In other news, South Africa’s Naspers Ltd is in talks to buy a stake worth about $100 million in online fantasy gaming startup Dream11 from Kalaari Capital, Think Investments and Multiples Alternate Asset Management
Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country.
Yes Bank to raise another $600 million after successful capital raise
Yes Bank Ltd, that raised about $270 million in August from institutional investors, is planning to raise another $600 million from strategic investors to bolster its capital buffers, Mint reported citing two people directly aware of the lender’s capital raising plans. Its qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed and helped the bank raise about $270 million. In a late evening exchange filing on Thursday, Yes Bank confirmed that it has sold around 231 million shares to Societe Generale (18.75% of 231 million), Key Square Master Fund Lp (16.2%), BNP Paribas Arbitrage (14.43%), HDFC Balanced Advantage Fund (10.26%) and Key Square Master Fund II Lp (5.88%), among other investors, including Government Pension Fund of Norway, British investment firm Ashmore Group and Aditya Birla Sun Life Asset Management Co. Ltd. Yes Bank’s successful QIP in a weak equity market propelled the bank’s stock by 6% on Wednesday, before it closed at ₹76.55 on BSE, but raising more capital will be crucial for the bank if it intends to comply with capital adequacy regulations.
Naspers in talks to buy stake in Dream11 worth $100 million
South Africa’s Naspers Ltd is in talks to buy a stake worth about $100 million in online fantasy gaming startup Dream11 from Kalaari Capital, Think Investments and Multiples Alternate Asset Management, Mint reported citing two people aware of the matter. The company is nearing profitability, and saw the value of transactions on its platform rise to a run rate of $2 billion for the last quarter, translating to a revenue of about $150 million. Dream11 became a unicorn, valued at over a billion dollars ($1.1 billion), in April, when US-based hedge fund Steadview Capital led a $60 million round by purchasing secondary stakes from early investors. The company was valued at $700 million in September, when it raised $100 million from Chinese internet giant Tencent. Founded by Harsh Jain and Bhavit Sheth in 2012, Dream11 offers games such as cricket, kabaddi and football, where users can win money from a reward pool, depending on the players they pick and the actual outcome of the game.
ShareChat closes $100M financing round led by Twitter
ShareChat on Friday said it has raised a new round of funding of $100 million in its Series D round. To date, ShareChat has raised a total of $224 million, Mint reported. Existing investors participating in this round include Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital. Twitter and TrustBridge Partners are two new investors joining this latest funding round. This new round of funding will help ShareChat strengthen the technology infrastructure for its platform as the company looks to scale its business. Additionally, ShareChat will acquire talent to help propel the exchange of ideas among its strategic partners.
Softbank’s vision fund puts $110 million Swiss firm Energy Vault
Softbank Group's Vision Fund has made its first foray into energy storage technology with a $110 million investment in Switzerland-based Energy Vault, The Economic Timesreported. While many countries are keen to use renewable energy as part of efforts to cut carbon emissions in the fight against climate change, the challenge has been to find a way to store it for later use, particularly overnight or when demand surges. Energy Vault says its technology enables renewable energy to be stored in 35-ton bricks and delivered as baseload power for less than the cost of fossil fuels at any hour of the day. The renewable energy firm that was launched in late 2018, has already partnered with Mexican materials company CEMEX and India's The Tata Power Company as it looks to complete a test phase and then build its first commercially functioning site.
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