India Digest: Razorpay, Ebix-MakeMyTrip, Jio-Airtel in M&A news

Mukesh Ambani Photographer: Simon Dawson/Bloomberg

In the latest M&A deals, Razorpay has acquired Gurugram-based fraud analytics startup Thirdwatch. In another development, Ebix Inc and Indian online travel company MakeMyTrip are in the fray to acquire Cox & Kings, while Jio Infocomm and Bharti Airtel have emerged as suitors for assets of bankrupt Reliance Communications.

Razorpay acquires Thirdwatch

Digital payments startup Razorpay has acquired Gurugram-based fraud analytics startup Thirdwatch in an all-cash deal, The Economic Times reported.

Financial details of the deal were not disclosed.

Thirdwatch, which has an employee base of around 10, will now work as a subsidiary of Razorpay out of its Bengaluru office. Founded in 2016, Thirdwatch prevents fraud in digital, banking and e-commerce transactions in real time using AI.

Ebix, MakeMyTrip eye Cox & Kings

US-based Ebix Inc and Indian online travel company MakeMyTrip are in the fray to acquire cash-strapped travel company Cox & Kings, The Economic Times reported.

Cox & Kings promoter Peter Kerkar currently owns a little over 21 per cent of the company while Yes Bank’s share stands at 18.55 per cent.

The deal will help MakeMyTrip ramp up its existing business by getting access to sticky customers while Ebix will get a stronger foothold in the Indian travel space. Ebix also acquired India’s Yatra in a $337.8 million deal last month.

Jio Infocomm, Airtel eye RCom assets

Mukesh Ambani-owned Reliance Jio Infocomm and Sunil Mittal’s Bharti Airtel have joined the list of suitors who have shown interest in the assets of bankrupt Reliance Communications (RCom) and its Reliance Telecom and Reliance Infratel units, The Economic Times reported.

A couple of asset management companies and telecom tower operators, too, have submitted expressions of interest (EoIs), the report added.

The Anil Ambani-promoted telecom operator is sitting on a debt of about Rs 46,000 crore.