Ola Electric, Awfis file for IPOs; Warburg, Fairfax, Samara, Convergent clock exits; Bain makes a top-up

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[View in web browser](#) [VCCircle] Saturday, 23 December 2023 [Unlock Premium >](=/0/aHR0cHM6Ly9zdWJzY3JpcHRpb24udmNjaXJjbGUuY29tLw==/6586911993c453ed24828f7e-20231223) Share this newsletter =/1/aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL3ZjY2lyY2xl/6586911993c453ed24828f7e-20231223 =/2/aHR0cHM6Ly90d2l0dGVyLmNvbS92Y2NpcmNsZQ==/6586911993c453ed24828f7e-20231223 =/3/aHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvdmNjaXJjbGUv/6586911993c453ed24828f7e-20231223 =/4/aHR0cHM6Ly93ZWIud2hhdHNhcHAuY29tLw==/6586911993c453ed24828f7e-20231223 The Weekly Newsletter on India's Alternative Investment Landscape [Who will be the real winners in Ola Electric’s IPO as it eyes over $6.4 bn valuation?](=/5/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dob3dpbGwtYmUtdGhlLXJlYWwtd2lubmVycy1pbi1vbGEtZWxlY3RyaWMtcy1pcG8tYXMtaXQtZXllcy1vdmVyLTYtNC1ibi12YWx1YXRpb24=/6586911993c453ed24828f7e-20231223) [Ola Electric, the electric two vehicle company started by Ola Cabs co-founder Bhavish Aggarwal with the ...](=/6/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dob3dpbGwtYmUtdGhlLXJlYWwtd2lubmVycy1pbi1vbGEtZWxlY3RyaWMtcy1pcG8tYXMtaXQtZXllcy1vdmVyLTYtNC1ibi12YWx1YXRpb24=/6586911993c453ed24828f7e-20231223) THE MAIN STUFF =/7/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbHBlYWsteHYtbGluZS11cC1hbi1leGl0LWFzLXBvcnRmb2xpby1maXJtLWV5ZXMtMjQwLW1uLXZhbHVhdGlvbg==/6586911993c453ed24828f7e-20231223 [ChrysCapital, Peak XV line up an exit as portfolio firm eyes $240 mn valuation](=/8/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbHBlYWsteHYtbGluZS11cC1hbi1leGl0LWFzLXBvcnRmb2xpby1maXJtLWV5ZXMtMjQwLW1uLXZhbHVhdGlvbg==/6586911993c453ed24828f7e-20231223) [Private equity firm ChrysCapital, which raised the single largest India-focused sector-agnostic fund last ...](=/9/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2NocnlzY2FwaXRhbHBlYWsteHYtbGluZS11cC1hbi1leGl0LWFzLXBvcnRmb2xpby1maXJtLWV5ZXMtMjQwLW1uLXZhbHVhdGlvbg==/6586911993c453ed24828f7e-20231223) =/10/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtYmVhdHMtYmVuY2htYXJrLWluLXNldmVudGgtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223 [Warburg Pincus beats benchmark in seventh India exit move this year](=/11/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtYmVhdHMtYmVuY2htYXJrLWluLXNldmVudGgtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223) [Warburg Pincus, one of the most prolific private equity firms in India that has recently gone through a ...](=/12/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmJ1cmdwaW5jdXMtYmVhdHMtYmVuY2htYXJrLWluLXNldmVudGgtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223) =/13/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYWNhcGl0YWwtbWFrZXMtdGhpcmQtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223 [Samara Capital makes third exit move in India this year](=/14/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYWNhcGl0YWwtbWFrZXMtdGhpcmQtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223) [Homegrown private equity firm Samara Capital has partly monetised its bet on a consumer services