Deals Buzz: Goldman Sachs may lead investment round in JSW-backed Purplle

AAI opts out of race to buy Bidvest, ACSA shares in MIAL. (Photo: Abhijit Bhatlekar/Mint)

Goldman Sachs may lead investment round in JSW-backed Purplle

Online makeup and beauty products retailer Purplle is in talks to raise up to 300 crore in a Series C funding round led by Goldman Sachs, Mint reported citing two people close to the deal. Purplle’s existing investors, Blume Ventures, IvyCap Ventures and JSW Ventures, the startup investment arm of Sajjan Jindal-led JSW Group, are also expected to participate in the round. Goldman is expected to invest from its growth and venture capital investment arm, Goldman Sachs Investment Partners (GSIP), said the people cited above. Purplle sells makeup products and fashion accessories, as well as wellness products for men and women on its website. While it sells renowned makeup brands, it has also introduced its private label, which investors say, is already accounting for a significant chunk of its sales. It also provides makeup content and guided videos from bloggers.

Generico raises funds from  Lightbox, others

Generico, which runs a network of offline pharmacies selling generic drugs exclusively, has raised a Series-B round of funding led by venture capital firm Lightbox Ventures, Mint reported. Its existing investors- Tomorrow Capital and Whiteboard Capital, also participated in the round. It plans to use the funds to build up to 150 stores in the next two years, and with over 4,00,000 customers, claims to be profitable at a store and warehouse level. It also plans to strengthen its capabilities in supply chain management and data science, while catering to middle income families in urban areas. It previously raised a Series-A round of $3 million from Tomorrow Capital, Whiteboard Capital and angel investor Gagan Goyal.

Kinetic Green eyes fresh capital to fuel growth

Kinetic Green Energy and Power Solutions Ltd has hired consultants to raise up to $40 million in private equity funding by December to fuel growth for the next three to five years, a Mint report said. The Pune-based electric three-wheeler maker is planning to expand its product portfolio, develop new products along with suppliers, enter niche segments and ramp up capacity at its Ahmednagar plant. The company plans to ride on the anticipated demand for electric three-wheelers with commercial applications, primarily orders from state governments and last-mile applications, including delivery for e-commerce and transport for passengers. Kinetic Green, which reported FY19 revenue at 61 crore, is expecting a revenue of about 300 crore by the end of FY20. It plans to manufacture about 15,000 electric three-wheelers in FY20.

AAI opts out of race to buy Bidvest, ACSA shares in MIAL

The Airports Authority of India (AAI) has decided not to exercise its right to buy shares from its partners Bidvest and Airports Company South Africa (ACSA), The Economic Times reported. The two South African companies have been trying to sell their combined shareholding in Mumbai International Airport (MIAL) and exit the 13-year-old joint venture. The arbitration court has also given GVK, which operates Mumbai airport, time till October 30 to deposit the purchase price of shares ( 1,248 crore) in an interest-bearing escrow account, failing which Bidvest has the freedom to sell the shares to any third party it wishes to after securing necessary regulatory approvals. As per the original shareholder agreement between MIAL’s partners, AAI has right of first refusal over the Bidvest and ACSA stakes. In April, GVK informed the stock exchanges that it had entered into a nonbinding agreement with NIIF-ADIA for its airports business at a valuation of around 12,500 crore. The deal was to reduce debt of up to 5,750 crore. Canadian pension fund PSP Investments later joined the NIIF-ADIA consortium. The transaction to ringfence GVK’s crown jewel is yet to be completed.

Fosun invests 800 crore in realty venture with Ahuja Constructions

In its first ever realty transaction in India, Chinese investment conglomerate Fosun Group has acquired a majority stake in a property development platform it has formed with realty developer Ahuja Constructions for 800 crore with an option to further its investment going forward. The Economic Times reported that this is not only the Hong Kong Stock Exchange-listed Fosun’s maiden real estate deal in India, but it also kicks off the Chinese developers’ activity in the country’s burgeoning property sector. The deal also assumes significance since it is a pure equity transaction and the group plans to invest up to 2,500 crore into this new entity over the next three years. Out of a total 800 crore, Fosun will invest 400 crore in the first tranche in this platform for ongoing operations and two new acquisitions in Mumbai’s Malad and Chembur locality. Apart from the Mumbai property market, Fosun is also looking at such acquisition and alliance opportunities in Bengaluru and the National Capital Region (NCR).