Ayana draws investor interest; Elevation Capital, SoftBank score exits; VC dealmaking slows

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[View in web browser](#) [VCCircle] Saturday, 18 November 2023 [Unlock Premium >](=/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/65582f42f7199e7f2df615e9-20231118) Share this newsletter =/1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/65582f42f7199e7f2df615e9-20231118 =/2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/65582f42f7199e7f2df615e9-20231118 =/3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/65582f42f7199e7f2df615e9-20231118 =/4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/65582f42f7199e7f2df615e9-20231118 The Weekly Newsletter on India's Alternative Investment Landscape [Sovereign fund-backed firm, others in fray to bet on Ayana Renewable](=/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvdmVyZWlnbmZ1bmQtYmFja2VkLWZpcm0tb3RoZXJzLWluLWZyYXktdG8tYmV0LW9uLWF5YW5hLXJlbmV3YWJsZQ==/65582f42f7199e7f2df615e9-20231118) [A clean energy company backed by a West Asian sovereign wealth fund and a Southeast Asian firm are among the...](=/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvdmVyZWlnbmZ1bmQtYmFja2VkLWZpcm0tb3RoZXJzLWluLWZyYXktdG8tYmV0LW9uLWF5YW5hLXJlbmV3YWJsZQ==/65582f42f7199e7f2df615e9-20231118) THE MAIN STUFF =/7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1bmRhcmFtYWx0cy1rYXJ0aGlrLWF0aHJleWEtb24tdGFwcGluZy1mb3JlaWduLWxwcy1wbGFubmVkLWZ1bmRzLWFuZC1tb3Jl/65582f42f7199e7f2df615e9-20231118 [Sundaram Alts’ Karthik Athreya on tapping foreign LPs, planned funds and more](=/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1bmRhcmFtYWx0cy1rYXJ0aGlrLWF0aHJleWEtb24tdGFwcGluZy1mb3JlaWduLWxwcy1wbGFubmVkLWZ1bmRzLWFuZC1tb3Jl/65582f42f7199e7f2df615e9-20231118) [Sundaram Alternates, the alternative investment arm of Sundaram Finance Ltd, largely invests in real ...](=/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N1bmRhcmFtYWx0cy1rYXJ0aGlrLWF0aHJleWEtb24tdGFwcGluZy1mb3JlaWduLWxwcy1wbGFubmVkLWZ1bmRzLWFuZC1tb3Jl/65582f42f7199e7f2df615e9-20231118) =/10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd2FzdGVyLWRtLWhlYWx0aGNhcmUtcy1pbmRpYS1hbmQtZ3VsZi1vcHMtc3RhY2stdXAtYXMtaXQtbG9va3MtdG8tc2VsbC1nY2MtYml6/65582f42f7199e7f2df615e9-20231118 [How Aster DM Healthcare’s India and Gulf ops stack up as it looks to sell GCC biz](=/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd2FzdGVyLWRtLWhlYWx0aGNhcmUtcy1pbmRpYS1hbmQtZ3VsZi1vcHMtc3RhY2stdXAtYXMtaXQtbG9va3MtdG8tc2VsbC1nY2MtYml6/65582f42f7199e7f2df615e9-20231118) [Mumbai-listed healthcare services provider Aster DM Healthcare Ltd has been working to separate its India ...](=/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd2FzdGVyLWRtLWhlYWx0aGNhcmUtcy1pbmRpYS1hbmQtZ3VsZi1vcHMtc3RhY2stdXAtYXMtaXQtbG9va3MtdG8tc2VsbC1nY2MtYml6/65582f42f7199e7f2df615e9-20231118) =/13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Z1bmRpbmdhY3Rpdml0eS1pbi1vY3RvYmVyLWhhbHRzLWFnYWluLWFmdGVyLXNvbWUtbW9tZW50dW0taW4tc2VwdGVtYmVy/65582f42f7199e7f2df615e9-20231118 [VC funding