Deals in brief – July/August 2019

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Deals in brief 201907 and 201908
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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.

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