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Published on: 29 Feb 2024
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Reliance, Disney to merge Indian media businesses to create $8.5 B JV | |
Reliance Industries Ltd (RIL) and US-headquartered Walt Disney Company (Disney) have agreed to merge their media operations in India. As part of the deal, the media undertaking of RIL Group firm Viacom18, will be merged into Star India. In addition, RIL has agreed to invest INR 11,500 crore (about USD 1.4 Billion) into the JV. The transaction values the JV at INR 70,352 crore (about USD 8.5 Billion) post-money. The JV will be owned 16.34% by RIL and will be controlled by it. Viacom18 will own 46.82% and Disney, 36.84%. Nita Ambani will be the chairperson of the JV, and Uday Shankar, vice chairperson. | |
The JV will bring together media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) including access to events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world. The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a licence to more than 30,000 Disney content assets. | |
Goldman Sachs is acting as the financial and valuation advisor to RIL Group on the deal; Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co and Shardul Amarchand Mangaldas & Co are acting as legal counsels to RIL and Viacom18 on the transaction. Ernst & Young provided an independent valuation to RIL and Viacom18, while HSBC India provided a fairness opinion to Viacom18. | |
Raine Group is acting as lead financial advisor to Disney on the transaction and Citi as financial advisor. Cleary Gottlieb served as lead outside legal counsel to Disney and Covington & Burling and AZB served as legal counsels. BDO has provided an independent valuation to Star India. |
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Jewellery brand Kushal's raises Rs.284-Cr from Lighthouse; India SME part exits | |||||
Kushal's , a Bengaluru-based fashion and silver jewellery brand, has raised INR 284 crore in a Series B funding round from mid-market private equity firm Lighthouse (via its newly raised Lighthouse India IV AIF). | |||||
The capital infusion also includes a secondary transaction, giving a partial exit to India SME Investments, Kushal's first institutional investor, which invested in the brand in 2019. Kushal's will use this new capital to build the brand and scale up its retail presence. | |||||
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Enterprise sustainability mgmt platform StepChange raises funding from Flourish Ventures | |||||
StepChange, a Bengaluru-headquartered enterprise sustainability platform, has raised investment from venture capital firm Flourish Ventures to fuel its growth plans in the BFSI (banking, financial services and insurance) sector. | |||||
Founded in 2022 by Ankit Jain and Sidhant Pai, both MIT alumni, StepChange, with a dedicated 50-member team, provides an integrated solution to banks and non-financial institutions for tracking ESG (environmental, social, governance) metrics, measuring emissions across financial portfolios, and quantifying climate risks. The company's decision-making tools assist financial institutions in their journey towards achieving net-zero emissions. | |||||
StepChange claims to have five of the top 10 BFSI players in India as clients. | |||||
Automation platform Zvolv raises $2-M led by Silverneedle Ventures | |||||
Pune-headquartered SaaS startup Zvolv has raised INR 16 crore (USD 2 million) led by Silverneedle Ventures. The round saw participation from existing investors, including JSW Ventures. | |||||
Founded in 2018, Zvolv enables enterprises to automate their processes via its low-code or no-code solutions. The startup will use the new capital to ramp up the deployment of generative AI tools to strengthen its low-code/no-code (LCNC) capabilities and expand its offerings in the US via reseller collaborations and direct presence. | |||||
Foodtech startup TWS Flours raises Rs.12-Cr from Rainmatter Capital | |||||
Rainmatter Capital has invested INR 12 crore (USD 1.4 million) in Noida-based TWF Flours , marking the food tech startup's first institutional funding round. This pre-Series A funding takes TWF Flours' total funding raised to nearly USD 2 million. The fresh capital will be used for research and development to enhance flour nutrition. | |||||
Founded in 2019, TWF Flours had previously attracted angel funding from Rajaraman Santhanam, Shan Krishnaswamy and Sharath Longanathan. | |||||
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Kedaara Capital to raise $1.7-B Fund | |||||
Kedaara Capital is set to raise USD 1.7 Billion for what would be India's biggest-ever private equity fund. The fund, Kedaara's fourth, will be 54% larger than its previous one in 2021. About 80% of the fund will come from backers of Kedaara's previous funds and the rest, from new LPs including US-based Cleveland Clinic and the University of Minnesota. Investors in Kedaara's previous funds include Canada's Ontario Teachers Pension Plan and German insurer Allianz. | |||||
The fund will invest in sectors such as banking, healthcare, consumer and software. It will seek both minority stakes and buyout deals. | |||||
