India Dealbook: Dvara KGFS, Tata Sponge, Tech Mahindra, Netcore in M&A news

Photo: Reuters

In the latest M&A deals, Dvara KGFS has acquired microfinance institution Varam Capital while Tata Sponge Iron has completed the acquisition of Usha Martin’s steel business. In another deal, Tech Mahindra said it is acquiring an 18.1 per cent stake in both Infotek Software and Systems (ISS) and Vitaran Electronics while Netcore Solutions has acquired artificial intelligence (AI) chatbot startup Quinto.ai.

Dvara KGFS buys Varam Capital

Dvara KGFS on Tuesday said it has acquired Chennai-based micro finance institution Varam Capital Pvt Ltd for an undisclosed amount.

Following the acquisition, Varam Capital’s customers and its digital capabilities would be transferred to Dvara to enhance the ability of combined business to grow profitably and serve remote rural customers, according to a statement. Through Varam’s acquisition, Dvara KGFS intends to consolidate its presence in Tamil Nadu and enter the Chhattisgarh market. Varam currently operates 28 branches in 12 districts in Tamil Nadu and Chattisgarh and has a customer base of about 1.28 lakh customers.

Tata Sponge completes steel business acquisition

Tata Sponge Iron, a Tata Steel subsidiary, on Tuesday said that it has completed the acquisition of the steel business of debt-ridden Usha Martin Ltd (UML).

“The company has completed the acquisition of steel business undertaking including captive power plants, pursuant to a cash consideration payable to UML of Rs4,094 crore, which is subject to further hold backs of Rs640 crore, pending transfer of some of the assets including mines and certain land parcels,” it said in a regulatory filing. Tata Steel had signed a definitive agreement with UML in September last year to acquire its steel business.

Tech Mahindra buys 18% stake in Infotek, Vitaran

Tech Mahindra Ltd said on Tuesday announced that it will acquire an 18.1 per cent stake in both Infotek Software and Systems (ISS) and Vitaran Electronics for a consideration of up to Rs 13 crore.

Tech Mahindra intends to leverage the presence of the companies in the radio-frequency identification (RFID) space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space, it said. The investment will also help expand the tech firm’s portfolio for smart city projects.

Netcore acquires chatbot startup Quinto.ai

Netcore Solutions, a marketing technology company, has acquired artificial intelligence chatbot startup Quinto.ai, per a statement on Wednesday.

The deal gives Netcore access to Quinto’s conversational AI-powered chatbot engine and its employees. Quinto co-founder Hrishikesh Rajpathak has joined Netcore as Chief Data Scientist and will lead its machine learning and conversation analytics initiatives. The deal was managed by investment bank Equirus Capital through its Propeluss unit.

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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.