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India April 9 Weekly Newsletter 2012
This document covers news related to India with a special focus on areas like mergers & acquisitions, private equity & venture capital.
Volume 128, April 9th, 2012
For the period April 2, 2012 to April 8, 2012 April 9, 2012 [INDIA WEEKLY NEWSLETTER]
Highlights
CIMB Group To Acquire RBS' Wholesale Banking Business In India…(3)
PGC Textile To Complete Buyout Of Swiss Content Pages Apparel Firm Switcher For $30 mn…(3) DMI Finance Acquires 16% In Alchemist Mergers & Acquisitions News 3-4 ARC…(4)
Mergers & Acquisitions Deals 4-8 Gerresheimer AG Acquires Gujarat-based Neutral Glass & Allied Industries…(5) Private Equity News 8-9 Cytec Industries Acquires Star Orechem's Private Equity Deals 9-10 Manufacturing Assets For $37 mn…(6) Bajaj Auto Acquires Additional 6.3% In KTM Venture Capital News 11-11 Power Sports…(7)
Venture Capital Deals 11-12 Marico To Raise $100 mn PE Funding…(8)
India Agri Business Fund Invests Rs50 cr In Super Agri Seeds…(9)
Advent International Invests $105 mn in CARE Hospitals…(10)
Snapdeal Acquires Sport Goods Etailer - esportsbuy.com…(10)
Hospitality SaaS Solutions Firm Gets $1.2 mn From Accel Partners, Others…(11)
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Mergers & Acquisitions News
ABP May Buyout Star News' Stake In JV
ABP Private Limited is planning to buy out Star Group Limited’s stake in news television JV- Media Content and Communications Services India Private Limited. Formed in 2003, MCCS is a 74:26 JV between ABP TV and STAR News Broadcasting. MCCS broadcasts three 24- hour news channels, STAR News in Hindi, STAR Ananda in Bengali and STAR Majha in Marathi. There have been issues between partners. ABP went ahead and independently launched a general entertainment channel, Sananda TV, to take on the popular STAR Jalsa in the Bangla GEC space. TAR India entered into an ad sales alliance with rival broadcaster NDTV for its three news channels. Kolkata based ABP Pvt. Ltd. runs Bengali newspaper - Anadabazar Patrika (Newspaper), Unish-Kuri (19-20) magazine, Anandalok magazine and other.
CIMB Group To Acquire RBS' Wholesale Banking Business In India
CIMB Group has entered into an agreement with Royal Bank of Scotland to wholesale banking businesses in India and in 10 other Asia-Pacific markets for around 75 mn pounds ($ 120 mn). RBS will sell its cash equities, equity capital markets and M&A businesses in India as part of the transaction. The principal benefit of RBS in the sale is to mitigate partially the shutdown costs otherwise associated with these businesses. RBS will continue its debt financing, risk management and transaction services operations in 11 countries where it currently operates. The bank will sell its cash equities business to CIMB in India, Australia (excluding the interest in RBS Morgan), China, Hong Kong and Taiwan, including the cash equities sales desks in the US and UK. It’ll also sell the equity capital markets, and M&As businesses in India, Australia, China (excluding activities carried out by Hua Ying Securities), Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Thailand. RBS in January announced a plan to exit the wholesale banking businesses (cash equities, corporate brokering, equity capital markets and M&A) and cut jobs after receiving the world’s biggest banking bailout during the global financial crisis.
PGC Textile To Complete Buyout Of Swiss Apparel Firm Switcher For $30 mn
Tirupur-based PGC Textiles Ltd is buying out the 14% stake it does not own in the Swiss apparel firm Switcher, which it would do in the next 2 months. Switcher also happens to be the country’s largest lingerie manufacturer. The Switcher Group has more than 1,150 corporate clients in Switzerland and Europe, and owns 360 stores, corners and centres in Switzerland. Started in 1987, PGC has been manufacturing for Switcher for the last 20 years. However, over the past two years, it had acquired controlling stake in Switcher from a financial investor and the promoters to increase its holding to 86%. PGC has introduced Switcher in the US market last year and is planning to launch the Switcher brand of innerwear in India in the next few months. PGC has more than 3,000 point of sales and
Confidential LKP Securities Limited 3 April 9, 2012 [INDIA WEEKLY NEWSLETTER] control over the entire supply chain – starting from raw cotton to its retail sale stage. It has also launched its own brands a few years ago, which are now retailed in India, Belgium and America.
