India Digest: K2 Global looks to up stake in Paytm, Saavn; lender puts GVK SEZ up for sale

Visual of K2 Global homepage. February 2017.

K2 Global plans to increase its stake in Indian companies Paytm and Saavn, while Syndicate bank has put up for sale GVK’s Tamil Nadu SEZ.

K2 Global looks to hike stake in Paytm, Saavn

K2 Global, an investment backed by Indian and Asian billionaires, plans to increase its stake in Indian digital wallets firm Paytm and music streaming firm Saavn, according to a Press Trust of India report.

“We are looking to invest more in Paytm and Saavn,” said the Singapore-based investor Ozi Amanant, who leads K2 Global, which has acquired stakes in Paytm and Saavn over in about two years.

Founded in 2015 by general partner Minal Hasan and Ozi Amanat, K2 Global aims to fill the missing link between two dominating geographic markets. Based in Silicon Valley and Singapore, K2 Global invests in technology companies in the Internet and software sectors, with a concentration on solutions in the mobile, e-commerce, fintech, AR/VR, artificial intelligence, autonomous vehicles, and machine learning realms.

According to the news report, the company is raising another round of 284 million Singapore dollars, following on to the recently closed 257 million Singapore dollars .

“We have a target to raise 1 billion Singapore dollars in the next two years for investments,” Amanat said.

Syndicate Bank puts GVK’s Tamil Nadu SEZ up for sale

Syndicate Bank has put up for sale  2,500-acre GVK Perambalur SEZ Pvt Ltd in Tamil Nadu owned by GVK Group in a bid to recover its debt, according to a Business Standard report.

GVK owes Rs 175 crore to the state-run lender, which has issued a notice for e-auction of the 2,500 acres of SEZ land for the second time. No bidders had responded to the first auction notice, dated January 6. The fresh e-auction is scheduled on March 27.

“As we could not get a response from the potential bidders to the earlier e-auction, we have issued newspaper advertisements with a fresh auction schedule this time in Mumbai city, in addition to Hyderabad and Chennai,” P Veera Reddy, chief manager of the corporate branch of the bank, told the news paper.

According to a GVK spokesperson quoted in the report, the company had been negotiating with the bank and the entire Rs 175 crore would be settled in the next few weeks. “As we will be repaying the loan in the next few weeks, we hope the bank will not go ahead with the auction,” the spokesperson said.

Also Read:

Venture Firm K2 to seek $200m after backing Uber, Spotify

India: GVK wins rights to build Navi Mumbai airport

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.