Acquisitions in India

Amphenol Corporation, following its completed acquisition of the Connectivity and Cable Solutions (CCS) business from Vistance Networks, Inc. (formerly CommScope Holding Company, Inc.), announced a mandatory open offer to purchase up to 26.0% of ADC India Communications Limited from its public shareholders. The offer is priced at INR 1,233.59 per share and, if fully accepted, would total INR 1,475,373,640 (approximately US$16.36 million), with ADC India already an indirect majority-owned subsidiary of Amphenol after the CCS acquisition.

Crowe LLP announced a strategic investment in Crowe Advisory Services India LLP (CAS) to expand its consulting and advisory capabilities and accelerate growth in the Indian market. CAS provides advisory and business support services including tax, due diligence, valuations, M&A support, risk advisory, internal audits, and cybersecurity; the investment is intended to deepen collaboration between the firms as members of the Crowe Global network.

Megaport Limited (ASX: MP1) announced the acquisition of Extreme IX, India’s leading Internet Exchange operator, expanding Megaport’s Network as a Service footprint into India. The deal brings seven Internet Exchanges across major Indian metros and access to 40+ data centres, with Extreme IX to be integrated into Megaport’s global platform.

HR Path acquired Blueprint HR Software Solutions, the HR technology division of India-based Blueprint Technologies, to expand its HR consulting and HRIS services footprint across India, the Middle East, and the broader APAC region. Blueprint HR Software specializes in SAP SuccessFactors, Concur, and UKG solutions, while Blueprint Technologies will continue operating independently with a focus on ERP services and its core SAP portfolio.

KKR increased its investment in Lighthouse Learning Group, an Indian education services provider, to fund its next phase of expansion and platform development. The additional capital is being invested via funds managed by KKR (which will remain the majority stakeholder) with participation from new investor PSP Investments to support growth across early childhood and K–12 schools, including technology and operational enhancements.

R Systems International Ltd completed the acquisition of Novigo Solutions Private Limited on November 13, 2025, following a definitive agreement announced on August 21, 2025 and receipt of regulatory approvals. R Systems acquired 100% of Novigo’s equity, making Novigo a subsidiary, to expand R Systems’ digital engineering, intelligent automation, and AI capabilities.

Altimetrik announced it has completed the acquisition of SLK Software, creating a combined digital engineering and technology services organization with expanded AI-first, data-led and digital enablement capabilities. Following the transaction, SLK Software will operate under the new identity “SLK, an Altimetrik company.” TPG Capital Asia is referenced as an Altimetrik investor/board participant supporting the combined company’s growth strategy.

UST acquired Modus Information Systems Private Limited, a Bengaluru-based core banking implementation partner serving banks in India and across the Global South. The deal strengthens UST’s core banking and financial services capabilities, aligning with its Banking-as-a-Service offering (BanktrUST). Financial terms were not disclosed.

Ryan announced a strategic investment to acquire a majority stake in Dhruva Advisors, forming a joint venture to expand Ryan’s capabilities and presence in India and broader high-growth markets across Asia and the Middle East. As part of the transaction, Ryan leadership will join Dhruva Advisors’ board, Dhruva’s partners will acquire equity in Ryan, and Dhruva Chairman and CEO Dinesh Kanabar will become Vice Chairman of Ryan.

Scope Technologies Corp. acquired Cloud Codes (Plurilock Security Private Limited), an India-based provider of secure single sign-on (SSO), identity management, and distributed storage solutions, via an asset purchase agreement with Plurilock Security Inc. The total consideration was CAD $1.78 million, consisting of CAD $100,000 in cash and 4,200,000 Scope common shares issued to Plurilock. Scope plans to rebrand Cloud Codes under its QSE Group ecosystem and integrate its middleware into QSE’s decentralized cloud backbone, with future offerings focused on quantum-secure authentication and storage for regulated industries.

Amazon completed its acquisition of Axio (formerly Capital Float), an India-based digital lending and checkout finance provider, after receiving regulatory approval from the Reserve Bank of India. The deal strengthens Amazon’s financial services in India by enhancing Amazon Pay Later/Buy Now Pay Later offerings and expanding access to responsible credit for consumers and small businesses.

