Mint brings to you your daily dose of top deals reported by newsrooms across the country.
BigBasket eyes $500 million war chest as Walmart, Amazon loom
BigBasket, India’s largest grocery start-up, is in talks with investors to build a large war chest to prepare for a long-drawn-out battle with deep-pocketed rivals Amazon India and Walmart Inc., which is nearing a deal to buy online retailer Flipkart, reports Mint citing sources.
According to the report, BigBasket, which raised $300 million from Alibaba Group Holding Ltd and others in February, is in talks to raise between $300 million and $500 million from Alibaba and new investors, citing sources. Read more
Trifecta to raise Rs750 crore venture debt fund
Venture debt provider Trifecta Capital is planning to raise a second debt fund, targeting a corpus of Rs500 crore and a green shoe option of Rs250 crore by the end of 2018, reports Mint citing a senior executive. Read more
Trifecta Capital raised Rs500 crore in its maiden debt fund and aims to fully exhaust the fund by the next quarter. The fund has hired Aakash Goel, former principal at Bessemer Venture Partners, as one of its partners.
Infibeam to buy Unicommerce from Snapdeal
Infibeam Incorporation Ltd on Monday said that its board has approved the acquisition of Unicommerce eSolutions Pvt. Ltd, owned by Jasper Infotech Pvt. Ltd that runs online marketplace Snapdeal.com, for Rs120 crore, reports Mint. Read more
Carlyle may close new Asia fund at $6.5 billion
Carlyle Group is set to close its biggest ever Asia private equity fund at $6.5 billion, people with direct knowledge of matter said, in a deal that adds to the record levels of funds seeking deals in the region, reports Reuters. Read more
BlackRock exits India mutual fund business
BlackRock Inc., the world’s largest asset manager, said on Monday it will sell its 40% stake in DSP BlackRock Investment Managers Pvt. Ltd to joint venture partner DSP Group, marking the exit of yet another foreign asset manager from the Indian mutual fund industry, Mint reports. Read more
Nestle pays $7.15 billion to sell Starbucks products
Swiss food giant Nestle announced on Monday it will pay $7.15 billion for the rights to market Starbucks products around the world, outside of the company’s coffee shops, reports AFP. Read more
The report said, the agreement gives Nestle, which owns the Nescafe and Nespresso brands, a strong platform for continued growth in North America, citing the company statement.
Jyoti Structures lender DBS Bank moves NCLT against resolution plan
DBS Bank Ltd has approached the National Company Law Tribunal (NCLT), challenging the proposed bankruptcy resolution plan for Jyoti Structures Ltd, according to Mint report. Read more
Jyoti Structures was the first of the 12 accounts referred by the Reserve Bank of India (RBI) for resolution under the insolvency and bankruptcy code to be admitted by NCLT.
Max Ventures invests Rs250 crore to expand capacity at packaging films unit
Analjit Singh-promoted Max Ventures and Industries has invested Rs250 crore for capacity expansion in its packaging films business unit, the company’s managing director Sahil Vachani told ET. Read more
According to the report, the packaging films unit is housed in a subsidiary of Max Ventures that also has interests in real estate development and venture capital investing.
Sequoia-backed B9 beverages raises $50 million from Sofina
Sequoia Capital-backed craft beer company B9 Beverages that owns and sells the Bira 91 brand of beers has raised $50 million (Rs332.6 crore) in a fresh round of funding from Brussels-based investment firm Sofina, reports The Economic Times. Read more
Carlyle to sell 4.8% stake in PNB Housing
Quality Investment Holdings, an arm of the global private equity giant Carlyle, is selling 80 lakh shares of PNB Housing Finance, translating into about 4.8% of its equity, for around Rs1,040 crore ($153 million) through block deals, reports TOI. Read more
Lenders ask Uttam Galva to give bank guarantees
Lenders to Uttam Galva steel Ltd have asked the company to furnish bank guarantees amounting to at least 25% of its outstanding loans, reports Mint citing sources. The consortium of lenders led by State bank of India (SBI), has also asked the company to sign a binding agreement with respect to the repayment offer, says the report.