Tiger Global Management, one of the earliest big backers of India’s internet story, has raised $3.75 billion for private market investments, exceeding the target of $3 billion set earlier, The Economic Times reported. The New York-based investment firm, an early backer of companies like online retailer Flipkart and ride-hailing giant Ola, will step up investments in India three years after it had stopped making fresh investments in the country. In India, Tiger Global is likely to look at new e-commerce companies, logistics tech startups, business to-business commerce firms, software services and digital media/ content ventures in the country. Read more here.
ClearTax raises ₹ 300 crore from Composite Cap, others
ClearTax, a startup that helps individuals and businesses file tax returns online, has raised $50 million (₹300 crore) in a Series B round led by Composite Capital, Mint reported. ClearTax, run by Defmacro Software Pvt. Ltd, has previously raised $12 million from SAIF Partners along with $2 million in seed funding from Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel in 2016. The company plans to utilize the capital to accelerate growth and expand its current offering of products and services for millennials on its platform. It also plans to invest in tech infrastructure and double engineering professionals with the new round of investment. Read more
Blackstone, Bain, TPG may buy stake in Lakshmi Vilas Bank
Five financial investors, including the Blackstone Group, Bain Capital and TPG Capital Management, have been shortlisted to buy a controlling stake in Lakshmi Vilas Bank, reflecting continued private equity interest in the country’s financial services space, The Economic Times reported. Baring Private Equity Asia and home-grown Gajja Capital are the two other contenders left in the penultimate round to acquire the 92-year-old, South-based bank. The five bidders were shortlisted from as many as 15 investors that have shown initial interest. This included Carlyle Group, Aion Capital, a joint venture between Apollo Global management and ICICI Venture, True North and General Atlantic, besides strategic players such as DBS. Read more.
TVS Capital hits first close of ₹ 832 crore for third fund
Home-grown private equity fund manager TVS Capital Funds Pvt. Ltd on Monday said it has made a first close of ₹ 832 crore (approx $114 million) for its latest fund TVS Shriram Growth Fund 3, Mint reported. The fund is jointly sponsored by the TVS group and the Shriram group. TVS Capital Funds is led by Gopal Srinivasan, a third generation entrepreneur from the TVS group and D. Sundaram, former vice-chairman and chief financial officer of Hindustan Unilever Ltd. The sponsors have invested over ₹ 200 crore in the fund, a statement from the fund said. Read more.
Hero Future Energies may sell 30% stake to Petronas, others
Malaysia’s Petroliam Nasional Berhad (Petronas), Abu Dhabi-based energy company Masdar Clean Energy and Singaporean alternate energy firm Sembcorp are in talks to acquire up to 30% of Hero Future Energies, the renewable energy arm of the Hero Group, The Economic Times reported. Hero is looking to raise as much as $300 million, valuing the renewable energy firm at around $1 billion. JP Morgan is advising Hero Future on the stake-sale process. International Finance Corp. (IFC), the private sector investment arm of World Bank, holds a minority stake in Hero Future with an investment of $125 million made in 2017. Launched in 2012, Hero Future Energies is led by Rahul Munjal and is one of the top five renewable companies in the country. It currently has installed solar and wind power capacity of 1.2 GW while another 500 MW is being built and 300 MW more is in the pipeline. It has a presence in 10 states with an operating asset base across wind, solar photovoltaic (grid connected) and rooftop plants. Read more.