Tessolve, a semiconductor and embedded engineering services company and a Hero Electronix venture, raised a $150 million growth investment from TPG via TPG Growth. The capital will support expansion of global delivery centers and advanced test labs, increased R&D, and strategic acquisitions to broaden capabilities and geographic reach.

Mukka Proteins Ltd. acquired a majority stake in FABBCO Bio Cycle and Bio Protein Technology Pvt. Ltd. for approximately INR 60 million (about US$680,000). The deal brings FABBCO’s black soldier fly (BSF) waste-to-protein technology into Mukka Proteins’ operations, supporting expansion in large-scale organic waste diversion and sustainable animal feed and compost production, including a 300-tons-per-day facility in Bengaluru.

VVDN Technologies acquired GGS Engineering Services to expand its engineering research and development (ER&D) capabilities across the automotive, MedTech, and aerospace sectors. The combined business will operate under the VVDN umbrella, adding experienced engineering talent in mechanical design, analysis, simulation, virtual manufacturing, and technical publications to complement VVDN’s embedded systems and manufacturing strengths.

Torrent Pharmaceuticals has entered definitive agreements to acquire a controlling stake in J.B. Chemicals & Pharmaceuticals (JB Pharma) from KKR, valuing JB Pharma’s equity at INR 25,689 crores on a fully diluted basis. The deal will occur in phases, starting with Torrent’s purchase of 46.39% (with additional purchases and a mandatory open offer up to 26%), and will be followed by a merger of JB Pharma into Torrent via a scheme of arrangement.

Straive, a global provider of data, analytics, and AI operationalization services, announced it has acquired SG Analytics (SGA), an AI-powered insights and contextual analytics services firm. The deal expands Straive’s capabilities and scale in data & AI solutions across verticals including banking and financial services, information services, and technology/media, with SGA operating from offices in New York, London, and Pune. Novistra Capital served as exclusive financial advisor to SG Analytics.

KKR announced a $600 million financing investment in Manipal Education and Medical Group (MEMG), arranged by KKR Capital Markets and anchored by KKR’s private credit and insurance platforms. The structured capital is intended to support the Manipal Group’s corporate expansion and long-term growth objectives across its healthcare, education, and health insurance businesses.

Investcorp announced the sale of its entire stake in Citykart, an Indian value fashion retailer, to TPG NewQuest and A91 Partners. The transaction marks Investcorp’s fifth full exit from its India Consumer Growth Portfolio (ICGP).

Farmley, a healthy snacking brand in India focused on dried fruits and nuts, completed a $42 million Series C fundraising round led by L Catterton. Existing shareholder DSG Consumer Partners also participated. The capital will be used to scale Farmley’s growth in India’s expanding healthy snacking market, including product innovation and broader regional penetration.

MediaMint, an AI-powered revenue operations and marketing services provider, acquired DataBeat, a yield optimization, data engineering, and analytics services firm serving media platforms and publishers. The deal expands MediaMint’s data and analytics delivery capabilities and strengthens its AI-driven, data-informed solutions for media and AdTech clients. Everstone Capital and Recognize Partners were cited as co-investors in MediaMint in connection with its scaling strategy.

Algorhythm Holdings announced the acquisition of India-based SMCB Solutions (SemiCab India), marking its second transaction involving SemiCab following the purchase of SemiCab’s U.S. business in July 2024. Algorhythm’s subsidiary SemiCab Holdings, LLC acquired 9,999 of 10,000 outstanding shares, paying with a $1.75 million promissory note and 119,742 shares of Algorhythm common stock.

NETGEAR Inc. announced the acquisition of VAAG Systems, an embedded and cloud software solutions provider based in Chennai, India. The deal supports NETGEAR’s plan to in-source software development and establish a new Chennai-based Software Development Center to accelerate AI-enabled networking solutions for small and medium enterprises.

Accenture has acquired TalentSprint, a deep tech education and talent development company, from NSE Academy Ltd., a wholly owned subsidiary of National Stock Exchange of India Limited (NSE). The deal expands Accenture LearnVantage’s training capabilities across university certifications and bootcamps to build future-ready talent pools for enterprises and governments.