Reliance, Arisaig Partners May Exit Gini & Jony
Reliance Capital and Arisaig Partners are planning to exit from their investment in Gini & Jony Limited, while Lakhani Family is planning to part exit. Reliance Capital holds 22% stake in Gini & Jony, while Singapore-based fund Arisaig Partners has a 9% share in the retail chain. The remaining shares are held by the Lakhani family, which is looking to raise funds but will not exit the company which has a turnover of about Rs300 cr. Last month company filed for CDR with bankers including Punjab National Bank, State Bank of India, Bank of India and IDBI. Gini & Jony plans to restructure term loan worth Rs20 cr that was due for repayment last December. Founded by the Lakhani family, Mumbai based Gini & Jony Limited engages in the manufacture and sale of apparel for kids and young adults in India. It markets its products through franchisees, retail shops, factory outlets, and multi-brand outlets. Gini & Jony is currently present in 79 cities with 277 exclusive brand outlets, 240 large format stores including Shoppers Stop, Lifestyle, Pantaloons, Globus, Reliance Trends and Reliance Footprints. It is also present in 512 multi-brand stores.
Tyroo Backs Management Buyout Of Affiliate Ad Network DGM India
Ad network Tyroo Media Pvt Ltd has joined hands with Anurag Gupta for a management buyout of affiliate ad network DGM India for Rs3.35 crore ($0.66 million) from Asia Digital Holdings (ADH). Of the total deal amount, Rs2.36 crore will be paid as the first tranche. ADH is an AIM-listed firm while Gupta is the managing director of DGM India. Gupta is picking the stake for Rs81 lakh through the entity Inflection Digital Holdings Pvt Ltd, which will own 32.79% stake. Tyroo, a Gurgaon-based ad network, is picking 61.76% for Rs1.54 crore. In addition, ADH will seek to procure the sale of the remaining 5.44% stake for the acquirers, which may be held by other employees of the firm or owned by some other minority stakeholder. DGM India delivers leads and sales for advertisers. Its delivery channels include an affiliate network and search engine marketing. In an affiliate channel participant website, owners are paid on results delivered for advertisers from digital promotion of the advertisers' offering, which typically entails consumers actually buying products and services. Results are tracked by DGM India's technology environment and account management teams that service both advertisers and participating web site owners.
Mergers & Acquisitions Deals
DMI Finance Acquires 16% In Alchemist ARC
DMI Finance has acquired 16% stake in Alchemist Asset Reconstruction Company. Alchemist ARC is in the business since 2002. It claims to have over 100 years of cumulative experience in the banking domain across international and domestic banks such as Confidential LKP Securities Limited 4 April 9, 2012 [INDIA WEEKLY NEWSLETTER]
Citigroup, SBI, ICICI, Dhanalaxmi, and Bank of Tokyo- Mitsubishi. DMI Finance was founded in 2009 by former Citigroup employees Shivashish Chatterjee and Yuvraj C Singh. DMI Finance has a corpus of about Rs500 cr, of which it has deployed over Rs400 cr. Currently it is in talks with both foreign and domestic investors to raise another Rs500 cr over the next 12-14 months. Besides corporate lending, its core business area, DMI Finance is also involved in securitization and distribution of fixed income product, distressed asset financing and retail lending. In September 2011, DMI Finance invested Rs30 cr in Svenska Design Hotels for setting up small format luxury hotels in Tier 2 & 3 cities.
Kajaria Ceramics Acquires 51% In Vennar Ceramics
Kajaria Ceramics Limited has acquired 51% stake in Hyderabad based Vennar Ceramics Limited for Ra13.65 cr. Kajaria will subscribe to fresh equity share capital of Vennar and upon acquisition of shares and completion of other formalities, Vennar Ceramics will become the subsidiary of the company. Vennar is setting up a new plant which would start commercial production in June 2012. This will help Kajaria to cater to the southern markets from this plant enabling the company to reduce the transit time for the delivery of goods and savings in transportation cost. Vennar Ceramics Limited is a subsidiary of Anjani Cement Limited Group, which has interest in Cement, Building Products, Security Printing, Foods & Retailing. Vennar is an advanced stage of setting up a plant to manufacture 2.30 mn sq. meters pa of high end ceramic wall tiles, the addition of which would take the total annual capacity of the company to 38.30 mn sq. meters (including 10 mn capacity of subsidiaries). New-Delhi based Kajaria Ceramics is a tile manufacturer and has a distribution network of about 600 dealers and over 6000 sub-dealers spread all over India. It has annual capacity of 36 mn sq mt distributed across four plants – Sikanderabad in UP, Gailpur in Rajasthan and two in Gujarat. Vennar will be the fifth plant and with this acquisition the total annual aggregate capacity of Kajaria would become 38.30 mn sq ft.
