Private equity investors ICICI Ventures and Norwest Venture Partners plan to sell their minority stake in Shriram City Union Finance for around Rs 600 crore ($96 million). The sale of their combined stake of about 10% follows in the footsteps of buyout firm TPG Capital, which is exiting another group firm ahead of a likely bank license for the group, which may have to bring in all lending units under the bank holding company. Shriram City plans to raise Rs 500 crore through institutional placement or from private equity investors over the next 18 months ($80 million). (The Times of India) 

Valyoo Tech may sell BagsKart, JewelsKart and Watch-Kart portals to shift focus on LensKart: Valyoo Technologies, which operates a number of single-category online portals, may sell at least three of the sites as it shifts focus and resources on growing the leader of the pack, LensKart. The smaller properties that sell accessories, such as bags, jewels and watches, are being put up for sale at a time when India's ecommerce industry is being dominated by large multi-product retailers. BagsKart, JewelsKart and Watch-Kart are the three portals that Delhibased Valyoo is placing on the block. In three years, the Bangalore-based company expects to sell everything except grocery and automobiles. Others, such as Snapdeal and Amazon, have also made their intentions clear. (The Economic Times) 

CDR cell approves Rs 3,200 cr debt recast for Electrotherm: In a major relief to the Ahmedabad-based engineering player, Electrotherm (India) Ltd, the Empowered Group (EG) of the Corporate Debt Restructuring (CDR) cell has approved the debt restructuring package for the entire liabilities of the company. The company had approached the CDR cell for the second time requesting a recast of its liabilities worth around Rs 3,200 crore ($511 million). The consortium of banks comprising of 17 banks, led by Bank of India, has mandated the company to demerge its business into four independent entities in Steel, Pipe, Engineering and Auto, a company statement informed on Wednesday. (Business Line) 

Jubilant group may exit chemicals business to reduce debt: The diversified Jubilant group is considering sale of its chemicals business to reduce debt, two people familiar with the development said. The company wants to cut debt and focus on its core pharma business in the US markets. Hence, the management is exploring the option to monetise its chemicals business, one of the persons, who did not wish to be named, said. Three months ago, Jubilant had announced that it was consolidating its pharma business under its Singapore subsidiary for a consideration of 1,145 crore, and exploring options for an initial public offering in the US to repay its $600-million ( Rs 3,700-crore) debt. (The Economic Times) 

After Snapping up $50m, Myntra in Talks to Raise $40m More: Online fashion retailer Myntra is in talks with investors to raise an additional amount of $40 million (about . 250 crore) following the closure of an initial round led by Premji Invest, the family office of Wipro chairman Azim Premji. The deal that closed this week in which the Bangalore-based fashion portal received $50 million (over . 300 crore) included funding from Belgium-based investment firm Sofina and existing investors Tiger Global, Accel Partners, IDG Ventures India and Kalaari Capital. For Sofina, this is the second investment in an Indian e-commerce company, last year the firm co-invested in online portal Flipkart. The company is in final talks with L Capital Asia and a few other investors to raise further funding at a higher valuation,” said the same person. The investors now hold about 80% stake in the company with the rest owned by the founders and the management team. (The Times of India) 

Seedfund: India's 'desi' fund plans a third offering: Seedfund has created a unique model for early-stage investment that is different from that in the Silicon Valley. Seedfund, a Mumbai-based early-stage fund which has successfully raised and deployed two funds in 35 companies, is set to raise its third fund whose size is yet to be decided - towards the end of this year. It has already deployed close to 80 per cent of the second fund of $54 million it raised in 2011. It has already deployed close to 80 per cent of the second fund of $54 million it raised in 2011. (Business Standard)

Courtesy: VCCEdge

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