India Dealbook: LT Foods, Den Networks, HUL in M&A; Rentomojo, Wow! Momo raise funds

LT Foods has acquired rice exporter 817 Elephant, Den Networks has entered into an agreement to increase its holding in Macro Commerce, Hindustan Unilever Ltd (HUL) will sell its stake in Kimberly-Clark Lever (KCL) even as Rentomojo has raised $5 million in Series A round and Wow! Momo received funding from Bandhan Bank.

LT Foods acquires Amritsar-based rice brand 817 Elephant

LT Foods, acting through its UK-based subsidiary LT Foods International Ltd, has acquired an Amritsar-based rice exporter Deva Singh Sham Singh Pvt Ltd which operates under the brand name 817 Elephant. The deal amount was not disclosed.

The acquisition will help the company to further strengthen its existing presence in Canada, USA and Israel, LT Foods said in a stock market disclosure.

Public-listed rice exporter and marketer LT Foods Ltd incorporated its UK arm last month for strengthening its presence in Europe. It was also seeking to set up a facility in the Europe.

LT Foods’ scrip last traded at Rs 298.05 each, up 4.80 per cent on BSE in a weak Mumbai market on Monday.

Den Networks to increase holding in Macro Commerce to 82.9%

Cable distribution firm Den Networks has entered into an agreement with Jasper Infotech Pvt Ltd, the parent company of e-commerce firm Snapdeal, to increase its holding in Macro Commerce Pvt Ltd (Macro) to 82.87 per cent, as per a stock market disclosure.

Macro is a TV shopping JV between Den Networks and Jasper Infotech in which Den currently holds 50 per cent stake.

The deal value will be Rs 6 crore, in which Rs 1 crore would be for share purchase and rest Rs 5 crore would be on subscription by way of rights, the company said.

Shares of Den Networks last traded at Rs 89.90 each, up 0.39 per cent on BSE in a weak Mumbai market on Monday.

HUL to sell stake in JV with Kimberly-Clark

Hindustan Unilever Ltd (HUL) will sells its stake in JV with Kimberly-Clark Lever (KCL) to US-partner Kimberly Clark, as per a stock market disclosure.

The divestment is a part of HUL’s strategy to focus on its core business.

Started by both the companies in 1995, KCL sells baby care and feminine care products under the brand names Huggies and Kotex respectively.

Rentomojo raises $5m in Series A from existing investors Accel & IDG

Rentomojo, an online platform that enables the users to borrow and lend things from people nearby on a rented price, has raised $5 million in Series A round from existing investors Accel Partners and IDG Ventures India.

The startup will use the funding for strengthening its product and data driven struture within the company.

Founded in Nov 2015, the Bangalore-based company has expanded to Delhi, Mumbai and Pune. Last November, the company secured $2 million in pre-Series A round from the same investors.

Wow! Momo gets $1.2m debt funding from Bandhan Bank

Kolkata-based Wow! Momo has received Rs 7.9 crore ($1.18 million) in debt funding from Bandhan Bank to set up back-end infrastructure and to open new stores. The funding includes Rs 1 crore in cash.

“Our cash flows continue to be quite strong, and we are confident that we’ll comfortably manage to service the amount raised as we have been doing in the past,” said Sagar Daryani, co-founder of Wow! Momo.

Last year, Wow! Momo, chain of quick service restaurants (QSR), had raised around rs 10 crore from Indian Angel Network.

Also Read:

India Dealbook: Den Networks sells Den Sports stake, Prestige buys back CapitaLand shares

India dealbook: Actis might exit Endurance Technologies; Rabo sells LT Foods shares

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.