Amazon, General Atlantic, Carlyle, Samara in deal news; Startups' other income jumps again; Q&As with Eversource, BPEA Credit execs

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[View in web browser](#) [VCCircle] Saturday, 06 April 2024 [Unlock Premium >](/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/6610c49c93c453ed24fcad5b-20240406) Share this newsletter /1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/6610c49c93c453ed24fcad5b-20240406 /2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/6610c49c93c453ed24fcad5b-20240406 /3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/6610c49c93c453ed24fcad5b-20240406 /4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/6610c49c93c453ed24fcad5b-20240406 The Weekly Newsletter on India's Alternative Investment Landscape [Amazon merchant buying Appario biz as e-tail giant picking up Patni Group’s stake in JV](/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FtYXpvbm1lcmNoYW50LWJ1eWluZy1hcHBhcmlvLWJpei1hcy1lLXRhaWwtZ2lhbnQtcGlja2luZy11cC1wYXRuaS1ncm91cC1zLXN0YWtlLWluLWp2/6610c49c93c453ed24fcad5b-20240406) [A leading Indian merchant selling exclusively on Amazon’s local marketplace is acquiring the entire ...](/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FtYXpvbm1lcmNoYW50LWJ1eWluZy1hcHBhcmlvLWJpei1hcy1lLXRhaWwtZ2lhbnQtcGlja2luZy11cC1wYXRuaS1ncm91cC1zLXN0YWtlLWluLWp2/6610c49c93c453ed24fcad5b-20240406) THE MAIN STUFF /7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2l0Y2tlbGxvZ2ctcy1zcGlub2ZmLWZpcm0tZXllLXN0YWtlLWluLWFub3RoZXItcGUtYmFja2VkLWhlYWx0aHktc25hY2tzLWJyYW5k/6610c49c93c453ed24fcad5b-20240406 [ITC, Kellogg's spinoff firm eye stake in another PE-backed healthy snacks brand](/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2l0Y2tlbGxvZ2ctcy1zcGlub2ZmLWZpcm0tZXllLXN0YWtlLWluLWFub3RoZXItcGUtYmFja2VkLWhlYWx0aHktc25hY2tzLWJyYW5k/6610c49c93c453ed24fcad5b-20240406) [Mumbai-listed consumer goods major ITC Ltd and US-based food giant and breakfast cereal maker Kellogg's ...](/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2l0Y2tlbGxvZ2ctcy1zcGlub2ZmLWZpcm0tZXllLXN0YWtlLWluLWFub3RoZXItcGUtYmFja2VkLWhlYWx0aHktc25hY2tzLWJyYW5k/6610c49c93c453ed24fcad5b-20240406) /10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hcnF1ZWVwZWZpcm1zLWpvaW4tcmFjZS10by1idXktb3V0LWljaWNpLXZlbnR1cmUtZnJvbS1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406 [Marquee PE firms join race to buy out ICICI Venture from bakery chain](/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hcnF1ZWVwZWZpcm1zLWpvaW4tcmFjZS10by1idXktb3V0LWljaWNpLXZlbnR1cmUtZnJvbS1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406) [A clutch of investors, including bulge-bracket global private equity firms and strategic suitors, are in the...](/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21hcnF1ZWVwZWZpcm1zLWpvaW4tcmFjZS10by1idXktb3V0LWljaWNpLXZlbnR1cmUtZnJvbS1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406) /13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nhcmx5bGVncm91cC1qb2lucy1yYWNlLWZvci1jb250cm9sbGluZy1zdGFrZS1pbi1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406 [Carlyle joins race for controlling stake in bakery chain](/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nhcmx5bGVncm91cC1qb2lucy1yYWNlLWZvci1jb250cm9sbGluZy1zdGFrZS1pbi1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406) [US