lender's long-term foreign-currency issuer rating to 'Ba3' from 'Ba1' and set outlook at negative.

In July, Yes Bank had posted a 91% drop in profit for the three months ended June, due to a nearly three-fold rise in provisions for loan losses, while assets deteriorated sharply.  Net profit for the quarter ended June came in at Rs 114 crore ($16.57 million), compared with Rs 1,260 crore rupees last year. Provisions for loan losses surged to Rs 1,784 crore in the quarter.

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