Adani Ports now India's Largest🛢️; Netcore puts off IPO📊; Sequoia sells stake in Indigo Paints🎨
Adani Ports now India's Largest🛢️; Netcore puts off IPO📊; Sequoia sells stake in Indigo Paints🎨
Adani Ports picks stake for Rs1,050 Cr, SaaS unicorn Netcore puts off IPO, Sequoia India sells stake for ₹210 crores, Funding Deals and more.
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Adani Ports picks 49.38% stake in Indian Oiltanking for Rs1,050 cr🛢️
India’s largest transport utility, Adani Ports has entered into a definitive agreement to acquire Oiltanking India GmbH’s 49.38% equity stake in Indian Oiltanking and Oiltanking GmbH’s 10% equity stake in IOT Utkal Energy Services.
Adani Ports and Special Economic Zone (APSEZ) becomes India’s largest third-party liquid tank storage player, Adani Ports and Logistics said.
“With this acquisition, APSEZ’s oil storage capacity jumps 200% to 3.6 Mn KL, making it India’s largest third-party liquid storage company. This ties well with our ambition to become the largest transport utility globally," said Karan Adani, CEO and Whole Time Director of APSEZ.
SaaS unicorn Netcore puts off IPO over 'uncertain market conditions’📊
Netcore Cloud, a Mumbai-based bootstrapped SaaS unicorn, has put off its initial public offering (IPO) on the Indian stock exchanges owing to uncertain macroeconomic factors and a perceived softness in customer decision-making in the SaaS market, founder and group MD Rajesh Jain told.
Netcore had originally started the IPO process in August this year, with the listing slated for February-March next year. But after conversations with bankers, the company decided that it would review IPO prospects again by February 2023, and focus on building new products and bolstering its presence in the US market, where it made a $100-million acquisition in March.
Netcore sells marketing automation software to e-commerce firms and D2C companies.
Hot Shorts⚡
Hyderabad-based HR tech firm Keka has raised $57 million in a series A funding from WestBridge Capital.
Healthtech platform CureBay has raised ₹50 crores, or about $6.1 million, in Series A funding round led by early-stage venture capital firm Elevar Equity.
Drone delivery platform Skye Air Mobility has announced the conclusion of its seed round of nearly $1.7 million led by Chiratae Ventures.
The Goa Brewing Company, owned by Goa Brewcrafts Private Ltd. and known for its ‘People’s Lager’ and ‘Eight Finger Eddie’ craft brews, has raised a round of $700,000, or about ₹5.6 crore, from marquee investors.
Sequoia Capital India sells stake in Indigo Paints for ₹210 crores 🎨
Sequoia Capital India on Wednesday divested a nearly 3.3% stake in paint manufacturer Indigo Paints for ₹210 crores through open market transactions.
Sequoia Capital India sold 750,480 shares at a price of ₹1,343.82 per share while SCI Investments V sold 809,520 shares at a price of ₹1343.65 per share, thus taking the transaction value to ₹209.62 crores.
Meanwhile, ICICI Prudential Life Insurance Company bought 250,000 shares, Goldman Sachs (Singapore) Pte - ODI bought 267,000 and Pictet Indian Equities acquired 324,000 shares.
These three together bought a total of 8.41 lakh shares of the company at ₹1,343.
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"What is right is not always popular and what is popular is not always right."
- Albert Einstein
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