company, ...](=/15/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NhbWFyYWNhcGl0YWwtbWFrZXMtdGhpcmQtZXhpdC1tb3ZlLWluLWluZGlhLXRoaXMteWVhcg==/6586911993c453ed24828f7e-20231223) =/16/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hhcnNoYXJhZ2hhdmFuLWxlZC1wZS1maXJtLWNvbnZlcmdlbnQtc2NvcmVzLWFub3RoZXItbXVsdGktYmFnZ2Vy/6586911993c453ed24828f7e-20231223 [Harsha Raghavan-led PE firm Convergent scores another multi-bagger](=/17/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hhcnNoYXJhZ2hhdmFuLWxlZC1wZS1maXJtLWNvbnZlcmdlbnQtc2NvcmVzLWFub3RoZXItbXVsdGktYmFnZ2Vy/6586911993c453ed24828f7e-20231223) [Private equity firm Convergent Finance has struck its third exit move from a fairly young portfolio after ...](=/18/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2hhcnNoYXJhZ2hhdmFuLWxlZC1wZS1maXJtLWNvbnZlcmdlbnQtc2NvcmVzLWFub3RoZXItbXVsdGktYmFnZ2Vy/6586911993c453ed24828f7e-20231223) =/19/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VsZXZhdGlvbmNhcGl0YWwtc2lnbmluZy1vZmYtZnJvbS1zaXgteWVhci1vbGQtcG9ydGZvbGlvLWNvbXBhbnk=/6586911993c453ed24828f7e-20231223 [Elevation Capital signing off from six-year-old portfolio company](=/20/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VsZXZhdGlvbmNhcGl0YWwtc2lnbmluZy1vZmYtZnJvbS1zaXgteWVhci1vbGQtcG9ydGZvbGlvLWNvbXBhbnk=/6586911993c453ed24828f7e-20231223) [Venture capital firm Elevation Capital has again pressed the exit button on a portfolio bet, in the process ...](=/21/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VsZXZhdGlvbmNhcGl0YWwtc2lnbmluZy1vZmYtZnJvbS1zaXgteWVhci1vbGQtcG9ydGZvbGlvLWNvbXBhbnk=/6586911993c453ed24828f7e-20231223) =/22/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29tYW5pbmRpYS1qb2ludC1pbnZlc3RtZW50LWZ1bmQtc3BpbnMtaGlnaC1yZXR1cm5zLWluLWFub3RoZXItZXhpdC1tb3Zl/6586911993c453ed24828f7e-20231223 [Oman India Joint Investment Fund spins high returns in another exit move](=/23/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29tYW5pbmRpYS1qb2ludC1pbnZlc3RtZW50LWZ1bmQtc3BpbnMtaGlnaC1yZXR1cm5zLWluLWFub3RoZXItZXhpdC1tb3Zl/6586911993c453ed24828f7e-20231223) [Oman India Joint Investment Fund (OIJIF), a mid-market private equity firm that saw two of its portfolio ...](=/24/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL29tYW5pbmRpYS1qb2ludC1pbnZlc3RtZW50LWZ1bmQtc3BpbnMtaGlnaC1yZXR1cm5zLWluLWFub3RoZXItZXhpdC1tb3Zl/6586911993c453ed24828f7e-20231223) =/25/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5waXJhbWFsLWZ1bmQtb2ZmbG9hZHMtYWRkaXRpb25hbC1zdGFrZS1mcm9tLWRlYnV0LWludmVzdG1lbnQ=/6586911993c453ed24828f7e-20231223 [Bain-Piramal fund offloads additional stake from debut investment](=/26/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5waXJhbWFsLWZ1bmQtb2ZmbG9hZHMtYWRkaXRpb25hbC1zdGFrZS1mcm9tLWRlYnV0LWludmVzdG1lbnQ=/6586911993c453ed24828f7e-20231223) [The India Resurgence Fund, an investment platform set up by private equity firm Bain Capital and Indian ...](=/27/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5waXJhbWFsLWZ1bmQtb2ZmbG9hZHMtYWRkaXRpb25hbC1zdGFrZS1mcm9tLWRlYnV0LWludmVzdG1lbnQ=/6586911993c453ed24828f7e-20231223) =/28/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2F0cmlhcG93ZXItbG9va3MtZm9yLW5ldy1pbnZlc3RvcnMtYWZ0ZXItdGFsa3Mtd2l0aC1hc2lhbi1mdW5kLWNvbGxhcHNl/6586911993c453ed24828f7e-20231223 [Atria Power looks for new investors after talks with Asian fund