India Dealbook: ZunRoof, Oizom raise funds; Emami, Pan Food in M&A

Photo: Reuters

Indian solar rooftop startup ZunRoof and IoT firm Oizom Instruments are among the latest startups to raise funding. In the M&A space, Emami has acquired Creme 21 while Everstone Capital-controlled Pan India Food Solutions Pvt. Ltd has sold casual dining brand Bombay Blue.

ZunRoof gets angel funding

Gurgaon-based ZunRoof, an Indian solar rooftop startup, has raised an undisclosed sum in its third round of angel funding, according to a statement.

The investors in the round include Ramakant Sharma, founder of Livspace, and Arun Diaz of IntelleGrow, along with the lead investors of ZunRoof’s previous round, Pradeep Tharakan, Gaurav Gupta, Vismay Sharma and others.

The funds will be used by the startup to scale its tech offerings and to expand its team.

CIIE backs Oizom

Oizom Instruments, an Internet of things (IoT) startup, has raised an undisclosed amount in seed funding from Centre for Innovation, Incubation & Entrepreneurship (CIIE), the technology business incubator of IIM Ahmedabad, VCCircle reported.

Oizom, which is focused on curbing pollution, plans to deploy a data-as-a-service (DaaS) model for predictive analytics for environmental health. It plans to use funding proceeds to improve its existing product and invest in R&D and marketing to tap new opportunities.

Emami acquires Creme 21

FMCG company Emami Ltd has acquired German personal care brand Creme 21, per a statement. The brand has a presence in West Asia and other markets.

In a regulatory filing, Emami said the brand had been acquired at less than 1.5 times its sales. The acquisition, it said, is in line with its strategy for growth through the inorganic route.

The acquisition is being funded through internal accruals.

Pan India Food sells Bombay Blue

Everstone Capital-controlled Pan India Food Solutions Pvt. Ltd has sold casual dining brand Bombay Blue to Yellow Tie Hospitality Management LLP for an undisclosed sum, VCCircle reported.

Everstone Capital owns about 89 per cent stake in Pan India Food Solutions, which operates the brand Blue Foods.

Yellow Tie Hospitality has acquired only the intellectual property rights associated with Bombay Blue. Blue Foods has shut down all operating restaurants of Bombay Blue. Yellow Tie will subsequently revamp and relaunch the brand.