India Dealbook: Edelweiss sells arm; Emami buys stake in The Man Company; eShakti raises funds

While Edelweiss has sold its Singapore arm to Searock International, Emami has acquired 30 per cent stake in The Man Company. Also, eShakti has raised $2.3 million venture debt from Blacksoil.

Edelweiss sells Singapore arm to Searock International for $1.3m

Edelweiss Financial Services Ltd today said it has sold its Singaporean subsidiary Cross Border Synergy Pte. Ltd to Mumbai-based commodities firm Searock International Pvt. Ltd for Rs 8.47 crore ($1.3 million).

The share sale and purchase agreement for transaction was signed in early September, Edelweiss said in stock exchange filing.

Edelweiss had stake in Cross Border Synergy, formerly known as Edelweiss Commodities Pte. Ltd, through its wholly-owned subsidiary EFSL Comtrade Ltd.

“Consequent to the above Cross Border Synergy Pte.Ltd.ceases to be a subsidiary of EFSL Comtrade and in turn of the company,” Edelweiss said.

Emami picks up 30% stake in The Man Company

Fast moving consumer goods major Emami is acquiring acquire 30 percent stake in Helios Lifestyle, which owns male grooming brand ‘The Man Company’, for an undisclosed amount.

The transaction, which will take place in two tranches, is scheduled to be completed by December 31, 2018,  through the infusion of required funds in Helios.

According to an official statement, Emami has has already bought 20.45 per cent and will purchase the remaining by the end of December 2018.

“This investment is in line with the company’s strategy of leveraging online opportunities brought about by rapid digitization, which is the future, and will also help us to be present in the premium end of growing male grooming segment,” said Harsha V Agarwal, director, Emami.

eShakti raises $2.3m venture debt from Blacksoil

IDG and Ivy Cap Ventures-backed online fashion retailer eShakti.com, has raised $2.3 million venture debt from  non-banking financial company Blacksoil Capital.

According to an official statement, the funds raised will be used to grow the business by introducing new products.

eShakti has raised, $ 15mn in equity investments from IDG Ventures, Ivy cap and other investors.

The company had earlier raised $15 million in equity investments from IDG Ventures, Ivy Cap, and other investors.

“We are raising Series C Capital of the order of $25 million and see this venture debt from Blacksoil as well-timed and fitting our purpose of scaling the business,” said BG Krishnan, founder, and CEO, eShakti.com.

Also Read:

India: Emami plans to sell She Comfort brand

India: The Man Company raises angel round from Karan Bajwa, others