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Deals Buzz: China’s Tencent to invest in Indonesian start-up Go-Jek

LiveMint logoLiveMint 05-07-2017 Kavya Kothiyal

Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.

AION Capital picks up stake in Biyani’s Ryka Commercial Ventures

AION Capital Partners Ltd, an India-focused special situations fund, has signed a deal with retail veteran Kishore Biyani to acquire a minority stake in Ryka Commercial Ventures Pvt. Ltd, the holding company for some Future Group firms, reports Mint, citing two people aware of the development.

AION Capital Partners is a joint venture between US-based private equity fund Apollo Global Management and ICICI Venture Funds Management Co. Ltd, with $825 million in committed capital.

AION will invest $100 million (almost Rs650 crore) to acquire the stake, the report added. Read more

Abu Dhabi Investment Authority to focus on private equity deal drive in China and India

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said it will focus its private-equity investment drive around China and India after long-term gains dropped for a second consecutive year, according to a Bloomberg report.

The move comes as the annual returns of the wealth fund slowed to 6.9% from 7.5%. Gains were curbed by excluding high returns from the mid-1980s and 1990s, managing director Sheikh Hamed bin Zayed Al Nahyan told Bloomberg in an interview. Read more

China’s Tencent to invest in Indonesian start-up Go-Jek

Tencent has invested around $100 to $150 million in Indonesian ride-hailing start-up Go-Jek, as Chinese tech giant was looking to tap into growth in Southeast Asia’s mobile-based services, reports Reuters, citing people familiar with the development.

According to the report, the start-up aims to raise up to $1 billion from its current funding round.

The investments made by China’s largest social media and online entertainment firm indicate that it wants to establish its presence in Southeast Asia. Read more

Snapdeal rejects Flipkart’s buyout offer

The fate of the proposed Flipkart-Snapdeal merger is still in limbo as the board of struggling online marketplace Snapdeal has rejected an offer of roughly $700-750 million from larger rival Flipkart, reports Mint, citing three people familiar with the matter.

Further, Snapdeal is also working on an individual plan to shore up capital by selling its assets like Vulcan Logistics and FreeCharge, a Times of India report added. Read more

Unicorn India Ventures plans for final close of Rs100 crore this quarter

Unicorn India Ventures will achieve the final close of its Rs100 crore fund before the end of this quarter, reports Mint, citing an interview of the co-founder at the early-stage venture capital firm.

“We have received commitments of Rs100 crore for the final close. We are in the process of closing the documentation for the same, which is expected to take a few weeks from now,” Anil Joshi told Mint, who previously headed operations at individual investor group Mumbai Angels.

“On the institutional side, we have received commitments from investors such as Small Industries Development Bank of India and Life Insurance Co. of India,” said Joshi. Read more

Dave McClure, founder of 500 Startups resigns on sexual harassment charges

Dave McClure, co-founder of early-stage venture capital fund 500 Startups, has resigned as general partner after several women complained about his acts of sexual harassment.

On Friday, The New York Times published a report that included a 2014 message sent by McClure to entrepreneur Sarah Kunst. He wrote “I was getting confused figuring out whether to hire you or hit on you,” according to Kunst.

On Friday, McClure stepped down as chief executive officer, but not as general partner of the firm’s many funds. Read more

ICICI Bank, Fairfax join venture terminates ahead of ICICI Lombard IPO

The joint venture agreement between ICICI bank and Fairfax Financial Holdings Ltd has been terminated ahead of the IPO of ICICI Lombard General Insurance Company.

“In pursuance of the proposed initial public offering (IPO), we inform you that the joint-venture agreement dated October 4, 2000 (as amended/restated from time to time) entered among Fairfax Financial Holdings and ICICI Bank has been terminated pursuant to a termination agreement executed on July 3, 2017,” ICICI Bank said in a regulatory filing. Read more

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