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News Roundup: Deals and You Raises Rs 84 Cr In Funding

09 November, 2011

Deals and You Raises Rs 84 Cr In Funding – E-commerce portal Deals and You said it had secured a funding of $17 million (Rs 84 crore) from a group of investors, including Mayfield Fund and Norwest Venture Partners. The company, which started its operations about 14 months ago, has been valued at $85 million, indicating the success of e-commerce portals in India. The other investors included Nokia Growth Partners and Intel Capital. Deals and You is already in the process of revamping its website and the user interface. (Business Standard)

Deccan 360 Nears CDR Process – Deccan 360, the now-grounded air cargo business started by low-cost civil aviation pioneer G R Gopinath, is understood to be on the verge of referral to the corporate debt restructuring scheme formed under the guidelines of Reserve Bank of India (RBI). The company is understood to have run up a debt of around Rs 500 crore. Axis Bank has an exposure of Rs 200 crore, State Bank of India of Rs 160 crore and the rest is from Syndicate Bank and some others. (Business Standard)

Crystal Crop Protection Raises Rs 150Cr From Everstone – Private equity firm Everstone Capital has acquired a minority stake in Delhi-based Crystal Crop Protection for Rs 150 crore. Crystalwould issue fresh shares to Everstone and use the funds to explore inorganic growth opportunities in India and abroad. Founded in 1983, Crystal sells nearly 100 products. The company has been growing at 35% a year and is expected to surpass Rs 800 crore in revenues in the year ending March 2012. (Economic Times)

UTI AMC Exec In Race For L&T MF CEO – Jaideep Bhattacharya, chief marketing officer and interim management committee member at UTI Asset Management, is in the race for the top post at rival L&T Finance Mutual Fund. The CEO’s post at L&T MF has been vacant since earlier incumbent Sanjay Sinha quit in August. The fund house has appointed Ashutosh Bishnoi as interim chief, while constituting a selection panel to choose the new CEO. Interestingly, Bishnoi was the chief marketing officer at UTI MF before Bhattacharya took over five years ago. (Business Standard)

Hyderabad’s Aliens Group To Raise Rs 70Cr – Aliens Group, the Hyderabad-based real estate development company, is all set to close a Rs 70 crore (about $16 million private equity (PE) deal), which is part of the funding requirement to meet the Rs 1,000-crore Aliens Space Station project coming up near the IT hub of Hyderabad. The company has recently restructured the project finance securing a debt component of Rs 70 crore and also private equity component of Rs 70 crore from a US-based PE company. (Business Line)

RIL’s Infotel Buys Into Extramarks – Infotel Broadband Services, an arm of Reliance Industries Ltd (RIL), has picked up a 38.5 per cent stake in digital learning solutions firm Extramarks Education for an undisclosed amount. The stake was acquired through an affiliate company, Reliance Strategic Investments. (Business Standard)

Progress Software Looks For Buys In Analytics – Progress Software Corporation, a Nasdaq-listed provider of application infrastructure software to develop, deploy, integrate and manage business applications, which has its research and development centre in Hyderabad, is looking at an acquisition in the area of real-time analytics. The company had approximately $70 million (Rs 350 crore) free cash a year and a credit line of $170 million (Rs 850 crore) from banks, which forms a healthy war chest. (Business Standard)

Hubtown In Talks To Raise Rs 500Cr From NBFC – Mumbai-based property developer Hubtown, earlier known as Ackruti City, is in talks with Indostar Capital Finance, a non-banking finance company promoted by Goldman Sachs, Everstone Capital, and others, to raise Rs 500 crore through a structured finance deal. Indostar is yet to take a call on the deal. Hubtown has plans to invest the money in its upcoming residential projects and refinance its existing loans. (Business Standard)

Altruist In Talks To Buy Delhi’s Mobisoft – Altruist Technologies is planning to acquire New Delhi based mobile applications company Mobisoft Telesolutions. The company is already in talks for the proposed acquisition and it would take another 3 to 4 weeks to complete. Besides, this acquisition the company is also in talks with a US based company for acquisition.

Dhanuka In Talks To Buy 45% In A Seed Company – Dhanuka Agritech Ltd. is planning to acquire 45% stake in a seed company. The firm also appointed a banker for the proposed stake acquisition and the deal would be materialized in another six months. The company is also looking for acquisitions outside India. (Moneycontrol)


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News Roundup: Deals and You Raises Rs 84 Cr In Funding

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