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Weekly newsletter

  1. 1. Top Headlines Mayfield reaches $86M for second India fund. Blume Ventures eyes $50M for second VC fund. Nalanda Capital buys 3.73% more stake in Lovable Lingerie for around $3.25M. Angel funded Explara.com in talks to raise up to $3M in Series A. SREI Infrastructure Finance seeks to convert part of loan to Deccan Chronicle into equity. Creador expects to commit 15% of its second PE fund in India . Govt to sell 10% stake worth $800M in Indian Oil to other PSUs. ASK Group marks first close of offshore realty fund at $50M Inside The Story Mayfield reaches $86M for second India fund. Mayfield Fund, one of the oldest venture capital firms from Silicon Valley, has reached $86 million for its second India-focused fund over an year after launching the process, said sources familiar with the development. Mayfield India II will be the successor to Mayfield India I, which raised $111 million in late 2008 and the VC firm has been investing in the country through this fund.According to sources, Mayfield is targeting $100 million for the fund and could wrap up fundraising in the coming months. The firm is not expected to make any interim closes and targets a straight final close, they said.The fund is targeting international institutional investors and has managed to raise the $86 million from seven limited partners. While the target for the 1
  2. 2. new fund is lesser than the first fund in dollar terms, Mayfield will be able to deploy more capital given the depreciation of the Indian rupee. Blume Ventures eyes $50M for second VC fund. Blume Ventures, one of the most active seed stage investors in India, is planning to launch its new venture capital fund in the second half of 2014. The Mumbai-based firm, which plans to raise $50M for the second fund, is looking to raise a larger corpus to have more dry powder for follow-on rounds in its portfolio companies.Blume Ventures' debut fund raised Rs 100 crore a few years ago or around $20 million back then. Nath said that the firm will be primarily looking at overseas institutionled investors like fund of funds and corporates for its proposed fund. Nalanda Capital buys 3.73% more stake in Lovable Lingerie for around $3.25M. India-focused private equity firm Nalanda Capital has acquired additional 3.73 per cent equity stake in Mumbai-based Lovable Lingerie Ltd from the open market for Rs 20 crore ($3.25 million), according to a disclosure to the Bombay Stock Exchange (BSE). As on September 30, 2013, Nalanda India Equity Fund Ltd, a part of the Singapore based PE firm which invests in small to mid-cap public listed companies in India, held 5.64 per cent in Loveable Lingerie. With the fresh investment, its total shareholding in the women’s innerwear manufacturer has increased to 8.79 per cent.Shares of Lovable Lingerie rose in the early morning trades on Friday, but were quoting at Rs 300.75, a drop of over 2 per cent in late afternoon trading on BSE in a weak Mumbai market. 2
  3. 3. Angel funded Explara.com in talks to raise up to $3M in Series A. Explara.com (formerly Ayojak), an event ticketing and discovery site run by Pune-based Signature Technologies Pvt Ltd, is close to raising its first round of VC funding in the range of $2-3 million, Santosh Panda, cofounder and CEO of the company.“We are already in talks with a few investors and are close to raising the money. The funds raised would be deployed in 18-24 months for our expansion,” said Panda.The mandate is with Delhi-based boutique investment banking firm EthiQs Advisory.The firm is expected to clock revenues of Rs 8.5 crore for the year ending March 31, 2014 from Rs 2.45 crore the previous year. SREI Infrastructure Finance seeks to convert part of loan to Deccan Chronicle into equity. Debt-ridden media firm Deccan Chronicle Holdings Ltd has appointed a committee comprising three directors of the company to hold talks with Kolkata-based SREI Infrastructure Finance for converting part of its outstanding loan into equity, as per a stock market disclosure.SREI Infra had given short-term loan of around Rs 220 crore to Deccan Chronicle and had earlier initiated legal proceedings to recover its money. Deccan Chronicle is the publisher of publications such as Deccan Chronicle and Financial Chronicle.SREI Infra had approached the Debt Recovery Tribunal (DRT) a few months back. It is said to have security of around five properties of Deccan Chronicle in Hyderabad and Chennai mortgaged against the loan.It is not clear how much quantum of loan is to be converted into equity. At present, the whole company is worth just Rs 78 crore on the stock market. 3
  4. 4. Creador expects to commit 15% of its second PE fund in India . Private equity firm Creador is aiming to complete mopping up money for its second fund worth $250 million within three-four months and expects to commit a sixth of its total corpus in India, according to its founder and chief.The firm, which targets investments in India and parts of Southeast Asia, had made a first close of the second regional fund last August after pruning the original upper limit of $350 million for the new fund.He said the firm will invest around 15 per cent of the overall corpus in India.This would mean the firm is looking to invest around $37 million from the new fund in India. It would imply the quantum of money from the fund committed to India would almost remain the same as the first fund but the proportion of corpus flowing into the country will shrink. Govt to sell 10% stake worth $800M in Indian Oil to other PSUs. A panel of ministers has approved sale of a 10 percent stake in state refiner Indian Oil Corp through a block deal on the stock exchanges, Oil Minister Veerappa Moily said on Thursday.State exploration firms Oil and Natural Gas Corp Ltd and Oil India Ltd will buy the stake, Oil Secretary Vivek Rae said.Apart from IOC, the government has been pushing for the sale of a 5 percent stake in miner Coal India as part of its plan to raise $6.4 billion through stake sales in state firms this fiscal year, but disagreements among ministries and a depreciation in the rupee have stymied the efforts. 4
  5. 5. ASK Group marks first close of offshore realty fund at $50M ASK Group has announced the first close of its offshore real estate focused fund at $50 million. It got commitments from three investors— which include family offices, fund of funds and institutional funds—for the first close.The offshore fund, which has a target corpus of $200 million, is advised by ASK Property Investment Advisors (ASK PIA), the real estate private equity firm of Mumbai-based financial services group. It will invest in mid-segment residential realty projects in top five cities — Mumbai, Pune, Chennai, Bangalore and Delhi-NCR.Sunil Rohokale, MD & CEO, ASK Group, said, “The current fund raising environment is challenging but the fact that the ASK group has raised this offshore money in tough times proves that investors are willing to associate with a group having sound & focused investment strategy with a superior track record of performance.” 5

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