Rumors Surface: Lenskart, Carlyle, Surya Hospitals, Yum! Brands Making Headlines
In a flurry of activity, private equity (PE) and venture capital (VC) firms are making strategic moves in the Indian market. PE firms are reportedly circling an Indian engineering products maker, while Carlyle Africa spinout Alterra Capital is exiting a legacy asset. The reasons behind these transactions remain undisclosed [1].
Carlyle is bolstering its India team with the hire of a former Bain Capital executive. Meanwhile, Yum! Brands' Indian franchisees, Devyani International, are among the entities with potential stake acquisition interest. However, the specifics of the transactions involving Devyani International are not provided [1].
PE/VC firms are taking advantage of the stock market rally to make approximately $3 billion via exits within a month [2]. Lenskart, the online eyewear retailer, is investing in Ajna Lens, but details about the terms of the transaction are not available [1].
There are separate media reports about transactions involving Lenskart and Piramal Pharma. Carlyle is planning to monetize its bet on Piramal Pharma, while Peyush Bansal, the founder of Lenskart, is buying back a stake in his company from investors [1]. Argand Partners is also looking to exit from an Indian engineering products maker [1].
Meanwhile, multiple investors are competing to acquire a stake in Surya Hospitals. There are no competing investors vying to acquire a stake in Devyani International itself, as reported. Instead, Devyani International is increasing its stake in Sky Gate Hospitality, the parent company of brands like Biryani By Kilo. Devyani International plans to raise its stake in Sky Gate from about 80.72% to 86.13% by investing approximately ₹106 crore through a combination of subscribing to new shares and buying shares from the promoters of Sky Gate [3].
The promoter group of Devyani International does not hold any stake in Sky Gate, and the deal is conducted at arm’s length. There is no indication of other external investors competing to buy into Devyani International itself [1][3]. The focus is on Devyani International consolidating its position in its subsidiary Sky Gate Hospitality.
Finally, Serendipity Space, a co-working space provider, has secured funding, but the details about the amount and the investors involved are not disclosed [4]. These transactions underscore the ongoing activity and interest in the Indian market by private equity and venture capital firms.
[1] Source: Livemint [2] Source: The Economic Times [3] Source: Business Standard [4] Source: YourStory
- Carlyle, in an effort to strengthen its presence in the Indian market, has hired a former Bain Capital executive for their team, while simultaneously exploring opportunities in investing and exiting from various businesses.
- Yum! Brands' Indian franchisees, Devyani International, are among the entities expressing interest in acquiring potential stakes, while simultaneously growing their own investments, such as Sky Gate Hospitality.
