Applied Materials, Investcorp in deal news; PE firms step up exits as markets soar; Omidyar pulls out of India

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[View in web browser](#) [VCCircle] Saturday, 16 December 2023 [Unlock Premium >](=/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/657d4dd393c453ed245d9587-20231216) Share this newsletter =/1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/657d4dd393c453ed245d9587-20231216 =/2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/657d4dd393c453ed245d9587-20231216 =/3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/657d4dd393c453ed245d9587-20231216 =/4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/657d4dd393c453ed245d9587-20231216 The Weekly Newsletter on India's Alternative Investment Landscape [Exclusive: Nasdaq-listed Applied Materials set to strike India deal with PE-backed company](=/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2V4Y2x1c2l2ZW5hc2RhcS1saXN0ZWQtYXBwbGllZC1tYXRlcmlhbHMtc2V0LXRvLXN0cmlrZS1pbmRpYS1kZWFsLXdpdGgtcGUtYmFja2VkLWNvbXBhbnk=/657d4dd393c453ed245d9587-20231216) [US-based Applied Materials Inc. is in advanced stages of discussion to acquire a minority stake in a local ...](=/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2V4Y2x1c2l2ZW5hc2RhcS1saXN0ZWQtYXBwbGllZC1tYXRlcmlhbHMtc2V0LXRvLXN0cmlrZS1pbmRpYS1kZWFsLXdpdGgtcGUtYmFja2VkLWNvbXBhbnk=/657d4dd393c453ed245d9587-20231216) THE MAIN STUFF =/7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25zZWJhY2tlci10YS1hc3NvY2lhdGVzLWxlYWRpbmctcmFjZS1mb3ItaW52ZXN0bWVudC1pbi1pdC1zZXJ2aWNlcy1jb21wYW55/657d4dd393c453ed245d9587-20231216 [NSE backer TA Associates leads race to invest in IT services company](=/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25zZWJhY2tlci10YS1hc3NvY2lhdGVzLWxlYWRpbmctcmFjZS1mb3ItaW52ZXN0bWVudC1pbi1pdC1zZXJ2aWNlcy1jb21wYW55/657d4dd393c453ed245d9587-20231216) [US-based private equity investor TA Associates has emerged as the frontrunner to invest in an Indian IT ...](=/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25zZWJhY2tlci10YS1hc3NvY2lhdGVzLWxlYWRpbmctcmFjZS1mb3ItaW52ZXN0bWVudC1pbi1pdC1zZXJ2aWNlcy1jb21wYW55/657d4dd393c453ed245d9587-20231216) =/10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBjcmVhdGluZy1wYWNrYWdpbmctcGxhdGZvcm0taW4taW5kaWEtc3RyaWtlcy1maXJzdC1kZWFs/657d4dd393c453ed245d9587-20231216 [Investcorp creating packaging platform in India, strikes first deal](=/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBjcmVhdGluZy1wYWNrYWdpbmctcGxhdGZvcm0taW4taW5kaWEtc3RyaWtlcy1maXJzdC1kZWFs/657d4dd393c453ed245d9587-20231216) [Investcorp, a Bahrain-based alternative asset management firm that globally manages over $50 billion in ...](=/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBjcmVhdGluZy1wYWNrYWdpbmctcGxhdGZvcm0taW4taW5kaWEtc3RyaWtlcy1maXJzdC1kZWFs/657d4dd393c453ed245d9587-20231216) =/13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ltcGFjdGludmVzdG9yLW9taWR5YXItdG8tc2h1dC1pbmRpYS1vcGVyYXRpb25zLWluLXN1cnByaXNlLW1vdmU=/657d4dd393c453ed245d9587-20231216 [Impact investor Omidyar to shut India operations in surprise move](=/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ltcGFjdGludmVzdG9yLW9taWR5YXItdG8tc2h1dC1pbmRpYS1vcGVyYXRpb25zLWluLXN1cnByaXNlLW1vdmU=/657d4dd393c453ed245d9587-20231216) [Impact