India Dealbook: Blackstone part-exits NCC; NearFox raises funding

Photo: Bloomberg

Blackstone has part-exited its investment in construction firm NCC Ltd even as mobile marketing and consumer rewards site Crownit and NearFox, a local lifestyle content and ​​discovery platform have raised funding.

Blackstone part-exits construction firm NCC

PE firm Blackstone through Blackstone GPV Capital Partners (Mauritius) V-A Ltd and Blackstone FP Capital Partners (Mauritius) V FII Ltd has sold part of its stake in construction firm NCC Ltd in an open market transaction.

The PE firm trimmed its holding by 3.25 per cent in NCC and had a huge loss.

Blackstone sold 18 million shares for around Rs 145-150 crore. It had originally invested in the company in 2007. Post sale, the PE giant held 6.99 per cent stake in the construction company.

US-based Globevestor Angel Fund, others back NearFox

Mumbai-headquartered, a local lifestyle content and ​​discovery platform, has received an undisclosed amount of funding from US-based angel network Globevestor Angel Fund, CoverFox CTO Devendra Rane, GenY Medium co-founder and ex-principal of Ventureast Ravi Jain and Craftsvilla products VP Arpan Nagdeve, among others.

“The company will use the money for expanding the team and operations in other geographies,” according to a press note.

NearFox was founded in 2015 by ​​IIT-Bombay alumni Kiran Patil and Pritesh Mittal. It brings to users the best food, shopping, beauty, fashion, fitness, entertainment and local travel in the city. NearFox is currently operates in Delhi, Bangalore and Mumbai, and plans to launch in New York .next.

Also Read:

India: NCC to sell part stake in power JV to Sembcorp for $45m
India Dealbook: Crownit gets Series B; Advent, Temasek open offer for Crompton Greaves

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.