activity in October halts again after some momentum in September](=/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Z1bmRpbmdhY3Rpdml0eS1pbi1vY3RvYmVyLWhhbHRzLWFnYWluLWFmdGVyLXNvbWUtbW9tZW50dW0taW4tc2VwdGVtYmVy/65582f42f7199e7f2df615e9-20231118) [The angel and venture capital investments witnessed a drop in October in terms of value on a month-on-month...](=/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Z1bmRpbmdhY3Rpdml0eS1pbi1vY3RvYmVyLWhhbHRzLWFnYWluLWFmdGVyLXNvbWUtbW9tZW50dW0taW4tc2VwdGVtYmVy/65582f42f7199e7f2df615e9-20231118) =/16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RpZGVsZXZhdGlvbi1jYXBpdGFsLWJlYXQtdGhlLWJlbmNobWFyay1pbi1wYXJ0aWFsLWV4aXQtZnJvbS1hbmFseXRpY3MtY29tcGFueQ==/65582f42f7199e7f2df615e9-20231118 [Did Elevation Capital beat the benchmark in partial exit from analytics company?](=/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RpZGVsZXZhdGlvbi1jYXBpdGFsLWJlYXQtdGhlLWJlbmNobWFyay1pbi1wYXJ0aWFsLWV4aXQtZnJvbS1hbmFseXRpY3MtY29tcGFueQ==/65582f42f7199e7f2df615e9-20231118) [Venture capital firm Elevation Capital, one of the most active investors in Indian technology startups, has...](=/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RpZGVsZXZhdGlvbi1jYXBpdGFsLWJlYXQtdGhlLWJlbmNobWFyay1pbi1wYXJ0aWFsLWV4aXQtZnJvbS1hbmFseXRpY3MtY29tcGFueQ==/65582f42f7199e7f2df615e9-20231118) =/19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1pY2ljaS12ZW50dXJlLXNldC10by1jbG9jay1kcmVhbS1yZXR1cm5zLWZyb20tdHdvLWlwby1ib3VuZC1iZXRz/65582f42f7199e7f2df615e9-20231118 [True North, ICICI Venture set to clock dream returns from two IPO-bound bets](=/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1pY2ljaS12ZW50dXJlLXNldC10by1jbG9jay1kcmVhbS1yZXR1cm5zLWZyb20tdHdvLWlwby1ib3VuZC1iZXRz/65582f42f7199e7f2df615e9-20231118) [A BFSI firm backed by homegrown private equity firm True North and an original equipment manufacturer of ...](=/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RydWVub3J0aC1pY2ljaS12ZW50dXJlLXNldC10by1jbG9jay1kcmVhbS1yZXR1cm5zLWZyb20tdHdvLWlwby1ib3VuZC1iZXRz/65582f42f7199e7f2df615e9-20231118) =/22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvZnRiYW5rbG9ncy1hbm90aGVyLXN1Yi1wYXItZXhpdC1tb3ZlLWluLWluZGlh/65582f42f7199e7f2df615e9-20231118 [SoftBank logs another sub-par exit move in India](=/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvZnRiYW5rbG9ncy1hbm90aGVyLXN1Yi1wYXItZXhpdC1tb3ZlLWluLWluZGlh/65582f42f7199e7f2df615e9-20231118) [Japanese technology investment giant SoftBank, which has been on a harvest spree in India having divested ...](=/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvZnRiYW5rbG9ncy1hbm90aGVyLXN1Yi1wYXItZXhpdC1tb3ZlLWluLWluZGlh/65582f42f7199e7f2df615e9-20231118) =/25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RhdGFjYXBpdGFsLXBlLWZ1bmQtdG8tc2NvcmUtbXVsdGliYWdnZXItcmV0dXJuLWZyb20tbGVnYWN5LWJldA==/65582f42f7199e7f2df615e9-20231118 [Tata Capital PE fund to score multibagger return from legacy bet](=/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RhdGFjYXBpdGFsLXBlLWZ1bmQtdG8tc2NvcmUtbXVsdGliYWdnZXItcmV0dXJuLWZyb20tbGVnYWN5LWJldA==/65582f42f7199e7f2df615e9-20231118) [Tata