PhonePe at $12 Bn💰, Sun Pharma acquires⚕️, Adani's ₹20,000 Cr FPO📊
PhonePe raises $350 million, Sun Pharma to acquire Concert for $576 Mn, Adani to launch ₹20,000 cr FPO, Funding Deals and more.
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PhonePe raises $350 million in first tranche of $1 billion fundraise💰
Digital payments major PhonePe has raised $350 million in funding from global private equity firm General Atlantic at a pre-money valuation of $12 billion.
The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023, the company said in a statement. It said other global and Indian investors are also participating in the round.
PhonePe, owned by Walmart, was last valued at $5.5 billion in December 2020 after raising $700 million from the US retail major.
With this transaction, PhonePe has become the highest-valued privately held Indian fintech firm, surpassing digital payments provider Razorpay, which was last valued at $7.5 billion.
Sun Pharma to acquire US-based Concert for $576 million⚕️
Sun Pharmaceutical Industries Limited will acquire U.S.-based Concert Pharmaceuticals in cash consideration for $576 million. The acquisition would help the company to gain access to an experimental drug for treating patchy baldness.
Concert is developing deuruxolitinib which is being evaluated for treatment for autoimmune condition alopecia areata, which results in patchy hair loss.
Sun Pharma said it will commence a tender offer to acquire Concert at $8 per share, a premium of 16% to the stock's last close.
Concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry.
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Avanse Financial Services, an education-focused non-banking financial company (NBFC), has raised Rs 800 crore from homegrown private equity firm Kedaara Capital to fuel its growth plans.
The Isprava Group, a luxury home has received Rs 160 crore in a funding round led by Asia-focused investment firm Symphony International.
Diabetes Reversal company Breathe Well-being has secured Rs 50 crore in its Pre-Series B funding round co-led by 3One4 Capital, Accel and General Catalyst.
Saving and investment app Gullak has raised $3 million funding as part of its seed round from new investors Y Combinator and Rebel Partners.
Adani looks to enter in water segment, to launch ₹20,000 cr FPO next Friday📊
Adani Enterprises is likely looking to enter the water segment by tapping water purification, treatment, and distribution areas as this is seen as a key element for its core business of infrastructure.
The Adani Group's flagship company which is set to launch the second largest follow-on public offer (FPO) in India next week, has a diverse business portfolio across ports, airports, roads, expressways power generation, and distribution, among others.
On Wednesday, Adani Enterprises announced the floor price of its FPO to raise to ₹20,000 crores. The company fixed a price band of ₹3,112 to ₹3,276 per share. The company has also announced a discount of ₹64 per share for retail investors in the FPO.
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