Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
Two Canadian pension funds vie for GIP’s road assets
Pension funds Canada Pension Plan Investment Board (CPPIB) and Caisse de dépôt et placement du Québec (CDPQ) are competing to acquire Highway Concessions One, a roads portfolio owned by infrastructure fund manager Global Infrastructure Partners (GIP), Mint reported citing two people aware of the development. While the two pension funds have bid at around ₹3,200 crore in enterprise valuation for the roads portfolio, the final value at which the roads get sold may be higher as the funds continue to negotiate with GIP. The HC1 portfolio, comprising seven road assets—five toll roads and two annuity roads—is spread across seven states (Tamil Nadu, Telangana, Madhya Pradesh, Karnataka, Gujarat, Rajasthan and Meghalaya) and generates a consolidated revenue of ₹620 crore. The construction of the roads was funded by IDFC Alternatives’ second infrastructure fund, which was acquired by GIP last year. Mint first reported in December 2018 that GIP had started a formal process to find buyers for the Highway Concessions One (HC1) portfolio, which comprises roads totaling 472 route km. In April, Mint reported that the HC1 sale process had garnered interest from several buyers including Italian roads operator Atlantia as well as the Piramal Group, apart from the Canadian pension funds.
Alteria Capital closes its maiden venture debt fund at ₹960 crore
Alteria Capital, which provides loans to startups, has closed its maiden venture debt fund at a corpus of $140 million ( ₹960 crore), signalling a sharp rise in appetite for debt financing from startups, Mint reported citing Vinod Murali, managing partner and co-founder of Alteria Capital. The fund has raised more than the ₹800 crore it had set out to raise, with the final close including a greenshoe option, which gives the fund an option to raise more than it had originally planned. The limited partners (investors in the fund) include several large domestic banks, family offices, and development financial institutions such as IndusInd Bank, Small Industries Development Bank of India (Sidbi), Azim Premji Foundation, and Flipkart co-founder Binny Bansal. Alteria, started in early 2018 by Murali and Ajay Hattangdi, former executives of Temasek-owned InnoVen Capital, also one of India’s largest venture debt firms— announced its first close of ₹356 crore in March last year, followed by a second close of ₹625 crore in October last year. It has already invested ₹540 crore across 28 transactions, in startups including online learning firm Toppr, student housing living startup Stanza Living, scooter rental platform Vogo and digital lender Lendingkart, among others.
Online marketplace Udaan eyes $500 mn fresh funds
Udaan, an online marketplace that caters to small businesses, is close to raising around $500 million in fresh funds, which is likely to double the company’s pre-money valuation from its previous round to $2.2 billion, The Economic Times reported citing people privy to the deal talks. Post the investment, the startup’s valuation will go up to $2.7 billion. Even as the round is likely to be led by existing investors, Lightspeed Venture Partners and Yuri Milner’s DST Global, new investors including Hillhouse Capital and Altimeter Capital may also participate. Chinese internet giant Tencent has also held discussions with Udaan for a possible capital infusion. The transaction is likely to close in the next few weeks with Lightspeed and DST Global doubling down on the company. In the past few months, the startup was holding talks with multiple other investors, including Naspers, SoftBank Vision Fund, Tiger Global and Sequoia Capital, but these talks fell through as some investors thought the valuation ask was too steep.
Eight Roads Ventures leads $12M round in StashAway
Eight Roads Ventures has led a $12 million (about ₹83 crore) investment round in intelligent wealth management platform StashAway, the proprietary investment arm of Fidelity International Ltd, The Economic Times reported. The Singapore-headquartered StashAway’s existing backer, Asia Capital & Advisors, the investment firm founded by Francis Rozario, the former CEO of Fullerton Financial Holdings, also participated in the latest round. The three-year-old venture, which has about 40 employees, has raised $20.4 million in funding till date, across three rounds, it said in a statement. Regulated by the Monetary Authority of Singapore, StashAway is described as a robo-advisor to retail and accredited investors, and delivers automated personalised portfolio management to its customers. It claims users across 125 nationalities and spread across 77 countries have opened an account and used the platform since launching services in Singapore in mid-2017. Stashaway, with investments of $6 billion since 2008 across healthcare, technology and consumer sectors, has invested in a number of ventures that have emerged from Asia’s third-largest economy, including BankBazaar, Chai Point, PharmEasy, Cipla Health and Shadowfax. The startup plans to use the proceeds from the Series B round for product development and market expansion, among others.