India Digest: Sri Kailash Logistics stake sale; 500 Startups Kulfi fund; Myntra incubation plan

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Everstone plans to acquire majority stake in Sri Kailash Logistics, while 500 Startups has put its Kulfi fund on hold. Also, Myntra has revived its incubation programme.

Everstone to pick up majority stake in Sri Kailash Logistics for $30m

Private equity major Everstone Capital is likely to acquire majority stake in Chennai-based Sri Kailash Logistics for nearly Rs 200 crore ($30 million), according to a Times of India  report.

Sri Kailash Logistics operates an integrated logistics park in Oragadam near Chennai.

According to the new report, the deal entails Everstone controlling interest in Kailash Logistics through its logistics and warehousing unit IndoSpace. The private equity player will also take over debt of the company.The founder promoters will keep a minority stake and partner with Everstone in developing the business in southern India.

A formal announcement is expected next week.

500 Startups puts India-focused Kulfi fund on hold

Deterred by taxation and regulatory hurdles venture capital fund and accelerator 500 Startups has put its plans on hold to raise a $25 million India-focused fund called Kulfi’ Fund, as per a report in The Economic Times.

The US-based investor has recently seen the exit of key executives such as Pankaj Jain, who was leading the Kulfi fund and Soaib Grewal, who managed its India investments. Jain has moved to an advisory role while Grewal completed his contract at the end of year 2016.

“Due to recent moves by the India government regarding tax and regulatory environment, our India fund is on hold temporarily, until we have more clarity,” a 500 Startups spokesperson told the news paper.

The investment firm maintains that it will continue to invest in India for which it has been evaluating two-three Indian startups for funding that it will announce in the first quarter of 2017.

Myntra revives incubation programme

Fashion e-tailer Myntra is reviving its incubation programme that is looking to provide 10 small brands with technical, design and financial support, according to a report in The Economic Times.

Through this initiative, Myntra is targeting about $500 million worth of business from the smaller firms in the next five years.

In 2014, Myntra had guided about a dozen startups as part of its programme then known as the Myntra Fashion Incubator.

“We had never shelved it but it sort of tapered off,” Ananth Narayanan, chief executive officer of Myntra, said about the company’s effort to back small brands. “We are happy to partner with them like we did for HRX. We are happy to buy into them, handhold them, give them ideas on designs.”

Also Read:

India: Everstone acquires minority stake in OmniActive Health for $35m

Dave McClure’s 500 Startups launches $25m ‘Kulfi fund’ for India

India Dealbook: Myntra buys majority stake in HRX; Cuberoot Tech raises $500k

 

 

 

 

 

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.