A consortium led by Asia-focused alternative investment firms MBK Partners and Baring Private Equity Asia has agreed to acquire China-based and New York Stock Exchange-listed car rental services company eHi Car Services at an implied equity value of US$937.5 million. The consortium will take the company private for a consideration… Read More
Zilingo, a Singapore-based fashion, beauty and lifestyle e-commerce platform, has raised US$54 million in a Series C round led by Belgium-listed investment company Sofina; Burda Principal Investments, the growth equity arm of Germany-based Hubert Burda Media; and global private equity and venture capital fund manager Sequoia Capital. Global technology investor… Read More
E-commerce platform Meituan-Dianping has agreed to acquire China-based bike-sharing company Mobike for a reported US$3.7 billion, including the assumption of US$1 billion in debt. Meituan will fund the acquisition through a combination of 35 percent equity shares and 65 percent cash. Mobike is backed by strategic investor Tencent Holdings, Singaporean… Read More
India-focused private equity fund manager ChrysCapital has led an INR3.5 billion (approximately US$55 million) Series C round for India-based non-banking finance company Varthana. Existing investors—including emerging markets-focused venture capital fund manager Elevar Equity, private equity impact investor LGT Impact, philanthropic investment firm Omidyar Network and education-focused private equity firm Kaizen… Read More
Growth markets investor Actis has exited India-based renewable energy platform Ostro Energy to ReNew Power, an India-based clean energy-focused independent power producer. Canada Pension Plan Investment Board (CPPIB) has invested US$247 million in ReNew Power to support the acquisition of Ostro, bringing CPPIB’s total investment to date in ReNew Power… Read More
E-commerce and technology conglomerate Alibaba Group Holding has agreed to acquire a 57 percent stake in China-based online delivery and local services platform Ele.me. Alibaba and its affiliate Ant Small and Micro Financial Services currently own 43 percent of outstanding voting shares in the company. Exiting investors in Ele.me include… Read More
India-focused private equity firm Lighthouse Funds has reached a first close for its third fund with US$150 million in capital commitments. Investors in the fund include development finance institution IFC, which will commit up to US$45 million. The fund, which is reportedly targeting US$200 million in total commitments, will invest… Read More
Sunlands Online Education Group, a China-based provider of post-secondary and professional education backed by Primavera Capital Group and Matrix Partners China, has raised US$149.5 million via its initial public offering (IPO) on the New York Stock Exchange. Sunlands sold 13 million new American Depository Shares for US$11.50 per share. Concurrent… Read More
Emerald Media, a pan-Asian media and entertainment platform backed by global investment manager KKR, has acquired a significant minority stake in Singapore-based sports technology and management company Global Sports Commerce (GSC) for US$80 million. The investment comprises primary growth capital, as well as the secondary purchase of Asian entertainment-focused growth… Read More
India-focused venture capital fund manager Fireside Ventures has reached a final close for its debut fund with INR3.4 billion (approximately US$52 million) in capital commitments. Investors in the fund include Westbridge Capital, Unilever Ventures, Emami Group and India-based family offices. The fund will focus on seed and Series A investments… Read More
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