collapse](=/29/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2F0cmlhcG93ZXItbG9va3MtZm9yLW5ldy1pbnZlc3RvcnMtYWZ0ZXItdGFsa3Mtd2l0aC1hc2lhbi1mdW5kLWNvbGxhcHNl/6586911993c453ed24828f7e-20231223) [Bengaluru-based Atria Power, which operates multiple wind, hydro and solar projects, is in the early stages ...](=/30/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2F0cmlhcG93ZXItbG9va3MtZm9yLW5ldy1pbnZlc3RvcnMtYWZ0ZXItdGFsa3Mtd2l0aC1hc2lhbi1mdW5kLWNvbGxhcHNl/6586911993c453ed24828f7e-20231223) =/31/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NwYWNld29ybGQtc2V0LXRvLXJhaXNlLWZ1bmRpbmctZm9yLW5ldy12ZW50dXJlLWFmdGVyLXNlbGxpbmctdGVsZWluZnJhLXRvLWJyb29rZmllbGQ=/6586911993c453ed24828f7e-20231223 [Space World set to raise funding for new venture after selling Teleinfra to Brookfield](=/32/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NwYWNld29ybGQtc2V0LXRvLXJhaXNlLWZ1bmRpbmctZm9yLW5ldy12ZW50dXJlLWFmdGVyLXNlbGxpbmctdGVsZWluZnJhLXRvLWJyb29rZmllbGQ=/6586911993c453ed24828f7e-20231223) [More than two years after it sold telecom infra provider Space Teleinfra Pvt. Ltd (STIPL) to private equity ...](=/33/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3NwYWNld29ybGQtc2V0LXRvLXJhaXNlLWZ1bmRpbmctZm9yLW5ldy12ZW50dXJlLWFmdGVyLXNlbGxpbmctdGVsZWluZnJhLXRvLWJyb29rZmllbGQ=/6586911993c453ed24828f7e-20231223) =/34/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodHBlLWJhY2tlZC1zdW5zdXJlLWVuZXJneS1zLXJlYm91bmQtYW5kLXRoZS11bnN1cmUtcGF0aC1haGVhZA==/6586911993c453ed24828f7e-20231223 [Spotlight: PE-backed Sunsure Energy's rebound and the unsure path ahead](=/35/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodHBlLWJhY2tlZC1zdW5zdXJlLWVuZXJneS1zLXJlYm91bmQtYW5kLXRoZS11bnN1cmUtcGF0aC1haGVhZA==/6586911993c453ed24828f7e-20231223) [In 2014, a bunch of graduates from the elite Indian Institutes of Technology set up renewable energy ...](=/36/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3Nwb3RsaWdodHBlLWJhY2tlZC1zdW5zdXJlLWVuZXJneS1zLXJlYm91bmQtYW5kLXRoZS11bnN1cmUtcGF0aC1haGVhZA==/6586911993c453ed24828f7e-20231223) =/37/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dpbGx3b3JrLW9uLWV4aXRzLW92ZXItdGhlLW5leHQtMTItbW9udGhzLXZlbnR1cmVhc3Qtcy1zYW5qZWV2LXlhbXNhbmk=/6586911993c453ed24828f7e-20231223 [Will work on exits over the next 12 months: VenturEast’s Sanjeev Yamsani](=/38/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dpbGx3b3JrLW9uLWV4aXRzLW92ZXItdGhlLW5leHQtMTItbW9udGhzLXZlbnR1cmVhc3Qtcy1zYW5qZWV2LXlhbXNhbmk=/6586911993c453ed24828f7e-20231223) [VenturEast, one of the oldest venture capital firms in India, is nearing the full deployment of its sixth ...](=/39/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dpbGx3b3JrLW9uLWV4aXRzLW92ZXItdGhlLW5leHQtMTItbW9udGhzLXZlbnR1cmVhc3Qtcy1zYW5qZWV2LXlhbXNhbmk=/6586911993c453ed24828f7e-20231223) =/40/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudGhpdHMtZmlyc3QtY2xvc2UtZm9yLW5ldy1oZWFsdGhjYXJlLWZ1bmQtc3RyaWtlcy1iYWNrLXRvLWJhY2stcGUtZGVhbA==/6586911993c453ed24828f7e-20231223 [InvAscent hits first close for new healthcare fund; strikes back-to-back PE deal](=/41/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudGhpdHMtZmlyc3QtY2xvc2UtZm9yLW5ldy1oZWFsdGhjYXJlLWZ1bmQtc3RyaWtlcy1iYWNrLXRvLWJhY2stcGUtZGVhbA==/6586911993c453ed24828f7e-20231223) [Homegrown healthcare-focussed