India Digest: Shibulal’s son floats fund; Rana Kapoor, Premji’s funds eye investments

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Infosys co-founder Shibulal’s son has floated an investment fund to back clean energy startups, while Yes Bank co-founder Rana Kapoor’s family office is in talks to pick up a stake in Aviva Life Insurance. Also, Wipro promoter Azim Premji’s fund has proposed to invest in pharmacy retailer MedPlus Health.

Shibulal’s son floats $20m investment fund

Shreyas Shibulal, son of Infosys co-founder SD Shibulal, has floated a Rs 140-crore ($20-million) investment fund targeting clean-energy startups, according to a report in The Economic Times

Bengaluru-based Micelio Fund is planning to invest in startups in the electric vehicle space across areas such as mobility, software applications, energy and charging infrastructure.

Micelio also plans to create a ‘Discovery Studio’ or a 10,000-sq-ft workshop in Bengaluru, wherein startups will be able to design and create prototypes of their products.

Rana Kapoor’s family eyes stake in Aviva Life

Yes Bank co-founder Rana Kapoor’s family office is in talks to acquire a “large stake” from Dabur‘s Burman family in the latter’s insurance joint venture with Aviva, according to a report in The Economic Times quoting sources.

In 2016, Aviva Plc acquired an additional 23 per cent stake in Aviva Life Insurance from Dabur Invest Corp for Rs 940 crore to increase its stake to 49 per cent in the joint venture at a valuation of Rs 4,087crore. The Burman family’s stake is currently pegged at around Rs 1,000-1,200 crore.

Per the news report, IndusInd Bank is also said to be eyeing the stake to come on board as a strategic partner.

If the Burmans get a good price, they are open to exiting the loss-making venture entirely, said the sources cited in the report.

PremjiInvest plans to back MedPlus Health

Wipro chairman Azim Premji’s investment vehicle PremjiInvest Opportunities Fund has proposed to invest in pharmacy retailer MedPlus Health Services, according to a report in Inc42 quoting regulatory filings.

Per the report, Pi Opportunities Fund-I is looking to acquire a significant stake in MedPlus.

In January 2018, it was reported that the second largest pharmacy retail chain in India had raised around Rs 700-750 crore (approximately $115 million) in debt financing from Goldman Sachs to buy out existing private equity investors.

The private equity investors were US-based Mount Kellett Capital Management Lp, TVS Capital Funds Ltd and Ajay Piramal’s India Venture Advisors Pvt. Ltd. The three investors together held a 69 per cent stake in MedPlus.

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