Roshan Abraham

Prestige Estates is considering putting the brakes on a stock exchange float and may seek a private equity capital-raise, while Advent International is looking to sell DSM Foods, two separate reports said.

Prestige Estates Projects Ltd

Bengaluru-based developer Prestige Estates Projects Ltd. is weighing putting an initial public offering (IPO) of its hospitality unit on hold, according to a Bloomberg report, amid market volatility.

The report said, citing people familiar with the matter, that the real estate developer is instead exploring a minority stake sale to private equity investors.

Prestige Estate Projects has started discussions with potential investors to raise about $300 million (around Rs 2,833 crore) for Prestige Hospitality Ventures Ltd, the report said, adding that deliberations are ongoing and may not result in a deal.

Bloomberg quoted a company representative as saying that Prestige Estates has been cautious because of the impact of geopolitical instability on the market, and that it "will take the appropriate decisions when necessary."

The South Indian developer had planned a Rs 2,700 crore ($286 million) IPO for the unit, and received approval to proceed from Indian regulators last year. 

DFM Foods

Private equity major Advent International has held talks with advisors to help with the sale of packaged snack maker DFM Foods, according to a MoneyControl report, citing people privy to the matter.

Advent International has held advanced discussions with Avendus Capital and EY for advisory roles, the report said. 

This comes as the global private equity firm gears up for the sale of DFM Foods, more than six years after investing in the packaged snacks company. DFM Foods is popular for its flagship brand Crax.

MoneyControl said the deal is currently at a preliminary stage and a formal launch is planned later in August.

Prestige Estates is considering putting the brakes on a stock exchange float and may seek a private equity capital-raise......

Grapevine: Prestige Estates, Advent International, DFM Foods in news

fundingrf

General

The months-long contest to acquire a minority stake in Kids Clinic India Ltd, the operator of Cloudnine Hospitals, is close to culmination with a European private equity firm set to seal the deal.

This follows significant investor attention on the hospital operator over the past few months with multiple PE firms looking to acquire a stake in a transaction likely to include an exit for existing backer True North.

British private equity firm Permira is set to acquire a 25.71% stake in the mother and childcare hospital operator through a secondary share purchase, according to a filing with the Competition Commission of India (CCI). The proposed transaction is subject to regulatory approval. Other financial terms weren’t disclosed.

A person familiar with the matter separately told VCCircle that PE firm TPG dropped out of the race due to a valuation mismatch.

VCCircle reported in July that Permira and US private equity majors KKR and TPG Capital had emerged as the frontrunners for the deal. Later, The Economic Times reported that only Permira and TPG were left in the race. The deal size was also upsized as Cloudnine was looking to acquire a fertility clinic in the UAE.

According to a June report in The Economic Times, Warburg Pincus, KKR, TPG, Advent International, CVC Capital Partners, Permira and Kedaara Capital were in the race to acquire a 25% stake in the company at a valuation of about Rs 10,000 crore. The newspaper later reported that TPG, Advent, CVC and Permira were shortlisted for the next round of discussions at a valuation of Rs 11,000 crore.

VCCircle reported in May that Swedish private equity firm EQT and multi-stage investment firm Norwest Venture Partners had also entered the race to invest in the hospital operator.

Cloudnine’s existing investors–Singapore state investment firm Temasek and private equity firms True North and TPG NewQuest–were initially expected to pare their stakes as part of the deal, VCCircle reported previously. However, recent reports indicate that only True North is exiting while others are retaining their stakes.

Temasek and TPG NewQuest, which is the secondaries-focused arm of TPG Capital, are currently the company’s biggest shareholders.

Cloudnine background, financials

Cloudnine was founded by neonatologist R Kishore Kumar, Rohit MA, M Ramachandra and Vidya Kumar. It operates in the maternity and childcare segment. It competes with Indira IVF, Motherhood, Rainbow Hospitals, Lifespring Hospitals, as well as larger multispeciality chains such as Fortis Hospitals and Max Healthcare.

