Ex-Sequoia exec’s VC fund may back Paper Boat; Manipal submits bid to buy Medanta
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Venture capital firm A91 Partners, floated by former Sequoia Capital executives, is in late-stages of discussions to invest $30 million (Rs 209 crore at current exchange rates) in soft drinks and beverages maker Hector Beverages Pvt. Ltd, business daily Mint reported, citing three persons in the know.

Belgium-based investment company Sofina, an existing investor in Hector Beverages, will also put in money. The company is seeking a valuation of $200 million from the transaction, one of the persons mentioned above told Mint.

In March this year, A91 invested $1.45 million into Hector Beverages, which sells its products under the Paper Boat brand, as part of the initial tranche of the round, the report stated, citing filings from the Ministry of Corporate Affairs.

Paper Boat last raised funding in October 2017 from Trifecta Venture Debt Fund I, securing Rs 75 crore, according to VCCEdge, the data intelligence platform of Mosaic Digital.

It was founded in 2009 by former Coca-Cola India employees Neeraj Kumar Kakkar and Neeraj Biyani.

A91 Partners was set up in 2018 by former Sequoia Capital executives VT Bharadwaj, Gautam Mago and Abhay Pandey. In November last year, Kaushik Anand, the India head of CapitalG, join the investment firm.

Manipal may acquire Medanta

Manipal Health Enterprises Ltd has submitted a bid for Rs 5,800 crore to acquire super-specialty hospital Medanta, a report in The Economic Times stated, citing two people privy to the development.

Medanta’s management board and private equity firm The Carlyle Group, which has invested in the Gurugram-based hospital, is likely to decide on the bid by next week, the persons mentioned above told the business daily.

KKR-backed Radiant Life Care was also in the race to buy Medanta but has not put forward any formal bid, the ET report stated.

Manipal had initiated talks to buy Medanta in October last year.

The transaction will likely see Carlyle, which owns a significant minority stake in Medanta, exit. In October last year, VCCircle found that Singapore state investment firm Temasek Holdings, which also owns stake in the hospital, will likely hold onto its investment. Temasek, which also owns about 18% of Manipal Health, will consolidate its shareholding if the deal materialises.

JM Financial eyes close of second PE fund

Mumbai-based financial services firm JM Financial has marked the final close of its second private equity fund at Rs 600 crore, business daily Mint reported, citing two people in the know.

The firm raised the capital from high net-worth individuals and family offices, one of the persons mentioned above told the newspaper.

Last year in April, Mint reported that JM Financial marked the first close of the fund at Rs 300 crore.

The report further stated that the company initiated plans to raise its second fund in 2016, when Darius Pandole, formerly of New Silk Route, joined the firm to head its PE unit.

JM Financial invested in 13 companies from its first fund and exited 10 of those investments, Mint stated, citing one of the persons mentioned above.

Some of JM Financial’s portfolio firms from the first fund include Mumbai-based pharmaceuticals firm DiagnoSearch Life Sciences Pvt. Ltd, salon chain Enrich, offshore logistics services firm Samson Maritime Ltd, farm equipment manufacturer International Tractors Ltd, auto components company Sona Group, knowledge process outsourcing firm Pre-Media Global and microfinance firm Spandana Sphoorty.

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