Deal Talk: GIC, SoftBank making big bets; Kotak floats pre-IPO fund

 Deal Talk: GIC, SoftBank making big bets; Kotak floats pre-IPO fund

Health insurance services provider Star Health & Allied Insurance Co. Ltd has raised Rs 1,200 crore ($164 million) in a pre-IPO round led by Singapore sovereign wealth fund GIC Pte Ltd, a media report said.

GIC infused Rs 600 crore while US-based Capital Group injected Rs 300 crore into the insurer, the Mint newspaper reported. Existing Star Health shareholders and other public market investors invested as well, the report said.

Star Health counts ace stock market investor Rakesh Jhunjhunwala and Indian private equity firm Westbridge Capital among its existing shareholders. The insurer is looking to float an IPO of Rs 2,000-3,000 crore.

SoftBank-OfBusiness 

Japan’s SoftBank Group may invest about $150-200 million in India’s business-to-business (B2B) commerce platform OfBusiness in a fresh funding round, according to a report by The Economic Times.

The round may push the company into the coveted unicorn club with a valuation of $1.2 billion, the report said.

If the deal goes through, OfBusiness will joins SoftBank’s list of India investments in 2021 comprising social media startup Meesho and banking technology platform Zeta. Both Meesho and Zeta achieved the unicorn status, a tech startup with a billion-dollar valuation.

SoftBank is also in the late stage of negotiations to invest $450 million in online food delivery platform Swiggy.

Kotak’s new fund

Kotak Mahindra Bank’s alternative asset vertical has floated a Rs 2,000 crore (including a greenshoe option) India-focused pre-IPO fund to invest in late-stage companies looking to go public, as per a report by Mint.

The Kotak Pre-IPO Opportunities Fund, a category-II alternative investment fund (AIF) floated by Kotak Investment Advisors Ltd (KIAL), will invest in high-quality, technology-oriented or enabled companies.

KIAL will look to invest between Rs 25 crore and Rs 200 crore in target companies with an average holding investment horizon of three years. Its preferred sectors include fintech, consumer-tech, ed-tech, health-tech and software as a service (SaaS), the report said.

Ocean Sparkle

Private equity investors including Affirma Capital and the World Bank arm International Finance Corporation (IFC) are looking to divest their 65% holding in Hyderabad-based port operator Ocean Sparkle Ltd, Mint reported.

The deal is pegged at $200 million, among the largest in the Indian port operations sector, the report said.

Queensland Investment Corp., India Equity Partners, Affirma Capital and IFC own 53% of Ocean Sparkle, while angel investors own a 12% stake in the company. Ocean Sparkle’s founders and promoters own the remaining 35%.

Medica Synergie

Quadra Capital-backed hospital chain Medica Synergie is in talks with several domestic and international investors to sell all its hospital assets, news website VCCircle reported.

Kolkata-based Medica is led by Alok Roy, who also owns other hospitals in the city. It has held discussions with Singapore state investment firm Temasek Holdings and Manipal Hospitals for the control deal, the report said.

If the deal goes through, Quadria Capital will get an exit on an investment spanning more than seven years, the report said.

Ankit Doshi

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