Lexygen

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Lexygen India Digest

July 2019

The July 2019 issue of the Lexygen India Digest summarises a decision approved by the Securities and
Exchange Board of India to permit issuance and listing of shares with differential voting shares. The
market updates section of this issue reports some significant private equity deals in the automotive,
consumer, financial technology, pharmaceuticals, real estate, and education sectors; fund raising by
Indian venture capital funds; mergers and acquisitions in the insurance, information technology,
healthcare, asset management, energy, and transportation sectors; and certain other important deals.

REGULATORY UPDATES

A. SEBI NOTIFICATIONS

SEBI approves framework for issuance of
shares with differential voting rights
The Securities and Exchange Board of India
(“SEBI”) has, at its meeting dated June 27,
2019, approved a framework for issuance of
shares with differential voting rights (“DVRs”).
The extant Securities Exchange Board of India
(Listing Obligations and Disclosure
Requirements) Regulations, 2015, (“Listing
Regulations”) prohibits the issuance of shares
with DVRs. The SEBI has now approved a
framework for issuance of shares with DVRs,
which has been summarised below-
Eligibility
A company having shares with superior voting
rights (“SRs”) would be allowed to undertake
an initial public offering (“IPO”) only of
ordinary shares, subject to following
conditions:
 The company is a technology company
with intensive use of technology,
intellectual property, information
technology, bio- technology, nano-
technology or data analytics provide
products, services, or business platforms
with substantial value addition.
 Shares with SRs should have been issued
only to persons who are part of the
promoter group who hold an executive
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position in the company, pursuant to
approval by at least 75% of the
shareholders of the company, and such
promoter group’s collective net worth
(barring the value of investments in the
issuer company) shall not exceed INR. 5
billion.
 The SRs attached to such shares must be
in the ratio of at least 2:1 and not more
than 10:1 as compared to ordinary shares.
 Shares with SR should be held for a
period of at least 6 months prior to filing
of the red herring prospectus under the
Listing Regulations.
Listing and Lock-in
Shares with SRs shares shall also be listed on
stock exchange after the company makes a
public issue. However, they shall be under
lock-in until their conversion into ordinary
shares, such that transfers amongst promoters
and creation of pledge/lien over such shares
with SR is not permitted.
Rights of Shares with SRs
Shares with SRs shall be treated at par with
ordinary equity shares in all respects including
dividends, except for the voting rights. Further,
the total voting rights of shareholders holding
shares with SRs, taking into account the voting
rights on ordinary shares held by them, shall
not exceed 74% after listing.
Enhanced Corporate Governance
Companies having issued shared with SRs shall
be subject to enhanced corporate governance as
follows:
 At least half the Board of Directors and
two-thirds of any committees of the
Board of Directors (excluding the Audit
Committee) shall comprise of
independent directors.
 The Audit Committee shall comprise
entirely of independent directors.
Restriction on Listed SRs
After the IPO, the shares with SRs shall be
treated as ordinary shares in terms of voting,
i.e., they shall have only 1 vote per share, in
certain circumstances which include the
following:
 Appointment or removal of independent
directors and auditors;
 Transfers of control by promoters to
another entity;
 Related party transactions involving
shareholders holding shares with SRs;
 Voluntary winding up of the company;
 Alterations in the company’s
Memorandum of Association or Articles
of Association, except any modifications
affecting the shares with SRs;
 Initiation of voluntary resolution plan

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 under Insolvency and Bankruptcy Code,
2016;
 Utilisation of funds for purposes other
than business; and
 Proposals for delisting or buyback of
shares.
Mandatory Conversion
The shares with SRs shall convert into ordinary
shares either on the 5th anniversary of the
listing, unless extended once by a further
period of 5 years, or on the occurrence of
certain events such as demise/resignation of the
shareholders holding shares with SRs,
mergers/acquisition where control would no
longer be with the shareholders holding shares
with SRs, etc.