IDFC FIRST Bank’s board approved a preferential issue of equity capital (CCPS) totaling approximately ₹7,500 crore to two investors: Currant Sea Investments B.V. (an affiliate of Warburg Pincus) and Platinum Invictus B 2025 RSC Limited (a wholly owned subsidiary of ADIA). The capital raise is intended to strengthen the bank’s balance sheet and support its next phase of growth, subject to shareholder and regulatory approvals.

Improving, a digital services and technology consulting organization, acquired InfraCloud, an open-source cloud-native computing company focused on AI cloud services and application modernization. The deal expands Improving’s development capabilities in Asia by adding InfraCloud’s primarily Pune, India-based workforce and deep cloud-native engineering expertise. InfraCloud’s leadership team will remain in place to continue leading and growing the business within Improving’s portfolio.

OptiMIM (a Form Technologies company) and Vasantha Tool Crafts Pvt. Ltd. announced a strategic joint venture to create a new entity, OptiMIM Global. The JV combines OptiMIM’s metal injection molding technology with Vasantha’s precision mold design and manufacturing capabilities to expand production capacity and global market reach across multiple end markets.

TPG (via TPG Rise Climate) and MAVCO Investments, alongside continued minority ownership from Siemens Gamesa and a minority stake from industry veteran Prashant Jain, acquired a majority stake in Siemens Gamesa’s onshore wind turbine generator manufacturing business in India and Sri Lanka. The deal creates a new independent platform, Vayona Energy, which will take on approximately 1,000 employees and Siemens Gamesa’s local manufacturing infrastructure while licensing Siemens Gamesa technology.

Bain Capital, through affiliates BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, signed definitive agreements to acquire joint control in Manappuram Finance via a preferential allotment of equity and warrants. Bain Capital will invest approximately INR 4,385 crore for an 18.0% fully diluted stake, and the transaction will trigger a mandatory open offer for up to an additional 26.0%. Existing promoters will remain fully invested and continue as partners in the business.

CVC has signed definitive agreements to sell CVC Asia V’s majority stake in Healthcare Global Enterprises (HCG) to funds managed by KKR for up to US$400 million, at INR 445 per share. The deal involves the sale of up to a 54% stake and is expected to close in Q3 2025, subject to regulatory approvals and customary conditions.

Carlyle has completed the acquisition of a controlling stake in Highway Industries Limited and Roop Automotives Limited through a proprietary, exclusive transaction funded by vehicles affiliated with Carlyle Asia Partners. The two India-based auto components manufacturers will be combined into a diversified platform producing forged and precision-machined components, steering assemblies, transmissions, and other powertrain-related parts for electric, hybrid, and ICE vehicles, with founders retaining minority stakes.

Everstone Capital, a Singapore-based private equity firm, acquired a majority stake in Wingify, the India-origin SaaS company behind the marketing technology product VWO. The deal includes a significant investment to accelerate VWO’s product innovation and international expansion, while Wingify’s leadership and founders retain substantial ownership and ongoing involvement.

Shriram Housing Finance announced it has rebranded as Truhome Finance following its acquisition by Warburg Pincus and co-investors including QIA. The transaction, completed in December 2024, involved an investment of ₹1,225 crore into Shriram Finance Group and is intended to support Truhome Finance’s growth in affordable housing finance across India.

EQT Infrastructure IV and Temasek agreed to sell 100% of O2 Power to JSW Neo Energy, a wholly owned subsidiary of JSW Energy, for USD 1.5 billion. Headquartered in Gurgaon, India, O2 Power is a utility-scale renewable energy platform across solar, wind and hybrid technologies with 4.7 GW of total secured capacity.

Interpublic Group acquired Mumbai-based retail and e-commerce analytics company Intelligence Node in a deal reported at nearly $100 million (including integration costs), strengthening Interpublic’s commerce and retail media capabilities. Intelligence Node’s AI-driven platform aggregates and analyzes billions of data points across thousands of retail categories and global markets, and its data will be integrated across Interpublic’s agency portfolio and Acxiom; Intelligence Node will maintain its brand.

MakeMyTrip acquired expense management platform Happay from Indian fintech company CRED to strengthen its corporate travel business. Happay will continue supporting its existing clients while partnering with MakeMyTrip’s corporate travel services team; financial terms were not disclosed.

