Deals in brief

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deals

HSA advises Mindgate

US-based electronic payments company ACI Worldwide has made a strategic investment in Mumbai-based Mindgate Solutions. As part of this investment, ACI and Mindgate will deliver a joint real-time payments solution that will combine ACI’s universal payments software solutions with Mindgate’s digital overlay services solutions.

HSA Advocates advised Mindgate Solutions and its promoters George Sam and Guhan Muthuswamy on all aspects of the transaction. Partner Rachika Sahay and associates Meghna Mishra and Aakash Sharma worked on the deal.

Mindgate processes 30 million digital transactions across the world daily, and 70% of Unified Payments Interface (UPI) transactions are currently routed through Mindgate-customer banks. UPI has quickly emerged as the second most common method of digital payment in India.

Hexaware makes US acquisition

Listed Indian software company Hexaware Technologies acquired 100% shares of US-based Mobiquity Softech for US$182 million. This is the largest acquisition made by the IT consulting company. Mobiquity is a digital consultancy company with clients such as Amazon Web Services, Rabobank and Philips.

Skadden, Dutch firm Houthoff Cooperatief and J Sagar Associates (JSA) acted as legal advisors to Hexaware Technologies. The JSA team included partners Vikram Raghani and Anand Lakra and associate Khamir Kamdar.

1MG Tech raises US$29 million

Gurgaon-based online pharmacy 1MG Technologies raised US$39 million in a fresh round of investment that was led by KWE Beteiligungen with other investors such as HBM Healthcare Investments (Cayman), SCI Growth Investments II, ON Mauritius, MPOF Mauritius, MAF Mauritius, ES Investors Co, Newflight Co and Kae Capital Fund IIA Scheme. AZB & Partners advised KWE Beteiligungen and the firm was represented by partners Anil Kasturi and Anisha Shridhar.

Aditya Birla buys ethnic retailer

Aditya Birla Fashion and Retail acquired ethnic apparel retailer Jaypore E-Commerce for ₹1.1 billion (US$15 million). Jerome Merchant + Partners (JMP) advised the exiting promoters and angel investor Haresh Chawla. The JMP team included partners Kalpana Merchant and Murtaza Somjee. Khaitan & Co advised Aditya Birla and the core transaction team included partner Vineet Shingal and principal associate Kapish Mandhyan. S&R Associates advised strategic investor Aavishkar that was exiting the company.

Jaypore is a business-to-business retailer that offers curated collections of handmade, handwoven and handcrafted apparel, jewelry, home textiles and accents based on craft forms from all over India

Trilegal advises Verlinvest

Verlinvest invested US$10 million in consideration for subscription to Future Consumer’s compulsorily convertible debentures. This was a follow-on investment by Verlinvest, which is a foreign portfolio investor registered with the Securities and Exchange Board of India.

Partner Kunal Chandra and associate Debarati Sengupta of Trilegal advised and assisted Verlinvest on this investment. Future was represented by its
in-house legal team.