Between FY23 and FY25, the company raised around Rs 695 crore from investors. In 2023, Temasek and TPG NewQuest invested about Rs 417 crore, according to VCCEdge, the data and research platform of VCCircle. Temasek also acquired Peak XV Partners’ 10% stake in Cloudnine late last year for Rs 500 crore.

In May this year, Cloudnine agreed to acquire Apollo Health’s maternity, childcare and fertility businesses in a cash-and-stock deal worth Rs 1,550 crore. Under the deal, Apollo Health will get a 9.9% stake in Cloudnine worth Rs 785 crore. This effectively valued Cloudnine around Rs 7,930 crore, or around $825 million. Cloudnine is likely to command a premium in the impending PE transaction.

Cloudnine has received approval from the CCI to acquire Apollo Fertility Centre Pvt. Ltd and Apollo Specialty Hospitals Pvt. Ltd.

Since FY20, Cloudnine has remained operationally profitable but has recorded net losses. In FY25, consolidated revenue jumped 25% to Rs 1,485 crore, while net loss widened to Rs 46.5 crore from Rs 28 crore the year before, as per VCCEdge. EBITDA increased over 16% to Rs 220 crore in FY25.

The company has been expanding its network with new hospitals each year. Since starting as a single hospital in Bengaluru in 2006, Cloudnine has grown to around 40 hospitals across India. In FY25, it added seven centres and plans to invest more than Rs 200 crore to open a similar number this year, VCCircle reported earlier.

The months-long contest to acquire a minority stake in Kids Clinic India Ltd, the operator of Cloudnine Hospitals, is ......

British PE firm set to seal deal for minority stake in Cloudnine Hospitals

Healthcare

Life Insurance Corporation of India (LIC) may increase its stake in the National Stock Exchange (NSE) after the latter’s public issue. 

Meanwhile, Country Delight’s parent has begun early-stage preparations for a stock market listing, Megha Engineering's key shareholder is looking to tap private credit funds to buy out a relative's stake, and North India-based Yatharth Hospitals has drawn interest from private equity firm Advent International and Blackstone-backed Aster DM, according to separate media reports. 

LIC-NSE

Life Insurance Corporation of India, which holds a 10.72% stake in the National Stock Exchange, may increase its holding following the exchange's upcoming initial public offering (IPO), according to a BusinessLine interview with managing director and CEO R Doraiswamy. 

Doraiswamy said the insurer has already decided not to participate as a seller in the proposed offer-for-sale (OFS).

He added that LIC will evaluate the IPO process and pricing before deciding whether to enhance its stake. According to Doraiswamy, LIC’s long-duration liabilities and large annuity book position it as a natural long-term investor and market stabilizer.

The decision to retain its current holding signals LIC's confidence in the long-term value of the bourse. The insurer also intends to utilize its size to support a counter-cyclical investment approach to equity investments based on market conditions and valuations.

Country Delight

Beejapuri Dairy Pvt Ltd, the parent company of Country Delight, has commenced early-stage preparations for an IPO in India, according to a Mint report, which cited people familiar with the matter. 

The subscription-based dairy and fresh produce platform is weighing a listing within the next 12-18 months and aims to raise $200-300 million (Rs 1,903-2,855 crore).

The Temasek-backed company will begin informal discussions with investment bankers over the next one week to 10 days to select lead managers for the proposed share sale.

The move comes as the delivery platform seeks to capitalize on its subscription-led business model. While the timeline is set for the medium term, the specific structure of the offering remains under development as the company engages with potential advisors.

Megha Engineering

A key shareholder in Megha Engineering & Infrastructures Ltd is seeking to raise around $700 million from global private credit investors to fund a stake buyout, according to a Bloomberg report. 

PV Krishna Reddy, who owns 57% of the firm, intends to use the capital to buy out the 43% stake held by his uncle and executive chairman Pamireddy Pitchi Reddy.

According to the report, a consortium of lenders including Davidson Kempner Capital Management, Elham Credit Partners, and Varde Partners has begun preliminary work on the financing structure. 

If completed, the deal would rank among India’s largest private credit transactions this year and would be just under half the size of the $1.6 billion private credit financing raised by the Shapoorji Pallonji Group last month.