Reliance Industries Limited (RIL), Viacom18 and The Walt Disney Company completed a transaction to form a joint venture in India by merging Viacom18’s media and JioCinema businesses into Star India Private Limited (SIPL). RIL also invested ₹11,500 crore (~US$1.4B) of growth capital into the JV, which is valued at ₹70,352 crore (~US$8.5B) post-money and will be controlled by RIL. Separately, RIL bought out Paramount Global’s entire 13.01% stake in Viacom18 for ₹4,286 crore.

Kovai.co, an enterprise software and B2B SaaS company based in London (with operations in Coimbatore, India), has acquired Floik, a Bengaluru-headquartered SaaS provider. The deal is intended to enhance Kovai.co’s AI-powered knowledge management product, Document360, by integrating Floik’s interactive demos, videos, and guided walkthrough capabilities for Document360’s 2,500+ global customers.

OmniActive Health Technologies announced the acquisition of ENovate Biolife to expand its portfolio of clinically studied botanical health ingredients for consumer product markets. ENovate, headquartered in Mumbai, develops proprietary botanical ingredients across sports and active nutrition and other health categories, and has previously partnered with OmniActive via a licensing agreement for enXtra.

A. O. Smith Corporation completed its acquisition of Pureit, a Unilever PLC business, for approximately $120 million (subject to customary adjustments). Pureit provides residential water purification solutions primarily in India, and the deal expands A. O. Smith’s premium water treatment product portfolio and e-commerce presence.

IBM has acquired Prescinto, a provider of renewable energy asset performance management (APM) software delivered as SaaS. The deal is intended to enhance the IBM Maximo Application Suite by adding AI-driven monitoring, analytics, and automation for optimizing wind, solar, and energy storage asset operations.

New Delhi-based investment consultancy firm Capital IQ has acquired domestic drone manufacturer Karman Drones Pvt. Ltd for an undisclosed amount, valuing Karman at about Rs 75 crore (~$9 million). Capital IQ said the acquisition is intended to accelerate Karman’s growth and expansion and position the company for a potential IPO in the coming years.

SHI International completed the acquisition of Locuz Enterprise Solutions, an Indian cybersecurity and digital transformation services company based in Hyderabad. The deal expands SHI’s geographic presence in India and strengthens its capabilities across cloud, cybersecurity, networking, data center, and managed IT operations to better support global customers.

TransPerfect acquired India-based Paybooks Technologies, a provider of cloud-based HR, payroll, and compliance solutions for managing international workforces. Paybooks will continue to be led by its existing executives, who will join TransPerfect’s senior management team, and financial terms were not disclosed.

EQT, through its BPEA Mid-Market Growth Partnership (MMG) fund, has agreed to acquire a 100% stake in Indostar Home Finance for INR 17.5 billion (USD 210 million). In addition, the MMG fund will invest INR 5 billion of primary capital into the company to support expansion and digital transformation. Indostar Home Finance is currently a wholly owned subsidiary of IndoStar Capital Finance Limited.

Bain Capital announced a strategic partnership and investment in RSB Transmissions, a manufacturer of automotive and off-highway components and aggregates. Bain Capital will partner with RSB’s founders and management team to support organic growth and pursue strategic M&A opportunities, subject to customary regulatory approvals.

Funds managed by EQT (via EQT Private Capital Asia / BPEA Private Equity Fund VIII) agreed to acquire a controlling beneficial interest in GeBBS Healthcare Solutions Private Limited from ChrysCapital. GeBBS is a healthcare technology and outsourcing provider focused on revenue cycle management (RCM), health information management, medical coding and billing, and risk adjustment services for US healthcare providers and payers. The transaction is expected to close in Q4 2024.

Rappi, Latin America’s on-demand delivery platform, announced an asset acquisition of Fountain9, an India-based company providing AI-driven supply chain and inventory planning technology. Rappi is acquiring Fountain9’s intellectual property and onboarding Fountain9’s founders and team into a newly formed entity in India, while continuing to support Fountain9’s existing customer base. The deal is intended to strengthen Rappi Turbo’s retail operations and expand Rappi’s ability to offer supply-chain technology solutions, including to external partners.