Gerresheimer AG Acquires Gujarat-based Neutral Glass & Allied Industries
Germany based Gerresheimer AG has agreed to acquire a 70% stake in Gujarat-based Neutral Glass & Allied Industries. Gerresheimer said that the acquisition will give it a modern pharma glass production facility in India. It will also create a strong industrial foothold to complement Gerresheimer's existing distribution network in India. Incorporated in May 1986, the Mumbai-based Neutral Glass & Allied Industries Private Limited manufactures Type-1 and Type-3 glass bottles and vials for the pharmaceutical industry. The company is entirely held by the promoter group, comprising the Shah, Vaziralli and Merchant families. It commenced commercial production in June 1989 from its manufacturing facility at Kosamba, near Surat in Gujarat. The plant produces about 800 million bottles annually for type I &III pharmaceutical applications, like amber and flint vials and bottles for liquid oral medications and infusions, as well as injection bottles. Founded in 1864, Gerresheimer is active in the business of manufacturing specialty products made of glass and plastic for the global pharma and healthcare industry. The company operates in four divisions, Tubular Glass, Moulded Glass, Plastic Systems and Life Science Research. It employs over 10,000 employees at 46 locations in Europe, North and South America and Asia. The company Confidential LKP Securities Limited 5 April 9, 2012 [INDIA WEEKLY NEWSLETTER] already has five plants in South America, seven in China and representative offices in Moscow and Mumbai. Last year it acquired Brazilian manufacturer of pharmaceutical plastic packaging products to expand it's presence in South America.
Cytec Industries Acquires Star Orechem's Manufacturing Assets For $37 mn
US based Cytec Industries Inc. has acquired the manufacturing assets of Star Orechem International Private Limited for $37 mn. This acquisition will expand it's global manufacturing footprint for the In Process Separation business, providing it with a more direct supply chain line to better serve it's mining customers in Africa and the Asia Pacific region. The acquired operations will manufacture Cytec's ACORGAR solvent extractant products and will also continue to supply solvent extractant products for Star Orechem's distribution operations and supply obligations. The employees at the manufacturing site will transfer to Cytec Manufacturing and product qualification will begin immediately and will contribute to the segment's expected double digit sales growth in 2012 and beyond. Star Orechem is active in the business of manufacturing specialty chemicals. Cytec Industries, a spin-off from American Cyanamid Company is a specialty chemicals and materials company.
Mobile Payment Startup Money-on-Mobile Raises $29.7 mn From Calpian
Mobile payment platform Money-on-Mobile, run by Mumbai-based startup My Mobile Payments Ltd, has raised $29.7 million from Texas-based Calpian Inc, a public company dealing in electronic payments processing. Money-on-Mobile was launched in 2010 for the Indian B2B market and had received RBI’s approval last year to offer the semi-closed m- wallet for the consumer market nationally. MoM claims to have a network of over 55,000 retailer touch points across the country and a presence in more than 200 cities. It is also planning to start domestic remittance services through its mobile channel. As MoM’s mobile payment platform can be accessed via SMS, its usage is not limited among the smartphone users. Instead, it has the potential to penetrate the huge untapped segment of basic mobile phone users who can leverage this service. The company aims to cater to the masses by making available mobile payments for mobile recharge, money transfer, DTH recharge and purchase of air/train/bus and movie tickets.
Blackstone-backed Jagran Prakashan Acquires NaiDunia
Jagran Prakashan has acquired NaiDunia Media Pvt Ltd, by buying the publishing house’s parent company Suvi Info Management (Indore) Pvt Ltd for an undisclosed amount. The media firm, promoted by Vinay Chhajlani, publishes the Hindi newspaper Nai Dunia from Madhya Pradesh and Chhattisgarh. NaiDunia currently does not have a full-fledged digital news property but operates a separate site which features the e-paper or the digital replica of its print edition. The newspaper (Nai Dunia), which has an average readership of 1.64 million, was started in 1947 and is published from Indore, Gwalior and Jabalpur in Madhya Pradesh and from Bilaspur and Raipur in Chhattisgarh. But this is quite puny compared to Dainik Jagran, which has an average readership of 16.41 million.
