Convergent's curious bids; How internet businesses are valued; TPG, Sixth Sense, Unicorn India in exit news

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[View in web browser](#) [VCCircle] Saturday, 20 July 2024 [Unlock Premium >](/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/669b4bdeb62e5881b97519e6-20240720) Share this newsletter /1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/669b4bdeb62e5881b97519e6-20240720 /2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/669b4bdeb62e5881b97519e6-20240720 /3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/669b4bdeb62e5881b97519e6-20240720 /4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/669b4bdeb62e5881b97519e6-20240720 The Weekly Newsletter on India's Alternative Investment Landscape [The curious case of Convergent PE’s competing bids with different partners for same asset](/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RoZWN1cmlvdXMtY2FzZS1vZi1jb252ZXJnZW50LXBlLXMtY29tcGV0aW5nLWJpZHMtd2l0aC1kaWZmZXJlbnQtcGFydG5lcnMtZm9yLXNhbWUtYXNzZXQ=/669b4bdeb62e5881b97519e6-20240720) [Convergent Finance, a private equity-style firm led by former Fairfax India executive Harsha Raghavan, is ...](/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RoZWN1cmlvdXMtY2FzZS1vZi1jb252ZXJnZW50LXBlLXMtY29tcGV0aW5nLWJpZHMtd2l0aC1kaWZmZXJlbnQtcGFydG5lcnMtZm9yLXNhbWUtYXNzZXQ=/669b4bdeb62e5881b97519e6-20240720) THE MAIN STUFF /7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3BheXRtLXpvbWF0by1hbmQtb3RoZXItaW50ZXJuZXQtcmVsYXRlZC1idXNpbmVzc2VzLWFyZS12YWx1ZWQtb24tc3RvY2stbWFya2V0cw==/669b4bdeb62e5881b97519e6-20240720 [How Paytm, Zomato and other internet-related businesses are valued on stock markets](/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3BheXRtLXpvbWF0by1hbmQtb3RoZXItaW50ZXJuZXQtcmVsYXRlZC1idXNpbmVzc2VzLWFyZS12YWx1ZWQtb24tc3RvY2stbWFya2V0cw==/669b4bdeb62e5881b97519e6-20240720) [In the second half of 2021, the pandemic-driven boom in technology stocks prompted many Indian internet-...](/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3BheXRtLXpvbWF0by1hbmQtb3RoZXItaW50ZXJuZXQtcmVsYXRlZC1idXNpbmVzc2VzLWFyZS12YWx1ZWQtb24tc3RvY2stbWFya2V0cw==/669b4bdeb62e5881b97519e6-20240720) /10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N3aWdneWludmVzdG9yLWtlZXBzLXZhbHVhdGlvbi11bmNoYW5nZWQtYWhlYWQtb2YtaXBvLWFzLXpvbWF0by1yZXRhaW5zLXJpY2gtdGFn/669b4bdeb62e5881b97519e6-20240720 [Swiggy investor keeps valuation unchanged ahead of IPO as Zomato retains rich tag](/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N3aWdneWludmVzdG9yLWtlZXBzLXZhbHVhdGlvbi11bmNoYW5nZWQtYWhlYWQtb2YtaXBvLWFzLXpvbWF0by1yZXRhaW5zLXJpY2gtdGFn/669b4bdeb62e5881b97519e6-20240720) [Food delivery firm Swiggy, which is set to file for a potential public offering after re-entering the ...](/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N3aWdneWludmVzdG9yLWtlZXBzLXZhbHVhdGlvbi11bmNoYW5nZWQtYWhlYWQtb2YtaXBvLWFzLXpvbWF0by1yZXRhaW5zLXJpY2gtdGFn/669b4bdeb62e5881b97519e6-20240720) /13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xhcmdlcGUtZmlybXMtaW4tZnJheS10by1iZXQtb24ta2VyYWxhLWl0LXNlcnZpY2VzLWZpcm0tcWJ1cnN0/669b4bdeb62e5881b97519e6-20240720 [Large PE firms in fray to bet on Kerala IT services firm