A file photo of Sudhir Sethi of IDG Ventures.
A file photo of Sudhir Sethi of IDG Ventures.

Deals Buzz: IDG Ventures plans to raise $300 million under new brand name

In other news, rivate equity (PE) giants Blackstone Group LP and TPG Capital, which are eyeing a stake in Jet Privilege Pvt. Ltd, are having second thoughts due to worries over the airline's financial health.

Mint brings you your dose of the top deals news, reported from newsrooms across the country

IDG Ventures plans to raise $300 million under new brand name

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Xander signs $350 million Hyderabad office project deal

In its first significant commercial office deal in Hyderabad, Xander Investment Management Pvt Ltd, the real estate private equity arm of global investment firm The Xander Group Inc., will invest $350 million for the development and subsequent acquisition of 4.5 million sq. ft of office space in developer Phoenix Group’s project. Xander will finance the development of the Hyderabad office project over the next few years and, once it is completed, will acquire the asset. It is a “develop-to-core" strategy, where the investor funds a development project and stays on until it becomes a rent-yielding, stabilized asset. The Hyderabad office project is located in the city’s financial district of Gachibowli, and the buildings will be delivered in phases between 2020 and 2023.

Nykaa in early talks with Softbank to raise up to $200 million

Nykaa, the online retailer of fashion and beauty products, is in early talks with Japan’s SoftBank Group Corp. to raise $150-200 million, Mint reported. The latest funding round, if it goes through, will take Nykaa’s valuation to anywhere from $700 million to $800 million. It will also be the first foreign investment into the company, which has so far raised capital only from Indian funds and investors. Nykaa, founded in 2012 by former investment banker Falguni Nayar, started as a multi-brand online beauty retailer but has since grown to offer products through mobile app and even brick-and-mortar stores. The company claims to offer more than 80,000 products across 700 brands on its online portal. It also has about 20 offline stores and expects to touch about 50 stores within the next two years.

Carlyle, PNB drop plans to sell stake in PNB Housing Finance

US private equity investor The Carlyle Group and state run Punjab National Bank have scrapped their planned stake sale in housing finance unit PNB Housing Finance Ltd as bidders appear to be going back on their proposal following halving of valuation of the mortgage lender in recent months, The Economic Times reported. This transaction may become the first casualty in the deals segment after a sudden liquidity squeeze has upset the funding mechanism of non-banking finance companies. Promoters of Punjab National Bank and Carlyle, which together own about 66% in the mortgage lender, were looking to sell their stake to a large investor. As many as 20 bidders had put in non-binding bids, of which seven were shortlisted and were about to submit binding bids. The process was likely to be over by December. Read more

Alpha Capital to invest 1500 crore in consumer facing businesses

Alpha Capital Advisors Pvt. Ltd, an investment management firm catering to wealthy individuals and families, said it will invest 1,500 crore in consumer facing businesses over the next three to four years, Mint reported. Alpha did not disclose the quantum of investment commitment it has received from the investors, who include ultra high net-worth individuals (HNIs) and family offices. It will, however, offer them an option to co-invest as well. The average ticket size of investments is likely to be 100 crore- 150 crore. The firm aims to spread the investments across 10-15 deals. “Alpha Capital is largely agnostic to whether these businesses are listed or private including PIPE deals (public investment in private equity)," it said. Read more

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