Yatharth Hospitals

Advent International and Blackstone-backed Aster DM Quality Care are negotiating to acquire a controlling stake in Yatharth Hospitals and Trauma Care Services, according to a report in The Economic Times, citing people familiar with the matter. 

Due diligence for the North India-focussed specialty hospital chain is reportedly nearing completion.

A successful deal would trigger a mandatory open offer for an additional 26% stake, potentially resulting in the acquirer owning more than three-fourths of the company.

However, Yatharth Hospitals denied any sale discussions, while Blackstone said it is not evaluating such a deal, according to the report. 

Separately, Yatharth continues to pursue a capacity expansion to 5,000 beds over the next three years across its facilities in Noida, Greater Noida, Jhansi-Orchha, and Faridabad. 

Life Insurance Corporation of India (LIC) may increase its stake in the National Stock Exchange (NSE) after the latter......

Grapevine: LIC, NSE, Country Delight, Yatharth Hospitals, others in news

Sembcorp’s India unit, Quest Global, and Yotta Data Services are preparing to go public while retailer Style Union is in talks with investors for a fundraise, according to various media reports. 

Sembcorp

Temasek-backed Sembcorp Industries Ltd is preparing to file for an initial public offering of its Indian unit, Sembcorp Green Infra Ltd, according to a Bloomberg report.

The Singapore-based company could raise as much as $500 million, with the renewable energy company plans to submit draft documents as early as this month, the report said, citing sources. 

Sembcorp is working with Axis Capital, HSBC, Citigroup, Kotak Mahindra Capital, ICICI Securities, and IIFL Capital Services on the proposed share sale, the report added.

This is Sembcorp Green Infra’s second attempt to go public. The company filed paperwork with India’s market regulator in 2018, but withdrew it a few months later after its parent company decided to inject additional equity capital into the Indian unit.

Quest Global

Quest Global Services has hired banks for an initial public offering in Mumbai that could raise as much as $1 billion, according to Bloomberg.

The Singapore-based engineering services firm has picked Axis Capital, Kotak Mahindra Capital, JM Financial, Morgan Stanley and Citigroup to advise on the share sale, the report said, citing sources.

The Carlyle-backed company is likely to file its prospectus by December, with the proposed IPO is expected to comprise a mix of new shares and stock sold by existing investors, Bloomberg said.

Carlyle acquired a significant minority stake in Quest Global in 2023 in a transaction that paved the exit of Bain Capital and Advent International. Hillhouse Investment Management acquired a minority stake in the company earlier this year through a deal that included a primary capital infusion and the purchase of shares from some existing shareholders.

Yotta Data Services

Data centre operator Yotta Data Services is preparing to file its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering in the coming months, according to media reports.

The Hiranandani Group-backed company is looking to raise around Rs 6,000-8,000 crore through the IPO, according to The Economic Times, citing sources. It has appointed Kotak Mahindra Capital, ICICI Securities and SBI Capital Markets as book-running lead managers for the issue, the report said. 

A separate report in Mint, citing Yotta co-founder and CEO Sunil Gupta, stated that the firm plans to raise most of the money from private equity investors before the IPO, which could raise up to $400 million.

According to this report, the Mumbai-based data centre company is targeting the fourth quarter for its IPO, subject to regulatory approval.

Style Union

Fast-fashion retailer Style Union is in discussions with investors to raise Rs 800 crore amid growth in the value retail market, as per a Mint report.

The company is in talks with investors, including Venturi Partners, Elev8 Venture Partners and several high-net-worth individuals, which could value the retailer at over Rs 7,000 crore, the report said, citing sources.  

Style Union, which is operated by Nexon Omniverse, was launched in 2022 by Rakesh Biyani and Ekta Biyani to make everyday fast-fashion for men, women, and children more affordable. It opened its first stores in Hyderabad and Bengaluru and has expanded to over 170 outlets in the past four years.

Sembcorp’s India unit, Quest Global, and Yotta Data Services are preparing to go public while retailer Style Union is ......

