Harsh Batra
You may have noticed some recurring names followed by big numbers in Teaser India last month. Sun Pharmaceuticals moving in New York, Tata Motors‘ acquisition of Turin-based vehicle maker Iveco, Coforge‘s $2.35bn purchase of Silicon Valley-based Encora. What these deals have in common is that they are all part of a global buying spree led by Indian companies.
This happened before, 20 years ago. But BBC consulted several analysts, and their reading is that the motivation is now different: growing disaffection with the domestic business environment, better diversification and capability-building opportunities abroad.
Where is Indian money going next? Check out some of the moves in this week’s highlights:
- After Adani Group won Jaiprakash Associates under insolvency, Dalmia Bharat signed a fresh ₹2,850 crore BTA for Jaiprakash’s cement business, adding 5.2 MTPA of cement capacity across Madhya Pradesh and Uttar Pradesh.
- LTIMindtree moved to acquire Randstad’s technology and consulting services businesses across Europe and Australia, in a €160m deal covering operations in France, Germany, Belgium, Luxembourg and Australia.
- Anupam Rasayan agreed to acquire a 43.3% stake in Bliss GVS Pharma for ₹1,369.51 crore, triggering an open offer that could take the company deeper into pharma formulations.
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Rumour mill
- Grant Thornton data shows 162 Indian companies spent more than $18bn on outbound acquisitions in 2025, a 34% rise on the prior year. Sector watchers expect the appetite for cross-border dealmaking to hold through 2026.
- Bharti Enterprises is weighing an increase in its BT stake to as much as 29.9%, sitting just below the 30% threshold that would trigger a mandatory takeover offer. The Sunil Bharti Mittal group, which already holds 24.95% and joined the BT board in September, is seeking UK government clearance and says it has no plans to bid for the whole company.
- Emirates NBD has firmed up the terms of its open offer for 26% of RBL Bank. The Dubai lender will buy 41.56 crore shares from public investors at Rs 282.38 each, a base price of Rs 280 plus accrued interest, valuing the offer at Rs 11,735 crore.
- Peak XV Partners is in talks to back Bengaluru-based space intelligence firm Ulook, which builds autonomous satellite swarms for radio-frequency sensing and spectrum awareness. The startup raised Rs 19 crore in seed funding from growX and InfoEdge Ventures in late 2025 and is targeting its first satellite swarm launch within 12 to 18 months.
IPOs
- Kent RO Systems has shelved its IPO for at least a year, with chairman Mahesh Gupta citing market volatility from the Middle East conflict. The water-purifier maker, which secured Sebi clearance last June for an offer for sale, faces no immediate pressure to list as it has no foreign shareholders. Revenue rose to about Rs 1,400 crore in FY26.
- Bain Capital-backed Dhoot Transmission has filed updated IPO papers with Sebi.
- India’s market regulator Sebi has proposed changes to price discovery rules for IPO listings.
Fundraising
- StrainX Bioworks has emerged from stealth with a $13m round co-led by Prime Venture Partners and Leo Capital, one of the largest early-stage tickets in Indian biotech. The Bengaluru synthetic biology firm, founded by two IIT Delhi alumni, runs precision fermentation at 10,000-litre scale and is building toward 100,000-litre operations for alternative proteins and high-value ingredients.
- Travel fintech Scapia has raised $63m led by General Catalyst, with Peak XV and Z47 returning. The round more than doubles its valuation to over $500m in a year. The Bengaluru firm runs co-branded travel credit cards with Federal Bank and BOBCARD.
- K Hospitality Corp, operator of Copper Chimney, has floated a $21m venture fund, with coffee chain abcoffee as its first bet. abcoffee raised Rs 61 crore in a pre-Series B round led by Kliff Ventures.
- Cyient Semiconductors has raised $30m from Edelweiss at a $500m valuation, with parent Cyient’s board separately approving a Rs 300 crore raise for the subsidiary.
- Cashfree Payments is planning a funding round of more than $100m in FY27.
- SolarSquare is in talks to raise up to $60m as VC interest in India’s rooftop solar sector intensifies.
- Sundaram Alternates has closed its fifth real estate credit fund at $259m.
- Belrise Industries’ board has approved a plan to raise Rs 2,000 crore via QIP.
- Blue Jet Healthcare is to raise Rs 1,000 crore via QIP after Q4 profit hit Rs 110 crore.
- Yes Madam has raised Rs 50 crore in Series A led by Info Edge.
- Creator economy firm TIST Media has raised a seed round led by Sthira Partners.
- IRFC gained 3% on a Rs 13,527 crore Hyderabad Metro Rail refinancing deal.
- Greater Pacific Capital has named Nandan Desai sole India head following the departure of its co-head.
