Corona Remedies acquires two brands from Abbott India

On April 2, Ahmedabad-based pharma firm Corona Remedies announced the acquisition of Obimet and Thyrocab brands, comprising of 14 product line extensions, from Abbott India. The acquired brands are popular prescription drugs to manage diabetes and hyperthyroidism. “This is the second brand acquisition by the company in the past year. Both these brands acquired by us are expected to garner a sales revenue of around Rs 25 crore in the first year of integration,” Tejas Kothari, Head-Strategy at Corona said. Krishna & Saurastri Associates LLP acted for Corona Remedies Pvt. Ltd.in both the brand acquisition transactions and the team was led by Partner, Mr. Manish Saurastri. In addition to these acquisitions, Corona has also laid out an investment plan of Rs 60 crore towards setting up its second manufacturing facility at Bavla near Ahmedabad in Gujarat. Moreover, the company plans to fund the expansion through internal accruals.…
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MedGenome Raises $ 10 mn Funds From HDFC

Leading genetics diagnostics firm MedGenome Labs Ltd said it has completed its Series C round of $40 million after getting an additional $10 million from private lender HDFC Ltd, insurer HDFC Life and HDFC Asset Management. “We believe understanding genetic information can have a big impact on the Indian healthcare industry through early detection of disease risk and development of new medicines. We are happy to see an Indian company take a lead in a deep technology area such as genomics and have decided to support MedGenome in its endeavour to make genetic tests affordable and accessible widely,” said Deepak Parekh, Chairman, HDFC Group. Argus Partners with the team led by Partner Adity Chaudhury along with Associates Deeya Ray, Ashish Patel, Riya Dutta and Abhisek Mohanty advised HDFC and its associates. Themis Associates acted for MedGenome Labs Pvt. Ltd. As the largest sequencing lab in South East Asia, MedGenome services global pharmaceutical and biotech firms the world over. Its lab is certified by the Clinical Laboratory Improvement Amendments and accredited with the College of American Pathologists.…
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Nearbuy and Little acquired by Paytm, combines both

Deals platforms Nearbuy and Little Internet have merged their operations, with Paytm picking up a majority stake in the combined entity. Reportedly Paytm has invested $25 million (over Rs 161.45 crore), and will hold 51 percent stake in the joint entity. “This combination of Nearbuy and Little marks a great opportunity for us to reinforce our commitment to support small and large retailers in the new age of mobile commerce and payments. I am sure consumers will love the greater selection and reach of everyday deals and discount offers,” said Vijay Shekhar Sharma, Founder and CEO of Paytm. IndusLaw advised both Nearbuy and Little. The Delhi office with a team led by Partner Avimukt Dar along with Principal Associate Anubha Sital, Senior Associate Harman Walia and Associate Ishan Patnaik guided them. The Bangalore Office team acted for Little Internet and was led by Partners Suneeth Katarki and Winnie Shekhar, along with Senior Associate Aakash Dasgupta. Eversheds Harry Elias acted upon Nearbuy Singapore and the team was led by Partner Sze-Hui Goh. Themis Associates Partner Amritha Salian advised Sequoia (shareholder of Nearbuy Singapore). Winston & Strawn LLP Partner John Albers acted as Singapore Counsel for Groupon (shareholder of Nearbuy Singapore) and J.…
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$100 million raised by Swiggy from Naspers

Swiggy, the rising online food delivery company said it has raised $ 100 million in a Series F funding round led by Naspers, the global internet and entertainment group. New investor Meituan-Dianping, China’s largest group-buying and restaurant review service, has also participated in this round. “With this funding, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, and developing our technology while keeping superlative customer experience at the core,” stated Swiggy CEO Sriharsha Majety. Swiggy was represented by Shardul Amarchand Mangaldas and the team was led by Partner Siddharth Nair along with Senior Associate Asmita Mishra and Associate Shachi Singh. Nishith Desai Associates along with a team led by Leaders Vaibhav Parikh and Karan Kalra; Senior Associate Aishwarya H and Associates Santosh Gangavati, Sanya Malhotra, Abhishek S and Ankit Porwal acted for Naspers. Meituan-Dianping was advised by Han Kun Law and the team included Han Nang Li and Zaiguang Lu. With this new funding, Swiggy said it will further strengthen its market leadership position by introducing a host of unique and advanced products and services. It will also make investments in its new supply business line to solve existing supply gaps in the marketplace.…
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Latham & Watkins acts for Aster DM Healthcare Limited on US $153mn IPO of Shares

