India Digest: Evergreen Power seeks $100m; MyGlamm, HDK Cabs raise funds

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Photo: Mint
Photo: Mint

While Evergreen power is in talks to raise $100 million, former Karnataka Chief Minister HD Kumaraswamy plans to invest up to Rs 50 crore in HDK Cabs. Also, MyGlamm has raised Rs 35 crore ($5.3 million) in bridge funding from existing investor L’Occitane.

Evergreen Power looks to raise $100m to ramp up India capacity

To ramp up its wind energy projects in India, US-based Evergreen Power is in talks with investors to raise up to $100 million in equity, said a report in The Economic Times.

While it is already in talks with private equity, infrastructure funds and strategic investors, Evergreen Power also plans to acquire $200 million in debt to build its capacity.

Surjeet Kumar, co-founder at Everereen Power, said, the company wants to bring 280 megawatts (MW) of wind energy online in the next 12 months in Tamil Nadu, Karnataka and Madhya Pradesh.

Eventually, it aims to scale up wind energy production capacity to 1 gigawatts by 2020 by adding 250-350 MW every year.

The company is keen on closing the funding round in the next two-three months, and has appointed Ambit Capital Pvt Ltd to be its financial adviser.

Former Karnataka CM to back cab aggregator

Former Karnataka Chief Minister HD Kumaraswamy plans to invest up to Rs 50 crore ($7.5 million) in new  mobile-based cab-hailing venture, HDK Cabs, according to a report in The Economic Times.

Kumaraswamy told the newspaper that he would make an initial investment of  Rs. 2- 3 crore, which could go up to Rs  50 crore in the next two years.

“The project will be ready in a month.Already, many private app developers have submitted proposals. Besides, about 15,000 drivers have shown interest in joining the platform. The number could go up to 40,000 once the project takes off,“ he said.

The app has been conceived to take on Ola and Uber after prolonged protests by disgruntled drivers associated with the two leading cab aggregators in Bengaluru.

“Drivers were helpless when the state showed no interest to resolve the issue. It was at this time they felt the need to start their own venture. Launching a new app similar to Ola and Uber was their project, which is now in the final stages,“ Kumaraswamy said.

MyGlamm raises $5.3m bridge round from  L’Occitane

On-demand beauty services startup MyGlamm has raised Rs 35 crore ($5.3 million) in bridge funding from existing investor L’Occitane to expand its offerings in India ahead of beginning operations overseas, according to a report in The Economic Times.

According to the news report, the funding will help MyGlamm to launch new products in the interim before it closes its Rs 200 crore investment round from investors.

MyGlamm chief executive Darpan Sanghvi said, the bridge-financing would peg the company’s valuation at Rs 310-720 crore. However, he added that the exact valuation could only be determined when the company closes its Rs 200 crore round likely by the middle of next year.

“Our vision is to go global and we need a large round of $30-40 million for that, so we just needed a sort of springboard right now to get to that,“ Sanghvi said.

In April last year, French cosmetics manufacturer L’Occitane led a $6-million funding round in the beauty services provider.

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