India Digest: Kinetic arm eyes PE funding; TPG top bidder for Ess Kay; LetsVenture registers as AIF

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While the superbikes venture of Kinetic Group is looking for private equity funding, TPG Group has emerged as the top bidder for Ess Kay Fincorp. Also, LetsVenture has registered as an alternate investment fund.

Kintec Group’s superbikes arm eye PE funding

Two-wheeler major Kinetic Group’s multi-brand superbikes venture Motoroyale is looking to raise up to Rs 100 crore from private equity funds.

According to a report in The Economic Times, the company has mandated KPMG to look for a financial partner to fund investments in a new plant and for expanding its retail network.

Ajinkya Firodia, MD of Motoroyale, told the newspaper that the motorcycles would be assembled in India at Kinetic’s plant in a dedicated space for Motoroyale. It has set up facilities for engine and vehicle assemblies for its various brands taking into consideration the demand for premium product quality and service.

TPG emerges as top bidder for Ess Kay Fincorp

Private equity major TPG has placed the highest bid to acquire around a 30 per cent stake in Jaipur-based non-banking finance company Ess Kay Fincorp, said a report in The Economic Times quoting sources.

“TPG offered to pay Rs 350 crore for a 30% stake in the company, valuing it at around ₹1,150 crore. Their bid was the highest and the company is now in advanced talks to close the deal,” said one of the sources quoted in the report.

According to recent reports, other PE funds in the race included ChrysCapital, Creador Capital and Goldman Sachs that were vying to invest up to Rs 600 crore in the firm for a significant minority stake.

LetsVenture registers as an AIF

Angel investment platform LetsVenture has registered as an angel Alternative Investment Fund, under the Securities and Exchange Board of India (SEBI).

The move is aimed at attracting more angel investors, as it enables the platform to operate as a privately pooled investment vehicle.

Shanti Mohan, Co-Founder of LetsVenture, said, “As an AIF, we can empower entrepreneurs, while also allowing investors to invest smaller amounts and diversify their portfolio.”

Also Read:

TPG, ChrysCapital in talks to invest up to $82m in India’s Ess Kay Fincorp

India: Online funding platform LetsVenture launches startup funding initiative