US-based investment firm Tiger Global Management is in discussions to pick up a significant minority stake in software-as-a-service provider firm Sirion Labs, a report in Mint stated, citing three persons in the know.
The business daily pegged the deal value between $30-50 million.
Founded in 2012 by Ajay Agrawal and Claude Marais, Sirion Labs Pvt. Ltd helps companies manage services contracts. It had secured $12.25 million (Rs 82 crore) in a Series B round led by existing venture capital investor Sequoia Capital.
In 2014, Sequoia Capital had invested $4.7 million in the company's Series A round.
Tiger Global, which has been a major investor in India’s startup ecosystem and an early investor in Flipkart, began investing again in the country after three years of inactivity.
Its most recent investment this year was in business-to-business agri-marketing platform Ninjacart. Its other deals in 2019 include expense management startup Fyle Technologies and customer lifecycle management platform CleverTap. In December 2018, it invested in Roposo, a social platform for sharing photos and videos.
In March this year, Lee Fixel, who had led the Flipkart deal for Tiger Global, resigned from the firm to venture out on his own.
Jaypee Infratech gets extension for bankruptcy process
The Allahabad bench of National Company Law Tribunal (NCLT) has extended the insolvency resolution process date for debt-laden realty firm Jaypee Infratech to 21 May, The Economic Times reported, citing two persons privy to the development.
The extension will allow Jaypee’s Committee of Creditors (CoC) to consider state-owned NBCC (India) Ltd’s revised bid to acquire the realty firm, the ET report stated.
Jaypee’s lenders had earlier rejected NBCC’s revised bid as it had yet to receive government approval. But on 1 May, the government approved NBCC’s bid, the ET report stated.
The other bid that Jaypee received was that by a consortium led by Suraksha Realty. However, ET reported that financial creditors and home buyers had voted against Suraksha’s bid.
Business conglomerate Adani Group had also made a bid for Jaypee Infratech. However, lenders are unlikely to consider Adani's offer until NBCC’s bid is resolved under the insolvency proceedings.
In 2017, a consortium led by IDBI Bank initiated insolvency proceedings against Jaypee Infratech in the NCLT, where the lenders claimed the realty firm owed them dues over Rs 4,000 crore.