Platinum Equity acquired a controlling stake in the core Oral Solid Dosage (OSD) business of Inventia Healthcare Limited, a Mumbai-headquartered generic pharmaceuticals manufacturer and developer. The stake was purchased from India Life Sciences Fund III (advised by InvAscent), NYLIM Jacob Ballas India Fund III and affiliates, and the founding Shah family, which is retaining a minority interest; Inventia’s injectables (Invengene) and nutraceuticals (Nutriventia) businesses are excluded from the deal and remain with the Shah family.

Conagra Brands, Inc. completed the sale of its subsidiary’s 51.8% ownership stake in Agro Tech Foods Limited (ATFL), an India-based food company. Following the transaction, Conagra no longer consolidates ATFL’s results in its financial statements as part of its portfolio reshaping strategy.

Warburg Pincus acquired a majority equity stake in Ebco Private Limited, an Indian manufacturer of furniture fittings and architectural hardware. Ebco’s promoters will retain a significant minority stake and remain actively involved in driving the company’s next phase of growth.

Xcite Automotive acquired Double4 AI to integrate advanced AI capabilities into Xcite’s automotive retail and dealer technology offerings. The deal expands Xcite’s product suite (including AI-driven imaging, QA, damage detection, and media tools), adds four patents, and increases global capacity with a new office in India adding more than 70 developers.

Aquilo House Pte. Ltd., an entity of CVC Capital Partners Asia VI, entered into definitive agreements to acquire 26.47% of Aavas Financiers through the purchase of 20,949,112 shares. The stake is being bought from selling shareholders including Partners Group entities and Lake District Holdings Limited (an affiliate of Kedaara Capital), with the acquisition triggering a mandatory open offer under India’s SEBI takeover regulations and resulting in CVC becoming the promoter upon closing.

Online staffing platform Instawork has acquired AbleJobs, a Bengaluru-based provider of placements and training for job seekers in India. The acquisition was announced in an Instawork blog post on 6 August, and financial terms were not disclosed.

Net at Work entered a strategic alliance with Kensium featuring reciprocal acquisitions of business units and IP. Net at Work acquired Kensium’s Acumatica practice (including consultants, operations, and a majority of the customer base), while Kensium acquired Pixafy, Net at Work’s eCommerce agency. The transactions closed on July 26, 2024.

Appy Pie acquired Appsmakerstore.com in an asset transaction that includes the platform technology, intellectual property, and customer base. The deal expands Appy Pie’s no-code app building capabilities and customer community, with financial terms undisclosed.

TA Associates announced a strategic growth investment in Vastu Housing Finance, a pan-India diversified lending institution focused on affordable housing finance as well as small business and used vehicle lending. The investment positions TA as a long-term partner to support Vastu’s continued expansion across India; financial terms were not disclosed.

TRAKAmerica (Data Search NY Inc.) acquired KnovaOne, a legal-focused business process outsourcing provider supporting the accounts receivable management market. The deal expands TRAKAmerica’s global capabilities and service offerings in legal recovery process optimization and related legal process outsourcing and collateral recovery management services, with KnovaOne continuing to operate under its brand.

Accenture has acquired Excelmax Technologies, a Bengaluru (Bangalore), India-based semiconductor design services provider. The deal expands Accenture’s silicon design and engineering capabilities across the chip development lifecycle, supporting client needs in areas such as consumer devices, data centers, AI/edge computing, automotive and telecommunications. Financial terms were not disclosed.

Novo Holdings led an investment round in AgNext Technologies Private Limited, an agritech and food technology company developing AI-based food quality assessment solutions. The funding will support further technology development and help AgNext scale product sales internationally and expand into new food segments.

Sky Gold Ltd., a Mumbai-based jewellery company, acquired Starmangalsutra Pvt. Ltd. and Sparkling Chains Pvt. Ltd. to expand its total addressable market and increase product presence across retail outlets. The consideration of Rs. 23.98 crore (Starmangalsutra) and Rs. 26 crore (Sparkling Chains) will be paid via preferential issuance of 4,17,542 Sky Gold equity shares to the targets’ existing shareholders.

Capital Square Partners (CSP), with co-investment from ServiceNow Ecosystem Ventures, made a strategic growth equity investment in inMorphis, a global pure-play ServiceNow partner. The funding is intended to accelerate inMorphis’ go-to-market expansion and generative AI-enabled capabilities, with a focus on growth in India and ASEAN and broader global expansion. This is inMorphis’ first institutional investment.

