Regional language social platform ShareChat has raised ₹ 720 crore in a funding round that will boost its valuation to ₹ 3,332 crore ($460 million), the Economic Times reported. The funding was led by existing backer Shunwei Capital along with new investors Morningside Ventures of China and Jesmond Holdings, an affiliate of Russian billionaire Yuri Milner’s DST Global. Other existing backers including smartphone maker Xiaomi and venture capital firms SAIF Partners and Lightspeed Venture Partners also invested a significant amount. According to documents filed with the Registrar of Companies, if ShareChat plans to go for a public offering, it will be at a minimum valuation of $2 billion, underlining the upside investors are seeking. But an IPO is likely far away as the company plans to further ramp up user base before its begins monetizing its services. Read more
Samara Capital agrees to buy Aditya Birla Group’s More
Private equity firm Samara Capital along with Amazon.com Inc., the world’s largest online retailer, have agreed to buy Aditya Birla group’s food and grocery retail chain, More, for an undisclosed sum, Mint reported. However, a person close to the development valued the deal at about ₹ 4200 crore. Mint reported on August 20 that Amazon is joining hands with Samara to acquire 42-49% of More. The move to acquire Aditya Birla Retail follows Amazon’s plans to build its food retail business in India for which it has made a separate allocation of $500 million. Read more
Airtel, Jio among bidders for Aircel assets
Bharti Airtel Ltd, Reliance Jio Infocomm Ltd, Sterlite Technologies Ltd and two investment firms have bid to separately purchase assets of Aircel Ltd, but lenders to the bankrupt telecom operator may still have to take a large haircut, Mint reported. Aircel Cellular Ltd and Dishnet Wireless Ltd, together known as Aircel, owe about ₹ 50,000 crore to creditors. The companies owe ₹ 15,545 crore to financial creditors, and about ₹ 35,000 crore to operational creditors. Bids for the assets closed on Monday. Read more
Max Healthcare sells 49.7% stake for $293 million to KKR-Radiant
South Africa-based hospital group Life Healthcare has sold its entire 49.7% stake in Max Health to Mumbai-headquartered Radiant Hospital, backed by private equity player KKR for $293 million, a move that makes Radiant a significant player in the highly competitive healthcare space, it said in an exchange filing. The Johannesburg-based hospital chain had put up its stake up for sale earlier this year as the group decided to exit its non-core market and settle its debt and mandated Barclays to run a formal process that saw interests from rival PE firms like Bain Capital. Life Healthcare in 2012 had acquired 26% stake in the Max for ₹ 516 crore, subsequently increasing its investment in 2014 by investing an additional ₹ 716 crore in the company. Read more
DailyNinja gets funding from Sequoia, Matrix, Saama Cap
Milk and grocery delivery startup DailyNinja has secured an undisclosed amount of financing from Matrix Partners India, with participation from existing investors Sequoia India and Saama Capital, the Economic Times reported. This comes just a few months after the company raised $3 million in a round led by Saama Capital. The newly-secured money will be used to accelerate growth, expand footprint and hire talent. The Bengaluru-based company aims to clock 1,00,000 daily transactions in the next six months, almost tripling its current daily volumes of 35,000. Read more
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