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Ranjan Pai checks into Brij Hotels; Sprih, three others nab funding

VCCircle

VCCircle · 1y ago

Ranjan Pai checks into Brij Hotels; Sprih, three others nab funding

Hospitality firm Brij Hotels has raised $4 million in Series A funding, led by MEMG Family Office, to expand its presence across different locations. Brij Hotels focuses on sustainability through its zero-kilometre concept. In a separate funding round, Sprih, a climate-focused software-as-a-service (SaaS) startup, secured $3 million in seed funding to expand its presence globally. Vobble, an audio content platform for children, raised $1 million in seed funding to expand its user base and enhance its AI capabilities. B2B furniture manufacturing startup Relso received $840,000 in pre-seed funding to support its cross-border go-to-market strategy.

Related News

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats

Economic Times

Economic Times · 1y ago

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats. The CEO of PharmEasy, Dhaval Shah, will have a three-year lock-in period as part of the company's acquisition deal with API Holdings. Additionally, Ranjan Pai, the chairman of Manipal Education and Medical Group, will receive three board seats in the company. PharmEasy is an online pharmacy and healthcare platform that recently announced a merger with API Holdings, the parent company of diagnostic chain Thyrocare.

Climate tech startup Sprih raises $3 million in funding round led by Leo Capital

Economic Times

Economic Times · 1y ago

Climate tech startup Sprih raises $3 million in funding round led by Leo Capital

Carbon emission management platform Sprih has secured $3 million in a funding round led by Leo Capital. The funds will be utilized for global expansion, talent acquisition for AI model development, and expanding partnerships. Sprih offers software tools to businesses for simplified emissions measurement and reporting. The company aims to increase its customer base in India and expand into the US, Europe, and other markets with climate laws in place. Sprih currently has over 12 customers, including Indigo Paints, Hero MotoCorp, and InfoBeans. The company aims to achieve revenues of $6-7 million in the coming years.

Pai in the Sky: Ranjan to own 40% of Aakash

Economic Times

Economic Times · 1y ago

Pai in the Sky: Ranjan to own 40% of Aakash

Manipal Education and Medical Group Chairman Ranjan Pai is set to become the largest shareholder in Byju’s-owned Aakash Institute, holding a 40% stake. The Aakash board approved the conversion of Pai's $300 million investment in 2023 into equity, valuing the institute at around $700 million. Pai, along with Byju Raveendran and Think & Learn, will collectively hold 80-82% of Aakash, while Blackstone and Aakash promotors will own the remaining 18%. Pai will also gain additional board seats upon securing regulatory approval.

Temasek-controlled Manipal Hospitals adds more bankers for stock exchange debut

VCCircle

VCCircle · 4m ago

Temasek-controlled Manipal Hospitals adds more bankers for stock exchange debut

Manipal Hospitals, majority-owned by Singapore's Temasek, is preparing for an initial public offering (IPO) by enlisting more bankers. The Indian hospital chain, led by Ranjan Pai and operated by Manipal Health Enterprises Pvt Ltd, has added Axis Capital among others to assist in its stock exchange debut. This strategic move indicates the hospital's efforts to strengthen its position and approach towards the upcoming IPO.

Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

Economic Times

Economic Times · 1y ago

Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

According to the article, Ranjan Pai, the chairman of education group Manipal Education and Medical Group, is considering investing an additional $50-60 million to support the growth of edtech companies Byju's and Aakash. Pai already holds a stake in Byju's and recently acquired a majority stake in Aakash. This investment would further bolster the expansion plans of both companies, as they aim to tap into the increasing demand for online education amid the COVID-19 pandemic.

Biotech firm Vyome Therapeutics to go public via reverse merger with Nasdaq-listed Reshape Lifesciences

Economic Times

Economic Times · 1y ago

Biotech firm Vyome Therapeutics to go public via reverse merger with Nasdaq-listed Reshape Lifesciences

Biotech company Vyome Therapeutics is set to go public in the US through a three-part transaction, including a reverse merger with Reshape Lifesciences. Nasdaq-listed Reshape and Vyome, a clinical-stage company targeting immuno-inflammatory and rare diseases, will merge in an all-stock transaction. Alongside this, investors such as Manipal group chief Ranjan Pai, Remus Capital, and Iron Pillar will invest at least $7.3 million in the merged entity through a private placement. Vyome plans to use the capital to expand its pipeline of immuno-inflammatory assets. Reshape has also entered into an agreement to sell its assets to Biorad Medisys.

Court relief for Byju’s in TLB lenders’ suit

Economic Times

Economic Times · 1y ago

Court relief for Byju’s in TLB lenders’ suit

Byju's secured a legal win as a civil court in Bengaluru rejected a plea by its lenders challenging Manipal Group Chairman Ranjan Pai's acquisition of a 40% stake in Aakash Institute. The lenders sought to block the conversion of debt into equity by Pai, claiming it would hurt the lenders. The court dismissed the injunction and stated that the jurisdiction was incorrect. Pai has also approached the Competition Commission of India for approval. Byju's has been facing financial difficulties, with lenders filing an insolvency plea and its US subsidiary filing for bankruptcy.

Elderly care startup Kites Senior Care raises Rs 45 crore in funding from Ranjan Pai

Economic Times

Economic Times · 1y ago

Elderly care startup Kites Senior Care raises Rs 45 crore in funding from Ranjan Pai

Kites Senior Care, a geriatric care service provider, has raised Rs 45 crore in a series A funding round led by Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG). The funds will be used to expand the company's presence in cities like Bengaluru, Hyderabad, and Chennai, as well as to enter three additional Southern Indian cities. The total investment of Rs 65 crores also includes Rs 20 crore from the company's promoters. Kites Senior Care specializes in various geriatric services and aims to increase its bed capacity to over 1,000 in the next six quarters.

SoftBank sells its stake in IPO-bound FirstCry for ₹435 crore

Livemint

Livemint · 1y ago

SoftBank sells its stake in IPO-bound FirstCry for ₹435 crore

Japanese firm SoftBank has reportedly sold a portion of its stake in e-commerce platform FirstCry to three Indian business family groups. This move is in preparation for FirstCry's upcoming public listing, expected next year. SoftBank's stake reduction is about 1.5-2%. FirstCry aims to file its draft papers by the end of 2023 for its IPO. Ranjan Pai of Manipal Group is also considering investments in PharmEasy and Byju's Akash Institute.

Ranjan Pai-led Manipal Group invests in online beauty products retailer Purplle

Economic Times

Economic Times · 1y ago

Ranjan Pai-led Manipal Group invests in online beauty products retailer Purplle

Manipal Group, led by Ranjan Pai, has invested in Mumbai-based online beauty products retailer Purplle in a secondary transaction. The investment involved the purchase of shares from JSW Ventures. This comes after JSW Ventures partially sold its stake in Purplle to the Abu Dhabi Investment Authority in May. The startup recently closed a funding round of $40-50 million, valuing the company at $1.1 billion.

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