Grapevine: Sembcorp Green Infra, Quest Global, Yotta, Style Union in news

Warburg Pincus is set to buy cod liver oil maker Universal NutriScience; automotive components maker Pricol is looking to divest its smart mobility technology business; Steel Authority of India Ltd is looking to raise capital through a follow-on public offer; and AI startups MStack and Simplismart are in talks to raise funding, according to separate media reports. 

Warburg Pincus-Universal NutriScience

Private equity major Warburg Pincus has emerged as the frontrunner to acquire Universal NutriScience, the maker of cod liver oil capsule brand Seacod, according to The Economic Times.

Universal NutriScience is being valued at Rs 2,700-2,800 crore ($283-293 million) in the proposed deal amid growing private equity interest in supplement-focussed companies, the report said, citing people familiar with the matter.  

UNS' existing investors, including Kedaara Capital, the founding Tannan family and minority shareholders, will likely exit via the transaction. 

The deal would mark Warburg Pincus' fourth acquisition in India’s healthcare sector in as many months. 

Pricol 

Coimbatore-based automotive components maker Pricol Ltd plans to spin off its driver information and connected vehicle solutions (DICVS) business, according to a Mint report.

The unit has drawn interest from global private equity firms. US-headquartered Advent International and Sweden-based EQT are among the PE firms evaluating an investment in the listed company's demerged business, the report said, citing people familiar with the matter.

The proposed transaction is currently undergoing due diligence. A capital raise will help the company’s inorganic expansion plans, with the deal potentially valuing the business at around Rs 5,000 crore.

Veda Capital Advisors is advising Pricol’s promoters on the transaction. 

Steel Authority of India

Steel Authority of India Ltd (SAIL) is seeking to raise capital through a fresh share sale as the public sector steelmaker looks to fund its expansion plans, according to a Moneycontrol report. 

SAIL has approached the finance ministry's Department of Investment and Public Asset Management (DIPAM) for a 5% follow-on public offer (FPO) this fiscal year, the report said, citing people familiar with the matter.

The company seeks to raise expansion capital through the FPO route, unlike an offer-for-sale (OFS), in which proceeds go to the government. 

MStack 

MStack AI is in advanced talks to raise at least $30 million (Rs 285 crore) in a fresh funding round from new and existing investors, according to a Moneycontrol report.

The AI-native chemical research and development (R&D) and manufacturing startup is being valued at around $230 million pre-money in the talks, the report said, citing people familiar with the matter. 

Existing investors Alpha Wave and Lightspeed are likely to contribute a significant portion of the round, while Prosperity7 Ventures is in talks to join as a new investor with a smaller cheque, the report said.

The round size could increase to $40-50 million as discussions with investors progress and interest in the company firms up. MStack’s post-money valuation could be between $260 million and $280 million, the report added.

Simplismart 

Generative AI startup Simplismart is looking to raise $50 million in a fresh round and is in talks with Peak XV Partners for a likely investment of around $30 million, according to a Moneycontrol report. 

Chip giant Nvidia is also in talks with the company and could participate in the round, the report said, citing people familiar with the matter. 

Accel, Dallas Venture Capital, Shastra VC and others are expected to contribute the remaining capital for the planned $50 million round, according to the report.

Simplismart is being valued at around $120-140 million as negotiations continue, the report said. 

Warburg Pincus is set to buy cod liver oil maker Universal NutriScience; automotive components maker Pricol is looking ......

Grapevine: Warburg Pincus, Universal NutriScience, Pricol, Peak XV, others in news

Nitesh Kumar

​Global private equity firm Advent International is exploring a sale of portfolio company DFM Foods while Deloitte has witnessed the exit of several senior executives in recent weeks amid an influx of dealmakers from rival firms. Separately, energy storage startup Cygni Energy is set to raise fresh capital and stockbroking platform Dhan is looking to acquire wealthtech startup Infinyte Club, according to separate media reports.

Advent International

The PE firm is exploring a sale of DFM Foods, more than six years after investing in the Mumbai-based packaged snacks maker, Moneycontrol reported, citing people  aware of the matter.

Advent has initiated exit discussions and held preliminary pitch meetings with investment banks, with sell-side advisors expected to be appointed shortly. The firm may divest its majority stake and is targeting a valuation in the range of $500 million to $800 million, though the process is still at an early stage, per the report. 

