Deals in Brief

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Laureate sells India business

Netherlands-based Global University Systems (GUS) has acquired the education and related support services business of US-based Laureate Education in India for US$150 million. The acquisition includes a University Grants Commission-recognized university and another academic institution. This constitutes one of the largest buyouts in the private education space globally.

Talwar Thakore & Associates (TT&A) advised Global University Systems on the deal structure and conducted extensive due diligence on the target entities, analyzing the regulatory framework governing societies and educational institutions in India.

The firm was represented by partner Feroz Dubash, managing associate Anurag Shrivastav and associates Stuti Johri, Anshita Chauhan and Nida Bagadia.

FirstCry acquires Oi Playschool

People Combine Play School Initiatives, which operates Oi Playschool, sold its business intellectual property to SoftBank-backed Brainbees Solutions, which operates FirstCry. With the acquisition, the online baby products retailer FirstCry has entered the education sector. Oi operates 55 centres in Bengaluru and Hyderabad.

Oi also sold its centre-owned and centre-operated business and auxiliary services to Edubees Educational Trust, an arm of FirstCry.

IndusLaw advised Brainbees Solutions and was represented by partner Akhoury Winnie Shekhar, while Platinum Partners advised Oi.

Amica series A funding round

Amica Financial Technologies raised about ₹1.6 billion (US$22 million) in its series A funding round from a series of investors including Matrix Partners, Sequoia Capital, Greyhound Capital Europe, and Rocket Internet Capital Partners.

Jerome Merchant + Partners advised Amica and was represented by partners Vishnu Jerome and Sameer Sibal, and associate Komal Parakh.

Rajaram Legal advised the lead investors Matrix Partners India Investments III and Matrix Partners India III AIF Trust. Rajaram Legal was represented by founding partner Archana Rajaram and senior associate Aakanksha Pagnis.

HSA advises Smartworks Coworking

Smartworks Coworking Spaces, a company engaged in providing co-working spaces has raised US$25 million from Lisbrine, a wholly owned subsidiary of Keppel Land, against the issuance of compulsorily convertible preference shares.

HSA Advocates advised Smartworks on all aspects of the transaction and was led by partner Ramya Hariharan, along with associate Dipti Srivastava.

Uber intra acquisition

Uber India Systems Private Limited (UISPL) acquired the Uber Rides and Uber Eats operations from Uber BV, a private limited liability company established in the Netherlands.

The businesses were acquired by the Indian arm in consideration for issuance of equity shares constituting around 80% of the post-issuance share capital of UISPL. The deal was valued at US$357 million.

AZB & Partners advised both Uber entities and the transaction team consisted of partners Ashwath Rau and Jasmin Karkhanis, and senior associate Karan Nelivigi. The firm’s lawyers also advised on competition law, tax and due diligence.

C2FO acquires Private Vendor

C2FO has acquired Priority Vendor Technologies, making its first acquisition in India. C2FO is a SoftBank-backed fintech company based in the US engaged in providing a technological platform for collaborative cash flow optimization through dynamic invoice discounting.

Priority Vendor is India’s largest dynamic discounting platform, which provides working capital solutions to corporates and suppliers of raw material, packing material, transportation and other services to unlock value out of the existing supply chain.

L&L Partners advised and assisted C2FO on all legal aspects of the transaction, which was structured as a share acquisition with C2FO financing the acquisition through a mix of equity and convertible debt. The L&L team was led by Shinoj Koshy and supported by senior associate Vipin Sharma and associate Aishwarya Mudgil.

This transaction will help C2FO to capitalize on Priority Vendor’s existing presence, and accelerate the penetration of C2FO’s proprietary technological platform into Indian markets.