Coforge Ltd signed definitive agreements with the promoters and select public shareholders of Cigniti Technologies to acquire a majority stake in the company. Coforge has also launched an open offer to purchase an additional 26% stake in Cigniti. The deal is intended to expand Coforge’s digital assurance and engineering capabilities and strengthen its presence across key US markets.

KKR signed definitive agreements for a fund it manages (Asian Fund IV) to invest in Infinx Services Private Limited, an AI-driven provider of revenue cycle management solutions for the U.S. healthcare market. The investment is intended to accelerate Infinx’s growth, expand its network, and support future bolt-on acquisitions. Norwest Venture Partners also participated in the financing.

ChrysCapital is investing up to $100 million in Centre for Sight (CFS), a New Delhi-based eye care chain, through a mix of primary capital infusion and a secondary purchase. The transaction includes ChrysCapital’s purchase of Mahindra Holdings Limited’s entire stake, resulting in ChrysCapital acquiring a significant minority position. The investment is intended to support CFS’s expansion and scaling of eye care delivery across India.

Infosys has completed the acquisition of InSemi, a semiconductor design and embedded services provider, following its prior announcement on January 11, 2024. The deal is intended to strengthen Infosys’ Engineering R&D capabilities and support its Chip-to-Cloud strategy by adding niche semiconductor design skills at scale.

Quadria Capital led a $102 million funding round in NephroPlus, combining primary capital infusion with secondary share purchases. As part of the transaction, Investcorp partially exited its stake but retained a significant minority ownership, while other existing investors also sold secondary shares.

KKR signed definitive agreements for funds it manages to acquire a controlling interest in Healthium MedTech Ltd., an Indian medical devices company. Healthium is being acquired from an affiliate of funds advised by Apax Partners LLP, with closing expected in the third quarter of 2024 subject to regulatory approvals.

Firstsource Solutions Limited has acquired Quintessence Business Solutions & Services Private Limited, an India-based outsourced revenue cycle management (RCM) services and technology provider. The deal is intended to strengthen Firstsource’s end-to-end, AI-enabled RCM offering for healthcare providers, expanding offshore delivery capabilities (including medical coding) and extending reach from hospitals to physician groups and integrated health systems.

Investcorp entered into an agreement to acquire NSEIT Limited, the digital technology services business of the National Stock Exchange (NSE), for approximately INR 1,000 crores. The transaction excludes NSEIT’s digital examinations business, and positions Investcorp to scale NSEIT’s digital transformation and cybersecurity services footprint in India and internationally.

Happiest Minds Technologies Limited signed definitive agreements to acquire 100% of the equity share capital of PureSoftware Technologies Private Limited for total consideration of US$94.5 million (₹779 crores). The deal includes an upfront payment at closing and deferred, performance-based payments due by the end of FY25/2025, and is intended to strengthen Happiest Minds’ digital engineering and transformation capabilities, particularly in BFSI and healthcare/life sciences.

ChrysCapital is investing about $70 million to acquire an undisclosed minority stake in Ahmedabad-based pharmaceutical company La Renon. The investment expands ChrysCapital’s pharmaceutical portfolio as La Renon continues to grow its domestic formulations business across multiple chronic therapy segments.

Warburg Pincus acquired a stake in Appasamy Associates Pvt. Ltd., an Indian manufacturer of ophthalmic equipment and intraocular lenses. The investment is intended to support Appasamy’s next phase of growth in India and export markets, with the promoter family continuing to support the business alongside CEO Senthil Kumar.

Symphony Technology Group (STG) acquired Eka Software Solutions, a commodities trade and risk management (CTRM) and commodity management software provider. STG will merge Eka into its existing portfolio company Quor Group to expand the combined CTRM software suite across commodity asset classes and end markets.

Fincare Small Finance Bank Limited has merged with and into AU Small Finance Bank Limited, effective April 1, 2024, creating a pan-Indian retail banking franchise focused on financial inclusion. TA Associates, an existing investor in Fincare since 2017, will remain a shareholder in the combined AU SFB group.

