Indcap Advisors Pvt. Ltd. Mumbai I New Delhi I Kolkata I Ahmedabad
January, 2016
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January, 2016
CONTENTS
Mergers & Acquisitions 3
Private Equity 4
M&A Deals – January 2016 5
PE Deals – January 2016 6
Indcap Opportunities 7-8
Indcap Performance 9
Markets/ Commodities 9
January, 2016
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*An extensive list of M&A and PE deals announced in January 2016 is provided in the subsequent pages
Mobile wallet and e-commerce firm Paytm has acquired Shifu, a context-aware personal assistant application, in its second takeover within a month, for INR 530 Mn
Kotak Mahindra Bank has bought 10 per cent stake in Mumbai-based proxy advisory firm Institutional Investor Advisory Services (IiAS) for INR 10 Mn, valuing it at INR 100 Mn
IDFC Bank, in one of its first investments after starting operations as a private lender, has picked 9.99 per cent stake in ASA International India Microfinance (P) Ltd for INR 85 Mn
Mahindra Holidays & Resorts India Ltd., India's largest vacation ownership company, has bought Finland-based spa and leisure resort Saimaa Gardens Arena Oy through its overseas subsidiary Holiday Club Resorts Oy (HCR).
Saroj Poddar-led Adventz Group firm Texmaco Rail and Engineering Ltd. has acquired a 55 per cent equity stake in Mumbai-based Bright Power Projects (India) (P) Ltd. for an undisclosed amount
Quess Corp. Ltd. has acquired the 51 per cent stake it didn’t already own in outsourcing solutions firm MFXchange Holdings Inc. from Fairfax Financial Holdings Ltd.
Godrej & Boyce Mfg Co Ltd., part of the diversified Godrej Group, has acquired a 51 per cent stake in home decor and accessories firm India Circus Retail (P) Ltd for an undisclosed amount.
January, 2016
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Horizontal e-commerce marketplace ShopClues has entered the exclusive club of ‘unicorns’ after raising fresh funds (INR 6,700 Mn) from Singapore government's GIC and its existing investors Tiger Global and Nexus Venture Partners
CarTrade.com, a Mumbai based online auto classifieds platform, has raised about INR 9,500 Mn in a fresh round of funding from Temasek Holdings alongwith US-based investment firm, March Capital and existing investor Warburg Pincus.
*An extensive list of M&A and PE deals announced in January 2016 is provided in the subsequent pages
Bangalore-and US-based Big Data firm Qubole Inc. has raised INR 2,034 in Series C funding led by Institutional Venture Partners (IVP). Existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners also invested in this round
Realty portal Housing.com has raised INR 1,000 Mn in fresh capital from lead investor SoftBank Corp.
SnapBizz Cloudtech (P) Ltd, which provides an Android-based connectivity platform to local offline grocers, has raised INR 487 Mn from Jungle Ventures, Taurus Value Creation and other VC firms.
Bengaluru based Bundl Technologies (P) Ltd, which owns and operates online food ordering startup Swiggy.com, has raised about INR 2,365 Mn in Series C round of funding from New York-based investor Harmony Partners and Singapore-based RB investments with participation from existing investors
January, 2016
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Target Buyer Industry Deal Value
Stake (%) INR in Mn
Shifu Paytm Mobile Solutions (P) Ltd. IT/ ITes/
Technology 530 N.A
ASA International India Microfinance (P) Ltd.
IDFC Bank Ltd. Banking/ Financial
Services 85 9.9
Institutional Investor Advisory Services India Ltd.
Kotak Mahindra Bank Banking/ Financial
Services 10 10
Saimaa Gardens Arena Oy Holiday Club Resorts Oy Hospitality N.A 76
Bright Power Projects (India) (P) Ltd.
Texmaco Rail and Engineering Ltd
Engineering N.A 55
MFXchange Holdings Inc. Quess Corp Ltd. Services N.A 51
India Circus Retail (P) Ltd. Godrej & Boyce Mfg Co Ltd Retail N.A 51
Sunstone Eduversity (P) Ltd Spice Mobility Ltd Education N.A 22.54
Filtra Catalysts & Chemicals Ltd. Dorf Ketal Chemicals India (P) Ltd
Commodities N.A N.A
Animal health brands and manufacturing operations of Zoetis Inc. at Haridwar
Cadila Healthcare Ltd. Pharmaceuticals N.A N.A
Baring Private Equity Asia Affiliated Managers Group Inc. Banking/ Financial
Services N.A N.A
Maxheap Technologies (P) Ltd. Quikr India (P) Ltd. IT/ ITes/
Technology N.A N.A
Piramal Enterprises Ltd's Canadian subsidiary’s cartilage repair product -- BST-CarGel --
Smith & Nephew Plc. Healthcare N.A N.A
M&A Deals- January 2016
*INR to USD conversion rate considered at USD 1 = INR 67 N.A. – Not Available
January, 2016
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Company Industry Investor Amount
Stake (%) INR in Mn
MXC solutions (P) Ltd (Cartrade.com)
IT/ ITes/ Technology Temasek Holdings, March Capital & Warburg Pincus
9,500 N.A
Clues Network (P) Ltd. (Shopclues.com)
IT/ ITes/ Technology GIC, Tiger Global & Nexus Venture Partners
6,700 N.A
Bundl Technologies (P) Ltd. (Swiggy.com)
IT/ ITes/ Technology New York-based Harmony Partners and Singapore-based RB investments & Existing Investor Saif Partners
2,365 N.A
Qubole Inc. IT/ ITes/ Technology
Institutional Venture Partners (IVP),Existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners
2,034 N.A
Locon Solutions (P) Ltd. (Housing.com)
IT/ ITes/ Technology SoftBank Corp. 1,000 N.A
SnapBizz Cloudtech Pvt Ltd IT/ ITes/ Technology
Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures
487 N.A
B9 Beverages (P) Ltd. Food & Beverages Sequoia Capital & Several Angel Investors
400 N.A
BigFoot Retail Solutions (P) Ltd (KartRocket.com)
IT/ ITes/ Technology
Bertelsmann India Investments (BII), Nirvana Venture Advisors (P) Ltd., US-based 500 Startups and Singapore's Beenext
400 N.A
August Jewellery (P) Ltd. (Melorra)
IT/ ITes/ Technology Lightbox India Advisors Private Limited 334 N.A
Alef Mobitech Solutions (P) Ltd.
