Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
Swiggy closes in on $750 million fundraise
Online food delivery startup Swiggy is in advanced stages of closing a $700-750-million round led by existing investor Naspers, Mint reported citing two people familiar with the matter. Naspers will pump in around $350 million, while a consortium of Korean investors, including STIC Investments and Korea Omega Investment, will together chip in with $50 million, they said. The balance amount is expected to be infused by other existing investors. The startup has so far received $540 million worth commitment and Naspers may put in more, if the existing or new investors do not fund the remaining amount. The latest round, which comes over eight months after Swiggy raised $1 billion, will value the Bengaluru-headquartered firm at around $4 billion. Once the transaction is completed, the company’s valuation will have surged almost four times since June 2018, when it raised $210 million and gained the “unicorn" status.
Singapore’s Xander buys Weikfield IT Citi Info Park for $130 million
Singapore’s Xander Investment Management acquired Weikfield IT Citi Info Park, an office park in Pune, for $130 million ( ₹900 crore), Mint reported. The private equity real estate arm of global investment firm The Xander Group Inc. has bought the 1.1 million sq. ft office park from private equity firm New Vernon Capital, Llc, which counts Maersk, WNS, Whirlpool, Nihilent Ltd and Tavisca Solutions Pvt. Ltd among its tenants. The transaction reaffirms a surge in interest among global institutional investors in acquiring office assets across India to capitalize on a steady performance by the commercial office sector. Last October, in its first significant commercial office deal in Hyderabad, Xander had invested $350 million for the development and subsequent acquisition of 4.5 million sq. ft of office space in developer Phoenix Group’s project. Xander also purchased an office building last year at Embassy Golf Links Business Park in Bengaluru for ₹350 crore from the Sanjay Ghodawat Group.
Four potential bidders show early interest in troubled Jet Airways
As many as four potential bidders have evinced interest in Jet Airways (India) Ltd but the talks for a potential bid are still in early stages, Mint reported citing a person with direct knowledge of the matter. SBI Capital Markets, which is advising the lenders in the process of finding new investors for the grounded airline, has reached out to as many as 20 potential investors. The airline’s committee of creditors (CoC) met on Thursday to discuss issues related to its insolvency proceedings. The lenders decided that they would extend the deadline for bids if the airline failed to attract suitors by Saturday. State Bank of India (SBI), which leads the lenders’ consortium for Jet Airways, has sanctioned ₹10 crore as a part of the approved interim funding of $10 million (about ₹69 crore) for the airline, which was decided by the lenders earlier in July.
Walmart to invest about $50 million in vegetable supplier startup NinjaCart
US retail giant Walmart has committed to investing close to $50 million and business-to-business (B2B) fruits and vegetables supplier NinjaCart, The Economic Times reported citing three people in the know of developments. The first tranche, pegged at $10 million, is likely to close in the next three weeks and Walmart will get a board seat in NinjaCart as part of the transaction. Walmart, which operates cash and carry stores in India under the Best Price brand, will also enjoy a right to further invest in the startup, as per the deal terms. This gives Walmart a stronger foothold in the fresh produce segment, while also helping Flipkart in scaling up its grocery business. For now there will be no direct integration of NinjaCart with Flipkart’s grocery play. NinjaCart, founded in 2015 by Nagarajan, Kartheeswaran KK, Sharath Loganathan, Ashutosh Vikram, Sachin PJ, and Vasudevan Chinnathambi, is present in seven cities and has till date raised over $140 million.
Paytm, Alibaba gaming JV to raise $25 million
Paytm First Games, a joint venture (JV) between Alibaba Group’s AGTech and Paytm, is in talks to raise $25 million from new investors, including SAIF Partners and a Hong Kong-based entity, The Economic Times reported citing two sources aware of the matter. After Paytm Mall (the e-commerce business), this would be the second entity that would raise new capital from external investors. Paytm First Games, which has a mix of free and paid games, competes with the likes of Sequoia Capital India and Times Internet-backed Mobile Premier League and Dream11. Started in 2018 under the Gamepind brand and recently re-branded as Paytm First Games, the firm is part of Paytm’s plan to build a bouquet of products under the Paytm First brand that offer free access to video streaming, dining offers, etc. Paytm and AG Tech, which runs lottery and mobile games businesses, have invested $16 million in the venture.