investment giant Carlyle Group has joined a slew of global private equity firms and strategic suitors ...](/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nhcmx5bGVncm91cC1qb2lucy1yYWNlLWZvci1jb250cm9sbGluZy1zdGFrZS1pbi1iYWtlcnktY2hhaW4=/6610c49c93c453ed24fcad5b-20240406) /16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYXB1bXBpbmctbW9yZS1jYXNoLWludG8tcG9ydGZvbGlvLWZpcm0tYWhlYWQtb2YtaXBvLWFzLWJ1c2luZXNzLWZsb3VuZGVycw==/6610c49c93c453ed24fcad5b-20240406 [Samara pumping more cash into portfolio firm ahead of IPO as business flounders](/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYXB1bXBpbmctbW9yZS1jYXNoLWludG8tcG9ydGZvbGlvLWZpcm0tYWhlYWQtb2YtaXBvLWFzLWJ1c2luZXNzLWZsb3VuZGVycw==/6610c49c93c453ed24fcad5b-20240406) [Indian private equity firm Samara Capital is set to infuse additional capital into one of its consumer-...](/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYXB1bXBpbmctbW9yZS1jYXNoLWludG8tcG9ydGZvbGlvLWZpcm0tYWhlYWQtb2YtaXBvLWFzLWJ1c2luZXNzLWZsb3VuZGVycw==/6610c49c93c453ed24fcad5b-20240406) /19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZGlhbnN0YXJ0dXBzLWluY29tZS1mcm9tLXZjLWNhc2gtbHlpbmctaW4tYmFuay1kZXBvc2l0cy1tdXR1YWwtZnVuZHMtanVtcHMtYWdhaW4=/6610c49c93c453ed24fcad5b-20240406 [Indian startups’ income from VC cash lying in bank deposits, mutual funds jumps again](/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZGlhbnN0YXJ0dXBzLWluY29tZS1mcm9tLXZjLWNhc2gtbHlpbmctaW4tYmFuay1kZXBvc2l0cy1tdXR1YWwtZnVuZHMtanVtcHMtYWdhaW4=/6610c49c93c453ed24fcad5b-20240406) [India’s top technology startups generated high non-operating revenue for the second year in a row during ...](/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZGlhbnN0YXJ0dXBzLWluY29tZS1mcm9tLXZjLWNhc2gtbHlpbmctaW4tYmFuay1kZXBvc2l0cy1tdXR1YWwtZnVuZHMtanVtcHMtYWdhaW4=/6610c49c93c453ed24fcad5b-20240406) /22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RvbnQtc2VlLWFueS1mcm90aGluZXNzLWluLWNsaW1hdGUtc2VjdG9yLXZhbHVhdGlvbnMtZXZlcnNvdXJjZS1zLWRoYW5wYWwtamhhdmVyaQ==/6610c49c93c453ed24fcad5b-20240406 [Don’t see any frothiness in climate sector valuations: Eversource's Dhanpal Jhaveri](/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RvbnQtc2VlLWFueS1mcm90aGluZXNzLWluLWNsaW1hdGUtc2VjdG9yLXZhbHVhdGlvbnMtZXZlcnNvdXJjZS1zLWRoYW5wYWwtamhhdmVyaQ==/6610c49c93c453ed24fcad5b-20240406) [Eversource Capital, a joint venture of Indian private equity firm Everstone Capital and the UK-based ...](/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RvbnQtc2VlLWFueS1mcm90aGluZXNzLWluLWNsaW1hdGUtc2VjdG9yLXZhbHVhdGlvbnMtZXZlcnNvdXJjZS1zLWRoYW5wYWwtamhhdmVyaQ==/6610c49c93c453ed24fcad5b-20240406) /25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JwZWFjcmVkaXQtaGVhZC1rYW5jaGFuLWphaW4tb24tbWFya2V0LW9wcG9ydHVuaXRpZXMtb3ZlcmNyb3dkaW5nLWFuZC1tb3Jl/6610c49c93c453ed24fcad5b-20240406 [BPEA Credit head Kanchan Jain on market opportunities, overcrowding and more](/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JwZWFjcmVkaXQtaGVhZC1rYW5jaGFuLWphaW4tb24tbWFya2V0LW9wcG9ydHVuaXRpZXMtb3ZlcmNyb3dkaW5nLWFuZC1tb3Jl/6610c49c93c453ed24fcad5b-20240406) [India- and Singapore-based BPEA Credit expects private credit opportunities to grow as companies in its ...](/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JwZWFjcmVkaXQtaGVhZC1rYW5jaGFuLWphaW4tb24tbWFya2V0LW9wcG9ydHVuaXRpZXMtb3ZlcmNyb3dkaW5nLWFuZC1tb3Jl/6610c49c93c453ed24fcad5b-20240406) /28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlbmVyYWxhdGxhbnRpYy10by1hY3F1aXJlLXVqYWxhLWN5Z251cy1lYXJseS1iYWNrZXJzLXRvLWV4aXQ=/6610c49c93c453ed24fcad5b-20240406 [General Atlantic to acquire Ujala Cygnus, early backers to exit](/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlbmVyYWxhdGxhbnRpYy10by1hY3F1aXJlLXVqYWxhLWN5Z251cy1lYXJseS1iYWNrZXJzLXRvLWV4aXQ=/6610c49c93c453ed24fcad5b-20240406) [US-based private equity firm General Atlantic will acquire “a significant majority” stake in regional ...](/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlbmVyYWxhdGxhbnRpYy10by1hY3F1aXJlLXVqYWxhLWN5Z251cy1lYXJseS1iYWNrZXJzLXRvLWV4aXQ=/6610c49c93c453ed24fcad5b-20240406) /31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1tYW5hZ2VzLWFuLWV4aXQtZnJvbS1kZWNhZGUtb2xkLWJldC13aXRoLWxpa2VseS1zdWItcGFyLXJldHVybnM=/6610c49c93c453ed24fcad5b-20240406 [True North manages an exit from decade-old bet with likely sub-par returns](/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1tYW5hZ2VzLWFuLWV4aXQtZnJvbS1kZWNhZGUtb2xkLWJldC13aXRoLWxpa2VseS1zdWItcGFyLXJldHVybnM=/6610c49c93c453ed24fcad5b-20240406) [Private equity firm True North has made a liquidity move from an Indian company through a strategic sale ...](/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1tYW5hZ2VzLWFuLWV4aXQtZnJvbS1kZWNhZGUtb2xkLWJldC13aXRoLWxpa2VseS1zdWItcGFyLXJldHVybnM=/6610c49c93c453ed24fcad5b-20240406) /34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29yYmltZWR1ay1zLWJpaS13ZWlnaC1leGl0LWZyb20taGVhbHRoY2FyZS1maXJtLWluLXRhbGtzLXdpdGgtYnV5b3V0LWZ1bmRz/6610c49c93c453ed24fcad5b-20240406 [OrbiMed, UK’s BII weigh exit from healthcare firm, in talks with buyout funds](/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29yYmltZWR1ay1zLWJpaS13ZWlnaC1leGl0LWZyb20taGVhbHRoY2FyZS1maXJtLWluLXRhbGtzLXdpdGgtYnV5b3V0LWZ1bmRz/6610c49c93c453ed24fcad5b-20240406) [Private equity firm OrbiMed and British International Investment (BII) and are looking to sell their entire ...](/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29yYmltZWR1ay1zLWJpaS13ZWlnaC1leGl0LWZyb20taGVhbHRoY2FyZS1maXJtLWluLXRhbGtzLXdpdGgtYnV5b3V0LWZ1bmRz/6610c49c93c453ed24fcad5b-20240406) /37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGNhbi1naXAtb3duZWQtYXNjZW5kLXRlbGVjb20taG9sZC1pdHMtZ3JvdW5kLWluLWEtZHVvcG9saXN0aWMtc2VjdG9y/6610c49c93c453ed24fcad5b-20240406 [Spotlight: Can GIP-owned Ascend Telecom hold its ground in a duopolistic sector?](/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGNhbi1naXAtb3duZWQtYXNjZW5kLXRlbGVjb20taG9sZC1pdHMtZ3JvdW5kLWluLWEtZHVvcG9saXN0aWMtc2VjdG9y/6610c49c93c453ed24fcad5b-20240406) [Last year, US-based private equity firm Global Infrastructure Partners (GIP) stitched a bolt-on deal in ...](/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodGNhbi1naXAtb3duZWQtYXNjZW5kLXRlbGVjb20taG9sZC1pdHMtZ3JvdW5kLWluLWEtZHVvcG9saXN0aWMtc2VjdG9y/6610c49c93c453ed24fcad5b-20240406) /40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVkMmMtbGFiZWwtYmV3YWtvb2YteWV0LXRvLXJlY292ZXItZnJvbS1jb3ZpZC1jcmFzaC1kZXNwaXRlLWJpcmxhLWJhY2tpbmc=/6610c49c93c453ed24fcad5b-20240406 [Bottomline: D2C label Bewakoof yet to recover from Covid crash despite Birla