India Digest: SoftBank may sell renewable JV stake; News Corp, REA back Elara

Pedestrians walk past a SoftBank Group Corp. store in Tokyo, Japan. Photographer: Tomohiro Ohsumi

Japanese behemoth SoftBank is in talks with potential investors to sell a majority stake in its Indian renewable energy joint venture, while News Corp and its Australian group firm REA have infused $70 million (Rs 500 crore) in Elara Technologies.

SoftBank considers SBG Cleantech stake sale

Japanese behemoth SoftBank is in talks with potential investors to sell a majority stake in its renewable energy joint venture, SBG Cleantech, The Economic Times reported.

SoftBank holds 70 per cent stake in the Indian renewable venture. Other partners include Bharti Enterprises and Foxconn Technology Group. This is part of SoftBank’s strategy to review its businesses globally and increase liquidity.

The investment giant has been holding discussions with sovereign funds from the Far East and the Gulf as well as Silicon Valley-based firms for the aforesaid deal. The group is looking at a partner that can provide equity commitments of $1.5 billion to $2 billion to execute and complete a pipeline of 7 gigawatts of renewable projects around the world, the report said.

News Corp, REA invest $70m in Elara

US-based News Corp and its Australian group firm REA have infused $70 million (Rs 500 crore) in Elara Technologies, which owns realty portals PropTiger, Makaan and Housing.com.

According to a report in PTI, the company will use the funding proceeds to expand its business in India. Singapore-based Elara Technologies also counts SoftBank, Accel, and SAIF Partners among its list of backers.

The capital infusion is in the form of a convertible note that covers the $35 million raised by Elara as debt from Citi Singapore in August last year, the report added. The latest round brings Elara’s total funding to $175 million to date.

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.