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Deals RoundUp :- Edelweiss, Encube Ethicals, Jabong, Snapdeal, TR Capital, Infoline Finance, Craft Beer Bira, Synergy Kitchens & Hospitality, Flipkart, Freshdesk and Sequoia Capital

Hong Kong-based private equity (PE) firm TR Capital Partners LLC is close to investing about $10 million in B9 Beverages Pvt. Ltd, maker of the popular Bira 91 craft beer.

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Edelweiss Plans To Set Up Stressed Asset Fund With Corpus Of Up To $1B

Edelweiss Financial Services Ltd plans to launch a distressed asset fund with a corpus ranging between $750 million and $1 billion, joining a raft of potential investors in troubled corporate assets that are up for sale. It will be one of the largest fund-raises attempted by an Indian financial services firm to invest in distressed assets.

“We are looking at launching a distressed asset fund; this is our second international fund and it is expected to be of nearly $750 million-$1 billion. We are expecting to do a first close in October-November time frame,” said Venkat Ramaswamy, executive director at Edelweiss Financial Services, as quoted by DealStreetAsia.

“We are looking at launching a distressed asset fund; this is our second international fund and it is expected to be of nearly $750 million-$1 billion. We are expecting to do a first close in October-November time frame,” said Venkat Ramaswamy, executive director at Edelweiss Financial Services.

PE Firm Multiples In Talks To Invest $41M in Encube Ethicals

Mumbai-based Encube Ethicals Pvt. Ltd is in advanced talks with Renuka Ramnath-led private equity firm Multiples Alternate Asset Management Pvt. Ltd to raise around Rs.275 crore (approximately $41 million), said two people aware of the developments.

“The transaction has been in the works for a couple of months now and the talks are at an advanced stage. The deal is expected to be closed shortly,” said the concerned person, as per DealStreetAsia report.

Encube Ethicals is a contract development and manufacturing firm for topical semi-solid formulations such as gels and ointments. The company serves pharma and cosmetic companies in the US, Europe and India. It was founded by Mehul Shah in 1998.

Jabong Shifts To Marketplace Model Ahead Of Potential Sale To Snapdeal

Online fashion retailer Jabong.com is shifting from an inventory-led model to a marketplace model as it aims to comply with rules on foreign investment ahead of a potential sale to e-commerce firm Snapdeal.com, said the concerned people.

Xerion Retail, which has been selling most of the goods on Jabong till last week, has now made space for three more vendors: Bren Trading Pvt. Ltd, Ravenna Fashion Pvt. Ltd and Wearhouse Products Pvt. Ltd.

Global Fashion Group, which owns Jabong, is in advanced discussions with Softbank-backed Snapdeal to sell the online fashion retailer. The deal is estimated to be around $50-75 million largely in cash, which would allow existing investors Rocket Internet and Kinnevik AB to exit Jabong, as quoted by DealStreetAsia.

HK Fund TR Capital In Talks To Buy Craft Beer

Hong Kong-based private equity (PE) firm TR Capital Partners LLC is close to investing about $10 million in B9 Beverages Pvt. Ltd, maker of the popular Bira 91 craft beer.

TR Capital has been in talks with B9 Beverages to buy a minority stake in the company, which intends to use the money to fund the expansion of Bira 91 to new markets both at home and overseas, one of the two persons said on condition of anonymity. B9 Beverages had hired KPMG to find a PE investor, said the concerned people, as quoted by DealStreetAsia.

Founded in 2015 by Ankur Jain, founder and chief executive officer, B9 Beverages has angel investors on board such as Snapdeal founders Kunal Bahl and Rohit Bansal, Zomato founder Deepinder Goyal and ChrysCapital co-founder Ashish Dhawan.Silicon Valley venture capital firm Sequoia Capital invested $6 million in Bira in January.

India Infoline Finance Raises $148M From UK Govt-Backed CDC Group

Financial services firm IIFL Holdings Ltd on Wednesday said CDC Group Plc, the development finance institution owned by the UK government, will invest about Rs.1,000 crore in its unit India Infoline Finance Ltd (IIFL Finance).

CDC’s investment will help the IIFL Group expand its financing business and address the capital needs of underserved segments, it said in a release.

“CDC was the first private equity investor in IIFL during our start-up phase in 1999. We are excited to have them back as a partner. IIFL’s strategy of focussing on small ticket retail credit to underserved geographies and segments resonates with CDC’s investment objectives,” said Nirmal Jain, founder of IIFL Group.

The proposed investment is by way of compulsorily convertible preference shares which on conversion will result in about 15% equity stake for CDC in IIFL Finance on a fully diluted basis. The proposed transaction is subject to necessary regulatory approvals as quoted by DealStreetAsia

SEAF Invests In Synergy Kitchens and Hospitality, Completes Fund Deployment


SEAF India Investment Advisors (SIIA) has invested between $2 million and $5 million in Kolkata-based Synergy Kitchens & Hospitality, which operates food and facility brand Rozzana.

The investment was confirmed by a company source. This investment is the ninth and final from SEAF India Agribusiness International Fund, which along with its sister SEAF India Agribusiness Fund, had a cumulative corpus of $42 million as quoted by DealStreetAsia

Rozzana operates on-site and offsite central kitchens for the healthcare industry, including Narayana Hrudayalaya and Fortis Hospitals, and other corporations such as Tata Consultancy Services, India’s largest software firm, and Jindal Steel and Power.

It also operates bakeries for its clients. The parent company was founded by Cecil Antony and his brother Francis in 1991.

Flipkart To Launch Digital Wallet Soon, to Invest $100M Over 3 Yrs

Flipkart will launch a digital wallet to build an independent digital payments business. For the same, it plans to invest over $100 million, in the next three years.

The project will be led by PhonePe, a mobile payment app that was acquired in April 2016 by Flipkart for an undisclosed amount. Under the terms of acquisition, PhonePe team moved to Flipkart but continued function as an independent business unit.

The digital wallet will reportedly be ready to use in the coming weeks. It is expected to reduce Flipkart’s dependency on cash transactions. The product will be built on the government-approved technology platform — Unified Payments Interface.

Freshdesk May Get $60M from Sequoia Capital & Others


Chennai-based Freshdesk, a cloud-based customer support platform, is close to snagging around $60 million in a fresh funding round which will value the five-year-old company at $600 million, as per TOI report.

Silicon Valley venture fund Sequoia Capital and Government of Singapore's investment vehicle, Temasek, are likely to participate in this latest financing round, signalling the growing interest of risk investors in businesses software product businesses.



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