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KKR extends $600 mn in credit financing to Manipal Group

VCCircle

VCCircle · 2m ago

KKR extends $600 mn in credit financing to Manipal Group

KKR has extended $600 million in credit financing to Manipal Education and Medical Group to boost its growth. This marks KKR's largest credit investment in India. The financing will be facilitated by KKR Capital Markets, supported by its private credit and insurance platforms. Manipal Group, a leader in healthcare, education, and health insurance sectors, aims to continue its focus on these areas. KKR's Asia-Pacific credit strategy has committed over $8 billion since 2019.

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India, SE Asia-focused BPEA Credit extends financing to manufacturing firm

VCCircle

VCCircle · 1y ago

India, SE Asia-focused BPEA Credit extends financing to manufacturing firm

BPEA Credit, a mid-market debt financier, has extended debt financing to a precision-manufactured components player in India. Recently closing its India-focused rupee-denominated fund at Rs 750 crore ($90 million), BPEA Credit has previously supported companies like Veranda Learning and mPokket and Apeejay Surendra Group.

Byju’s Aakash bags $168 Mn from Ranjan Pai to clear Davidson Kempner’s debt

Entrackr

Entrackr · 1y ago

Byju’s Aakash bags $168 Mn from Ranjan Pai to clear Davidson Kempner’s debt

Manipal Education and Medical Group chairman Ranjan Pai has invested around Rs 1,400 crore ($168 million) in Byju's Aakash to help the edtech firm clear its debt raised from Davidson Kempner. The loan, which closed recently, comprises a principal amount of Rs 800 crore and Rs 600 crore in interest. Byju's had acquired Aakash for $1 billion in April 2021 and has been struggling to repay its $1.2 billion loan. The company plans to sell its kids' reading platform Epic and higher education platform Great Learning to repay the debt.

ADB extends $18 mn debt to Cygnus Medicare for north India expansion

VCCircle

VCCircle · 1y ago

ADB extends $18 mn debt to Cygnus Medicare for north India expansion

The Asian Development Bank (ADB) has provided $18.1 million in debt financing to Cygnus Medicare Pvt. Ltd for expanding healthcare services in northern India. The agreement includes the establishment of up to six new hospitals in tier-II and tier-III cities, as well as the strengthening of existing facilities. Additionally, the financing will support Cygnus in installing rooftop solar power systems at its hospitals. ADB aims to address the geographic inequity in healthcare distribution in India and improve access to quality healthcare in underserved areas.

BlackSoil NBFC raises $12 Mn equity capital from existing backers

Entrackr

Entrackr · 1y ago

BlackSoil NBFC raises $12 Mn equity capital from existing backers

Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of Rs 100 crore ($12 million) from its existing Indian investors and family offices through a rights issue. The capital injection will improve BlackSoil NBFC’s credit profile and boost its borrowing capabilities and growth, the company said in a press release. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Mathew Cyriac-led Florintree Advisors. This latest funding also marks BlackSoil NBFC’s fourth capital infusion within eight years, bringing its total equity raise to approximately Rs 250 crore ($30 million). Additionally, it has secured debt financing of over Rs 1,700 crore (more than $200 million) from HNIs, banks et al. BlackSoil provides alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across sectors. At the group level, BlackSoil has surpassed Rs 5,000 crore (over $600 million) disbursement across 214 deals by December 2023. Its portfolio includes ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, Mobikwik and Cure Foods. As per BlackSoil, its AUM grew around 30% year-on-year in 2023 and it deployed Rs 1650 crore (nearly $200 million) across 63 deals and exited from over 20 deals in the last year. The firm also said that its portfolio companies collectively raised equity of $800 million in the last year while three of them including Yatra, ideaForge and Cellecor got listed on the stock exchange in 2023.

Klub Partners U GRO Capital To Disburse INR 150 Cr Loans To Foster Growth For Digital SMEs

Inc42 · 1y ago

Klub Partners U GRO Capital To Disburse INR 150 Cr Loans To Foster Growth For Digital SMEs

Revenue-based financing startup Klub has partnered with U GRO Capital to disburse INR 150 Cr ($20.2 million) in credit to support digital small and medium enterprises (SMEs) in India. The allocated fund will provide scalable debt financing of up to INR 30 Cr ($4 million) in a single tranche through Klub's platform. The partnership aims to address the credit requirement gap that exists for SMEs in India. Klub offers flexible funding to digital businesses and SaaS startups and has already deployed over 1,600 investment rounds for more than 600 brands in India.

USDFC extends $50 mn debt funding to Vastu Housing Finance

VCCircle

VCCircle · 11m ago

USDFC extends $50 mn debt funding to Vastu Housing Finance

United States International Development Finance Corporation (USDFC) has provided a $50 million loan to Vastu Housing Finance, an Indian company focused on providing affordable housing finance for low-income and self-employed segments. The loan will be used to enhance credit access for low-income borrowers and facilitate women's home ownership in tier-II to IV towns across India. Vastu Housing Finance operates in 14 states and has plans to extend loans to women borrowers in rural areas. The loan will help the company support its mission of providing simpler, faster, and affordable credit solutions to its customers.

Adani Group could find funding harder after $265 mn bribery indictment

VCCircle

VCCircle · 8m ago

Adani Group could find funding harder after $265 mn bribery indictment

Indian conglomerate Adani Group may face difficulty in securing funding following the recent indictment of its billionaire founder, Gautam Adani, for his alleged involvement in a $265 million bribery scheme. Some global banks are considering halting fresh credit to the group, while ratings agency S&P warned of potentially fewer takers for Adani's planned equity and debt market access. The fallout could extend beyond the Adani Group, impacting India's renewable energy sector and potentially slowing down international investment and project financing. The Securities and Exchange Board of India is also investigating if Adani entities breached local market regulations.

Byju’s founder may use Aakash stake to get cash lifeline

The Arc Web

The Arc Web · 1y ago

Byju’s founder may use Aakash stake to get cash lifeline

Byju Raveendran is reportedly planning to use his direct shareholding in Aakash, a test-prep chain, to generate liquidity for his edtech group, Think & Learn. He aims to raise approximately Rs 600 crore to finance operations and settle dues. Aakash has attracted interest from investors like Ranjan Pai of Manipal Group. Raveendran has already arranged funds by pledging his properties and personal shares. Think & Learn is also evaluating options to find buyers for its international businesses. The company has undergone a massive restructuring exercise and reduced over 5,000 jobs.

TVS Credit to make a bid for Avendus Capital

Livemint

Livemint · 7m ago

TVS Credit to make a bid for Avendus Capital

TVS Credit, the financial services arm of India-based TVS Group, is reportedly considering a bid for KKR-backed investment bank Avendus Capital as part of its strategy to expand its financial services business. TVS Group may acquire Avendus and keep it as a standalone entity or make an acquisition through TVS Credit. Other potential bidders for Avendus include Nomura Holdings, Mizuho Financial Services, and Carlyle. Avendus Capital specializes in investment banking, particularly within India's technology and startup sectors. The final decision on the sale is expected to be made in January 2023.

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

VCCircle

VCCircle · 1y ago

Ranjan Pai’s Claypond Capital ropes in former Fireside exec

Claypond Capital, the family investment office of Ranjan Pai, Chairman of Manipal Group, has appointed a former Fireside Ventures executive as the firm increases its startup investments. The family office was established after Temasek acquired a $2 billion stake in Manipal Group.

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