Deloitte 

Deloitte has seen the exit of several senior executives in recent weeks amid an influx of dealmakers from rival firms. The development has reshaped its mergers and acquisitions advisory business, The Economic Times reported, citing people aware of the matter.

Executives who have quit include Rajesh Aggarwal, head of debt advisory; Ruchi Sarna, national head of consumer investment banking; and Suresh Atal, a senior partner in transaction advisory, per the report.

Aggarwal and Atal are likely to join PwC, while Sarna is also expected to move to a rival firm, the report added. 

Meridian Global Ventures

Energy storage startup Cygni Energy is set to raise Rs 60 crore (around $6.4 million) from existing investor Meridian Global Ventures, Entrackr reported, citing a regulatory filing. This marks the company’s first significant capital infusion in nearly four years. 

The funds will be deployed to support Cygni Energy’s expansion plans, including scaling its battery energy storage solutions and deepening its presence in the clean energy ecosystem, per the report. 

Dhan 

Raise Fintech Ventures, the parent of stockbroking platform Dhan, is set to acquire wealthtech startup Infinyte Club, Entrackr reported, citing people aware of the matter.

The deal will be a 100% buyout, with Infinyte Club co-founder Ankita Tandon slated to lead Raise Financial’s wealth management vertical, per the report.​

​Global private equity firm Advent International is exploring a sale of portfolio company DFM Foods while Deloitte has......

Grapevine: Advent, Deloitte, Dhan, Meridian Global in news

Potato flakes and frozen food manufacturer Iscon Balaji Foods is in talks to raise fresh funding, while Aavishkaar Capital has led a round in voice-first generative AI startup Gnani.ai, according to separate media reports. 

Meanwhile, Vedanta is set to split into five listed companies early next month as part of a years-long restructuring programme aimed at reducing debt

Iscon Balaji Foods, Advent International

Global private equity firm Advent International is in early-stage talks to acquire a minority stake in potato processor and exporter Iscon Balaji Foods (IBF), Mint reported, citing people familiar with the matter.

Advent is exploring the acquisition of around a 25% stake at an enterprise valuation of approximately Rs 5,000 crore ($528 million), according to the report. Talks remain at the preliminary stage. 

IBF has attracted interest from multiple private equity investors following a capital infusion by 360 ONE Asset earlier this year. 

Last year, VCCircle reported that ChrysCapital, Kedaara Capital and Motilal Oswal Alternates were among the potential suitors, with Mumbai-based 360 ONE Asset Management also evaluating an investment.

Gnani.ai, Aavishkaar Capital

Voice-first generative AI startup Gnani.ai has raised Rs 68 crore (about $7.2 million) in a funding round led by Aavishkaar Capital, Entrackr reported, citing a regulatory filing.

The company plans to use the proceeds to scale its voice AI platform, strengthen product capabilities, and accelerate enterprise expansion across domestic and overseas markets, according to the report.

Vedanta

Vedanta will split into five listed entities early next month under a long-running restructuring plan aimed at reducing debt, the Financial Times reported, citing Chairman Anil Agarwal. A tribunal approved the conglomerate's demerger plan in December.

Post restructuring, the company will operate as Vedanta Ltd, housing the base metals business. Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy will be the four other companies.

The combined market capitalization of the five companies is likely to be much higher than the conglomerate's current $27 billion, the report said, citing Agarwal. A private parent company controlled by him will retain about half of the shares in each of the new entities, Agarwal added.

Potato flakes and frozen food manufacturer Iscon Balaji Foods is in talks to raise fresh funding, while Aavishkaar ......

Grapevine: Advent International, Aavishkaar Capital, Vedanta, others in news

Generic drugmaker Leeford Healthcare is in advanced talks with Creador to sell a minority stake; Neo Group plans to bring in an Ambit executive to lead its investment banking business; and commercial insurance broker Prudent Insurance Brokers gears up for an initial public offering, according to separate media reports. 