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Origio A/s Acquires 51% Trivector Scientific For 3.3 mn Euros
Origio A/s is acquiring a 51% stake in Trivector Scientific for 3.3 mn Euros. Post acquisition, it will operate as a JV to focus on introducing and selling more equipment’s, consumables, disposables, culture media, providing other maintenance services and to increase awareness about the issue in the society. Trivector Group, established in 1993, is a pioneering name in the field of assisted reproductive technology in India. The company offers 360-degree solutions to infertility clinics - from setting up of ART labs, supply of equipment, labware, media for training of embryologists, clinicians and counsellors and offering quality control and auditing services to clinics. Trivector Group has been providing services for most ART clinics operational in India. Denmark based Origio was formerly known as Medicult a/s and changed its name in 2009. It evelops, produces, and sells assisted reproductive technology solutions that benefit families worldwide. The company manufactures and markets MediCult Media products comprising assisted reproduction technologies media for various purposes; and brings pipets, under the name Humagen Pipets, to in vitro fertilization and research laboratories.
Bajaj Auto Acquires Additional 6.3% In KTM Power Sports
Bajaj Auto Limited has acquired additional 6.3% stake in Austria based KTM Power Sports AG, taking its stake to around 47%. Bajaj Auto purchased stake through its Netherlands- based wholly-owned subsidiary - Bajaj Auto International Holdings in an open market transaction. Bajaj Auto is the second-largest shareholder in KTM, while the other large shareholders-Stefan Pierer and Rudolf Knuenz-hold more than 51% stake. Both companies have an arrangement with them under which they can go up to acquiring 49% stake in KTM and Bajaj can acquire the stake only through open market. In 2007, Bajaj picked up a 14.9% stake in KTM for around Rs300 cr. A year later, it increased its stake in the European bike- maker to 25% and has been increasing it gradually. KTM Power Sports AG engages in the development, production, and distribution of motorized recreational vehicles and sports cars. It primarily offers race-ready off-road and street motor cycles, as well as ATVs primarily under the KTM and HUSABERG brand names. In 2008, Cross Industries - the holding company of KTM also signed an agreement for jointly developing 125-cc bikes, which will be built at Bajaj's Chakan plant near Pune for exports to the European market under the KTM brand. Bajaj – KTM have already launched KTM Duke 200 in India this January and are working towards foraying into Brazil and the other emerging markets such as Malaysia and Indonesia.
L&T's Electrical Business Acquires UK based Thalest Limited
The Electrical & Automation business of Larsen & Toubro has acquired UK based Thalest Limited, the holding company of Serowatch Systems Ltd, Bond Instrumentation & Process Control Ltd and Servowatch Inc. Thalest Ltd offers integrated platform management system (IPMS) and Integrated Bridge System (IBS) solutions for naval warships and mercantile marine ships, vessels and floating systems. L&T has been active in this space. L&T alongwith Servowatch supplies IPMS and IBS solutions to the Indian Navy. Servowatch Confidential LKP Securities Limited 7 April 9, 2012 [INDIA WEEKLY NEWSLETTER] supplies advanced integrated ship control systems including alarm and monitoring, platform management and bridge, navigation, communication and multimedia packages. It has worked with the navies of US, UK, India, Australia and Thailand. L&T's electrical and automation business had acquired the switchgear business of Malaysia based Tamco Corporate Holdings for $107 mn in 2008.
Private Equity News
ASK Properties To Acquire 49% In Godrej Properties' Redevelopment Project
ASK Property Investment Advisors is acquiring a 49% stake in Godrej Landmark Redevelopers, a subsidiary of Godrej Properties. Godrej Landmark Redevelopers has entered into a tripartite agreement with Kamla Landmarc Property Leasing and Finance Pvt Ltd and 18 societies to undertake a residential redevelopment project in Sahakar Nagar, Chembur, Mumbai. The project, spread over approximately 14,600 mtrs will offer 600,000 sq ft of saleable area and is proposed to developed as a modern group housing residential project comprising of 2,2.5 and 3 BHK apartments. Godrej Properties was established in 1990 as a real estate development company by the Godrej Group. The company develops residential, commercial and retail properties in Mumbai, Pune, Bangalore and Kolkata. The company involves in the development of an area of approximately 82 mn square feet.