Capital Growth Fund, one of a clutch of alternative investment vehicles managed by Tata Group’s ...](=/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RhdGFjYXBpdGFsLXBlLWZ1bmQtdG8tc2NvcmUtbXVsdGliYWdnZXItcmV0dXJuLWZyb20tbGVnYWN5LWJldA==/65582f42f7199e7f2df615e9-20231118) =/28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hleGFnb25udXRyaXRpb24tc2Vla3MtZnJlc2gtcGUtY2FwaXRhbC1sb3dlcnMtdmFsdWF0aW9uLWV4cGVjdGF0aW9u/65582f42f7199e7f2df615e9-20231118 [Hexagon Nutrition seeks fresh PE capital, lowers valuation expectation](=/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hleGFnb25udXRyaXRpb24tc2Vla3MtZnJlc2gtcGUtY2FwaXRhbC1sb3dlcnMtdmFsdWF0aW9uLWV4cGVjdGF0aW9u/65582f42f7199e7f2df615e9-20231118) [Nutritional supplements manufacturer Hexagon Nutrition Ltd is planning to raise fresh private equity ...](=/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hleGFnb25udXRyaXRpb24tc2Vla3MtZnJlc2gtcGUtY2FwaXRhbC1sb3dlcnMtdmFsdWF0aW9uLWV4cGVjdGF0aW9u/65582f42f7199e7f2df615e9-20231118) =/31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YWtlYm9hdGNoYW5nZXMtdGFjay1mb3ItbmV3LWZ1bmQtdG8tZm9jdXMtb24tY29udHJvbC1vcmllbnRlZC1kZWFscw==/65582f42f7199e7f2df615e9-20231118 [Stakeboat changes tack for new fund, to focus on control-oriented deals](=/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YWtlYm9hdGNoYW5nZXMtdGFjay1mb3ItbmV3LWZ1bmQtdG8tZm9jdXMtb24tY29udHJvbC1vcmllbnRlZC1kZWFscw==/65582f42f7199e7f2df615e9-20231118) [Mid-market focussed private equity firm Stakeboat Capital, which recently marked the final close of its ...](=/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3N0YWtlYm9hdGNoYW5nZXMtdGFjay1mb3ItbmV3LWZ1bmQtdG8tZm9jdXMtb24tY29udHJvbC1vcmllbnRlZC1kZWFscw==/65582f42f7199e7f2df615e9-20231118) =/34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmhhdm1vci1wcm9tb3RlcnMtZ2V0LWludmVzdG9yLWJhY2tpbmctYXMtdGhleS1yZXR1cm4tdG8taWNlLWNyZWFtLWJpeg==/65582f42f7199e7f2df615e9-20231118 [Former Havmor promoters get investor backing as they return to ice cream biz](=/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmhhdm1vci1wcm9tb3RlcnMtZ2V0LWludmVzdG9yLWJhY2tpbmctYXMtdGhleS1yZXR1cm4tdG8taWNlLWNyZWFtLWJpeg==/65582f42f7199e7f2df615e9-20231118) [The Chona family, which launched the popular ice-cream brand Havmor and later sold the Ahmedabad-based ...](=/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Zvcm1lcmhhdm1vci1wcm9tb3RlcnMtZ2V0LWludmVzdG9yLWJhY2tpbmctYXMtdGhleS1yZXR1cm4tdG8taWNlLWNyZWFtLWJpeg==/65582f42f7199e7f2df615e9-20231118) =/37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BhdmVzdG9uZXZjLXMtc3JpZGhhci1yYW1wYWxsaS1vbi11cHNpemluZy1kZWJ1dC1mdW5kLWFuZC1kdWUtZGlsaWdlbmNlLWZvci1kZWVwLXRlY2gtZmlybXM=/65582f42f7199e7f2df615e9-20231118 [Pavestone VC’s Sridhar Rampalli on upsizing debut fund and due diligence for deep-tech firms](=/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BhdmVzdG9uZXZjLXMtc3JpZGhhci1yYW1wYWxsaS1vbi11cHNpemluZy1kZWJ1dC1mdW5kLWFuZC1kdWUtZGlsaWdlbmNlLWZvci1kZWVwLXRlY2gtZmlybXM=/65582f42f7199e7f2df615e9-20231118) [Hyderabad-based