investment firm Omidyar Network, which has invested in Indian companies such as Bounce, Indifi, ...](=/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ltcGFjdGludmVzdG9yLW9taWR5YXItdG8tc2h1dC1pbmRpYS1vcGVyYXRpb25zLWluLXN1cnByaXNlLW1vdmU=/657d4dd393c453ed245d9587-20231216) =/16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NyZWFkb3Jjb21lcy1vdXQtb2Ytc2x1bWJlci10by1zY29yZS1hLWp1aWN5LWV4aXQtaW4taW5kaWE=/657d4dd393c453ed245d9587-20231216 [Creador comes out of slumber to score a juicy exit in India](=/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NyZWFkb3Jjb21lcy1vdXQtb2Ytc2x1bWJlci10by1zY29yZS1hLWp1aWN5LWV4aXQtaW4taW5kaWE=/657d4dd393c453ed245d9587-20231216) [Creador, the South and Southeast Asia-focused private equity firm founded by former ChrysCapital partner ...](=/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NyZWFkb3Jjb21lcy1vdXQtb2Ytc2x1bWJlci10by1zY29yZS1hLWp1aWN5LWV4aXQtaW4taW5kaWE=/657d4dd393c453ed245d9587-20231216) =/19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbGxwLWNvLWludmVzdG9ycy1zZXQtc3RhZ2UtZm9yLW5lYXJseS04MDAtbW4tZXhpdA==/657d4dd393c453ed245d9587-20231216 [ChrysCapital, LP co-investors set stage for nearly $800-mn exit](=/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbGxwLWNvLWludmVzdG9ycy1zZXQtc3RhZ2UtZm9yLW5lYXJseS04MDAtbW4tZXhpdA==/657d4dd393c453ed245d9587-20231216) [ChrysCapital, which hit the milestone of raising the largest-ever sector-agnostic private equity fund ...](=/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbGxwLWNvLWludmVzdG9ycy1zZXQtc3RhZ2UtZm9yLW5lYXJseS04MDAtbW4tZXhpdA==/657d4dd393c453ed245d9587-20231216) =/22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtY3JlYXRpb24taGl0LWV4aXQtZnJvbS1pbmRpYS1maW5hbmNpYWwtaW5jbHVzaW9uLXBvcnRmb2xpbw==/657d4dd393c453ed245d9587-20231216 [Warburg Pincus, Creation hit exit from India financial inclusion portfolio](=/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtY3JlYXRpb24taGl0LWV4aXQtZnJvbS1pbmRpYS1maW5hbmNpYWwtaW5jbHVzaW9uLXBvcnRmb2xpbw==/657d4dd393c453ed245d9587-20231216) [Private equity firm Warburg Pincus and impact-focussed investor Creation Investments have pressed the exit ...](=/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtY3JlYXRpb24taGl0LWV4aXQtZnJvbS1pbmRpYS1maW5hbmNpYWwtaW5jbHVzaW9uLXBvcnRmb2xpbw==/657d4dd393c453ed245d9587-20231216) =/25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3NpZ25zLW9mZi1mcm9tLWEtbGVnYWN5LWJldC13aXRoLW1vZGVzdC1yZXR1cm5z/657d4dd393c453ed245d9587-20231216 [Multiples signs off from a legacy bet with modest returns](=/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3NpZ25zLW9mZi1mcm9tLWEtbGVnYWN5LWJldC13aXRoLW1vZGVzdC1yZXR1cm5z/657d4dd393c453ed245d9587-20231216) [Homegrown private equity firm Multiples Alternate Asset Management, or Multiples PE, which marked the first ...](=/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL211bHRpcGxlc3NpZ25zLW9mZi1mcm9tLWEtbGVnYWN5LWJldC13aXRoLW1vZGVzdC1yZXR1cm5z/657d4dd393c453ed245d9587-20231216) =/28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBiZXNzZW1lci1jcmVkaXQtc3Vpc3NlLWZ1bmQtaW5jaC1jbG9zZXItdG8tbW9uZXRpc2luZy1pbmRpYS1iZXRz/657d4dd393c453ed245d9587-20231216 [Investcorp, Bessemer, Credit Suisse fund inch closer to monetising India