India Dealbook: SkyLimit sells majority stake; Chaitanya India Fin Credit raises $5m

Vivek Oberoi has acquired majority stake in health and fitness startup SkyLimit Integrated Wellness, while Chaitanya India Fin Credit has raised Rs 33 crore ($5 million) through an issue of non-convertible debentures.

Vivek Oberoi picks up majority stake in SkyLimit

Indian actor Vivek Oberoi has acquired majority stake in health and fitness startup SkyLimit Integrated Wellness Solutions, said a report in The Economic Times.

Founded in the US in 2012, SkyLimit provides a multi-discipline regenerative medicine and anti-ageing facility. It launched its India operations last year with a clinic in Juhu, Mumbai.

Oberoi and Haresh M Mehta, founder of SkyLimit, plan to invest Rs 500 crore ($78.5 million) over the next three years in the company to open 150 clinics across India.

“I saw this as a very lucrative opportunity to get advanced American technology in the medical field to India and decided to partner Haresh. I have taken majority stake in the company and together we plan to invest over Rs 500 crore in the next three years,” Oberoi told the newspaper.

Chaitanya India Fin Credit raises $5m via NCDs

Chaitanya India Fin Credit has raised Rs 33 crore ($5 million) through an issue of non-convertible debentures, which were subscribed by AAV Sarl, an affiliate of global impact investment company Symbiotics Group, according to a report in The Economic Times.

Founded in 2009, Bengaluru-based Chaitanya Rural Intermediation Development Services Pvt Ltd had raised Rs 47 crore ($7 million) from Equator Capital‘s fund ShoreCap II and a few HNIs last year.

Chaitanya India currently operates across Karnataka, Maharashtra and Bihar, providing joint liability group loans, along with financial literacy programmes, to rural communities across the three states.

“Despite the advent of Small Finance Banks and the increased focus of banks and NBFCs on the financial inclusion space, we believe that there is still space for MFIs that are creating significant impact by offering multiple products to clients, to scale,” said Abhijit Ray, managing director, Unitus Capital.

Also Read:

India: Microfinance lender Chaitanya Rural raises $7m in Series C round