IT/ ITes/ Technology Tata Capital Innovations Funds 334 N.A
PE Deals- January 2016
*INR to USD conversion rate considered at USD 1 = INR 67 N.A. – Not Available
January, 2016
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Sector Location Opportunity Brief Key Highlights
Renewable Energy
Tamilnadu &
Karnataka
The company is involved in power generation through wind turbine generators
Operating wind turbine generators located in Tamilnadu and Karnataka
Aggregate-rated generating capacity of 51 MW with an average PLF of 18-20%.
34 Turbines of 1.5 MW each Date of commissioning- 2009-10
Diversified Gujarat A Conglomerate having diversified business
Looking to sell their 300 MW coal based power plant in Maharashtra
Expected Deal Size- INR 21,000 Mn
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Sector Location Company Brief Acquisition Criteria
Chemicals Gujarat The group is engaged into manufacturing of dyes, pigments, caustic etc.
The company is diversifying into API and is interested in acquiring USFDA approved API Unit.
Looking for running plant with all USFDA approvals for its API Products
Acquisition Size<= INR 500-1,000 mn.
Oil & Chemicals
Gujarat An MNC and independent tank storage provider for the oil and chemical industry.
Looking for acquiring existing petroleum and chemicals storage and tanking business at ports
Architectural Hardware Fittings
New Delhi The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products
The company is looking for acquisition in the following space: • Door manufacturers- Fire door, clean
room used in pharmaceutical and hospital
• Kitchen manufacturer - Prefer into retail but can also look in commercial
• Electronic home security- example door phone
Looking at companies with revenue INR 500-1000 Mn
Renewable Energy
Gujarat The Company is a diversified player based out of Gujarat
Looking to acquire wind and solar assets in Gujarat and Rajasthan
Hydro assets in Himachal Pradesh
January, 2016
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Sector Location Company Brief Acquisition Criteria
FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.
In FMCG • Sector includes Personal care products (natural and
Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector
• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence
In Healthcare • Clinical Diagnostics centers, Fertility centre etc.
In Cement • Cement Grinding unit of about 1.0 mn tonne
capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred
Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt. Scheme
like JNNSM-Batch
Any new disruptive technology oriented business
Real Estate
Gujarat They are a group of ultra HNIs running large chain of multiplexes and hospitality services in Gujarat
Interested in acquiring 5 Stars Property in Goa, Kerala or any of the metro cities
Looking for any sizable commercial real estate property fetching good lease rentals
Looking for IRR of around 12-15%
FMCG Gujarat The company is a leading player in the Chemicals and Cement business
The company is looking to acquire large size cement unit having capacity of more than 3.0 mn tonnes
Preferred Location- Western Part of India Lime reserve and captive power plant associated
with cement plant would be most preferred
Diversified
Gujarat They are a group of ultra HNIs
Looking to acquire export oriented API or other semi-regulated commodity business
Location – Western India Expected Deal Size- 1,250 – 1,500 Mn
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January, 2016
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Indcap has successfully assisted a leading Infrastructure Company, based out of Kolkata, in
Debt Syndication worth INR 1,124 Mn through three Leading Public Sector Banks at highly competitive rates
Indcap has successfully assisted a leading Tea Company, based out of Kolkata, in Debt Syndication worth INR 250 Mn through a Leading Public Sector Bank at highly competitive rates
INDCAP PERFORMANCE
Stock Indices Opening
(4th Jan’16) Closing
(29th Jan’16) Change %
Sensex 26,116.52 24,870.69 -4.78%
Nifty 7,924.55 7,563.55 -4.56%
FTSE 6,242.30 6,083.80 -2.54%
Nikkei 18,818.58 17,518.30 -6.91%
Dow Jones 17,405.48 16,466.30 -5.40%
Gold ( INR/10 Grams) 25,019.00 26,575.00 6.22%
Silver (INR /1 Kg) 32,898.00 34,387.00 4.53%
USD ($) 66.24 67.89 2.49%
Euro (€) 71.92 73.53 2.24%
GBP (£) 97.65 96.68 -0.99%
Sources – Global Indices, BSE, NSE, RBI, MCX INDIA
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Indcap Advisors Pvt. Ltd. Offices
Kolkata New Delhi Mumbai
Chitrakoot, Suite # 68, 6thFloor, 230A, A.J.C Bose Road,
Kolkata – 700 020 Ph. No.:- +91 33 3052 4446
823, DLF Tower A Jasola District Centre New Delhi – 110 025
Ph. No.:- +91 11 2694 2340/ 41/ 42
Suite # 603, 6th
Floor, Balarama Bandra Kurla Complex, Bandra (E)
Mumbai – 400 051 Ph No.:- +91 22 3058 4445
Ahmedabad
A-707, Infinity Tower Corporate Road, Prahladnagar,
Ahmedabad – 380 015 Ph. No.:- +91 79 4002 6336
www.indcapadvisors.com
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