Mayfield Fund has raised $86 million for its second India-focused fund, targeting $100 million total. Blume Ventures plans to launch a $50 million second fund in the second half of 2014. Nalanda Capital acquired an additional 3.73% stake in Lovable Lingerie for around $3.25 million. Explara.com is in talks to raise $2-3 million in its Series A round. Creador expects to commit 15% of its $250 million second PE fund in India, equivalent to around $37 million.

1. Top Headlines
Mayfield reaches $86M for second India fund.
Blume Ventures eyes $50M for second VC fund.
Nalanda Capital buys 3.73% more stake in Lovable
Lingerie for around $3.25M.
Angel funded Explara.com in talks to raise up to $3M in
Series A.
SREI Infrastructure Finance seeks to convert part of loan
to Deccan Chronicle into equity.
Creador expects to commit 15% of its second PE fund in
India .
Govt to sell 10% stake worth $800M in Indian Oil to other
PSUs.
ASK Group marks first close of offshore realty fund at
$50M
Inside The Story
Mayfield reaches $86M for second India fund.
Mayfield Fund, one of the oldest venture capital firms from Silicon
Valley, has reached $86 million for its second India-focused fund over
an year after launching the process, said sources familiar with the
development. Mayfield India II will be the successor to Mayfield India I,
which raised $111 million in late 2008 and the VC firm has been
investing in the country through this fund.According to sources,
Mayfield is targeting $100 million for the fund and could wrap up
fundraising in the coming months. The firm is not expected to make any
interim closes and targets a straight final close, they said.The fund is
targeting international institutional investors and has managed to raise
the $86 million from seven limited partners. While the target for the
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2. new fund is lesser than the first fund in dollar terms, Mayfield will be
able to deploy more capital given the depreciation of the Indian rupee.
Blume Ventures eyes $50M for second VC fund.
Blume Ventures, one of the most active seed stage investors in India, is
planning to launch its new venture capital fund in the second half of
2014. The Mumbai-based firm, which plans to raise $50M for the second
fund, is looking to raise a larger corpus to have more dry powder for
follow-on rounds in its portfolio companies.Blume Ventures' debut fund
raised Rs 100 crore a few years ago or around $20 million back then.
Nath said that the firm will be primarily looking at overseas institutionled investors like fund of funds and corporates for its proposed fund.
Nalanda Capital buys 3.73% more stake in Lovable
Lingerie for around $3.25M.
India-focused private equity firm Nalanda Capital has acquired
additional 3.73 per cent equity stake in Mumbai-based Lovable Lingerie
Ltd from the open market for Rs 20 crore ($3.25 million), according to a
disclosure to the Bombay Stock Exchange (BSE). As on September 30,
2013, Nalanda India Equity Fund Ltd, a part of the Singapore based PE
firm which invests in small to mid-cap public listed companies in India,
held 5.64 per cent in Loveable Lingerie. With the fresh investment, its
total shareholding in the women’s innerwear manufacturer has
increased to 8.79 per cent.Shares of Lovable Lingerie rose in the early
morning trades on Friday, but were quoting at Rs 300.75, a drop of over
2 per cent in late afternoon trading on BSE in a weak Mumbai market.
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3. Angel funded Explara.com in talks to raise up to $3M in
Series A.
Explara.com (formerly Ayojak), an event ticketing and discovery site
run by Pune-based Signature Technologies Pvt Ltd, is close to raising its
first round of VC funding in the range of $2-3 million, Santosh Panda, cofounder and CEO of the company.“We are already in talks with a few
investors and are close to raising the money. The funds raised would be
deployed in 18-24 months for our expansion,” said Panda.The mandate
is with Delhi-based boutique investment banking firm EthiQs
Advisory.The firm is expected to clock revenues of Rs 8.5 crore for the
year ending March 31, 2014 from Rs 2.45 crore the previous year.
SREI Infrastructure Finance seeks to convert part of loan
to Deccan Chronicle into equity.
Debt-ridden media firm Deccan Chronicle Holdings Ltd has appointed a
committee comprising three directors of the company to hold talks with
Kolkata-based SREI Infrastructure Finance for converting part of its
outstanding loan into equity, as per a stock market disclosure.SREI Infra
had given short-term loan of around Rs 220 crore to Deccan Chronicle
and had earlier initiated legal proceedings to recover its money. Deccan
Chronicle is the publisher of publications such as Deccan Chronicle and
Financial Chronicle.SREI Infra had approached the Debt Recovery
Tribunal (DRT) a few months back. It is said to have security of around
five properties of Deccan Chronicle in Hyderabad and Chennai
mortgaged against the loan.It is not clear how much quantum of loan is
to be converted into equity. At present, the whole company is worth just
Rs 78 crore on the stock market.
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4. Creador expects to commit 15% of its second PE fund in
India .
Private equity firm Creador is aiming to complete mopping up money
for its second fund worth $250 million within three-four months and
expects to commit a sixth of its total corpus in India, according to its
founder and chief.The firm, which targets investments in India and parts
of Southeast Asia, had made a first close of the second regional fund last
August after pruning the original upper limit of $350 million for the new
fund.He said the firm will invest around 15 per cent of the overall
corpus in India.This would mean the firm is looking to invest around
$37 million from the new fund in India. It would imply the quantum of
money from the fund committed to India would almost remain the same
as the first fund but the proportion of corpus flowing into the country
will shrink.
Govt to sell 10% stake worth $800M in Indian Oil to other
PSUs.
A panel of ministers has approved sale of a 10 percent stake in state
refiner Indian Oil Corp through a block deal on the stock exchanges, Oil
Minister Veerappa Moily said on Thursday.State exploration firms Oil
and Natural Gas Corp Ltd and Oil India Ltd will buy the stake, Oil
Secretary Vivek Rae said.Apart from IOC, the government has been
pushing for the sale of a 5 percent stake in miner Coal India as part of its
plan to raise $6.4 billion through stake sales in state firms this fiscal
year, but disagreements among ministries and a depreciation in the
rupee have stymied the efforts.
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5. ASK Group marks first close of offshore realty fund at
$50M
ASK Group has announced the first close of its offshore real estate
focused fund at $50 million. It got commitments from three investors—
which include family offices, fund of funds and institutional funds—for
the first close.The offshore fund, which has a target corpus of $200
million, is advised by ASK Property Investment Advisors (ASK PIA), the
real estate private equity firm of Mumbai-based financial services
group. It will invest in mid-segment residential realty projects in top
five cities — Mumbai, Pune, Chennai, Bangalore and Delhi-NCR.Sunil
Rohokale, MD & CEO, ASK Group, said, “The current fund raising
environment is challenging but the fact that the ASK group has raised
this offshore money in tough times proves that investors are willing to
associate with a group having sound & focused investment strategy with
a superior track record of performance.”
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