MARKET UPDATES

A. PRIVATE EQUITY

CDPQ acquires 1.54% stake in Mahindra As per the terms of the transaction, the businesses across the world.
for USD 206 million proceeds of the sale will be transferred by the
Trust to Mahindra and utilised to fuel itsFounded in 1965, Canada based CDPQ is an
Caisse de dépôt et placement du Québec various operational requirements. Post theinvestment manager specialising in investments
(“CDPQ”) has acquired a 1.54% stake in transaction, the Trust will continue to hold a
across the healthcare, energy, information
Mahindra & Mahindra Limited (“Mahindra”) 6.8% stake in Mahindra. technology, industrials, consumer products, and
from Mahindra & Mahindra Benefit Trust natural resources sectors across the world.
(“Trust”), through a stock market transaction, Founded in 1945, Mumbai based Mahindra is
for a consideration of USD 206 million. engaged in the automotive and farm equipment
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CureFit raises USD 120 million in Series D manage their health proactively through a range across the oil and gas, logistics, consumer
round of service offerings. products, entertainment, retail, food and
beverages, financial services, and real estate
Cure Fit Healthcare Private Limited Founded in 2006, Bangalore based Chiratae sectors.
(“Curefit”) has raised USD 120 million in its (formerly known as IDG Ventures India) is a
Series D round of funding led by existing venture capital firm specialising in investments Founded in 2016, Mumbai based Epiq is a
investors Chiratae Ventures (“Chiratae”), across the digital consumer, consumer private equity firm specialising in growth and
Accel Partners LP (“Accel”), Kalaari Capital technology, enterprise software, healthcare expansion stage investments in technology and
(“Kalaari”) and Oaktree Capital Management technology, financial technology, and consumer driven product companies.
LP (“Oaktree”), which also saw participation engineering sectors.
from new investors like Epiq Capital Advisors Founded in 2002, London based Unilever is the
Private Limited (“Epiq”) and Unilever Founded in 1983, California based Accel is a venture capital arm of Unilever Plc specialising
Ventures Limited (“Unilever”). private equity firm specialising in investments in investments across the media, ecommerce,
across the information technology, cloud consumer products, healthcare, information
As per the terms of the transaction, InnoVen computing, storage technologies and technology, and retail sectors.
Capital India Private Limited (“Innoven”), a infrastructure, marketplaces, e-commerce,
venture debt fund and Kotak Mahindra Bank education, healthcare, and biotechnology Founded in 2008, Mumbai based InnoVen is a
Limited (“Kotak”) provided debt funding, sectors. venture capital firm specialising in venture
while the remaining investors acquired equity debt, growth loans, mezzanine debt, acquisition
in Curefit. Founded in 2006, Bangalore based Kalaari is a financing, growth capital, buyouts, and capex
venture capital firm specialising in investment financing in startup and early stage companies.
CureFit intends to utilise the proceeds to fuel across the technology and technology-enabled
its domestic and global expansion plans. services in India. Founded in 1985, Mumbai based Kotak is a
private sector bank engaged in the provision of
Founded in 2016, Bangalore based Curefit Founded in 1995, California based Oaktree is a a range of banking services to corporate and
operates a platform which enables users to private equity firm specialising in investments individual customers in India.
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Razorpay raises USD 75 million in Series C Series C round of funding led by Ribbit participated in the round.
round Capital, L.P (“Ribbit”) and Sequoia Capital
India Advisors Private Limited (“Sequoia”). Razorpay intends to utilise the funds to develop
Razorpay Software Private Limited Existing investors Tiger Global Management, new technologies and scale its product suites as
(“Razorpay”) has raised USD 75 million in its LLC (“Tiger Global”) and Y Combinator also well as to hiring employees, including senior
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officers. Founded in 2012, California based Ribbit is a
venture capital firm specialising in investments
Earlier in January 2018, Razorpay had raised across the financial services and financial
USD 20 million in its Series B round of technology sectors, with a focus on lending,
funding led by Tiger Global and Y Combinator. payments, insurance, accounting, bitcoin,
wealth management, and personal financial
Founded in 2013, Bangalore based Razorpay management.
operates an online platform that allows
businesses to collect payments through credit Founded in 2000, Bangalore based Sequoia is a
cards, debit cards, net banking, and wallets. venture capital firm specialising in investments
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Bounce raises USD 72 million in Series C its presence in India, especially in smart cities,
round and to strengthen its technology.
Wickedride Adventure Services Private Founded in 2014, Bangalore based Bounce is
Limited, which operates dockless scooter- an automotive rental company engaged in the
sharing platform Bounce (“Bounce”), has provision of peer-to-peer motor vehicle, bike,
raised USD 72 million in its Series C round of and scooter renting and ride sharing service.
funding at a reported post-money valuation of
USD 200 million led by existing investors Founded in 2011, New York based Falcon is a
Accel and Sequoia. hedge fund sponsor specialising in investments
in emerging markets across the world.
The round also saw participation by existing
investors Chiratae, Falcon Edge Capital LP Founded in 2015, Singapore based B Capital is
(“Falcon”), B Capital Group Management (“B a venture capital firm specialising in
Capital”) and Qualcomm Ventures (“QV”), in investments across the business-to-business,
addition to Maverick Ventures (“Maverick”) technology, e-commerce, media,
and Omidyar Network (“ON”). telecommunications, financial services,
healthcare, and transportation sectors.
Bounce intends to utilise the funds to expand