Leeford Healthcare

Creador is in advanced talks to acquire about a 10% stake in Ludhiana-based Leeford Healthcare, according to The Economic Times. 

The Kuala Lumpur-based private equity firm is expected to invest around Rs 800 crore (around $84 million) in Leeford, valuing the generic drugmaker at Rs 8,000 crore to Rs 8,500 crore (around $900 million), according to the report, which cited sources. 

Set up in 2006 and promoted by Jiwan Lal Gupta, Leeford Healthcare is a diversified pharmaceutical and wellness company with a portfolio of more than 2,000 products across prescription medicines, generic formulations, nutraceuticals, personal care and specialty therapies.

Neo Group

Wealth and asset management platform Neo Group has appointed veteran investment banker Vikas Khattar to build and lead its investment banking business, according to a Mint report citing sources.

Khattar currently is the co-head of investment banking and head of equity capital markets (ECM) and the financial services group at Ambit Capital. He will be brought in to build the Peak XV Partners backed company's merchant banking business from the bottom up, the report added.

Khattar is an alumnus of BITS Pilani and IIM Calcutta. He has over three decades of experience across DSP Merrill Lynch, Citibank, Morgan Stanley, HSBC, Jefferies and Ambit.

Prudent Insurance Brokers

Prudent Insurance Brokers has begun laying the groundwork for an IPO, according to a Moneycontrol interview with the company's joint managing director Pavanjit Singh Dhingra, who added that the insurance broker will tap the public markets when the timing is right.

The company has already reached the scale required for a listing, according to Moneycontrol, which quoted Dhingra, The company expects revenue to rise to around Rs 800 crore in FY27, up from about Rs 650 crore in the previous fiscal, the report added.

Cello World

US buyout firm Bain Capital is leading discussions to acquire a controlling stake in Cello World from its promoters, according to a Mint report.

The promoters, who currently own 75% of the listed consumerware company, are being advised by Kotak's investment banking arm for the deal is pegged at over Rs 3,000 crore (around $314.4 million), the report said, citing sources.

According to media reports in March, Cello World held preliminary sale discussions with funds including Kedaara Capital, Blackstone, Temasek, Advent International and Amundi's private equity arm.

Generic drugmaker Leeford Healthcare is in advanced talks with Creador to sell a minority stake; Neo Group plans to ......

Grapevine: Leeford, Creador, Neo Group, Ambit Capital in news

Private equity firms Warburg Pincus and ChrysCapital have emerged as the frontrunners to acquire a majority stake in a Kedaara Capital-backed company, while precision manufacturing firm Rabwin Industries has attracted interest from several PE firms, with several firms shortlisted for the next stage of the process to acquire a majority stake, according to media reports.

Meanwhile, NSE and Jio Platforms are set to launch their public issues by September, and Shiprocket is expected to launch its initial public offering (IPO) shortly.

Further, Cloudnine's stake sale race has narrowed to two private equity firms, and the International Finance Corporation (IFC), the World Bank Group’s private sector investment arm, is in talks to invest in a genetic testing firm, according to separate media reports.

Universal NutriScience

Warburg Pincus and ChrysCapital have emerged as the frontrunners to acquire a majority stake in Kedaara Capital-backed Universal NutriScience, with talks entering the final stages, according to a Moneycontrol report. 

The US-based private equity major and the homegrown buyout firm are the leading contenders for the proposed transaction. Both firms are open to platform plays in the pharmaceutical and healthcare space, making the deal a strategic fit, the report said, citing people familiar with the matter.

Moneycontrol had previously reported that British consumer healthcare firm Haleon and a clutch of PE players, including Warburg Pincus, ChrysCapital and Goldman Sachs Private Equity, had been shortlisted for the next stage of the sale process.

Rabwin Industries

Precision manufacturing firm Rabwin Industries has attracted strong interest from PE investors, with several firms shortlisted for the next stage of the process to acquire a majority stake, according to a Moneycontrol report. 

Blackstone, ChrysCapital and Platinum Equity have been shortlisted after submitting initial bids for a majority stake in the Coimbatore-based company, the report said, citing people familiar with the matter.  

