Deal Roundup [30 June 2025]
Collating the deals announced in the past 24 hours
Consumer
Lab-grown diamond jewellery brand Aukera has secured USD 15 Mn (INR 128 Cr.) in Series B funding led by Peak XV Partners. The proceeds will help Aukera grow its retail presence, improve its products, and strengthen its position in India’s fine jewellery market.
Agri-consumer brand Eggoz has raised USD 20 Mn (INR 170 Cr.) in Series C funding led by Gaja Capital. The funding will be used to deepen market presence in current cities, expand to new regions, and strengthen technology and supply chain operations.
DARE (Defence, Aerospace, Robotics and Emerging Technology)
Underwater robotics startup Coratia Technologies has raised USD 2 Mn (INR 17.1 Cr.) in Pre-Series A funding led by MGF Kavachh.
Financial Services
Blostem has raised USD 467k (INR 4 Cr.) in Seed funding led by AC Ventures. The fresh funds will be channeled towards strengthening the FD offering, scaling up FD transaction volumes across partner platforms, and expanding into other banking, investment, and savings products.
Infrastructure (Real Estate, Hospitality, Logistics and Utilities)
Infra.Market, the construction materials platform, has raised an additional USD 50 Mn (INR 427 crores) in Debt funding from MARS Growth Capital. The debt will be used as capex for existing businesses such as concrete, AAC blocks, and MDF, among others.
TMT (Technology, Media and Telecom)
Jumbotail, a business-to-business marketplace for food and grocery, has raised USD 120 Mn (INR 1,025 Cr.) in Series D funding led by SC Ventures. The company will invest the capital to build AI-native solutions and capabilities to cement its leadership.
Secondary specialist firm TR Capital acquires MoEngage, Shadowfax, Whatfix stakes from Eight Roads for over USD 50 Mn.
AppsForBharat, an Indian startup that runs devotional app Sri Mandir, raised INR 175 Cr. (USD 20.4 Mn) in a Series C round.
Consumer
Le Lavoir has acquired a 64.5% stake in Ghantiram Foods.
HPL (Healthcare, Pharmaceutical and Lifesciences)
Torrent has entered into definitive agreements to acquire controlling stake in JB Pharma from KKR at an Equity Valuation of INR 25,689 Cr. (~USD 3 Bn) followed by a merger of the two entities. Torrent Pharmaceuticals has secured an up to INR 20,000 Cr. (~USD 2.3 Bn) credit line for its controlling stake acquisition in JB Pharma. It is expected that Torrent Pharmaceuticals will raise the funds via bonds denominated in the local currency with a maximum tenor of four years. The transaction marks a significant step in Torrent’s ambition to create a future-ready, diversified healthcare platform combining a deep chronic segment heritage with emerging international CDMO capabilities.
Infrastructure (Real Estate, Hospitality, Logistics and Utilities)
CLN Energy has acquired a 40.1% equity stake in Electrovault Power.
IL JIN Electronics India, a material subsidiary of Amber Group, has entered into definitive agreements for taking a majority stake in PowerOne Micro Systems.
ORIX to sell 17.5% stake in Greenko Energy to AM Green Power. Greenko Energy founders have secured a USD 650 Mn private credit deal to repurchase most of Orix’s stake in the firm.
Inox Neo Energies, a subsidiary of Inox Clean Energy, has acquired Skypower Solar India at an INR 265 Cr. (~USD 30.9 Mn) enterprise value (EV).
TMT (Technology, Media and Telecom)
Lesaka sells stake in Mobikwik for about USD 16.4 Mn.
Indian conglomerate Reliance Industries is in early-stage discussions to acquire Russian state oil producer Rosneft’s 49.13% stake in India-based oil refiner Nayara Energy.
Zydus Wellness is eying at strategic acquisitions to achieve medium to long term goals and accelerate further growth. The Ahmedabad-based skincare and nutrition company is proactively seeking additional opportunities in the healthy food segment, assessing oppotunities in skincare, global expansion, D2C and digital commerce segments while targeting deals that align with one or more of these strategic focus areas.
Private-equity firm Lighthouse Funds has restarted a process to sell its minority stake in Indian medical equipment manufacturer Tynor Orthotics.
India-based Shivalik Small Finance Bank (Shivalik SFB) is poised to raise INR 102 Cr. (~USD 12 Mn) in an SMBC Asia Rising Fund-led funding round.
India-based NeoGrowth Credit is poised to receive a pre-Series E equity funding of INR 64.3 Cr. (USD 7.5 Mn) from Netherlands-based development lender FMO.
About the writer:
Nihar is an investment banker specializing in fundraising and M&A advisory for mid-market consumer and technology companies. As part of his mission to help promising businesses in India access private capital for their growth, he started this newsletter to raise awareness about startups, private equity and simplify the commonly used business jargon.
Disclaimer - This document presents a summary of deals that have been closed and announced, based on publicly available information. The analysis within the document is based on certain assumptions where necessary. For instance, deals have been categorized by sector and funding stage according to these assumptions. If different assumptions were applied, the results and observations might differ. Therefore, this document should not be used as a substitute for comprehensive and specific advice. Nihar Khandelwal will accept no responsibility for the accuracy of the information, any errors, or any decisions or losses incurred by readers relying on this document. The sources used for coverage includes Economic Times, Entrackr, Livemint, VC Circle, Financial Express, The Arc, Private Circle and Inc42 among other public sources.