Reliance buys out Haptik
Reliance Industries’ infotech arm Reliance Jio Digital Services acquired a majority stake in Haptik Infotech, an artificial intelligence startup, for ₹7 billion (US$ 101 million).
The deal includes a ₹2.30 billion investment for growth and expansion. Reliance will hold 87% of the business with the rest being held by Haptik founders and employees through stock options. Mumbai-based Haptik, founded in 2013 by Aakrit Vaish and Swapan Rajdev, has developed a mobile app that provides chat-based personal assistant service for enterprises.
Khaitan & Co was the adviser to Reliance Jio. The Khaitan team included partners Vivek Sriram, Supratim Chakraborty and Ashraya Rao, principal associates Suhana Islam Murshedd and Shabnam Shaikh and senior associate Aastha Khurana and counsel Shailendra Bhandare.
The team advised on structuring, regulatory issues, and was involved in the legal due diligence and drafting, negotiating and finalizing the transaction documents.
Box8 raises US$10 million
On-demand food delivery company Poncho Hospitality, which operates Box8, completed a ₹711 million (US$10 million) capital raising in a Series C funding from Chinese investors ReDefine Capital Fund and Ganesh Ventures. The investors will pick up a 10% stake in the Mumbai-based startup. The deal will be a mix of a primary share offering by the company and secondary sale by existing investors, which include Mayfield India.
Talwar Thakore & Associates was the adviser to the investors. The Talwar Thakore team comprised partner Feroz Dubash, managing associate Mrinali Kaul and associates Anurag Shrivastav, Nida Bagadia, Uzma Naseem, Yashika Jain and Kunal Bhatia. Shanghai-based law firm Haiwen and Partners was the international legal advisers to the investors. Vertices Partners was the Indian legal adviser to Poncho Hospitality, and Jerome Merchant and Partners advised Mayfield India.
Quess corp acquires allsec
Conneqt Business Solutions, a subsidiary of Quess Corp, has announced the acquisition of a majority stake in Indian business process outsourcing company Allsec Technologies for up to ₹4bn (US$58 million).
Conneqt will acquire a 35.35% stake from founders Ramamoorthy Jagadish and Adiseshan Saravanan and a 26% stake from private equity investor First Carlyle Ventures, followed by a mandatory open offer to acquire up to 26% of public shares of the listed company.
Allsec is an Indian company with subsidiaries in the US and the Philippines.
J Sagar Associates (JSA) advised Conneqt and Quess Corp. The JSA team comprised partners Vikram Raghani, Raj Ramachandran and Anand Lakra, principal associate Rakki K, senior associates Sindhu Nayak and Abhilash Chandran, and associates Ami Shah and Khamir Kamdar. An AZB & Partners team led by partners Ashwath Rau and Kashish Bhatia along with senior associate Armaan Patkar was the adviser to First Carlyle Ventures. Cyril Amarchand Mangaldas advised the founders of Allsec Technologies.
Everstone takes over Sahyadri
The Everstone Group signed an agreement to acquire a controlling stake in Sahyadri Hospitals. The deal amount was not disclosed but said to be larger than US$10 million.
AZB & Partners advised Everstone on the acquisition. The firm was represented by partners Gautam Saha, Sachin Mehta and Dushyant Bagga and senior associates Roy George and Punita Gupta.
Sahyadri Hospitals is the largest chain of hospitals in Maharashtra with eight hospitals across three cities of Pune, Nashik and Karad.
Parksons raises US$12.5 million
IIFL Special Opportunities Fund, an investment arm of India Infoline, invested approximately ₹830 million in Parksons Packaging, a listed manufacturer of cartons and other customized packages for various business conglomerates
Jerome Merchant & Partners was the adviser to IIFL, led by partner Sameer Sibal and associates Minal Sangatwani and Rishabh Gupta. A Samvad Partners team comprising partner Vineetha MG and associates Mahima Bansal and Chitra Jha advised Parksons Packaging.