Harsh Batra
Just one of six foreign-based companies that have listed their Indian units in Mumbai since 2024 raised new funds, with all the others structured purely as secondary offerings, which together account for nearly $5 billion.
The analysis published by Reuters points to a striking insight: sky-high stock valuations have drawn several businesses to list in recent years, but the money is not staying in the country. Even with the market turbulence that began this year, a record $26 billion worth of IPOs are still awaiting approval, according to regulatory data.
Foreign interest is not limited to the capital markets. Kaustubh Kulkarni, co-head of investment banking coverage for Asia at Citi, told MoneyControl that outbound M&A should remain buoyant. He notes that global PE firms are still eyeing the country with appetite, particularly in the financial services, healthcare, hospitals, consumer and energy transition sectors.
“MNCs have built firms at scale. Those businesses have a very relevant and successful India-oriented business model and are operating at scale with excellent profits,” Kulkarni said.
Check out some sparks of this momentum in this week’s deal highlights:
- SAIC Motor is set to sell a further 10% stake in JSW MG Motor India to JSW Group, in a move that would make the Indian conglomerate the carmaker’s largest individual shareholder with a 45% holding. SAIC is still expected to support the business, including through a reported ₹6 billion reinvestment, as JSW MG Motor pushes to expand its electric and hybrid vehicle portfolio.
- Ingredion has agreed to invest around ₹198 crore in Sanstar through a preferential allotment and establish a 70:30 joint venture with the Indian company, creating an inbound strategic partnership focused on speciality pharmaceutical excipients and higher-value food and ingredient solutions.
- Wipro will acquire an additional 20% stake in US-based insurtech firm Aggne Global for US$28.5 million, increasing its ownership to 80% and deepening its bet on insurance-focused technology services.
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Rumour mill
- Online PSB Loans is in advanced negotiations to sell a 7% stake to AvenuesAI. The term sheet has been signed and both companies will soon begin working towards closing.
- Lupin Limited is pivoting from a pure-play generic focus towards high-margin specialty assets, readying a $2 billion war chest for specialty acquisitions, specifically targeting ophthalmology and respiratory segments in Europe and the US, while maintaining a strict net-debt-to-EBITDA threshold of 2.0x.
- Travel portal Yatra Online’s founders have opened discussions to sell a controlling stake. Feelers have been sent to a competitor and other potential buyers, and there are already some candidates. Companies such as MakeMyTrip, Paytm Travel, Rapido, Ixigo and a private equity fund have already shown interest in the asset.
- District is looking for acquisition opportunities. The company is eyeing businesses that would allow it to better capture the momentum of the rise in amateur and recreational sports among urban consumers.
Fundraising
- C2i Semiconductors extends Series A to $16.7M with TDK Ventures
- HDFC Capital ropes in Development Bank of Japan as LP
- India’s CredAvenue hits unicorn status with $137M Series B
- Indian wealthtech Centricity secures $20M seed
- Tiea Connectors raises INR 77cr Series A led by IvyCap Ventures
- SMT raises INR 230cr (Morgan Stanley PE Asia)
- Waaree Energies planning to hire banks for $700M share sale
- Amazon-backed Indian BNPL firm Capital Float raises $50m
- Aquapulse raises INR 45cr for tech-led shrimp farming
- Avaada secures $950m from global and domestic banks
- KRN Heat Exchanger mops up INR 350cr from QIBs