Due diligence on the proposed transaction is expected to begin soon. The report added that Kedaara Capital may also have made the shortlist, given its strong interest in the company. 

According to Moneycontrol, Rabwin’s promoters are looking to cede control and are expecting a valuation of around $240-250 million. Discussions are ongoing, and details of the proposed transaction, including the size and structure, could change.

NSE, Jio

National Stock Exchange of India Ltd (NSE) and Reliance Industries' Jio Platforms are set to launch their IPOs in September as a host of companies prepare to tap the capital markets in the second half of the year, Mint reported, citing industry executives and bankers.  

Both NSE and Jio Platforms filed their draft papers in June to raise around Rs 30,000-31,500 crore and Rs 37,000-37,700 crore, respectively.

Cloudnine

The race to acquire a significant minority stake in maternity and pediatric hospital operator Cloudnine has narrowed to two investors, The Economic Times reported. 

Global private equity firms TPG Capital and Permira have emerged as the frontrunners. The proposed deal is expected to value the company at around Rs 11,000 crore ($1.15 billion), the report said, citing people familiar with the matter. The report added that due diligence has been completed and binding bids are expected by mid-August. 

Last month, VCCircle reported that British private equity firm Permira and US-based investors KKR and TPG had emerged as the frontrunners, while Advent International had dropped out of the race.

Shiprocket 

Shiprocket is expected to launch its IPO within a week or two at a valuation of about Rs 7,000 crore, The Economic Times reported, citing people familiar with the matter.

The Gurugram-based company is likely to be valued about 30% below its last private funding round, when it was valued at around Rs 10,000 crore after raising capital from US conglomerate Koch Group, Japan-based MUFG Bank, Silicon Valley-based Tribe Capital, Susquehanna International Group, and Huddle Ventures in December 2024, the report said. 

While the lower valuation reflects tepid market conditions, it has helped Shiprocket to attract some of the largest mutual funds and institutional investors to participate in its anchor book, according to the report. The company is also expected to file an updated prospectus with revised financials before launching the offering.

IFC-Datar Cancer Genetics

The IFC is in talks to invest in genetics testing company Datar Cancer Genetics, according to a DealStreetAsia report. 

Datar Cancer Genetics is an oncology company specialising in genetic testing and molecular diagnostics services, the report said. According to its website, Datar Cancer has developed a range of non-invasive blood tests that provide personalised insights to help guide cancer treatment. Rajan Datar is the company’s promoter.

NSE and Jio Platforms are set to launch their public issues by September, while Shiprocket is expected to launch its ......

Grapevine: Warburg Pincus, ChrysCapital, TPG, Permira, IFC in news

Hillhouse Investment Management is set to pick up a stake in engineering services firm Quest Global, while Actis LLP has re‑entered the race to acquire Sprng Energy from Shell. 

Meanwhile, Ajanta Pharma’s promoter group is evaluating financing of up to Rs 2,000 crore ($220 million) to back its bid for a controlling stake in Restaurant Brands Asia. 

In other developments, CVC Capital Partners, Advent International, Carlyle and Temasek are among the PE firms evaluating the purchase of EQT Partners’ 40% stake in healthtech firm CitiusTech. Further, Olyv has raised fresh funding in its Series C round led by Fundamentum, according to separate media reports.

Hillhouse, Temasek, Quest Global

Hillhouse Investment Management is set to pick up about 5% stake in engineering services firm Quest Global at a valuation of roughly $4.5 billion, edging out rival bidder Temasek, The Economic Times reported, citing people aware of the development.

Hillhouse has reportedly moved faster and shown greater urgency in negotiations, giving it an advantage despite both bidders offering comparable terms. The deal, part of Quest Global’s pre‑IPO round, will involve a mix of primary capital infusion and secondary share purchases from early angels and HNI investors, as per the report.

Sprng Energy, Actis

Actis LLP has re‑entered the race to acquire Sprng Energy from Shell, making a surprise bid to buy back the clean‑energy platform it founded and sold to the oil major in 2022, The Economic Times reported, citing people aware of the development.