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A1mg raises USD 70 million in Series D 1mg intends to utilise the funds to make e-
round pharmacy services accessible in small towns
and villages, extend the network of its
diagnostic labs, and strengthen its artificial
1mg Technologies Private Limited (“1mg”) has intelligence to provide better services.
raised USD 70 million in its Series D round of
funding led by International Finance Founded in 2015, Gurugram based 1mg owns
Corporation (“IFC”) and Corisol Holdings AG and operates an online medical store and
(“Corisol”), which also saw participation from delivers medicines and over-the-counter
Redwood Global Healthcare Fund and Korea products under various categories.
Omega Healthcare Fund as well as existing
investors Sequoia, Maverick, HBM Healthcare
Founded in 1956, Washington D.C. based IFC
Investments AG, ON, and Kae Capital. is the private equity arm of the World Bank
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Biz2Credit raises USD 52 million from from Nexus Venture Partners (“Nexus”).
WestBridge, others
Biz2Credit intends to utlise the funds to drive
Biz2Credit Inc., which operates the online further growth in its marketplace lending
lending platform Biz2Credit (“Biz2Credit”), business, and support the global expansion of
has raised USD 52 million in its Series B round its digital lending platform, Biz2X, through
of funding led by WestBridge Capital partnerships with global financial institutions.
(“WestBridge”), which also saw participation
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across the consumer services, energy, financial
services, infrastructure, healthcare, and
technology sectors.
Founded in 2001, New York based Tiger
Global is a hedge fund sponsor specialising in
investments across the global internet,
technology, consumer and industrial,
telecommunications, and media sectors.
Founded in 2000, California based QV is the
venture capital arm of Qualcomm Inc.
specialising in investments across the
technology and healthcare sectors across the
world.
Founded in 2015, California based Maverick is
a venture capital firm specialising in
investments across the healthcare, technology,
and consumer sectors.
Founded in 2004, California based ON is a
private equity firm specialising in investments
across the consumer internet and mobile,
enterprise software, artificial intelligence, local
food production, renewable energy, medical
technology, and emerging technology sectors.
specialising in investments across the
agriculture, manufacturing, renewable energy,
healthcare, education, information technology,
infrastructure, and transportation sectors across
the world.
Founded in 1974, Switzerland based Corisol is
a family office specialising in investments in
small and mid-sized companies primarily in the
real estate sector.
Founded in 2007, New York based Biz2Credit
offers the Biz2X Platform to banks and other
financial institutions to allow them to better
manage loan processes and related risks.
Founded in 2000, Mauritius based WestBridge
is a private equity firm specialising in
investments in public and private mid-sized
companies. Founded in 2006, Mumbai based Nexus is a in technology, consumer and business services,
venture capital firm specialising in investments consumer retail, and financial services sectors.
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NoBroker raises USD 51 million in Series C learning/ artificial intelligence technology to world.
round led by General Atlantic make real estate transactions on its portal more
seamless and quicker, as well as to expand its Founded in 2001, Hong Kong based SAIF
NoBroker Technologies Solutions Private operations in India. Partners is a venture capital firm specialising in
Limited (“NoBroker”), which operates the investments across the information technology,
property listing portal NoBroker.com, has Founded in 2013, Bangalore based NoBroker healthcare, clean technology, education,
raised USD 51 million in its Series C round of operates a peer-to-peer property listing consumer, financial services, e-commerce, and
funding led by private equity firm General platform that makes it easier to find new homes real estate sectors.
Atlantic Service Company, L.P. (“General without paying any brokerage in India.
Atlantic”), which also saw participation from Founded in 2015, Singapore based Beenext is a
existing investors SAIF Partners and Founded in 1980, New York based General venture capital firm specialising in investments
BEENEXT Pte. Ltd. (“Beenext”). Atlantic is a private equity firm specialising in across the technology, internet, and mobile
investments across the financial services, sectors in India, Southeast Asia, Japan, and the
NoBroker intends to utilise the funds to media, consumer, healthcare, information United States of America.
strengthen and further innovate its machine technology, and energy sectors across the
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Unacademy raises USD 50 million in Series
D funding round
Sorting Hat Technologies Private Limited,
which operates education technology platform
Unacademy (“Unacademy”), has raised USD
50 million in its Series D round of funding
from Steadview Capital Management LLC
(“Steadview”), Sequoia, Nexus, Blume
Ventures (“Blume”) and others.
Unacademy intends to utilise the funds to on-
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board more educators and fuel its growth across
multiple examination categories. Unacademy
started as a free learning platform and currently
has more than 10,000 registered educators and
13 million users.
Founded in 2015, Bangalore based Unacademy
operates an online platform that allows
educators to create courses on various subjects,
including content for various competitive
examinations, for access by students.
Founded in 2009, Hong Kong based Steadview
is an investment manager that provides
advisory services to institutional investors, high
net worth individuals, and family offices.
Founded in 2010, Mumbai based Blume
Ventures is a venture capital firm specialising
in investments across the internet and software,
data infrastructure, biotechnology,
telecommunications equipment, and media
sectors.

