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Paytm set to back HungerBox; ArcelorMittal, PE fund may tie up for Essar power plant

Business-to-business (B2B) food-tech firm HungerBox may raise $15 million (around Rs 100 crore) in a round led by Paytm, The Times of India said, citing a person in the know.

Previous investors may join the round — South Korea’s Neoplux, private equity fund Sabre Partners, and Singapore’s LionRock Capital.

HungerBox raised $4.5 million in a round led by Neoplux and Sabre Capital in March 2018 and in September 2017, the company received $2.5 million.

In another development, people in the know told The Economic Times that ArcelorMittal and Resurgent Power Ventures are considering a joint bid for an Essar Power plant of 1,200 megawatt capacity in Madhya Pradesh.

Tata Power owns 26% of Resurgent Power. The rest is held by ICICI Bank and sovereign wealth funds of Oman and Kuwait.

In February, Bloomberg News had reported that ArcelorMittal had made a non-binding offer of $690 million for the asset.

Separately, Sequoia-backed expense manager Happay has secured close to $3 million (Rs 21 crore at current exchange rate) from Greyhound Capital, according to the filings with ministry of corporate affairs.

According to the TechCircle estimates, VA Tech Ventures Pvt. Ltd, which owns and operates Happay, has a post-money valuation between Rs 389 crore and 417 crore.

Another TechCircle report disclosed that Clairco, an Internet of Things-driven clean-tech solutions startup, has received an undisclosed amount in its pre-seed round of funding led by Prakhar Agarwal, head of investments at AngelList India. Angel investors from AngelList joined the round.

The proceeds will be used to expand in cities like Chennai and Jaipur, among other things, Clairco founder and chief executive Aayush Jha told TechCircle.

In another development, persons in the know told The Economic Times that the founders of bulk drug and formulations maker JB Chemicals have hired Avendus to look for a buyer for their 57% stake in the company.

For the company, which is owned by JB Mody and family and commands a market value of close to Rs 3,000 crore, a takeover would trigger an open offer. “The company expects to fetch around 1-1.5 times its market value,” a person told the publication.

Separately, a person in the know told Mint that Transmission Corp. of Andhra Pradesh Ltd has got five bids for for the long-term supply of a power storage solution. The bids, which include those of renewable energy firm Greenko and private power transmission company Sterlite Power, come after Transmission Corp. in February had invited expressions of interest from companies for a power storage solution that could be connected to the state electricity grid.

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