Kedaara's three previous funds raised a combined USD 2.4 Billion between 2011 and 2021 which was invested in 27 companies including eyewear-retailer Lenskart and Mahindra Logistics. Two of Kedaara's portfolio companies - education lender Avanse and software firm Perfios - are preparing for stock listings. | |||||
SBICAP Ventures to manage MEA's Rs.1,000-Cr TDC Fund-of-Funds | |||||
SBICAP Ventures (SVL), the private equity arm of State Bank of India, has launched Trilateral Development Cooperation (TDC) Fund in partnership with the Ministry of External Affairs (MEA). The TDC Fund is a Category II alternative investment fund (AIF) with a corpus of INR 700 crore and a green shoe option of INR 300 crore. TDC Fund, a fund-of-fund, will route MEA's capital commitments to eligible daughter funds, starting with its investment in the GIP Fund under the India - UK Global Innovation Partnership (GIP). SVL has been appointed as the Investment Manager of the TDC Fund. | |||||
TDC Fund aims to foster, transfer, and scale up demonstrated and sustainable innovations from India to select developing countries, promoting their economic development, and accelerating Sustainable Development Goals. | |||||
Flourish Ventures promotes Harsh Gupta to Principal | |||||
Flourish Ventures has elevated Harsh Gupta as Principal. He will take over the leadership of the Pierre Omidyar-funded VC firm's portfolio In India. | |||||
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KKR looks to hire advisors to cash out on its 54% stake in JB Pharma | |||||
Global private giant fiKKR is looking to hire financial advisers to help sell its 53.8% stake in publicly listed JB Chemicals & Pharmaceuticals Ltd. Shares of the company have climbed 68% in the past 12 months, valuing the company at over USD 3 Billion. | |||||
From the Venture Intelligence PE-VC Deal Database: In Jul-20, KKR had acquired a 54% stake in JB Chemicals & Pharmaceuticals from the promoters (the J.B.Mody family) at INR 745 per share, followed by a mandatory open offer to public shareholders. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) | |||||
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News aggregator Dailyhunt in talks to acquire social media platform Koo | |||||
Bengaluru-based news aggregator platform DailyHunt is in talks to acquire social media microblogging platform Koo. | |||||
Founded in 2020 by Aprameya Radhakrishna (founder, TaxiForSure), Koo allows users to share their opinions in a range of languages. Last year, Koo, which had booked INR 197.15 crore in losses in FY22, let go of about 30% of its workforce. | |||||
From the Venture Intelligence PE-VC Deal Database: Between Mar-16 and Nov-22, Koo App had raised over USD 60 M from Dream Incubator, 3ONE4 Capital, Accel India, Tiger Global, Kalaari Capital, Pivot Ventures, Mirae Asset Global Investments, IIFL AMC, Blume Ventures, Accel India, Tiger Global, Kalaari Capital, FounderBank Capital, Capier Investments, Shunwei Capital, Havells Family Office, Others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) | |||||
Bharti looking to exit packaged foods JV with Singapore's Del Monte | |||||
Bharti Enterprises is looking to exit Del Monte Foods, its 50:50 joint venture with Singapore-listed packaged foods company Del Monte Pacific Ltd. Bharti group has mandated bankers to identify potential buyers to sell its stake. The JV was set up to sell fruit drinks, olive oil, pasta, mayonnaise, ketchup and dried and canned fruits in India. | |||||
Bharti Enterprises and global investment group E.L. Rothschild had formed an equal joint venture, FieldFresh Foods, in 2004, to produce and export fresh vegetables and fruits. | |||||
In 2007, Del Monte Pacific Ltd acquired a 40.1% stake in FieldFresh Foods for USD 20.8 million. Bharti continued to hold 50% in the company, with Rothschild staying in as a minority partner. | |||||
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Ex-HDFC MD Renu Karnad appointed chairperson and independent director of PayU | |||||
PayU Payments Pvt Ltd (PayU), the fintech arm of Global Consumer Internet Group Prosus, has appointed Renu Karnad, a director at HDFC Bank, as chairperson and independent director of the company. | |||||
Karnad was managing director of mortgage lender HDFC till July 2023 before it got merged with HDFC Bank. | |||||
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NCLT orders Byju's rights issue proceeds to be kept in escrow | |||||
The National Company Law Tribunal's Bengaluru bench has directed Byju's to keep funds raised from its ongoing rights issue untouched in a separate escrow account till a plea filed by a group of four investors is disposed of. | |||||
The order was made public by the NCLT, after hearing a petition a day earlier. It was filed by investors Prosus, General Atlantic, Sofina, and Peak XV alleging oppression and mismanagement by the edtech company. | |||||
Byju's is raising USD 200 million through a rights issue from existing shareholders, which the investors have objected to, as it would force them to pump in more money or the value of their existing shares would depreciate. |
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