Open raises USD 30.2 million from Tiger existing investors 3one4 Capital, Speedinvest Earlier in February, Open had raised USD 4.6
Global GmbH, BetterCapital and AngelList Syndicate. million in its Series A round of funding led by
Beenext and 3one4 Capital.
Open Financial Technologies Private Limited Open intends to utilise the funds to widen its
(“Open”) has raised USD 30.2 million in its reach to one million medium and small scale Founded in 2017, Bangalore based Open offers
Series B round of funding led by Tiger Global, enterprises over the next year, increase its an application program interface platform that
which also saw participation from Tanglin product offerings, and scale up its product, provides digital banking services for small
Ventures Partners Private Limited and its engineering and sales teams. businesses.
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Tiger Global leads Series A round in funding led by Tiger Global. Morningside its customer base and for increasing the
OkCredit Venture Capital, and existing investors headcount of its employees.
Lightspeed India Partners, Venture Highway
Psi Phi Global Solutions Private Limited, LP, and Y Combinator also participated in the
Founded in 2016, Faridabad based OkCredit is
which operates mobile based credit record- round. engaged in the design and development of a
keeping OkCredit (“OkCredit”), has raised mobile application which helps merchants keep
USD 15.5 million in its Series A round of OkCredit intends to utilise the funds to expand track of payments and credit records.
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Pratilipi raises USD 15 million from Qiming, Nasadiya Technologies Private Limited, which Pratilipi (“Pratilipi”), has raised USD 15
others operates the vernacular content platform million from Qiming Venture Partners, Nexus,
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ON, Shunwei Capital (“Shunwei”), Contrarian February 2018. in mobile internet, ecommerce, and social
Drishti Partners, through its Contrarian Vriddhi network sectors.
Fund (“Contrarian Drishti”), and WEH Founded in 2015, Bangalore based Pratilipi is
Ventures (“WEH”). an online self-publishing platform which offers Founded in 2013, Mumbai based Contrarian
services in multiple vernacular language. Drishti is a venture capital firm specialising in
Pratilipi intends to utilise the funds to increase investments in education, healthcare, livelihood
the number of writers on its platform, and Founded in 2008, Shanghai based Qiming is a generation, housing, energy/utilities, food and
improve its technological infrastructure venture capital firm specialising in investments agribusiness, and agricultural sectors.
including its recommendation and in healthcare, media, internet, clean technology,
personalisation engine. information technology, and consumer sectors. Founded in 2017, Mumbai based WEH is a
venture capital firm specialising in investments
Pratilipi had previously raised USD 4.3 million Founded in 2011, Beijing based Shunwei is a in financial technology and software sectors.
in its Series A round of funding led by ON in venture capital firm specialising in investments
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Lendingkart raises venture debt from
Alteria Capital
Lendingkart Grop (“Lendingkart”) has raised
venture debt of approximately USD 11.5
million from Alteria Capital Advisors LLP
(“Alteria Capital”).
Lendingkart intends to utilise the funds to
expand its lending books. It operates through
two entities – Lendingkart Technologies
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Private Limited which provides the technology
back-up and Lendingkart Finance Limited,
which is a non-banking finance company
through which the financing transactions are
undertaken.
Lendingkart had previously raised
approximately USD 87 million in its Series C
round of funding led by Fullerton Financial
Holdings Pte Ltd in February 2018.
Founded in 2014, Ahmedabad based
Lendingkart is engaged in the provision of
working capital loans and business loans to
small and medium enterprises across India.
Founded in 2017, Mumbai based Alteria
Capital is a venture capital firm offering debt
financing products to early and growth-stage
venture capital-backed companies.