The PE firm has begun due diligence after being shortlisted alongside Aditya Birla Group, KKR and NIIF. Final bids are due by end‑March, with Sprng likely to fetch $1.8-2 billion, higher than the $1.55 billion Shell paid earlier. Actis was brought into the process after Singapore-based Sembcorp took longer to firm up its offer, per the report.

Ajanta Pharma, Restaurant Brands Asia

Ajanta Pharma’s promoter group is evaluating financing of up to Rs 2,000 crore to back its bid for a controlling stake in Restaurant Brands Asia (RBA), the operator of Burger King in India and Indonesia, The Economic Times reported, citing people aware of the matter.

The move would mark the drugmaker’s entry into the fast‑growing QSR space.

The promoters are exploring a mix of promoter‑level borrowings and debt at the operating company to raise the required capital. The structure is still being firmed up, and no lender has been formally mandated yet. Barclays and Standard Chartered have been approached for potential funding, though discussions are at an early stage, per the report.

CVC Capital Partners, Advent, Carlyle, Temasek

CVC Capital Partners, Advent International, Carlyle and Temasek are among the private equity firms evaluating the purchase of EQT Partners’ 40% stake in healthtech firm CitiusTech in a potential $1 billion transaction, Mint reported, citing people aware of the matter.

Ontario Teachers’ Pension Plan (OTPP) and Blackstone are also assessing the company, two of the people said, adding that JP Morgan is running the sale process.

The deal remains at an early stage, with contours still being shaped, per the report.

Olyv, Fundamentum

Olyv, formerly SmartCoin, has raised Rs 207 crore ($23 million) in its Series C round led by Fundamentum Partnership Fund, with SMBC Asia also participating, Entrackr reported, citing a regulatory filing.

Fundamentum invested Rs 120 crore, while SMBC Asia Rising Fund put in Rs 87.5 crore. The company plans to use the funds for general corporate purposes. Post the round, Lightrock remains the largest external shareholder with 22.43%. Fundamentum now holds 11.48%, while SMBC Asia Rising Fund and 01VC Poseidon Fund own 8.37% and 4.95%, respectively. Co‑founders Rohit Garg, Jayant Upadhyay, Vinay Kumar Singh and Amit Chandel together retain 28.48%, as per the report.

Hillhouse Investment Management is set to pick up a stake in engineering services firm Quest Global, while Actis LLP has......

Grapevine: Hillhouse, Temasek, CVC Capital, Advent, Carlyle, others in news

VC_Desk_Section_Masthead

VC_Desk_Section_A_300x250

VC_Desk_Section_B_300x250

VC_Desk_Section_C_300x250

VC_Desk_Section_D_300x250

VC_Desk_Section_E_300x250

VC_Desk_Section_A_Skyscraper

VC_Desk_Section_B_Skyscraper

VC_Desk_Section_A_Billboard

VC_Desk_Section_B_Billboard

VC_Desk_Section_C_Billboard

VC_Desk_Section_D_Billboard

VC_Desk_Section_E_Billboard

VC_Desk_Section_Footer

Water infrastructure startup DigitalPaani, fabric care firm Iztri, and beverage brands Sorry Sugar and Marmalade have ......

DigitalPaani, Iztri, Sorry Sugar, Marmalade net early-stage cheques

Jio Platforms is set to begin investor outreach for its proposed public issue, while Indian renewable companies have ......

Grapevine: Jio, Brookfield, Pernod Ricard, Sugar Cosmetics, others in news

Swet Sarika

Infrastructure

US-based real estate investment and development firm Tishman Speyer has appointed a new India chief after the departure ......

US real estate developer Tishman Speyer gets new India head

TEAM VCC

Manufacturing

Motilal Oswal Alternates (MO Alts), the alternative investment arm of the Motilal Oswal Group, which raised a new ......

Motilal Oswal Alts makes sixth portfolio exit move this year

Insights Focus

 



 



The recognition highlights the RBI-registered NBFC's efforts to build a workplace anchored in ......

Monedo Financial Services Recognised as a Great Place to Work®

Malvika Maloo

Consumer

Private equity investor Madison India Capital is set to score spectacular returns on its investment in a direct-to-......