US-based private equity firm Advent International-owned Amalfiaco sold a 5.36 per cent stake in CG Consumer at Rs 400 per share, according to the bulk deal data. It garnered Rs 1,348.1 crore from the transaction. Among the buyers of stake include two Ashoka India funds (Rs 166.2 crore), ICICI Prudential Life Insurance (Rs 100 crore), HDFC Standard Life (Rs 59.3 crore), Mirae Asset Mutual Fund (Rs 120.1 crore), SBI Life Insurance Company (Rs 74.9 crore), SBI Mutual Fund (Rs 499.7 crore), Morgan Stanley Mauritius Company, Aurigin Master Fund, Bharti Axa Life Insurance Company and BNP Paribas Arbitrage Fund. In February this year, Amalfiaco sold 6.06 per cent stake in CG Consumer in two equal tranches for Rs 1,492 crore at Rs 392 per share and Rs 393 per share.
With this acquisition, upGrad, which predominantly focuses on working professionals, will now be able to strengthen its presence among HigherEd institutions and learners, which is a Rs 560 billion market.
Velodyne, Ouster post losses as VCs back lidar challenger Innovusion
11 May 2021
Two of the lidar companies that recently completed stock-market listings have reported significant losses in their latest quarterly results, as they wait for market demand to accelerate.
California-based Velodyne and Ouster are two of the six companies targeting automotive lidar applications to have used special-purpose acquisition company (SPAC) mergers to raise large sums of money on the US markets.
And despite the crowded market, venture backers have just poured another $64Â million into Innovusion, with much of the cash being put towards increasing production of its automotive-grade lidar sensors.
Hardware sales fall
upGrad on Monday said it has raised USD 120 million (about Rs 897.3 crore) from Singapore-based Temasek, making this the first external fund-raise by the edtech major. Since its inception in 2015, upGrad has been 100 per cent owned, funded, and run by its co-founders as a capital-efficient business. upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said. The company will also pursue merger and acquisition (M&A) opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026, it added.