Mint brings to you your daily dose of deals news reported from newsrooms across the country

Oyo Rooms raises $1 billion, enters unicorn club

Hotel chain Oyo Rooms said it would raise $1 billion from Japan’s SoftBank Vision Fund and other investors, making it India’s second-most valuable start-up after Paytm, and the latest to join the coveted unicorn club, Mint reported. The latest funding values the company at a little less than $5 billion, a more than fivefold jump from the $900 million valuation at which it raised funds in just the previous year, three people familiar with the transaction said. Oyo didn’t disclose the valuation at which the funds were raised. The $1 billion fundraise includes a commitment by some investors to put in an additional $200 million. Existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital have also invested in the current round, the company said on Tuesday. Read more

Pinterest eyes India and Southeast Asia for global expansion

India and Southeast Asia are next on the radar for Pinterest, which allows users to create virtual pinboards, as it starts further pushing its international expansion, The Economic Times reported. The San Francisco-based unicorn, valued at over $12 billion, has 250 million monthly active users, half of them outside the US. About 80% of its new users are from international markets. Pinterest had introduced Hindi language on the platform four years ago in order to start localising the product for the Indian market. It will look to recommend more “personal" and “useful" ideas like local recipes to users in markets like India. Read more

ADIA, Orix Corp in talks to jointly bail out IL&FS

Abu Dhabi Investment Authority (ADIA) and Japan’s Orix Corp. are in talks to acquire a controlling stake in Infrastructure Leasing and Financial Services Ltd (IL&FS), Mint reported. ADIA and Orix could raise their combined shareholding to 75% from 36.1% if the proposed transaction goes through, subject to approval from other shareholders. It is one of the several options, subject to final valuation and terms of agreement, IL&FS is exploring to tide over its current financial crisis triggered by the defaults in debt repayment since June. Read more

IDG Ventures may sell stakes in 4 companies to NewQuest Capital

IDG Ventures India is in early discussions to sell stakes in four portfolio companies to private equity firm NewQuest Capital Partners, a rare block deal that could see it return significant capital to its investors, or limited partners, The Economic Times reported. The venture capital firm is looking to sell its stakes in baby care-focused ecommerce platform First-Cry, womens-wear-focused online fashion retailer eShakti, medical devices maker Forus, and mobile ad venture Vserv. All the investments are believed to have been made from the Bengaluru-headquartered investment firm’s first $150 million fund that was launched in 2006. Read more

Flipkart acquires Israel-based start-up Upstream Commerce

Flipkart has acquired an Israel-based analytics start-up called Upstream Commerce, as India’s largest online retailer looks to support its massive seller base with services such as real-time pricing and information on product assortment, Mint reported. This is Flipkart’s second acquisition in as many months, after the Walmart-controlled e-commerce firm acquired Indian artificial intelligence start-up in August. The latest buyout will also enable Flipkart to have an outpost in Israel, which is widely regarded as one of the world’s foremost start-up ecosystems. Upstream, which counted Israel-based early-stage venture capital firm YL Ventures as its biggest investor prior to the buyout, currently builds cloud-based and automated competitive pricing products and solutions, among other things. Read more

Anand Rathi Wealth files for 425 crore IPO

Financial services firm Anand Rathi Wealth Services has filed draft papers with markets regulator Sebi to raise an estimated 425 crore through an initial public offering (IPO), Press Trust of India reported. The IPO comprises fresh issue of equity shares by Anand Rathi Wealth Services aggregating up to 125 crore and an offer for sale of up to 300 crore by the promoter Anand Rathi Financial Services, according to the draft red herring prospectus (DRHP) filed with Sebi. As per the DRHP, the company plans to use the IPO proceeds to purchase and furnish office premises in Mumbai. The firm will also invest in its subsidiaries—ARWMPL and FIINFRA—for upgradation and enhancement of software and other technology related expenses. Mint reported in April that the firm may file its draft documents by September-end. Read more