Deals Buzz: Naspers may invest up to $600 million in Swiggy

Food delivery has been a favourite industry of Naspers, with assets including Germany’s Delivery Hero AG and iFood in Brazil.

Naspers Ltd is planning to increase its stake in Indian online food delivery business Swiggy as the startup plots its third fund-raising round of the year, Bloomberg reported. Africa’s largest company by market value has indicated that it intends to support a financing that could raise more than $600 million, Swiggy’s biggest to date, people familiar with the matter told Bloomberg. There’s also an opportunity to buy stakes from investors such as Bessemer Venture Partners, they said, asking not to be identified as the information isn’t public. Food delivery has been a favourite industry of Naspers, with assets including Germany’s Delivery Hero AG and iFood in Brazil. The company plans to invest in another Indian food company called Hungerbox, a tech-enabled corporate catering company. Read more.

Kraft agrees to sell Complan and portfolio to Zydus Wellness

Kraft Heinz Co. has agreed to sell a portfolio of Indian businesses, including children’s milk drink Complan, to Zydus Wellness Ltd, Bloomberg reported. Zydus, which is a unit of Indian drugmaker Cadila Healthcare Ltd, could announce a deal as soon as this week, according to the people, who asked not to be identified because the information is private. It has been discussing a value of about 46 billion ($625 million), one of the people said. Ahmedabad-based Zydus is in talks to raise private equity funding to cover about half of the purchase price, according to the person. In addition to the Complan product, the brands being sold include the Glucon D instant energy drink, Nycil talcum powder and Sampriti clarified butter. Read more.

FirstCry in talks with Alibaba, Softbank for $150 million funding

FirstCry, India’s largest retailer of baby products online, is in talks with China’s Alibaba Group Holding Ltd and Japan’s SoftBank Group Corp, among others, to raise at least $100-$150 million as it seeks to cement its market leadership, Mint reported. The discussions with Alibaba and SoftBank are at a fairly early stage and a deal is still far from certain, said the people cited above. FirstCry has been in talks for nearly a year to raise fresh funds, but has not yet been able to seal a deal. That, however, is expected to change as the latest discussions are progressing seriously If the latest talks progress to the next stage, both Alibaba and SoftBank may participate in the funding round. Read more.

Airtel Africa raises $1.25 billion from Temasek, Softbank, others

Six global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others will invest $1.25 billion in Airtel Africa, a UK subsidiary of Bharti Airtel Ltd, Mint reported. The investment would help Airtel Africa pare its debt of approximately $5 billion and help it grow its African operations, the company said in a statement. Airtel Africa subsequently intended an initial public offering and to use the proceeds for further reduction of debt, the company added. Read more.

Manipal eyes Medanta after failed Fortis bid

The TPG Capital and Manipal Health Enterprises combine is in talks to buy a majority stake in hospital operator Medanta from heart surgeon Naresh Trehan and other investors, two people close to the development told Mint. TPG-Manipal is the only party that is actively pursuing Medanta after Malaysia’s IHH Healthcare Bhd withdrew its non-binding bid following its acquisition of the hospital business of crisis-ridden Fortis Healthcare Ltd in July, outbidding TPG-Manipal. IHH submitted a bid for Medanta, valuing the firm at around 5,700 crore, Mint reported on 20 March. Medanta, founded in 2009, operates hospitals and clinics across cities including Gurugram, Lucknow, Indore, Ranchi and Sri Ganganagar. Read more.

Artha Venture Fund planning a start-up accelerator program

Mumbai-based seed stage investor Artha Venture Fund plans to start an accelerator programme, wherein it will mentor and invest in a select bunch of startups, Mint reported. The fund is looking for sponsors to set up a school for entrepreneurship within the next six months, and plans to train around 20 startups. It has almost finalized a deal with a major US university to partner the programme, said Anirudh Damani, managing partner, Artha Venture Fund. The fund is backed by the Artha Group, which has business interests in renewable energy, innovative digital designs and a family-run investment office. Read more.

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