Deals in brief

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Deals in brief 201907 and 201908

Mitsui invests in EV service

Mitsui invested US$14 million in Treasure Vase Ventures, the owner and operator of SmartE, India’s first and largest three-wheeler electric vehicle mobility service.

SmartE has an agreement with the Delhi Metro Rail Corporation to provide a shared mobility service to connect commuters within a 5km radius of the transport provider’s stations.

Mitsui’s investment will help SmartE to grow its fleet to 50,000 electric three-wheelers in the next four years, and expand its area of service coverage in the Delhi National Capital Region and other cities across India.

S&R Associates represented Treasure Vase Ventures and the deal was led by partners Sanjeev Adlakha and Mohit Gogia. Khaitan & Co advised Mitsui and partner Zakir Merchant, principal associate Minhaz Lokhandwala, senior associate D Preethika and associate Pujitha Gullapalli represented the firm on the transaction.

Niyo Solutions raises US$35m

Digital banking and fintech startup Niyo Solutions raised US$35 million in a series B funding round led by Horizons Ventures, Tencent and JS Capital.
The company had previously raised US$14 million from its series A investors Social Capital, Horizon Ventures, Prime Ventures Partners and JS Capital.

Khaitan & Co was the India counsel to Horizons Ventures. The firm was represented on the deal by partner Sharad Moudgal, principal associate Hardik Bhatia and associates Chirag Narasimiah, Luv Mohan Saggi, Anurag Singh and Kamna Kumar.

Piramal’s NCD fundraise

Piramal Enterprises raised ₹15 billion (US$217 million) from Standard Chartered Bank through non-convertible debentures (NCDs). The unlisted, secured, redeemable NCDs had a face value of ₹1 million each.

Talwar Thakore & Associates was legal adviser to Standard Chartered Bank and the debenture trustee Catalyst Trusteeship.

“The debentures were primarily secured by a charge by way of hypothecation over certain accounts and receivables in respect to loans given, or non-convertible debentures subscribed to, by PHL FinInvest,” said a spokesperson at the firm.

The firm was represented by partner Rituparno Bhattacharya, managing associate Nidhi Rani and associates Aditya Singhania and Kunal Bhatia.

Caspian invests in Ecozen

Pune-based agritech startup Ecozen raised an undisclosed amount from Caspian SME Impact Fund IV, Stichting Hivos-Triodos Fonds and a top-up investment by existing investor Omnivore India Capital Trust, which had originally invested in Ecozen in 2015.

The Chennai team of IC Universal Legal acted as sole legal counsel to Ecozen and its promoters. The team consisted of partner Sameena Chatrapathy, senior associates Shreya Deora and Alpna Arya, and associate Raghavi Raj. The firm has advised the client since 2015.
Ecozen is in the business of engineering, procurement, construction and sale of cold storages and solar water-pumping.

Shuttl holds Series B round

Jerome Merchant + Partners (JM + P) advised Gurugram-based bus aggregator, Shuttl, on its series B capital raise of ₹910 million (US$12.7 million) from Sequoia Capital India, SCI Investments, Lightspeed India Partners, Times Internet, Proof VC, Sabre Investments, Karun Carpets, MUGH 2, Exponential 1 Mobility, Trifecta Capital, Vineet Jain and Ambiga Subramaniam.

JM + P partner Vishnu Jerome and associate Ravishankar M worked on the deal. Themis Law Associates advised Sequoia Capital, Link Legal India Law Services advised Lightspeed, Novojuris advised Times Internet, and Phoenix Legal advised Sabre Investments, Karun Carpets and MUGH 2.