Svatantra Microfin Pvt. Ltd. entered into a definitive agreement to receive a $230 million investment from Advent International and Multiples Private Equity, described as the largest private equity investment in India’s microfinance sector. The investment follows Svatantra’s acquisition of Chaitanya India Fin Credit Limited and is expected to support the combined entity’s growth after the proposed merger. Svatantra’s promoter group led by Ananya Birla will retain a significant majority stake.

EQT Private Capital Asia, via BPEA Private Equity Fund VI, sold its remaining 26.7% stake in CMS Info Systems Limited in a USD 187 million block trade. CMS Info Systems, headquartered in Mumbai, provides ATM and retail cash management, cash-in-transit, ATM managed services, and banking automation solutions across India.

ChrysCapital-backed Xoriant has acquired Bengaluru-based cloud management solutions provider MapleLabs Inc for an undisclosed amount. The deal is intended to strengthen Xoriant’s platform engineering and cloud-native application capabilities, adding MapleLabs’ IP such as the SnappyFlow observability platform and cloud/data centre sizing tools.

Novo Holdings announced an investment in Manipal Hospitals, a major private hospital chain in India, marking Novo Holdings’ largest investment in Asia to date. Manipal Hospitals operates a nationwide network of 33 hospitals and will use the investment to support its continued growth in private healthcare services.

Dhoot Transmission Group announced a strategic growth investment from Bain Capital, with Bain acquiring a significant minority stake in the automotive components manufacturer. Founder and CEO Rahul Dhoot will continue to partner with Bain to support Dhoot’s growth, innovation, global expansion, and future M&A initiatives. Financial terms of the private transaction were not disclosed and the deal is subject to regulatory approval.

Milestone Technologies announced the acquisition of Suyati Technologies Pvt Ltd, an IT services and digital solutions firm headquartered in Kochi, India. The deal expands Milestone’s global delivery footprint and strengthens its capabilities in Microsoft and cloud technologies, Salesforce, data engineering, and advanced analytics to support AI-enabled and CX transformation solutions for clients.

BPEA EQT Mid-Market Growth Fund, part of EQT, agreed to acquire a majority stake in Indium Software from existing shareholders. Indium is a Chennai-headquartered digital engineering and tech services provider offering product engineering, data analytics, ML/AI, and digital assurance services. The transaction is expected to close in Q1 2024, with co-founder Ram Sukumar continuing as CEO.

Investcorp led an investment of INR 340 crore (approximately $41 million) in Canpac Trends, an Ahmedabad-based provider of paper-based packaging solutions. The transaction also provides a partial exit for JM Financial India Fund II, which has been invested in Canpac since 2021. The capital will be used to expand Canpac’s manufacturing footprint across India, support acquisitions, and strengthen R&D.

FROM, The Digital Transformation Agency, completed the acquisition of Algoworks to strengthen its software product engineering and design capabilities, including expanded Salesforce development, implementation, and customization services. The deal follows FROM’s partnership with Trivest Partners, supporting the combined company’s ability to scale delivery through Algoworks’ engineering talent base.

Investcorp announced the successful exit of its investment in publicly listed Safari Industries, selling its stake in three tranches over the last twelve months. Investcorp had invested INR 75 crore in February 2021 and realized total proceeds of INR 285 crore (3.8x MOIC) with an IRR of more than 100%.

BPEA EQT sold its remaining 26.6% stake in Coforge via a USD 924 million block trade, exiting its investment in the India-headquartered digital IT solutions and technology services provider. BPEA EQT and co-investors originally acquired a 70.1% stake in May 2019 and, during its ownership period, Coforge doubled revenue and EBITDA and surpassed USD 1 billion in revenue in April 2023.

Qatar Investment Authority (QIA) will invest ₹8,278 crore (about $1 billion) in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. The investment results in a 0.99% minority equity stake in RRVL on a fully diluted basis, valuing RRVL among India’s top four companies by total equity value.

BPEA EQT (BPEA Private Equity Fund VIII) has agreed to acquire a control/majority stake in Indira IVF, India’s largest fertility clinic chain, from TA Associates and the company’s founders. The founders will retain a significant minority stake and continue to lead the business, with BPEA EQT planning to invest in R&D, technology, and geographic expansion.