QBurst](/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xhcmdlcGUtZmlybXMtaW4tZnJheS10by1iZXQtb24ta2VyYWxhLWl0LXNlcnZpY2VzLWZpcm0tcWJ1cnN0/669b4bdeb62e5881b97519e6-20240720) [A number of bulge-bracket private equity firms are in the fray to invest in Kerala-based software services ...](/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xhcmdlcGUtZmlybXMtaW4tZnJheS10by1iZXQtb24ta2VyYWxhLWl0LXNlcnZpY2VzLWZpcm0tcWJ1cnN0/669b4bdeb62e5881b97519e6-20240720) /16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ZlcmxpbnZlc3Rpbi10YWxrcy10by1pbnZlc3QtaW4tcGUtYmFja2VkLWxvY2FsLWNvZmZlZS1jaGFpbg==/669b4bdeb62e5881b97519e6-20240720 [Verlinvest in talks to invest in PE-backed coffee chain](/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ZlcmxpbnZlc3Rpbi10YWxrcy10by1pbnZlc3QtaW4tcGUtYmFja2VkLWxvY2FsLWNvZmZlZS1jaGFpbg==/669b4bdeb62e5881b97519e6-20240720) [Belgian investment firm Verlinvest, which focuses on consumer as a theme for both its direct venture capital...](/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ZlcmxpbnZlc3Rpbi10YWxrcy10by1pbnZlc3QtaW4tcGUtYmFja2VkLWxvY2FsLWNvZmZlZS1jaGFpbg==/669b4bdeb62e5881b97519e6-20240720) /19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnRwZy1iZWF0LWV4aXQtYmVuY2htYXJrLWFzLWlwby1ib3VuZC1wb3J0Zm9saW8tZmlybS10YXJnZXRzLXJpY2gtdmFsdWF0aW9u/669b4bdeb62e5881b97519e6-20240720 [Can TPG beat exit benchmark as IPO-bound portfolio firm targets rich valuation?](/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnRwZy1iZWF0LWV4aXQtYmVuY2htYXJrLWFzLWlwby1ib3VuZC1wb3J0Zm9saW8tZmlybS10YXJnZXRzLXJpY2gtdmFsdWF0aW9u/669b4bdeb62e5881b97519e6-20240720) [Private equity firm TPG has set the ball rolling to monetize its investment in another Indian company, as it...](/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NhbnRwZy1iZWF0LWV4aXQtYmVuY2htYXJrLWFzLWlwby1ib3VuZC1wb3J0Zm9saW8tZmlybS10YXJnZXRzLXJpY2gtdmFsdWF0aW9u/669b4bdeb62e5881b97519e6-20240720) /22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpeHRoc2Vuc2UtdmVudHVyZXMtc3RyaWtlcy1hbm90aGVyLWZ1bGwtZXhpdC13aXRoLWJ1bXBlci1yZXR1cm5z/669b4bdeb62e5881b97519e6-20240720 [Sixth Sense Ventures strikes another full exit with bumper returns](/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpeHRoc2Vuc2UtdmVudHVyZXMtc3RyaWtlcy1hbm90aGVyLWZ1bGwtZXhpdC13aXRoLWJ1bXBlci1yZXR1cm5z/669b4bdeb62e5881b97519e6-20240720) [Sixth Sense Ventures, a consumer sector-oriented venture capital firm led by founder Nikhil Vora, has ...](/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NpeHRoc2Vuc2UtdmVudHVyZXMtc3RyaWtlcy1hbm90aGVyLWZ1bGwtZXhpdC13aXRoLWJ1bXBlci1yZXR1cm5z/669b4bdeb62e5881b97519e6-20240720) /25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcm9taWR5YXItdHBnLWV4ZWNzLXdpbmQtdXAtdmMtZmlybS1hcy1mdW5kcmFpc2luZy1zdGFsbHM=/669b4bdeb62e5881b97519e6-20240720 [Former Omidyar, TPG execs wind up VC firm as fundraising stalls](/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcm9taWR5YXItdHBnLWV4ZWNzLXdpbmQtdXAtdmMtZmlybS1hcy1mdW5kcmFpc2luZy1zdGFsbHM=/669b4bdeb62e5881b97519e6-20240720) [A venture capital firm launched by former executives of Omidyar Network India and TPG Growth has winded up ...](/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcm9taWR5YXItdHBnLWV4ZWNzLXdpbmQtdXAtdmMtZmlybS1hcy1mdW5kcmFpc2luZy1zdGFsbHM=/669b4bdeb62e5881b97519e6-20240720) /28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3VuaWNvcm5pbmRpYS1tYWtlcy1uZWF0LXByb2ZpdC1mcm9tLXlvdW5nLXBvcnRmb2xpby1jcm9zc2VzLW1pZHdheS1tYXJrLWZvci1uZXctdmMtZnVuZA==/669b4bdeb62e5881b97519e6-20240720 [Unicorn India makes neat profit from young portfolio; crosses midway mark for new VC fund](/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3VuaWNvcm5pbmRpYS1tYWtlcy1uZWF0LXByb2ZpdC1mcm9tLXlvdW5nLXBvcnRmb2xpby1jcm9zc2VzLW1pZHdheS1tYXJrLWZvci1uZXctdmMtZnVuZA==/669b4bdeb62e5881b97519e6-20240720) [Venture capital firm Unicorn India Ventures has hit the sell button on a four-year-old portfolio company ...](/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3VuaWNvcm5pbmRpYS1tYWtlcy1uZWF0LXByb2ZpdC1mcm9tLXlvdW5nLXBvcnRmb2xpby1jcm9zc2VzLW1pZHdheS1tYXJrLWZvci1uZXctdmMtZnVuZA==/669b4bdeb62e5881b97519e6-20240720) /31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3F1YWRyaWFjYXBpdGFsLW11bGxzLWFub3RoZXItZXhpdC1zaG9ydGx5LWFmdGVyLWFrdW1zLWRydWdz/669b4bdeb62e5881b97519e6-20240720 [Quadria Capital mulls another exit from India portfolio](/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3F1YWRyaWFjYXBpdGFsLW11bGxzLWFub3RoZXItZXhpdC1zaG9ydGx5LWFmdGVyLWFrdW1zLWRydWdz/669b4bdeb62e5881b97519e6-20240720) [Healthcare-focused private equity firm Quadria Capital is planning to offload its stake in an India ...](/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3F1YWRyaWFjYXBpdGFsLW11bGxzLWFub3RoZXItZXhpdC1zaG9ydGx5LWFmdGVyLWFrdW1zLWRydWdz/669b4bdeb62e5881b97519e6-20240720) /34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dhd2FjYXBpdGFsLXMtbHVjYS10b3JyZS1vbi1pbnZlc3RpbmctaW4taW5kaWEtdGhlLXRoZW9yeS1vZi1jaGFuZ2UtYW5kLW1vcmU=/669b4bdeb62e5881b97519e6-20240720 [GAWA Capital’s Luca Torre on investing in India, the 'theory of change' and more](/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dhd2FjYXBpdGFsLXMtbHVjYS10b3JyZS1vbi1pbnZlc3RpbmctaW4taW5kaWEtdGhlLXRoZW9yeS1vZi1jaGFuZ2UtYW5kLW1vcmU=/669b4bdeb62e5881b97519e6-20240720) [European firm GAWA Capital, an impact investor that makes both debt and equity bets, is in the process of ...](/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dhd2FjYXBpdGFsLXMtbHVjYS10b3JyZS1vbi1pbnZlc3RpbmctaW4taW5kaWEtdGhlLXRoZW9yeS1vZi1jaGFuZ2UtYW5kLW1vcmU=/669b4bdeb62e5881b97519e6-20240720) /37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVwcmVtamlpbnZlc3QtYmFja2VkLW1pbnRpZmktc2hpbmVzLWluLWZ5MjQtYXMtcHJvZml0LWF1bS1qdW1w/669b4bdeb62e5881b97519e6-20240720 [Bottomline: PremjiInvest-backed Mintifi shines in FY24 as profit, AUM jump](/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVwcmVtamlpbnZlc3QtYmFja2VkLW1pbnRpZmktc2hpbmVzLWluLWZ5MjQtYXMtcHJvZml0LWF1bS1qdW1w/669b4bdeb62e5881b97519e6-20240720) [Supply-chain financing startup Mintifi recorded a surge in its profit for the year through March 2024 as it ...](/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVwcmVtamlpbnZlc3QtYmFja2VkLW1pbnRpZmktc2hpbmVzLWluLWZ5MjQtYXMtcHJvZml0LWF1bS1qdW1w/669b4bdeb62e5881b97519e6-20240720) /40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVtcG9ra2V0LWhhcy1nb3QtZmlndXJlcy10by1mbGF1bnQtYnV0LXdpdGgtc2xpZ2h0LXVwdGljay1pbi1iYWQtbG9hbnM=/669b4bdeb62e5881b97519e6-20240720 [Bottomline: mPokket has got figures to flaunt, but with slight uptick in bad