Milkbasket raises USD 10.5 million from Milkbasket intends to utilise the funds to fuel focus on consumer, big data, consumer goods,
Unilever Ventures, others its geographical expansion, hire professionals, financial services, and data management
and to invest in research and development. sectors.
Aaidea Solutions Private Limited, which
operates the micro-delivery grocery portal Founded in 2015, Gurgaon based Milkbasket is Founded in 2006, Bangalore based Kalaari is a
Milkbasket (“Milkbasket”), has raised USD a micro-delivery service, offering grocery and venture capital firm specialising in investment
10.5 million in a round of funding led by household items to its customers. across the technology and technology-enabled
Unilever, which also saw participation from the services in India.
Indian affiliates of Mayfield Fund Founded in 1969, California based Mayfield is
(“Mayfield”), Kalaari Capital (“Kalaari”), and a venture capital firm specialising in
Blume. investments in technology companies with a
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Avail raises funds from Matrix, Ola in Series
A round
Goddard Technical Solutions Private Limited,
which operates online lending platform Avail
Finance (“Avail”), has raised USD 9 million
from existing investor Matrix India Asset
Advisors Private Limited (“Matrix Partners
India”), and an undisclosed amount from ANI
Technologies Private Limited, which operates
the ride-hailing platform Ola (“Ola”), in its
ongoing Series A round of funding.
The terms of the investment by Ola also
reportedly include Avail and Ola jointly
building financial solutions for Ola’s driver-
partners.
Avail intends to utilise the funds to offer
customised financial products like micro-
savings and micro-insurance for blue-collar
workers.
Avail had previously raised USD 17.2 million
in a round led by Matrix Partners India in
March 2018.
Founded in 2016, Bangalore based Avail is a
software development company that operates
an online lending platform.
Founded in 1977, Mumbai based Matrix
Partners India is a private equity firm
specialising in investments across the financial
technology, software, logistics, human
resources, healthcare technology, and consumer
internet sectors.
Founded in 2010, Bangalore based Ola operates
a mobile technology platform that offer ride-
hailing services in India.

