PremjiInvest-backed Iora gets $2.1-bn tag; Masai School, BharatPe ink M&As

 PremjiInvest-backed Iora gets $2.1-bn tag; Masai School, BharatPe ink M&As

Nasdaq-listed healthcare firm One Medical has struck a deal to buy American primary healthcare services firm Iora Health, which is backed by PremjiInvest, in an all-stock deal worth $2.1 billion.

Premjiinvest, the private investment arm of Wipro founder-chairman Azim Premji, had led a $126 million Series F funding round in Iora in February 2020.

PremjiInvest, like other Iora shareholders, will also get a stake in One Medical. The potential upside for the Indian family office is not clear but Iora shareholders will own around 27% of the combined company.


In a local M&A, fintech startup BharatPe has snapped up loyalty platform Payback India from American Express and ICICI for an undisclosed amount. Although the deal value was not disclosed, multiple media reports said it is in the region of $25-30 million.

Originally run as iMint, it was rebranded as Payback when the German loyalty solutions firm bought the business in 2010. ICICI Venture, which held a majority stake in iMint, had exited in the transaction.

A year later, American Express acquired Payback group globally to bring it under its fold. Another arm of ICICI, however, retained a minority stake.

Interestingly, the deal comes just months after BharatPe roped in Payback India chief Gautam Kaushik as group president earlier this year.

The deal would provide a strong base of existing customers of Payback who can front-end the consumer-facing business of BharatPe.

Masai School

Masai School, which offers courses on technology, has acquired Bengaluru-based design institute Design Shift Academy for an undisclosed amount.

This is the first inorganic expansion move by the firm that raised $5 million in a Series A round earlier this year led by Omidyar. Other investors in the company include Unitus Ventures, India Quotient and AngelList India.

Last August, the firm had scooped up $2.5 million in its pre-Series A round led by Unitus Ventures.

The Capital Quest