India Dealbook: Intel acqui-hires Ineda; Cipla picks Wellthy stake; Grasim buys KPR unit

The logo of Intel is seen during the annual Computex computer exhibition in Taipei, Taiwan June 1, 2016. REUTERS/Tyrone Siu

US-headquartered Intel Corporation has acqui-hired Hyderabad-based startup Ineda Systems. In another development, Cipla Ltd said it is acquiring an 11.71 per cent stake in health-tech startup Wellthy Therapeutics while Grasim Industries Ltd is buying the chlor-alkali business of KPR Industries.

Intel acqui-hires Ineda Systems

US-headquartered technology giant Intel Corporation has acqui-hired Hyderabad-based startup Ineda Systems, Times of India reported.

As part of the deal, around 100 graphics engineers of Ineda will join Intel. Per the report, Intel may also acquire the leased facility of Ineda Systems that currently houses the engineering talent acquired.

Set up in 2010-11 by Hyderabad based serial entrepreneur Dasaradha Gude, Ineda Systems is a platform solution provider in the area of automotive and IoT applications. It has raised $43.3 million till date from investors including Samsung Catalyst Fund and Qualcomm Ventures, according to Crunchbase.

Cipla picks 11.71% stake in Wellthy

Cipla Ltd is acquiring an 11.71 per cent stake in health-tech startup Wellthy Therapeutics Pvt. Ltd for Rs 10.5 crore ($1.5 million), it announced on Monday.

As part of the agreement, the two companies will offer a combination of pharmacotherapy and digital therapeutics for improved patient outcomes in the chronic therapies of diabetology and cardiology, Cipla said in a regulatory filing.

Under the agreement, a multi-lingual clinically-validated digital disease management platform will be made available to patients living with diabetes or cardiovascular diseases via doctors’ clinics or co-packaging on select Cipla brands, it added. The transaction is likely to be completed before March 10.

Grasim buys chlor-alkali biz of KPR

Grasim Industries Ltd on Monday said it has signed a definitive agreement to acquire the chlor-alkali business of KPR Industries (India) Ltd by way of a slump sale for a cash consideration of Rs 253 crore.

The business consists of an under-construction 200 TPD chlor-alkali project at Balabhadrapuram, Andhra Pradesh. The acquisition, which will be funded through internal accruals, is in line with Grasim’s strategy to strengthen operations on the East Coast of India, it said in BSE filing.

KPR would utilise the sale proceeds towards a full and final settlement of lenders’ dues.

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.