India Digest: HDFC backs HomeKraft; QuEST buys Engicom; What’s Up Life funding; Incofin, SIDBI exit Annapurna

HDFC
Pedestrians walks past signage for Housing Development Finance Corp. (HDFC) outside the company's offices in Mumbai, India, on Monday, Feb. 17, 2014. Photographer: Vivek Prakash/BLOOMBERG

HDFC Capital Real Estate Fund has picked up a significant minority stake in Delhi NCR-based HomeKraft while Incofin Investment Management and SIDBI Venture Capital have decided to fully divest their 12.5 per cent holding in Annapurna Finance. In another deal, QuEST Global has signed a definitive agreement to acquire Engicom. In the startup space, What’s Up Life has raised funding from television host Rannvijay Singh Singha.

HDFC fund picks HomeKraft stake

HDFC Capital Real Estate Fund, a wholly owned subsidiary of HDFC, on Wednesday said it has picked up a significant minority equity stake in Delhi NCR-based real estate firm HomeKraft. As per a company statement, HomeKraft, an ATS Group subsidiary, will invest over $300 million for the development of affordable and mid-income housing across India with a mix of internal accruals, debt and private equity funds. It is looking to clock sales of 6,000-6,500 units in the next 3-5 years with expected revenue in the range of $600-$750 million.

QuEST acquires Barcelona’s Engicom

QuEST Global, the engineering services provider, on Wednesday signed a definitive agreement to acquire Barcelona-based Engineering Community S L (Engicom), to enhance R&D capability in the manufacturing cycle of new products. With the acquisition, QuEST aims to boost its onshore presence in Europe, providing development efficiency and delivery time benefits to customers across industries, especially in power, automotive and hi-tech, it said in a statement.

TV host backs What’s Up Life

Gurugram-based online local lifestyle startup What’s Up Life (WUL) has raised an undisclosed amount of funding from television host Rannvijay Singh Singha. With the deal, Singha also joins the company as its brand ambassador. In March, the startup raised seed funding from Karan Puri, author of the book – Shit Happens- Desi boy in America, and Skyline Education Group’s Praveen Puri. Founded by Gaurav H Luthra in 2015, WUL curates content over their social media pages, editorials, calendar to keep one updated on all the activities and events across categories. It claims to be reaching to around 8 million people a month across multiple platforms.

Incofin, SIDBI to divest Annapurna stake

Belgian investment fund Incofin Investment Management and SIDBI Venture Capital have decided to fully divest their 12.5 per cent holding in Annapurna Finance for about Rs 90 crore, valuing the microfinance company at around Rs 850 crore, The Economic Times reported. The deal, which is likely to happen next month, will see Incofin and SIDBI sell their investments in Annapurna to other existing investors, including Oman India Joint Investment Fund II. Incofin owns about 4.13 per cent stake in the company, and SIDBI Venture about 8.35 per cent.