On February 26, market debutant Aster DM Healthcare was listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). The healthcare services provider’s issue was oversubscribed 1.3 times on February 25, as per data available on the NSE website. Latham & Watkins acted for the underwriters in the US $153million Initial Public Offering of shares of Aster DM Healthcare Limited. With the Initial Public Offering of Aster DM Healthcare Limited marks another outstanding year for Latham’s India Practice, following on from a successful 2017 where the team acted on transactions with an aggregate value of over US $12billion. Latham, with a team led by Singapore Partner and India Practice Head Rajiv Gupta along with Singapore Associates Scott Calver, David Lee and Su Yuen Yang advised the Global Co-ordinators and Book Running Lead Managers Kotak Mahindra Capital Company Limited, Axis Capital Limited and Goldman Sachs (India) Securities Private Limited, and Book Running Lead Managers ICICI Securities Limited, JM Financing Limited and YES Securities (India) Limited as international legal counsel. Advice was also provided on US tax matters by Latham’s New York Partners Jiyeon Lee-Lim and Gregory Hannibal with Associates Lauren Bewley and Amy Robertson. Aster DM Healthcare Ltd is a private healthcare service provider, which operates in GCC (Cooperation Council for the Arab States of the Gulf) states comprising United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, Jordan (which classifies as a GCC state as part of its GCC operations), India and the Philippines.…
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Udaan raises $50 million from Lightspeed, Yuri Milner

In a fresh round of funding led by existing investor Lightspeed Venture Partners US, Udaan, an online marketplace for businesses raised $50 million as it seeks to accelerate expansion. Founded by three former top Flipkart employees, Udaan has picked up the huge cheque, especially so keeping in mind the skittish investor sentiments around India tech, from Lightspeed Venture Partners and Russian billionaire Yuri Milner who has come on board new in his personal capacity. “We continue to be big believers in the team and market opportunity, and the company’s performance in terms of scale, growth dynamics, buyer/seller retention and frequency benchmarks to the best marketplace platforms we’ve seen globally,” said Lightpseed India Managing Director Bejul Somaia. Somaia and Ravi Mhatre from Lighspeed US led the $50 million investment. Link Legal represented with a team led by Partner Manish Gupta along with Senior Associate Saiyam Chaturvedi Lightspeed Venture. Udaan and its founders were advised by Nishith Desai Associates and the team was led by Partner Vaibhav Parikh along with Poonam Sharma Khaitan & Co acted for other investors – Apoletto and Yuri Milner’s private fund. The Khaitan team included Partner Sharad Moudgal, Senior Associate Sanjay Khan Nagra and Associate BN Vivek.…
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Khazanah buys minority stake in Dubai’s education group GEMS Menasa

Dubai-based GEMS Education said that Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad, has acquired a 3% stake in the firm—which is the world’s largest operator of K-12 schools. GEMS Menasa’s unit GEMS Menasa Cayman Ltd said the Malaysian strategic investment fund had acquired the stake from the Varkey Group, majority owner of GEMS. Allen & Overy with a team led by Corporate Partner David Foster advised Varkey Group Limited (VGL). VGL, the umbrella organisation, operates in the education, healthcare and construction sectors. “This transaction is one of a number of recent investments in the education sector in the MENASA region and underlines investor appetite in social infrastructure. We are delighted to have supported VGL on the reinforcement of their relationship with a leading global sovereign wealth fund, and in their continuing journey to deliver high-quality education,” Foster said. With this deal, Khazanah becomes the second sovereign wealth fund to invest directly in GEMS after Mumtalakat. “Khazanah has been indirectly invested in GEMS since 2014 and we are delighted that, having watched our progress over the last three and a half years, they have chosen to increase their exposure through this meaningful direct investment,” said GEMS CEO Dino Varkey. Founded in 1980 by Sunny Vareky, GEMS Education, founded by Suny Vareky in the year 1980, runs over 250 schools in 13 different countries.…
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Bharat Forge to invest up to Rs 30 crore for 45% stake in TORK Motors

Auto components major Bharat Forge said it will make a strategic investment of up to Rs 30 crore to acquire 45 per cent stake in Pune-based electric vehicle (EV) startup TORK Motors. “The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 each and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 as an initial subscription,” Bharat Forge said in a BSE filing. DSK Legal with a team led by Partner Mr. Narendra Dingankar and Senior Associate, Mr. Varun Shah advised Bharat Forge Limited (“BFL”) with respect to its acquisition of 45% stake in Tork Motors Private Limited (“Tork”) by way of primary as well as secondary purchase of shares. The respective agreements were signed in the first week of February, 2018. DSK Legal assisted in (i) drafting/reviewing, negotiating and revising the transaction documents viz. share subscription agreement, share purchase agreements, shareholders agreement etc.; (ii) reviewing closing documents; and (iii) assisting in execution and review of closing documents for the transaction. LegaLogic Consulting acted for Tork.…
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Indiabulls’ PE arm and InterGlobe tie up to acquire commercial building