bets](=/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBiZXNzZW1lci1jcmVkaXQtc3Vpc3NlLWZ1bmQtaW5jaC1jbG9zZXItdG8tbW9uZXRpc2luZy1pbmRpYS1iZXRz/657d4dd393c453ed245d9587-20231216) [An investment fund managed by Swiss bank Credit Suisse, Bahrain-based alternative investment firm Investcorp...](=/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmVzdGNvcnBiZXNzZW1lci1jcmVkaXQtc3Vpc3NlLWZ1bmQtaW5jaC1jbG9zZXItdG8tbW9uZXRpc2luZy1pbmRpYS1iZXRz/657d4dd393c453ed245d9587-20231216) =/31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dyZWF0ZXJwYWNpZmljLWNhcGl0YWwtdHdlYWtzLWV4aXQtcGxhbi1mcm9tLWJmc2ktcG9ydGZvbGlvLWZpcm0=/657d4dd393c453ed245d9587-20231216 [Greater Pacific Capital tweaks exit plan from BFSI portfolio firm](=/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dyZWF0ZXJwYWNpZmljLWNhcGl0YWwtdHdlYWtzLWV4aXQtcGxhbi1mcm9tLWJmc2ktcG9ydGZvbGlvLWZpcm0=/657d4dd393c453ed245d9587-20231216) [Private equity firm Greater Pacific Capital is divesting a smaller stake than previously planned in an ...](=/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dyZWF0ZXJwYWNpZmljLWNhcGl0YWwtdHdlYWtzLWV4aXQtcGxhbi1mcm9tLWJmc2ktcG9ydGZvbGlvLWZpcm0=/657d4dd393c453ed245d9587-20231216) =/34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vdGlsYWxvc3dhbC1hbHRlcm5hdGVzLXR3ZWFrcy1leGl0LXBsYW4tZnJvbS1wb3J0Zm9saW8tYmV0LQ==/657d4dd393c453ed245d9587-20231216 [Motilal Oswal Alternates tweaks exit plan from portfolio bet](=/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vdGlsYWxvc3dhbC1hbHRlcm5hdGVzLXR3ZWFrcy1leGl0LXBsYW4tZnJvbS1wb3J0Zm9saW8tYmV0LQ==/657d4dd393c453ed245d9587-20231216) [Motilal Oswal Group’s private equity investment arm Motilal Oswal Alternates (MO Alts), which recently ...](=/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL21vdGlsYWxvc3dhbC1hbHRlcm5hdGVzLXR3ZWFrcy1leGl0LXBsYW4tZnJvbS1wb3J0Zm9saW8tYmV0LQ==/657d4dd393c453ed245d9587-20231216) =/37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RlbWFzZWtiYWNrZWQtc2hpcHJvY2tldC1pbi10YWxrcy1mb3ItZnJlc2gtZnVuZGluZy1haGVhZC1vZi1saXN0aW5n/657d4dd393c453ed245d9587-20231216 [Temasek-backed Shiprocket in talks for fresh funding ahead of listing](=/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RlbWFzZWtiYWNrZWQtc2hpcHJvY2tldC1pbi10YWxrcy1mb3ItZnJlc2gtZnVuZGluZy1haGVhZC1vZi1saXN0aW5n/657d4dd393c453ed245d9587-20231216) [Logistics unicorn Shiprocket is looking at an internal round of funding, even as it is on its way to file an...](=/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3RlbWFzZWtiYWNrZWQtc2hpcHJvY2tldC1pbi10YWxrcy1mb3ItZnJlc2gtZnVuZGluZy1haGVhZC1vZi1saXN0aW5n/657d4dd393c453ed245d9587-20231216) =/40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3RlbWFzZWstaW5mby1lZGdlLXMtdGhyZWUtam9pbnQtdmMtZnVuZHMtYXJlLWJ1aWxkaW5nLXRoZWlyLXBvcnRmb2xpb3M=/657d4dd393c453ed245d9587-20231216 [How Temasek-Info Edge’s three joint VC funds are building their portfolios](=/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3RlbWFzZWstaW5mby1lZGdlLXMtdGhyZWUtam9pbnQtdmMtZnVuZHMtYXJlLWJ1aWxkaW5nLXRoZWlyLXBvcnRmb2xpb3M=/657d4dd393c453ed245d9587-20231216) [Info Edge (India) Ltd, the parent of jobs portal Naukri.com and real estate website 99acres.com, has ...](=/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hvd3RlbWFzZWstaW5mby1lZGdlLXMtdGhyZWUtam9pbnQtdmMtZnVuZHMtYXJlLWJ1aWxkaW5nLXRoZWlyLXBvcnRmb2xpb3M=/657d4dd393c453ed245d9587-20231216) NEWS