backing](/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVkMmMtbGFiZWwtYmV3YWtvb2YteWV0LXRvLXJlY292ZXItZnJvbS1jb3ZpZC1jcmFzaC1kZXNwaXRlLWJpcmxhLWJhY2tpbmc=/6610c49c93c453ed24fcad5b-20240406) [Direct-to-consumer (D2C) fashion brand Bewakoof Brands Pvt. Ltd, which was acquired by TMRW, a wholly owned ...](/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVkMmMtbGFiZWwtYmV3YWtvb2YteWV0LXRvLXJlY292ZXItZnJvbS1jb3ZpZC1jcmFzaC1kZXNwaXRlLWJpcmxhLWJhY2tpbmc=/6610c49c93c453ed24fcad5b-20240406) NEWS IN NUMBERS [$240 mn](/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FkaWFrb3Rhay1haWYtaW5rLTI0MC1tbi1yZWFsLWVzdGF0ZS1kZWFsLXdpdGgtcHJlc3RpZ2UtZXN0YXRlcw==/6610c49c93c453ed24fcad5b-20240406) [ADIA, Kotak AIF ink realty deal](/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2FkaWFrb3Rhay1haWYtaW5rLTI0MC1tbi1yZWFsLWVzdGF0ZS1kZWFsLXdpdGgtcHJlc3RpZ2UtZXN0YXRlcw==/6610c49c93c453ed24fcad5b-20240406) [$48 mn](/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9nbGVhZHMtNDgtbW4tc2VyaWVzLWItZnVuZGluZy1pbi1lbGVjdHJvbmljYS1maW5hbmNl/6610c49c93c453ed24fcad5b-20240406) [Electronica Finance gets Series B](/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9nbGVhZHMtNDgtbW4tc2VyaWVzLWItZnVuZGluZy1pbi1lbGVjdHJvbmljYS1maW5hbmNl/6610c49c93c453ed24fcad5b-20240406) [$30 mn](/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpbmdsZWludGVyZmFjZXNuYWdzLTMwLW1uLWZyb20tYXNpYS1wYXJ0bmVycy1wYXlwYWwtdmVudHVyZXM=/6610c49c93c453ed24fcad5b-20240406) [SingleInterface snags funding](/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpbmdsZWludGVyZmFjZXNuYWdzLTMwLW1uLWZyb20tYXNpYS1wYXJ0bmVycy1wYXlwYWwtdmVudHVyZXM=/6610c49c93c453ed24fcad5b-20240406) [$26 mn](/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2p1bmdsZXZlbnR1cmVzLWxlYWRzLTI2LW1uLXJvdW5kLWluLWluZmluaXR5LWZpbmNvcnA=/6610c49c93c453ed24fcad5b-20240406) [Infinity Fincorp bags a cheque](/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2p1bmdsZXZlbnR1cmVzLWxlYWRzLTI2LW1uLXJvdW5kLWluLWluZmluaXR5LWZpbmNvcnA=/6610c49c93c453ed24fcad5b-20240406) [$19 mn](/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JpaWxjLW51ZXZhLWJhY2tlZC1uYW1kZXYtZmludmVzdC1yYWlzZXMtcHJlLXNlcmllcy1jLWZ1bmRpbmc=/6610c49c93c453ed24fcad5b-20240406) [Namdev Finvest nabs pre-Series C](/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JpaWxjLW51ZXZhLWJhY2tlZC1uYW1kZXYtZmludmVzdC1yYWlzZXMtcHJlLXNlcmllcy1jLWZ1bmRpbmc=/6610c49c93c453ed24fcad5b-20240406) [Rs 75 cr](/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3hwb25lbnRpYWNhcGl0YWwtaW52ZXN0cy1pbi1oYWlyLWNhcmUtYnJhbmQtdHJheWE=/6610c49c93c453ed24fcad5b-20240406) [Xponentia Capital backs Traya](/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3hwb25lbnRpYWNhcGl0YWwtaW52ZXN0cy1pbi1oYWlyLWNhcmUtYnJhbmQtdHJheWE=/6610c49c93c453ed24fcad5b-20240406) [Chart of the day](/55/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyNC8wNC9Ib21lUGFnZVNtYWxsLmpwZw==/6610c49c93c453ed24fcad5b-20240406) /56/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/6610c49c93c453ed24fcad5b-20240406 READ MORE NEWS [Private Equity Deals](/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/6610c49c93c453ed24fcad5b-20240406) [Venture Capital Deals](/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/6610c49c93c453ed24fcad5b-20240406) [M&A Deals](/59/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/6610c49c93c453ed24fcad5b-20240406) Were you forwarded this email? 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