TPG, through its TPG Capital Asia platform, completed the acquisition of a 99.02% equity stake in Poonawalla Housing Finance Limited (PHFL) from Poonawalla Fincorp Limited. The deal valued PHFL at a pre-money equity valuation of INR 39 billion and includes a planned additional equity infusion of up to INR 10 billion (Rs. 1,000 crores) to support PHFL’s growth in India’s affordable housing finance market.

Bain Capital entered into a definitive agreement to acquire 90% of Adani Capital and Adani Housing, buying out 100% of the Adani family's private investments in the businesses. Bain Capital also committed $120 million in primary capital and is providing an additional $50 million liquidity line via non-convertible debentures, while CEO Gaurav Gupta will roll his stake and continue to lead the company.

Ventra Health acquired ArcMed, an India-based billing and automation services organization. The deal is intended to strengthen Ventra Health’s service performance and quality, improve operational efficiency, and add scale for automation, predictive analytics, and global service delivery.

Canyon Trail Investments B.V., an affiliate of Warburg Pincus, acquired a majority stake in Watertec India Private Limited, a polymer-based bath fittings brand. Watertec is headquartered in Coimbatore, India and manufactures a broad portfolio of bath fittings and related products sold through a nationwide distribution network.

Accenture has agreed to acquire and subsequently completed the acquisition of Flutura, an industrial artificial intelligence company headquartered in Bangalore, India. Flutura’s industrial data science services and AI platform will enhance Accenture’s industrial AI offerings for asset-intensive clients, including those in energy, chemicals, metals, mining, and pharmaceuticals. Financial terms were not disclosed.

BPEA Private Equity Fund VIII (BPEA EQT), together with co-investor ChrysCapital, agreed to acquire a 90% stake in HDFC Credila for an INR 103.5 billion pre-money valuation. The stake is being purchased from parent Housing Development Finance Corporation Ltd. (HDFC), which will retain a 9.99% minority stake. The investor consortium also plans to inject INR 20 billion of primary capital to fund growth and accelerate HDFC Credila’s digital transformation.

L Catterton invested approximately $60 million in Drools Pet Food Private Limited, an Indian pet food manufacturer and brand owner. The investment is intended to help Drools accelerate growth and strengthen its position in India’s fast-growing pet food market by leveraging L Catterton’s category expertise and brand-building capabilities.

Bain Capital Private Equity announced it has acquired Porus Labs, a manufacturer of agricultural and specialty chemicals. The investment is intended to support Porus Labs’ growth through investments in talent, business development, capacity expansion, process engineering, and development or acquisition of differentiated chemical capabilities. Financial terms were not disclosed and the transaction is subject to regulatory approvals.

R Systems, a Blackstone portfolio company, signed definitive agreements to acquire Velotio, an India-based product engineering and digital solutions provider. Velotio’s leadership and team will partner with R Systems to scale the business and deepen capabilities in areas such as cloud, DevOps, data engineering, and generative AI. The transaction is subject to customary closing conditions.

Funds advised by Apax Partners LLP (Apax) agreed to invest approximately $450 million to acquire a significant minority stake in IBS Software, a travel and logistics SaaS provider. The stake is being acquired from Blackstone, while IBS Software’s founder and Executive Chairman V K Mathews will remain the majority shareholder following closing (expected end of Q2 2023, subject to customary conditions).

Macquarie Capital acquired a majority stake in Excel Telesonic India Private Limited (CloudExtel), a Network as a Service (NaaS) provider in India. The investment will support CloudExtel’s expansion of telecommunications infrastructure, including small cells and fibre deployments, and continued development of virtualized network solutions.

Accordion, a private equity-focused financial and technology consulting firm, signed a definitive agreement to acquire Merilytics, a provider of advanced analytics, data management, and business intelligence reporting solutions. The acquisition will serve as the foundation of Accordion's Data & Analytics Practice and expand its end-to-end data and analytics support for CFO clients. Financial terms were not disclosed.

Nextiva announced it has acquired Simplify360, an India-based AI customer experience platform. The deal expands Nextiva’s conversation platform to include capabilities such as social media management, reputation management, live chat, and helpdesk CRM, with integration into Nextiva’s platform expected over time. Financial terms were not disclosed.