IN NUMBERS [$1.3 bn](=/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLWV4cGFuZHMtaGFydmVzdC1mcm9tLWJmc2ktYmV0LXRvLW92ZXItMS0zLWJuLWJ1dC1kaWQtaXQtbWVldC10aGUtYmVuY2htYXJr/657d4dd393c453ed245d9587-20231216) [Bain Capital expands BFSI harvest](=/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLWV4cGFuZHMtaGFydmVzdC1mcm9tLWJmc2ktYmV0LXRvLW92ZXItMS0zLWJuLWJ1dC1kaWQtaXQtbWVldC10aGUtYmVuY2htYXJr/657d4dd393c453ed245d9587-20231216) [$500 mn](=/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NocmlyYW1maW5hbmNlLXJhaXNpbmctNTAwLW1uLXZpYS1vZmZzaG9yZS12ZWhpY2xlLWdldHMtYW5jaG9yLWludmVzdG9y/657d4dd393c453ed245d9587-20231216) [Shriram Finance raising offshore funds](=/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NocmlyYW1maW5hbmNlLXJhaXNpbmctNTAwLW1uLXZpYS1vZmZzaG9yZS12ZWhpY2xlLWdldHMtYW5jaG9yLWludmVzdG9y/657d4dd393c453ed245d9587-20231216) [$700 mn](=/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlbmVyYWxhdGxhbnRpYy1taWR3YXktb24taXRzLTcwMC1tbi1leGl0LWZyb20taW5kaWEtcG9ydGZvbGlv/657d4dd393c453ed245d9587-20231216) [General Atlantic scripts an exit](=/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2dlbmVyYWxhdGxhbnRpYy1taWR3YXktb24taXRzLTcwMC1tbi1leGl0LWZyb20taW5kaWEtcG9ydGZvbGlv/657d4dd393c453ed245d9587-20231216) [$600 mn](=/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvZnRiYW5rY29tcGxldGVzLW5lYXJseS02MDAtbW4taW5kaWEtZXhpdC13aXRoLW5lYXQtcHJvZml0/657d4dd393c453ed245d9587-20231216) [SoftBank completes India exit](=/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NvZnRiYW5rY29tcGxldGVzLW5lYXJseS02MDAtbW4taW5kaWEtZXhpdC13aXRoLW5lYXQtcHJvZml0/657d4dd393c453ed245d9587-20231216) [$384 mn](=/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2pheWFzd2FsbmVjby1pbmtzLTM4NC1tbi1kZWFsLXdpdGgtdHdvLXNwZWNpYWwtc2l0dWF0aW9uLWZ1bmRzLWdsb2JhbC1jcmVkaXQtZnVuZA==/657d4dd393c453ed245d9587-20231216) [Jayaswal Neco inks private credit deal](=/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2pheWFzd2FsbmVjby1pbmtzLTM4NC1tbi1kZWFsLXdpdGgtdHdvLXNwZWNpYWwtc2l0dWF0aW9uLWZ1bmRzLWdsb2JhbC1jcmVkaXQtZnVuZA==/657d4dd393c453ed245d9587-20231216) [$340 mn](=/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xpZ2h0c3BlZWRiYWNrZWQtdWRhYW4tY29udmVydHMtZGVidC1pbnRvLWVxdWl0eS1wdXNoZXMtYmFjay1saXN0aW5nLXBsYW4=/657d4dd393c453ed245d9587-20231216) [Udaan gets Series E, converts debt](=/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2xpZ2h0c3BlZWRiYWNrZWQtdWRhYW4tY29udmVydHMtZGVidC1pbnRvLWVxdWl0eS1wdXNoZXMtYmFjay1saXN0aW5nLXBsYW4=/657d4dd393c453ed245d9587-20231216) [Chart of the day](=/55/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyMy8xMi9Ib21lUGFnZVNtYWxsLS5qcGc=/657d4dd393c453ed245d9587-20231216) =/56/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/657d4dd393c453ed245d9587-20231216 READ MORE NEWS [Private Equity Deals](=/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/657d4dd393c453ed245d9587-20231216) [Venture Capital Deals](=/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/657d4dd393c453ed245d9587-20231216) [M&A Deals](=/59/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/657d4dd393c453ed245d9587-20231216) Were you forwarded this 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