Marico To Raise $100 mn PE Funding
Marico is talking to a number of PE funds including GIC, Temasek and Khazanah to raise upto $100 mn by selling about 5% stake in the entity. Marico is looking at de-leveraging it's balance sheet after acquiring the personal care business of Paras Pharmaceuticals from Reckitt Benckiser. It acquired SetWet, Livon, Zatak and certain other personal care brands from Reckitt Benckiser. Marico, headed by Harsh Mariwala, has 3 divisions the Consumer Products Group, The International Business Group and Kaya Skin Clinic. The company holds number of brands including Parachute, Saffola, Hair&Care, Nihar, Mediker, Revive, Manjal, Kaya Skin Clinic, Aromatic, Fiancee, HairCode, Xmen, Hercules, Caivil, Code 78 and Black Chic. It is also looking to acquire companies and brands in the beauty and wellness segments as a part of it's strategy to maintain a growth of 26-27% in the coming years.
IFC May Invest In Banyan Tree's Second Fund
IFC has proposed to invest $25 mn in Banyan Tree Capital Advisors Limited in its second fund – Banyan Tree Growth Capital II. Banyan Tree Growth Capital II has a target fund size of $150-175 mn which will invest in small and medium enterprises. The fund will make investment in areas such as manufacturing and niche industrial segments, which have traditionally received a very small portion of private equity capital in comparison to their total contribution to the Indian economy.
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CX Partners In Advanced Talks To Buy Stake In Future Capital Holdings
Private equity investor CX Partners is in advanced talks to pick up stake in Kishore Biyani promoted financial services provider Future Capital Holdings Ltd. A number of private equity investors have been interested in the company and the CX Partners is emerging to be the front runner.
Concord To Raise $100 mn
Waste water treatment company - Concord Enviro Systems Private Limited is planning to raise $100 mn by divesting stake in the company. Sage Capital is also planning to sell a small portion of its holding. Sage Capital invested Rs40 cr for 26% stake in Concord Enviro in 2009. Founded in 2009, Concord Enviro operates as a subsidiary of Rochem Separation Systems India Pvt. Ltd. Rochem Separation manufactures and installs waste water treatment and reuse systems. The company offers on-board and off shore desalination solutions. Concord Enviro is engaged in development, manufacturing and installation of waste water treatment and reuse systems. It serves sectors like distilleries, textiles, tanning, pharmaceuticals and chemicals.
Private Equity Deals
India Agri Business Fund Invests Rs50 cr In Super Agri Seeds
India Agri Business Fund has invested Rs50 cr in Hyderabad-based Super Agri Seeds Pvt. Ltd. Super Agri Seeds will use the funds to finance its expansion and set up Research and development centres in Hyderabad and in Bangalore. Super Agri markets about 140 hybrids and varietal seeds under the ‘Super Seeds’ brand, mainly in the Andhra Pradesh and Uttar Pradesh markets. The company, with strengths in cotton, corn, rice and vegetable, has lined up 60-62 new hybrid products in the next two years. The company is planning to tie-up with two European agro-based companies for R&D by next year. The company is targeting to achieve a Rs350 cr turnover by 2015, as against the expected turnover of Rs75 cr this year.
India Venture Advisors Invests Rs40 cr in Tulsi Castings
Piramal Group's PE fund - India Venture Advisors has invested Rs40 cr in Sangli based manufacturer of ductile iron castings - Tulsi Castings and Machining. Tulsi Castings and Machining Limited (erstwhile Tulsi Foundries Limited) was acquired by the present management and commenced operations in the year 2004, after BM Jain and RM Jain acquired the foundry assets from SICOM Ltd. Tulsi has a manufacturing unit at Sangli in Maharashtra with a capacity of 23,950 MTPA for manufacturing spheroidal castings catering mainly to automobile sector. The company has production capacity of 4,000 MT per month and has around 700 employees on board. It caters to agricultural equipment and heavy commercial vehicles segments, and also exports its products to the UK and the USA.
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Mohandas Pai And Rajani Pai Invest In BookAdda.com
TV Mohandas Pai and his partner Ranjan Pai have invested in online book retailer - BookAdda.com from $100 mn PE Fund launched last August. The fund has also invested $8 mn in California-based medical technology company Insightra , along with investment in one more Indian company and US based company. BookAdda is an Indian online bookstore with collection of over 10 mn books with more than 22,54,279 authors.
