Deal Talk: Zomato may lead Grofers funding; Temasek, PEs eye Integrace

 Deal Talk: Zomato may lead Grofers funding; Temasek, PEs eye Integrace

Indian food delivery company Zomato Ltd is likely to lead a Rs 3,500 crore ($470 million) investment in grocery delivery startup Grofers, a media report said.

Several global investors will join Zomato in investing in Grofers, the Mint newspaper reported citing two people directly aware of the development.

The planned move comes shortly after Zomato floated its initial public offering to raise Rs 9,000 crore in fresh capital. Late last month, Zomato had also sought regulatory approval to buy a 9.3% stake in Grofers for about $100 million. The deal valued the online grocer at more than $1 billion.

Zomato’s investment in Grofers is part of its plan to expand its grocery delivery business as the Covid-19 pandemic has prompted more and more customers to order food items and other products online.

Integrace

Singapore state investment firm Temasek, Malaysia-headquartered private equity firm Creador and Indian PE firm Kedaara Capital are looking to acquire a minority stake in Mumbai-based drug formulations company Integrace, The Economic Times reported.

Integrace is owned by Indian PE firm True North, which is looking to sell about 25-30% stake to potential investors that may value the company around Rs 1,400 crore (about $188 million), the report said.

Info Edge

IE Venture Fund I, a VC vehicle of Info Edge (India) Ltd that runs jobs portal Naukri, has led a funding round in Yojak, a business-to-business (B2B) marketplace focused on building materials, news website VCCircle reported.

Yojak has raised Rs 28 crore ($3.78 million) from a bunch of investors, the report said. IE Venture Fund invested $2.33 million. Foundamental, Kae Capital, and founders of Zetwerk and Medikabazaar were among the other investors, the report said.

ixigo

Travel booking app ixigo is in the final stages of raising $53 million in a pre-IPO round through a combination of fresh and secondary offering, as per a report by news website Moneycontrol.

The firm has envisaged interest from Singapore sovereign wealth fund GIC Pte Ltd, Info Edge, Malabar Investments, White Oak Capital, Orios Ventures, Bay Capital and Trifecta Capital.

ixigo, which is planning its IPO, will use the capital to fund its growth and M&A activity. The investment will value the company at roughly $800 million to $1 billion, the report said.

Lotus Herbals-Faces Cosmetics

Cosmetics maker Lotus Herbals Pvt. Ltd is in talks to acquire a controlling stake in Faces Cosmetics India Pvt. Ltd, according to a report by news website VCCircle.

The report did not specify the quantum of the stake or the deal value, but said the transaction will value Sequoia-backed Faces Cosmetics around Rs 200 crore ($27 million), the report said.

Sequoia termed the development incorrect, as per the report.

Ankit Doshi

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