Author
Harsh Batra
Harsh Batra
Q2 is closing as busy as it ran. This week we tracked 32 M&A and stake transactions, carrying around $5.2bn in disclosed value. There were 18 domestic deals against 10 inbound and four outbound.
In the capital markets, the sell-side tone seems to persist. But things changed. SpaceX‘s listing on the Nasdaq might have drained a lot of capital in MENA, but in India the comeback came earlier. The good news begins with the Nifty adding 1.65% across the five sessions and reclaiming the 24,000 mark, with banks and IT leading, as crude eased on improved traffic through the Strait of Hormuz and an India-US trade deal moved within reach.
The clearest vote of confidence came from the issuers. Jio Platforms filed its draft prospectus on 19 June for an IPO of about $3.8bn, which would top Hyundai Motor India‘s $3.3bn listing to become the largest the country has seen, with the bulk of the proceeds earmarked to clear debt at its telecom unit. And there’s more to come, with the National Stock Exchange filling the same week. Good tides coming?
This week, the deal highlights are:
- Bharti Airtel raised its stake in Airtel Africa to about 79% through a share-swap worth roughly INR 28,200 crore, consolidating its exposure to a significant pan-African telecom platform with no immediate cash outlay.
- Meta agreed to invest $900m in CRED at a valuation of around $4.5bn, in one of the largest strategic minority investments in Indian fintech and consumer internet in recent memory.
- In D2C, L’Oréal signed an agreement to acquire a majority stake in Innovist, owner of Bare Anatomy and Chemist at Play, with the right to buy out minority holders in full over time; the brands move into L’Oréal‘s Consumer Products division, with the founders and team staying on to run the business and closing expected in the coming months, subject to regulatory approval.
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Enjoy the read.
Deals Tracker
Rumour mill
- ONGC is eyeing expansion in Latin America. The company is in talks with Venezuela’s state-owned PDVSA to buy a portion or all of its stakes in two oilfields in the country, and is seeking US approval for the move.
- Raymond is turning to aerospace. The textiles-to-engineering group is nearing an acquisition in the sector and is in talks to buy German engineering player Deharde. Raymond recently raised capital through a preferential issue and earmarked Rs 248 crore of the proceeds for acquisitions.
- Akasa Air is weighing an IPO within the next two to four years. The airline’s chief financial officer said a share sale is a question of when, not if.
Job moves
- CRED’s founder, Kunal Shah, will lead WhatsApp Globally after $900m deal with Meta
- Air India is stepping up its leadership transition. Chief executive Campbell Wilson is preparing to leave the airline, and Tata Sons chairman N Chandrasekaran has taken a more active role to steady the carrier during the handover.
- IRCTC chairman and managing director Sanjay Kumar Jain has resigned. The Railway Board has approved his exit, with an interim arrangement expected shortly.
- Healthium Medtech chief executive Anish Bafna has stepped down from his executive role and moved to non-executive chairman.
- Bajaj Capital has appointed Jai Bajaj as managing director and chief executive.
- Air India made a second senior move this week. The airline appointed former civil aviation secretary Pradeep Singh Kharola as advisor to the chairman.
- Citigroup Inc has appointed the veteran investment banker Raj Rathi as its new head of mergers and acquisitions in India. Rathi’s hiring follows several high-profile additions to the bank’s regional investment banking team. Citi recently lured Bhavin Shukla from JPMorgan Chase & Co. to serve as managing director and head of Infrastructure Investment Banking for Japan, North and South Asia, and Australia
IPOs
- Turtlemint Fintech Solutions’ IPO was covered 1.20 times, drawing bids for 3.95 crore shares against 3.29 crore on offer.
- Jewellery maker Advit Jewels drew strong demand for its IPO, which closed on 25 June. The issue was subscribed 100.64 times, with bids for 84.33 crore shares against 83.79 lakh on offer.
- IT solutions provider CSM Technologies’ IPO was 54% subscribed by the second day of the sale.
- Square Yards has closed a $95 million (Rs 900 crore) raise and is looking to add a further $50m to $60m next quarter as it prepares for an IPO.
Fundraising
- Hospitality startup SaffronStays has raised $3.5 million in growth capital led by Infinity Ventures, with participation from family offices and a partial secondary sale by existing backer Sixth Sense Ventures. The Mumbai-based firm runs a network of managed villas and heritage homes, and will use the funds to expand into new leisure destinations and invest in technology.
- Bodycraft Clinic and Salon has raised Rs 120 crore from Singularity AMC in its first major round in nearly nine years. The Bengaluru beauty, wellness and medical aesthetics chain runs 67 outlets and plans to add 30 locations, with Quest Profin Advisors as banker on the deal.
- Axis Bank has raised $800 million through a dual-tranche dollar bond sale.
- Spacetech startup QOSMIC has raised $3.33 million in seed funding led by Accel and Prosus, with South Park Commons and ARTPARK also participating. The Bengaluru firm builds laser-based optical communication systems for satellites and will deploy optical ground stations for global customers.
- IoT smart-lock startup Ikin Global has raised $2 million in a pre-Series A2 round led by Unicorn India Ventures, with Callapina Capital and AWE Funds. The firm makes connected locks for supply chain and logistics clients and will expand into the US, Europe and West Asia.
- Cybersecurity startup Mitigata has raised $15 million in a Series B led by Bessemer Venture Partners, with Nexus Venture Partners, Titan Capital and WEH Ventures also taking part. The Bengaluru firm runs an AI-native cyber resilience platform and will expand its security operations centre and push into international markets.
- Kaleidofin Capital has secured a $5 million debt facility through non-convertible debentures from WLB Asset VIIB, a vehicle set up by Singapore’s Impact Investment Exchange. The NBFC will deploy the four-year facility across clean energy and financial inclusion lending.
- Vodafone Idea has raised Rs 1,182 crore from promoter the Aditya Birla Group.
- Waste management platform Recykal has closed a $23 million bridge round from existing investors and family offices, split between primary and secondary capital. The Hyderabad firm will scale its deposit return system and fund expansion into Europe and the UK. Early backer Circulate Capital exited the round at roughly five times its investment.
- Aquaculture and seafood export startup Aquapulse has raised Rs 45 crore led by NABVENTURES through its AgriSURE Fund, with IAN Alpha Fund participating. The Bhubaneswar firm connects shrimp farmers with buyers and will expand procurement across eastern India.
- Pet healthcare network Vetic has raised $40 million in a round led by Bessemer Venture Partners, with Greenoaks Capital, Lachy Groom and the JSW Family Office taking part. The Gurugram firm runs more than 65 clinics across 11 cities and will double its capacity and roll out at-home vet services nationally.