Advent International Invests $105 mn in CARE Hospitals
Private equity major Advent International is investing $105 million in CARE Hospitals in one of the largest private equity deals in the healthcare sector in the last five years. Advent will buy the shares from some of the existing investors and also inject additional capital into the business. CARE is the largest multi-specialty hospital chain in South India, with focus on cardiac care, neurology, nephrology and general medicine. The hospital chain is ranked No. 5 in the country in terms of revenue and number of beds, and has a significant market position in the state of Andhra Pradesh. Besides Hyderabad, it has facilities in Vishakhapatnam, Raipur, Bhubaneswar, Nagpur, Surat and Pune. Focus will continue on being a multi-specialty chain providing tertiary healthcare services. CARE will also expand into areas like gastronomy, orthopedics, oncology and pediatrics. Under this expansion plan, CARE will add 1,000 more beds to the current 1,590 across the cities where it already has a presence. While it will look at inorganic opportunities for growth across the country, its priority will be strengthening existing specialties and geographies.
Snapdeal Acquires Sport Goods Etailer - esportsbuy.com
Snapdeal has acquired online sports goods retailer - esportsbuy.com. This acquisition will help the ecommerce portal to expand in the arena of sports retailing. Esportsbuy.com was founded by Amit Monga and Prateek Agarwal in 2011 and has posted revenues of about Rs10 cr in one year of operations. Snapdeal, founded in 2010 by Kunal Bahl and Rohit Bansal operates across 50 cities in India retailing 10,000 brands, averaging at 1.5 mn new members per month. It also has operations in 5 countries - Sri Lanka, Nepal, Bangladesh, Maldives and Singapore and plans to acquire companies in Asia-Pacific region.
TA Associates Acquires Minority Stake In BillDesk
Private equity investor TA Associates has acquired a minority stake in e-payment processing services provider BillDesk (part of IndiaIdeas.com Ltd) for an undisclosed amount. BillDesk offers online payment services for utility bills, credit card, depository account charges and ISP charges. It is part of IndiaIdeas.com Ltd, founded in early 2000 by three ex-Arthur Andersen professionals.
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Venture Capital News
No news in the current week
Venture Capital Deals
Savaari Car Rentals Raises Series A Funding From Inventus Capital
Savaari Car Rentals has raised Rs5 cr Series A funding from Inventus Capital Partners. Samir Kumar and Parag Dhol from Inventus Advisory Services (India) will be joining the Board of Directors at Savaari. Savaari will use the funds to build a backend engine to allow easy bookings management, as well as giving automated billing for its customers. Savaari will also use the funds raised to hire top marketing talent, and grow its business across cities by establishing a robust sales network. Some of these funds will also be used to enhance technology solutions to deliver superior travel experiences to the customer. Savaari Car Rental was founded in 2006 by Gaurav Aggarwal. Since its inception, Savaari has grown to a network of over 100 operators across 60 cities and has clocked an experience of over 7 lakh trip hours and 75 lakh trip kms. Savaari Car Rentals is targeted at corporate users, retail users and online travel agents. Clients of Savaari opt for day trips as well as multi-day, multi- city trips.
Cisco Invests In Aavishkaar India II Fund
Cisco has made an investment in Aavishkaar India II Company Ltd - a Mauritius based $120 mn fund dedicated to investing in rural India. The fund will focus on scaling up affordable models targeting the "Bottom of the Pyramid" in healthcare, water and sanitation, education, agriculture, renewable energy and other emerging sectors. Aavishkaar has achieved its first closing at $70 mn with corporate investors such as Cisco, along with institutional investors such as IFC, KFW, FMO and CDC participating in the first closing. The proposed fund is a successor fund to Aavishkaar India Micro Venture Capital Fund (AIMVCF), a $14 mn MSME- focused fund launched in 2007.
Hospitality SaaS Solutions Firm Gets $1.2 mn From Accel Partners, Others
HMS Infotech Pvt Ltd, a technology startup offering Cloud-based SaaS (Software as a Service) solutions for small and mid-sized hospitality industry, has raised $1.2 million (Rs6 crore) in a funding round led by venture capital firm Accel Partners. Blume Ventures and Mumbai Angels also took part in the round. Delhi-headquartered HMS Infotech was launched in 2008 by Prabhash Bhatnagar. The company’s flagship Hotelogix is a Cloud- based property management system (PMS) based on the SaaS model and offers a unified approach to meet various functions like front-desk operations, housekeeping, restaurant
Confidential LKP Securities Limited 11 April 9, 2012 [INDIA WEEKLY NEWSLETTER] operations and so on. It is targeted at budget and mid-market hotels and hotel chains, motels, resorts, boutique hotels, service apartments, bed-and-breakfasts and hostels.
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