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Flipkart Sell 75% stake to Walmart for $15 Billion

4May By Sheldan RungasamyNo Comments

ACQUISITION

Flipkart Sell 75% stake to Walmart for $15 Billion

Flipkart, the Indian e-commerce giant came to terms with American brick-and-mortar mammoth, Walmart, to sell an equity stake of about 75% for $15 billion, according to a report from Bloomberg which cited anonymous sources. SoftBank, the Japanese multinational conglomerate holding company that holds 20% stake in the e-commerce business agreed to sell its shares of the company to the American firm. Bloomberg added that Google’s parent company Alphabet Inc is also participating alongside Walmart in this deal. Terms are still being negotiated and the deal can even fall apart at any moment, Bloomberg reported. However, the deal is expected to close within the next 10 days. None of the companies agreed to comment on the matter. Earlier this week, Indian TV channel CNBC-TV18 reported ...

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

27Apr By Sheldan RungasamyNo Comments

BUSINESS

Patanjali Denies 9,000 Crore Bid to Acquire Ruchi Soya

Patanjali, India's fast moving consumer goods (FMCG) company founded by Baba Ramdev denied reports suggesting that it placed a bid to acquire debt-ridden edible oil maker Ruchi Soya Industries for Rs 9,000 crore. A spokesperson for the company SK Tijarawala wrote in a tweet, “The news of applying a bid of 9,000 crore rupees by Patanjali is wrong. We are evaluating. We understand the value of money of the common people of this country.” However, SK Tijarawala did not deny Patanjali’s interest in acquiring the firm, but for a lesser price. “After examining the company’s vitals and balance sheet, the value of the deal should be at most between Rs 1,800-2,000 crore,” he said. He also describes the acquisition as synergistic with Patanjali’s values since it was “swadeshi. Vital resource...

P&G to buy 52% stake in Merck India for Rs 1300 Cr

20Apr By Lavina TolaniNo Comments

ACQUISITION

P&G to buy 52% stake in Merck India for Rs 1300 Cr

Procter & Gamble Company (P&G), a global consumer product manufacturing firm is all set to acquire a nearly 52% stake in drug firm Merck India for Rs 1,300 crore in a global deal taking over the international consumer health business of Germany’s Merck KGaA. According to information that came in a public announcement on Thursday, Procter & Gamble Overseas India BV along with P&G will be making an obligatory offer to acquire 26% from public shareholders for up to Rs. 648 crore which will mark up the total cost of acquisition in India to Rs. 1,948 crore. The procurement will allow P& G to expand its consumer healthcare business by incorporating a portfolio of physician-supported brands while complementing its owned brand like Metamucil, Pepto-Bismol, Crest and Oral-...

California Based Prominent Cryptocurrency Exchange Acquires Earn.com

17Apr By AnkitaNo Comments

ACQUISITION

California Based Prominent Cryptocurrency Exchange Acquires Earn.com

Prominent cryptocurrency exchange, Coinbase, in a deal worth more than USD 120 million, announced its significant plan to buy the United States startup that uses blockchain for its paid-email service, Earn.com. Coinbase also appointed Indian-American, Balaji Srinivasan, co-founder and CEO, Earn.com as its first CTO, TechCrunch reported. The rest of the team from Earn.com will also transition over. "With Coinbase's user base and distribution muscle, I think it could hit USD 100 million in accounting rate of return (ARR) in a few months. I'm proud of the fact that we turned what could have been a disaster into a successful product and I'm excited about the road ahead," TechCrunch quoted Balaji Srinivasan as saying. A Stanford graduate, who holds a BS, MS and Ph.D. in Electrical Engin...

Reliance Acquires Online Education Portal Embibe

13Apr By Sheldan RungasamyNo Comments

ACQUISITION

Reliance Acquires Online Education Portal Embibe

Reliance Industries recently purchased a majority stake of 72.69% in Indiavidual Learning Pvt Ltd’s online education platform Embibe. Mukesh Ambani’s company is set to pour $180 million over the next three years in the company, according to stock market filings. The deal will also see Lightbox and Kalaari Capital leave the online learning platform’s board as Reliance Industries is buying out their stakes. The two venture funds had invested a combined $4 million in the company back in 2013. The investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying technology. Reliance aims to connect over 1.9 million schools and 58,000 universities across India wit...

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

13Apr By Sheldan RungasamyNo Comments

News

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

Walmart, the American retail guru is keen to buy stakes in Indian e-commerce company, Flipkart and the rumors circulating suggest that the Indian firm would boast a valuation of $20 billion once the deal is completed. Anonymous sources close to the company suggested that Walmart is set to buy out the shares of Flipkart and the stakes of its investors as well. The deal is yet to reach a conclusion and the details are still in negotiations. The deal will most probably be paid in tranches and will include the purchase of primary and secondary shares, said one of the sources. Flipkart’s early investors such as Tiger Global look will most likely leave the company following the deal. Flipkart raised several funds last year, notably from eBay, Tencent Holdings and Microsoft Corp but the ...