venture capital firm Pavestone VC, which launched its first fund in July 2021, invests in ...](=/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3BhdmVzdG9uZXZjLXMtc3JpZGhhci1yYW1wYWxsaS1vbi11cHNpemluZy1kZWJ1dC1mdW5kLWFuZC1kdWUtZGlsaWdlbmNlLWZvci1kZWVwLXRlY2gtZmlybXM=/65582f42f7199e7f2df615e9-20231118) NEWS IN NUMBERS [$6 bn](=/40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nhcmx5bGVzbGFzaGVzLXRhcmdldC1mb3ItbmV3LWFzaWEtZnVuZC1tYXktZGVwbG95LXVwLXRvLTM1LWluLWluZGlh/65582f42f7199e7f2df615e9-20231118) [Carlyle's cuts target for Asia fund](=/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Nhcmx5bGVzbGFzaGVzLXRhcmdldC1mb3ItbmV3LWFzaWEtZnVuZC1tYXktZGVwbG95LXVwLXRvLTM1LWluLWluZGlh/65582f42f7199e7f2df615e9-20231118) [$2.44 bn](=/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RhdGF0ZWNobm9sb2dpZXMtc2V0cy1pcG8tcHJpY2UtYmFuZC10YXJnZXRzLTItNDQtYm4tdmFsdWF0aW9u/65582f42f7199e7f2df615e9-20231118) [Tata Tech sets IPO valuation aim](=/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RhdGF0ZWNobm9sb2dpZXMtc2V0cy1pcG8tcHJpY2UtYmFuZC10YXJnZXRzLTItNDQtYm4tdmFsdWF0aW9u/65582f42f7199e7f2df615e9-20231118) [$2.28 bn](=/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlcm1hbnlzLXNpZW1lbnMtdG8tYnV5LXNpZW1lbnMtZW5lcmd5LXMtc3Rha2UtaW4taW5kaWEtanYtZGVtZXJnZS1sb2NhbC1lbmVyZ3ktYnVzaW5lc3M=/65582f42f7199e7f2df615e9-20231118) [Siemens to up stake in India unit](=/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlcm1hbnlzLXNpZW1lbnMtdG8tYnV5LXNpZW1lbnMtZW5lcmd5LXMtc3Rha2UtaW4taW5kaWEtanYtZGVtZXJnZS1sb2NhbC1lbmVyZ3ktYnVzaW5lc3M=/65582f42f7199e7f2df615e9-20231118) [$75 mn](=/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZmluaXR5bGVhcm4tcGxhbnMtdG8tdGFwLWludmVzdG9ycy1mb3ItZnJlc2gtZnVuZGluZw==/65582f42f7199e7f2df615e9-20231118) [Infinity Learn eyes external funding](=/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luZmluaXR5bGVhcm4tcGxhbnMtdG8tdGFwLWludmVzdG9ycy1mb3ItZnJlc2gtZnVuZGluZw==/65582f42f7199e7f2df615e9-20231118) [$30 mn](=/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2phcGFucy1nb2pvLXNldHMtdXAtdW5sZWFzaC1jYXBpdGFsLXRvLW1ha2UtZWFybHktc3RhZ2UtYmV0cy1pbi1pbmRpYQ==/65582f42f7199e7f2df615e9-20231118) [Unleash Capital floats debut fund](=/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2phcGFucy1nb2pvLXNldHMtdXAtdW5sZWFzaC1jYXBpdGFsLXRvLW1ha2UtZWFybHktc3RhZ2UtYmV0cy1pbi1pbmRpYQ==/65582f42f7199e7f2df615e9-20231118) [$6 mn](=/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luaXRvdHdvLW90aGVycy1yYWlzZS1lYXJseS1zdGFnZS1mdW5kaW5n/65582f42f7199e7f2df615e9-20231118) [Inito raises Series A funding](=/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2luaXRvdHdvLW90aGVycy1yYWlzZS1lYXJseS1zdGFnZS1mdW5kaW5n/65582f42f7199e7f2df615e9-20231118) [Chart of the day](=/52/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyMy8xMS9Ib21lUGFnZVNtYWxsMS5qcGc=/65582f42f7199e7f2df615e9-20231118) =/53/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/65582f42f7199e7f2df615e9-20231118 READ MORE NEWS [Private Equity 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