Big-ticket transactions lift funding momentum Manipal’s training biz brought under UNext in reshuffle
Healthcare, pharma dominated the week with several $100 mn-plus deals
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Private equity and venture capital funding momentum gained traction last week, driven by several large transactions exceeding the $100 million mark, with healthcare and pharmaceutical sectors witnessing notable activity in both funding and consolidation.
Startups cumulatively raised about $561 million, about 21% higher than the preceding week. However, funding volume remained steady with the closure of 23 transactions.
Activity in the mergers and acquisitions space was also slightly higher with five such deals during the week, including two in the healthcare and pharmaceuticals space.
In the week’s largest transaction, e-pharmacy startup Pharmeasy’s parent company API holdings raised ₹1,804 crore ($216 million), in a round led by Manipal Education and Medical Group (MEMG) as well as existing investors, but with a 90% valuation cut.
The company was valued at around ₹5,904 crore ($710 million) post-investment, down from $5.6 billion in 2021.
Non-banking financial company (NBFC) U Gro secured about ₹1,322 crore in fresh capital through compulsorily convertible debentures and warrants. Existing investor Samena Capital led the round with about ₹500 crore.
Hedge fund Aregence also participated alongside family offices. U Gro’s founder, board members and management also pitched in with ₹16.3 crore.
The fundraising exercise, however, is due for shareholder approval.
Simultaneously, the firm’s board has also approved the acquisition of ‘MyShubhLife’,
U Gro Capital
Maiva Pharma Pvt Ltd
Morgan Stanley Private Equity Asia, InvAscent
a Bengaluru-based fintech platform for about ₹45 crore.
Among other big-ticket transactions closed in the healthcare and pharma space, Morgan Stanley’s Asia PE fund and healthcare-focused investor InvAscent jointly picked up a controlling stake in Maiva Pharma Pvt Ltd, a sterile injectables manufacturer
ACTIVITY in the M&A space was slightly higher as five such deals were closed in the week
IN the largest deal, Pharmeasy‘s parent API holdings was valued at ₹5,904 cr post-investment
Infinity Fincorp
Niqo Robotics million from UK-government’s development finance body, British International Investments (BII).
The proceeds of this fundraise will help the EV charging network company establish about 1,500 EV super charging stations over the next 18 months.
While smaller deal activity continued to remain strong, with 13 fundraises valued below $10 million during the week, the value of six transactions were not disclosed.
Activity in mergers and acquisitions saw some robust healthcare play, with Manipal Hospitals, based in Bengaluru, picking up Singapore’s state investment firm, Temasek’s stake, in Kolkata-based Medica Synergie Pvt Ltd, making it an 87% shareholder in the company.
Temasek is believed to have made an over two-fold return on its investment in less than two-and-a-half years.
SMALL deal activity continued to stay strong, with 13 fundraises valued below $10 million
for about $120 million.
The deal involves an infusion of primary capital into Maiva and purchase of shares from existing investors, marking the firm’s first PE fundraising.
Among smaller, yet significant fundraises, Charge Zone, an electric vehicle charging network company, secured $19
Manipal Group, under the leadership of Ranjan Pai, recently made significant strides in restructuring its business operations, with a focus on its training vertical. After a series of transactions in healthcare and education, the conglomerate consolidated the training arm under edtech firm UNext.
This move follows Manipal Group’s sale of a majority stake in its hospital division and substantial investment in Aakash Education, backed by PE giant Blackstone.
Besides, around a year earlier PremjiInvest, the family office of former Wipro chairman Azim Premji, exited its 12% stake in Manipal Global Education Services (MGES) through a buyback.
MGES, with revenue of over ₹1,300 crore a decade ago, saw its business shrink after divesting its overseas units—Mauritius, Nepal and Malaysia domiciled entities—to parent Manipal Academic Services International in
FY23.
This preceded its move to bring the
Indian training business under MGES, and as part of UNext.
Manipal Group had formally launched UNext three years ago.
It was created and positioned as a next generation online learning platform primarily focused on higher education.
It had initially offered professional e-courses catering to diverse industries, online university degrees, programmes in data science and emerging technologies in partnership with Jigsaw Academy, and digital assessment and examination management services for corporations, governments, and educational institutions through MeritTrac Services.
As part of the restructuring, its banking, financial services and insurance (BFSI) vertical, under MGES, which operates a centre in Bengaluru to train nominated officials, has been integrated in UNext, enhancing the overall scale.
UNext is reported to have ended FY24 with revenue of around ₹500 crore. More than half of the revenue was contributed by merged entity, which is also operationally profitable.
However, UNext may remain in the red for a while due to its edtech business, offering online courses from the Manipal Academy of Higher Education, Manipal University Jaipur and Sikkim Manipal University.
The courses are offered on a revenue-sharing basis, including skilling courses in emerging technologies, assessment, examination, proctoring, and test-taking services. Additionally, it offers recruitment and training solutions to corporations and government entities.