Indiabulls Asset Management Company’s private equity arm has acquired an entire commercial building with fully leased 2.35 lakh sq ft office space on NH-8 in Gurgaon for about Rs 200cr from the US-based realty developer Hines India. To formulate this deal, Indiabulls and co-investor InterGlobe Real Estate Ventures Pvt. Ltd (IGR), the real estate arm of InterGlobe Enterprises Pvt. Ltd have entered into a partnership. AZB & Partners with a team led by Partners Ashwath Rau, Rohit Bajaj and Ami Parikh along with Counsel Prerak Ved and Senior Associate Raina Upadhyay advised Indiabulls. Acted for Hines India was acted upon by Shardul Amarchand Mangaldas with a team led by Partner Jatin Aneja. Khaitan & Co led by Partner Bharat Anand advised Interglobe. “This is our first investment in the commercial office space and we are extremely keen and focused on this space and plan to conclude more such deals over the next six months,” said Ambar Maheshwari, CEO(private equity), Indiabulls AMC.…
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GroupM set to acquire majority stake in Indian digital creative agency The Glitch

WPP Plc.’s media investment arm GroupM is to acquire a majority stake in Mumbai-based creative agency Glitch Media Pvt. Ltd and said that Glitch will continue to operate as an independent brand following the acquisition. The deal value was not revealed. According to the company, the acquisition is in line with WPP’s strategy to focus on technology, data and content, which differentiates the group’s offering to clients. “With The Glitch, we found a partner that brings exciting creative and content skills that can leverage our unique assets to create effective solutions for our clients,” said CVL Srinivas, Country Manager, WPP India, and CEO, GroupM, South Asia. Platinum Partners advised WPP with a team led by Partner Anuj Bhatia and Associate Sanjana Bhatnagar. Jerome Merchant + Partners with a team led by Partner Shameek Ray acted for Glitch and its founders. GroupM operates WPP’s media agencies including Mindshare, MEC, MediaCom, Wavemaker, Essence and Motivator in India while Glitch Media’s clients include Unilever, Netflix, OYO Rooms, Shutterstock and Tinder, among others in the entertainment, beauty and fast-moving consumer goods sectors.…
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Lendingkart raises Rs565 crore from Fullerton Financial Holdings

On February 12, FinTech company Lendingkart Technologies raised over Rs 565 crore ($87 million) of equity funding in its Series C. The round was led by Singapore’s Fullerton Financial Holdings Pte Ltd, and had participation from existing investors Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, India Quotient, and Saama Capital too. “We are excited to have Fullerton Financial Holdings join us on our growth journey. We are pleased to collaborate with Fullerton as they bring deep domain experience in the rapidly growing financial services space in India and globally,” said Harshvardhan Lunia, Co-Founder and CEO of Lendingkart Technologies. Lendingkart Technologies has raised over $87 million (Rs. 565 crore) in equity funding, led by Singapore’s Fullerton Financial Holdings (FFH). Shardul Amarchand Mangaldas with team led by Bangalore Partner Siddharth Nair along with Senior Associate Kaushalya Venkataraman advised Lendingkart. Fullerton Financial Holdings was acted upon by AZB & Partners and the team was led by Partners Ashwath Rau and Anu Tiwari along with Senior Associate Nirmal Mahtani and Associate Rachana Rautray. Moreover, a Memorandum of Understanding has also been signed between the two companies concerning possible opportunities and initiatives to support their respective businesses.…
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$3-billion platform set up by NIIF, DP World

On January 22, India’s first sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF) and Dubai-based ports operator DP World Pvt. Ltd, declared the creation of an investment platform to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India. AZB & Partners with a team led by Partners Vinati Kastia and Abhishek Shinde along with Senior Associate Anant Dang advised DP World. Shardul Amarchand Mangaldas (SAM) acted for NIIF and the SAM team was led by Partner Raghubir Menon. Moreover, an India-UK Green Growth Equity Fund is also being set up under the fund of funds vertical of NIIF, and will have anchor commitments of £120 million each from the Government of India (through NIIF) and the Government of UK. It will look to collaborate over extended opportunities such as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure, including cold storage too.…
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