Bottomline: NIIF-controlled Ayana loses momentum as revenue growth slows, profit slumps
The financial year 2023-24 was not a particularly fruitful one for green energy company Ayana Renewable Power Pvt Ltd as it recorded a decline in its net profit and a slowdown in revenue growth. Ayana, which is 51% owned by the Indian government-backed National Investment and Infrastructure Fund (NIIF) and counts ......
Blume-backed Optimo Loan may tap new international investor in fresh fundraise
Small business-focused lending startup Optimo Loan, which was launched by Easemytrip’s co-founder Prashant Pitti and is backed by venture capital firms Blume Ventures and Omnivore, is planning a second round of fundraising with a new investor also set to join its cap table, a person familiar with the matter said. The ......
MENA Digest: UAE’s SaaS startup Seez leads funding activity this week
UAE-based automotive SaaS startup Seez led fundraising activity in the Middle East and North Africa (MENA) region this week, as it secured growth capital funding from several international investors to expedite its geographical expansion plans. Besides, Algerian ed-tech startup LabLabee and Saudi vacation property rental startup Darent secured seed funding, ......
Exclusive: Temasek invests in another Indian ed-tech company
Singapore state investment firm Temasek Holdings, which is on the cap table of Indian education technology unicorns UpGrad and Unacademy, has quietly added another local edtech company to its portfolio via a small-ticket deal in an unusual transaction. The investment firm that operates like a private equity firm and operates independently ......
Xponentia-backed The Souled Store back to profit as product mix, lesser marketing spends pay off
Direct-to-consumer pop-culture apparel brand The Souled Store, which is backed by venture capital firm Elevation Capital and growth-stage investor Xponentia Capital Partners, bounced back into the black for FY24, a senior executive told VCCircle. The Mumbai-based company's net profit likely jumped to Rs 10-15 crore in 2023-24, compared with a loss of ......
EQT-backed CitiusTech plans return to M&A street for European expansion
Healthtech firm CitiusTech is looking at possible acquisition targets to expand its business in Europe, as the company that counts Swedish private equity firm EQT as an investor returns to M&A street after a two-year gap. CitiusTech acquired one company each in 2020, 2021 and 2022 but went quiet thereafter as ......
Searchlight: Aurobindo Pharma promoters-owned Axis Clinicals faces headwinds
Hyderabad-based contract research organization (CRO) Axis Clinicals Ltd, which is owned by the promoters of drugmaker Aurobindo Pharma Ltd, has reported a drop in revenue for the year ended March 2024, continuing the downward trend for a second year in a row, VCCircle has gathered. The clinical research service provider’s consolidated ......
Lighthouse-backed footwear maker Aqualite in talks for fresh PE funding
Footwear maker Aqualite Industries Pvt. Ltd, which counts mid-market private equity firm Lighthouse Funds as an investor, is planning to raise a fresh round of equity funding, a person aware of the development told VCCircle. The Delhi-based company is in the early stages of discussions with a new set of PE ......
Exclusive: Micro Labs set to acquire Nigerian generics company
Bengaluru-based pharmaceuticals firm Micro Labs Ltd, one of the largest privately held pharma companies in India, is close to acquiring a Nigerian pharmaceuticals company, in what could be its second inorganic move in eight years, VCCircle has learnt. The pharmaceutical formulations maker and distributor, which earlier sold its subsidiary RA Chem Pharma to ......
Bottomline: PE-owned HDFC Credila's FY24 profit jumps as loan growth sustains
HDFC Credila Financial Services, which recently came under private equity ownership, has sustained the pace of its assets under management growth during the last fiscal year. After clocking over 70% growth in FY23, the outstanding loan assets of the education financier rose 84% year-on-year (y-o-y) to Rs 28,187 crore as on ......
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