Lending Platform Happy Loans Acquires Non-Banking Financial Company

13Apr By Sheldan RungasamyNo Comments

ACQUISITION

Lending Platform Happy Loans Acquires Non-Banking Financial Company

Happy Loans, the platform that connects borrowers from the MSME sector to lenders announced on Thursday that it made the acquisition of Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited in order to use the funds of the firm to provide loans to its customers. Consequently to the deal, the NBFC company’s name will change to Arthimpact Digital Loans Private Limited. The acquisition is also a profitable way for Happy Loans to provide more capital and resources to micro-entrepreneurs than they could previously while reducing the cost of providing capital to its customers. Additionally, this purchase allows Happy Loans to benefit from a bigger share of the online loan market place. Indeed, Happy Loans looks forward to use Arthimpact Digital Loans Private Limite...

Rental Service Ziffyhomes Acquires Nivaasa in all Cash Deal

12Apr By NitishNo Comments

ACQUISITION

Rental Service Ziffyhomes Acquires Nivaasa in all Cash Deal

ZiffyHomes, a Delhi based home rental service acquired Nivaasa, a Gurgaon-headquartered home rental platform for an undisclosed amount. The acquisition happened in cash. The company had earlier acquired competitor Fellahomes this year to become one of the largest aggregators of Exclusive Rental Properties in Delhi NCR. The acquisition will help Ziffy to expand in the premium category apartments across India Nivaasa, which currently operates in Gurgaon, Delhi, Mumbai, and Bangalore offers a professional way to rent a home. The startup created its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. This apart, it also provides furnished and rental homes to people and allows them to customize the amount of furniture...

11Apr By Sheldan RungasamyNo Comments

ACQUISITION

ClearTax Announced the Acquisition of 2 Startups

ClearTax announced the acquisition of Greeblu Enterprises, which is an app-based startup and TOOTL, an app offering infotainment in the form of personalized content via predictive analysis modeling to its readers. These acquisitions go along with ClearTax’s ambitions of using this innovative technology to incorporate with the personalized tax, finance and compliance related content found on its website. ClearTax specializes in offering a variety of products and services, notably mutual fund investment portal, Goods and Services Tax (GST) software, e-way bill generator, and business compliance services as well while also relying on its core tax filing business where they are the market leader. This algorithm has been a great value add to our existing systems. In the tax and finance s...

Ola Acquires Public Transport App to Compete With Uber

4Apr By Sheldan RungasamyNo Comments

ACQUISITION

Ola Acquires Public Transport App to Compete With Uber

Ola, the Indian Ride Hailing company announced that the firm acquired public transport app, Ridlr whose software will be integrated in Ola and bring new facilities to users in helping with their commuting needs. This acquisition consolidates Ola’s efforts in digitalizing the public transport facilities in India and is undoubtedly an additional asset for the Indian ride hailing company to compete with their main competitor Uber as the competition between the two platforms intensifies week in, week out. Ridlr is an app that allows its users to search and book several public transport facilities on their smartphones. The platform’s patented Internet of Things (IoT) facilities allows digitalization of Indian public transport. Launched in 2009 by Ravi Khemani and Brijraj Vaghani, the plat...

Post Ebix-Via Acquisition, Via Executives Leave the Company

2Apr By Sheldan RungasamyNo Comments

News

Post Ebix-Via Acquisition, Via Executives Leave the Company

Via, the online travel platform that was recently acquired by US company Ebix at the end of October 2017 is reportedly seeing the successive departures of its senior leader members; notably, Chief Business Officer, Paroma Chatterjee and Chief Finance Officer, Sujit Neha according to anonymous sources close to the company. Ebix, acquired Via for $75 million and are now envisaging using is workforce to expand its core payments and remittance relating to travels with its insurance businesses. Ebix and the Bombay Stock Exchange recently agreed on a Memorandum of Understanding on establishing a jointly an insurance distribution network in India. According to anonymous sources, the departures of the two senior executive is directly related to Via change of power. Unlike its rivals MakeMyTr...

Hinduja Global Solutions Acquires 57% Stakes in Element Solutions for $5 Mn

31Mar By Sheldan RungasamyNo Comments

ACQUISITION

Hinduja Global Solutions Acquires 57% Stakes in Element Solutions for $5 Mn

Hinduja Global Solutions (HGS) announced that its daughter company Hinduja Global Solutions UK Limited has bought out 57% stake in Element Solutions, which is a digital consulting services company for a $5 million consolidation. The deal is scheduled to be completed in 15 days and will serve to improve the digital marketing and digital experience service of the firm. "Hinduja Global Solutions UK Ltd has today entered into a definitive agreement to acquire 57 per cent equity stake in Element Solutions LLC, USA... Post-acquisition, HGS will add over 75 employees comprising strategic thinkers, digital marketers, user-centric designers, software engineers and developers, of whom 33 are in the US and the rest in India," HGS Chief Executive Officer Partha DeSarkar said. Element Solutions i...