loans](/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVtcG9ra2V0LWhhcy1nb3QtZmlndXJlcy10by1mbGF1bnQtYnV0LXdpdGgtc2xpZ2h0LXVwdGljay1pbi1iYWQtbG9hbnM=/669b4bdeb62e5881b97519e6-20240720) [Kolkata-based microlending app mPokket had seen its profit halve in the financial year ended March 2023, ...](/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JvdHRvbWxpbmVtcG9ra2V0LWhhcy1nb3QtZmlndXJlcy10by1mbGF1bnQtYnV0LXdpdGgtc2xpZ2h0LXVwdGljay1pbi1iYWQtbG9hbnM=/669b4bdeb62e5881b97519e6-20240720) NEWS IN NUMBERS [$10 bn](/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RlbWFzZWthaW1zLXRvLWludmVzdC11cC10by0xMi1ibi1pbi1pbmRpYS1vdmVyLXRocmVlLXllYXJz/669b4bdeb62e5881b97519e6-20240720) [Temasek outlines India plan](/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RlbWFzZWthaW1zLXRvLWludmVzdC11cC10by0xMi1ibi1pbi1pbmRpYS1vdmVyLXRocmVlLXllYXJz/669b4bdeb62e5881b97519e6-20240720) [$33.4 mn](/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9nbGVhZHMtMzMtNC1tbi1mdW5kaW5nLWluLWVkdWNhdGlvbi1sZW5kZXItYXV4aWxv/669b4bdeb62e5881b97519e6-20240720) [LeapFrog leads funding in Auxilo](/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xlYXBmcm9nbGVhZHMtMzMtNC1tbi1mdW5kaW5nLWluLWVkdWNhdGlvbi1sZW5kZXItYXV4aWxv/669b4bdeb62e5881b97519e6-20240720) [$24 mn](/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Jlc3BvbnNhYmlsaXR5bXMtZGhvbmktbGVhZC1wcmUtc2VyaWVzLWItZnVuZGluZy1vZi1ldi1yaWRlLWhhaWxpbmctY28tYmx1c21hcnQ=/669b4bdeb62e5881b97519e6-20240720) [BluSmart raises pre-Series B](/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Jlc3BvbnNhYmlsaXR5bXMtZGhvbmktbGVhZC1wcmUtc2VyaWVzLWItZnVuZGluZy1vZi1ldi1yaWRlLWhhaWxpbmctY28tYmx1c21hcnQ=/669b4bdeb62e5881b97519e6-20240720) [$14 mn](/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dlc3RicmlkZ2VjYXBpdGFsLWxlYWRzLXNlcmllcy1hLWZ1bmRpbmctaW4tdXB0aW1lYWk=/669b4bdeb62e5881b97519e6-20240720) [WestBridge invests in UptimeAI](/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dlc3RicmlkZ2VjYXBpdGFsLWxlYWRzLXNlcmllcy1hLWZ1bmRpbmctaW4tdXB0aW1lYWk=/669b4bdeb62e5881b97519e6-20240720) [$36 mn](/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ZhbHVlcXVlc3RiZXRzLTM2LW1uLW9uLXNvbGFyLWNlbGwtbWFrZXItanVwaXRlcg==/669b4bdeb62e5881b97519e6-20240720) [ValueQuest backs solar cell maker](/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3ZhbHVlcXVlc3RiZXRzLTM2LW1uLW9uLXNvbGFyLWNlbGwtbWFrZXItanVwaXRlcg==/669b4bdeb62e5881b97519e6-20240720) [$50 mn](/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RoYXJhbmFjYXBpdGFsLWJldHMtNTAtbW4tb24tdXJiYW4tY29tcGFueQ==/669b4bdeb62e5881b97519e6-20240720) [Dharana bets on Urban Company](/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RoYXJhbmFjYXBpdGFsLWJldHMtNTAtbW4tb24tdXJiYW4tY29tcGFueQ==/669b4bdeb62e5881b97519e6-20240720) /55/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/669b4bdeb62e5881b97519e6-20240720 READ MORE NEWS [Private Equity Deals](/56/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/669b4bdeb62e5881b97519e6-20240720) [Venture Capital Deals](/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/669b4bdeb62e5881b97519e6-20240720) [M&A Deals](/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/669b4bdeb62e5881b97519e6-20240720) Were you forwarded this email? 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