private equity firm InvAscent has hit the first close for its latest fund, ...](=/42/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ludmFzY2VudGhpdHMtZmlyc3QtY2xvc2UtZm9yLW5ldy1oZWFsdGhjYXJlLWZ1bmQtc3RyaWtlcy1iYWNrLXRvLWJhY2stcGUtZGVhbA==/6586911993c453ed24828f7e-20231223) NEWS IN NUMBERS [$250 mn](=/43/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXRvcHMtdXAtaW5kaWFuLWJldC10by1saWZ0LWV4cG9zdXJlLXRvLW92ZXItMjUwLW1u/6586911993c453ed24828f7e-20231223) [Bain tops up Indian bet](=/44/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2JhaW5jYXBpdGFsLXRvcHMtdXAtaW5kaWFuLWJldC10by1saWZ0LWV4cG9zdXJlLXRvLW92ZXItMjUwLW1u/6586911993c453ed24828f7e-20231223) [$144 mn](=/45/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ZhaXJmYXhoYXJ2ZXN0cy1tb3JlLW1vbmV5LWZyb20taW5kaWEtcG9ydGZvbGlvLWFzLWV4aXQtc3ByZWUtZXh0ZW5kcw==/6586911993c453ed24828f7e-20231223) [Fairfax harvests India portfolio](=/46/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2ZhaXJmYXhoYXJ2ZXN0cy1tb3JlLW1vbmV5LWZyb20taW5kaWEtcG9ydGZvbGlvLWFzLWV4aXQtc3ByZWUtZXh0ZW5kcw==/6586911993c453ed24828f7e-20231223) [$135 mn](=/47/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmVob3VzaW5nYXV0b21hdGlvbi1maXJtLWdyZXlvcmFuZ2UtY29sbGVjdHMtMTM1LW1uLWluLXNlcmllcy1k/6586911993c453ed24828f7e-20231223) [GreyOrange snags Series D](=/48/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL3dhcmVob3VzaW5nYXV0b21hdGlvbi1maXJtLWdyZXlvcmFuZ2UtY29sbGVjdHMtMTM1LW1uLWluLXNlcmllcy1k/6586911993c453ed24828f7e-20231223) [$81 mn](=/49/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25paWZ0by1pbnZlc3QtODEtbW4taW4tZ21yLXMtYmhvZ2FwdXJhbS1haXJwb3J0/6586911993c453ed24828f7e-20231223) [NIIF to invest in GMR airport](=/50/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL25paWZ0by1pbnZlc3QtODEtbW4taW4tZ21yLXMtYmhvZ2FwdXJhbS1haXJwb3J0/6586911993c453ed24828f7e-20231223) [$24 mn](=/51/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VsZWN0cmljcmlkZS1oYWlsaW5nLXNlcnZpY2UtYmx1c21hcnQtcmFpc2VzLTI0LW1uLWluLWZyZXNoLWZ1bmRpbmc=/6586911993c453ed24828f7e-20231223) [BluSmart gets fresh funding](=/52/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2VsZWN0cmljcmlkZS1oYWlsaW5nLXNlcnZpY2UtYmx1c21hcnQtcmFpc2VzLTI0LW1uLWluLWZyZXNoLWZ1bmRpbmc=/6586911993c453ed24828f7e-20231223) [Rs 100 cr](=/53/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Fncml0ZWNoc3RhcnR1cC1mYXNhbC1ncmFicy1iaWctc2VyaWVzLWEtY2hlcXVl/6586911993c453ed24828f7e-20231223) [Fasal grabs Series A cheque](=/54/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2Fncml0ZWNoc3RhcnR1cC1mYXNhbC1ncmFicy1iaWctc2VyaWVzLWEtY2hlcXVl/6586911993c453ed24828f7e-20231223) [Chart of the day](=/55/aHR0cHM6Ly9hc3NldHMudmNjaXJjbGUuY29tL3VwbG9hZHMvMjAyMy8xMi9XZWVrbHlkZWFsc1MyLmpwZw==/6586911993c453ed24828f7e-20231223) =/56/aHR0cHM6Ly93d3cudmNjZWRnZS5jb20=/6586911993c453ed24828f7e-20231223 READ MORE NEWS [Private Equity Deals](=/57/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9wZQ==/6586911993c453ed24828f7e-20231223) [Venture Capital Deals](=/58/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS92ZW50dXJlLWNhcGl0YWw=/6586911993c453ed24828f7e-20231223) [M&A Deals](=/59/aHR0cHM6Ly93d3cudmNjaXJjbGUuY29tL2RlYWwtdHlwZS9tLWE=/6586911993c453ed24828f7e-20231223) Were you forwarded this email? 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