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B. FUND RAISING

India and Japan float USD 187 million fund- Bank Ltd (“Mizuho”), Development Bank of lending, debit cards, domestic exchange
of-funds to back technology start-ups Japan Inc (“DBJ”), Nippon Life Insurance settlement, and agency services.
Company (“NL”), and Suzuki Motor
The Indian and Japanese Governments have Corporation (“Suzuki”) have signed letters of Founded in 2008, Tokyo based DBJ is a bank
launched a new fund-of-funds, Indo Japan intent to invest in IJETI. The fund is expected engaged in the provision of integrated
Emerging Technology & Innovation AIF to close by September 2019. investment and loan services to domestic and
(“IJETI”), with a target corpus of USD 187 international clients.
million which will invest in technology start- IJETI aims to invest in more than 200 Indian
ups in the South Asian market. companies with a focus on emerging areas such Founded in 1989, Osaka based NL is an
as internet of things, artificial intelligence, insurance company.
IJETI is raising USD 150 million of the machine learning, financial technology,
targeted corpus from Japanese investors while healthcare, consumer, education, robotics,
Founded in 1909, Japan based Suzuki is
the remaining sum will be raised from Indian automation, and business-to-business software.
engaged in the manufacture and sale of
investors. automobiles, motorcycles, and marine products
Founded in 2013, Tokyo based Mizuho is a in Japan, rest of Asia, Europe, and across the
Large Japanese investors including Mizuho bank which offers deposits, debentures, world.
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Artha hits second close of its debut fund
Artha India Ventures (“Artha”) has announced
the second close of its debut Artha Venture
Fund I at approximately USD 14.5 million.
Artha is backed by Singularity Holdings and
the family office of former Bombay Stock
Exchange director, Mr. Ashok Kumar Damani.
The final close of the Artha Venture Fund is
expected by April 2020 at approximately USD
29 million.
Having made its debut investment in online
peer-to-peer lending platform LenDen Club in
2017, Artha Venture Fund I has subsequently
backed sport portal, Kabaddi Adda, and mini-
cinema chain, Jadooz.
Artha reportedly intends to make up to 15
investments by March, 2020, with ticket size
between USD 150,000 to USD 300,000, with a
reserve of USD 1.5 million to USD 2.1 million
for follow-on investments.
Founded in 2013, Mumbai based Artha is a
family office specialising in investments across
the hospitality, travel, financial technology,
data analytics, big data, ecommerce, and
artificial intelligence sectors.

C. MERGERS & ACQUISITIONS

HDFC to acquire a 51.2% stake Apollo
Munich Health Insurance
Housing Development Finance Corporation
Limited (“HDFC”) has entered into definitive
agreements to acquire a 51.2% stake in Apollo
Munich Health Insurance Company Limited
(“Apollo Munich”) from Apollo Hospitals
Enterprise Limited (“Apollo Hospitals”),
Apollo Energy Company Limited, Munich
Health Holding AG, and certain other
shareholders, for a consideration of USD
196.54 million.
As per the terms of the transaction, post the
acquisition Apollo Munich is proposed to be
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merged with HDFC ERGO General Insurance
Company Limited (“HDFC ERGO”), a
subsidiary of HDFC.
The transactions are subject to approvals from
the National Housing Bank, the Insurance
Regulatory and Development Authority of
India, and Competition Commission of India,
and acquisition is expected to be completed in
4 months, while the merger is expected to close
in 9 months.
Founded in 1977, Mumbai based HDFC is
engaged in the provision of housing finance to
individuals and corporate customers in India.
Founded in 2007, Gurgaon based Apollo
Munich is engaged in the provision of
insurance services including life, health,
accident and travel insurance, in India.
Founded in 1979, Chennai based Apollo is
engaged in the provision of healthcare services
in India and across the world.
Founded in 2002, Mumbai based HDFC ERGO
operates as a general insurance company
engaged in the provision of motor, health,
travel, personal accident home, marine,
property, agriculture and other insurance
products.

Hexaware to acquire Mobiquity for USD 182 Hexaware Technologies Limited acquired Mobiquity Inc. (“Mobiquity”). As per
million (“Hexaware”) has, through its wholly owned the terms of the transaction, Hexaware has also
subsidiary Hexaware Technologies Inc., has directly acquired Mobiquity Softech Private

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Page 6
Limited, a wholly owned subsidiary of The deal enables Hexaware to leverage across the world.
Mobiquity. Mobiquity’s design and mobile capabilities to
strengthen its market position in the banking
Founded in 2010, Massachusetts based
The acquisition was completed for a total and pharmaceuticals verticals. Mobiquity is engaged in the provision of digital
consideration of up to USD 182 million, consulting services including experience
comprising of an upfront pay out of up to USD Founded in 1990, Mumbai based Hexaware is design, product engineering, cloud, and
131 million and a deferred consideration of up engaged in the provision of information analytics services.
to USD 51 million which is contingent on technology consulting, software development
achievement of certain milestones. and business process management services
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Dr. Reddy’s to sell neurology products to As per the terms of the transaction, Dr. Reddy’s Reddy’s is an integrated pharmaceutical
Upsher-Smith for USD 110.5 million will receive USD 70 million upfront, and the company offering global generics,
remaining USD 40.5 million in near-term pharmaceutical services and active ingredients,
Dr. Reddy’s Laboratories Limited (“Dr. milestones and additional financial and proprietary products across the world.
Reddy’s”) has entered into definitive considerations, including existing contractual
agreements to sell three neurology products, obligations and inventory. Dr. Reddy’s will
Founded in 1919, Minnesota based USL is a
Tosymra (sumatriptan nasal spray) 10 mg, also subsequently receive sales-based royalties
pharmaceutical company offering drugs for
Symtouch (sumatriptan injection) 3 mg, and on a quarterly basis. dermatology and heart health, and for
Zembrace, which have been commercialized by conditions including epilepsy, spasticity,
its wholly owned subsidiary, Promius Pharma, The transaction is subject to regulatory schizophrenia, bipolar disorder, hypertension,
LLC, to Upsher-Smith Laboratories, LLC approvals in the United States. and bladder instability.
(“USL”) for a total consideration of USD 110.5
million. Founded in 1984, Hyderabad based Dr.
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Wipro to acquire International As per the terms of the transaction, ITI’s Founded in 1945, Bangalore based Wipro is
TechneGroup offerings and solutions will be consolidated as engaged in information technology, consulting,
a part of Wipro’s Industrial and Engineering and business process services businesses across
Wipro Limited (“Wipro”) has entered into Services business, and ITI will operate as a the world.
definitive agreements to acquire International wholly owned subsidiary of Wipro.
TechGroup Inc. (“ITI”) for a consideration of Founded in 1983, Ohio based ITI is engaged in
USD 45 million. The transaction is subject to
The acquisition complements Wipro’s core the provision of Computer Aided Design and
regulatory approval in the United States and is
strength in Industry 4.0, and enables it to offer Product Lifecycle Management interoperability
expected to close by September 2019. end-to-end solutions in digital engineering and software services.
manufacturing.
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Manulife to acquire 49% stake in Mahindra The deal enables Mahindra FS to leverage solutions for individuals, groups, and
AMC Manulife’s pool of fund management talent and institutions in Asia, Canada, and the United
ground experience in global emerging markets States.
Manulife Financial Corporation (“Manulife”) to increase awareness and accessibility of
has entered into definitive agreements to market-oriented financial instruments including
Founded in 1991, Mumbai based Mahindra FS
acquire a 49% stake in Mahindra Asset mutual funds, in the rapidly growing investor
is engaged in the provision of financial
Management Company Private Limited, a base in India. products and services in the rural and semi-
wholly owned subsidiary of Mahindra and urban areas in India.
Mahindra Financial Services Limited Founded in 1887, Toronto based Manulife is
(“Mahindra FS”), for a consideration of USD engaged in providing financial advice,
35 million. insurance, and wealth and asset management
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RateGain acquires digital marketing firm agreements to acquire BCV Social LLC As per the terms of the transaction, BCV will
BCV (“BCV”) for a reported consideration of offer RateGain’s clients a guest experience
approximately USD 25 million. cloud platform, which will include products
RateGain IT Solutions Private Limited designed to increase direct sales, provide guest
(“RateGain”) has entered into definitive interactions, and mitigate negative experiences.
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The transaction enables RateGain to strengthen
Founded in 2004, Noida based RateGain is Founded in 2009, Chicago based BVC is
its position in hospitality sector and increase its
engaged in the provision of web based revenue engaged in the provision of social media
revenue across hotel chains, airlines, car
optimization and distribution solutions along management services to hospitality industry.
rentals, cruise lines, package providers, and
with hospitality and travel technology, revenue
vacation rentals. management decision support, and brand
engagement solutions.
________________________________________________________________________________________________________________________

Indonesian Go-Jek acquires Bengaluru As per the terms of the transaction, AirCTO’s engaged in the operation of fleet of motorcycle
based AirCTO team will join Go-Jek to help recruit coding taxi fleet and provides delivery services
talent for scaling up its super app. through mobile application.
PT Go-Jek Indonesia (“Go-Jek”) has entered
into definitive agreements to acquire Earlier in 2017, former Nokia director Founded in 2015, Bangalore based AirCTO is
LaunchYard Technologies Private Limited, Francesco Cara had invested an undisclosed engaged in operation a marketplace for
which operates artificial intelligence amount in AirCTO. recruiters to interview candidates with
recruitment platform AirCTO (“AirCTO”), for experienced technical experts.
an undisclosed consideration. Founded in 2010, Indonesia based Go-Jek is
________________________________________________________________________________________________________________________

Mitsui to acquire 49% stake in Mahindra As per the terms of the transaction, Mahindra retail of steel products; steel processing; mining
solar unit Susten will continue to hold a 51% stake in and sale of iron ores; and sale and trading of
Marvel Solren. non-ferrous scrap, alloys, and products.
Mitsui & Co. Limited (“Mitsui”) has entered
into definitive agreements with Mahindra Marvel Solren’s projects assists with reducing Founded in 2010, Mahindra Susten is engaged
Susten Private Limited (“Mahindra Susten”) their carbon footprint by providing renewable in the provision of diversified services within
to acquire a 49% stake in Marvel Solren Private energy through long-term power purchase the renewables space.
Limited (“Marvel Solren”), a subsidiary of agreements, and aims to expand its business to
Mahindra Susten which operates four 150MW by 2023. Founded in 2015, Marvel Solren is engaged in
distributed solar projects in India with a the operation of solar projects in India.
combined capacity of 16MW, for an Founded in 1947, Tokyo based Mitsui is
undisclosed consideration. engaged in the export, import, wholesale, and
________________________________________________________________________________________________________________________

Piramal Enterprises exits Shriram
Transport
Piramal Enterprises Limited (“Piramal”) has
sold its entire 9.96% stake in Shriram Transport
Finance Company Limited (“Shriram”) to
undisclosed buyers through a stock market
transaction for an undisclosed consideration.
The deal reportedly enables Piramal to leverage
the huge opportunities for strategic growth in
its own financial services business including its
housing finance business.
Piramal had initially acquired the stake in
Shriram for a consideration of USD 307 million
in 2013 when Shriram was planning to obtain a
banking license, as part of its strategy to enter
the banking sector and expand its financial
services business
Founded in 1947, Mumbai based Piramal
operates in the pharmaceuticals manufacturing,
financial services, and healthcare insights &
analytics segments in India.
Founded in 1979, Mumbai based Shriram is a
non-banking financial company engaged in the
provision of commercial vehicle financing
services in India.

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Page 8
every effort to ensure that the issues of the Lexygen India Digest are accurate and useful for all our clients and friends, we strongly
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