Parag Milk Foods Private Limited’s search for an investor ended with IDFC PE all set to invest in the company. The investment is the largest PE infusion in the country’s dairy sector. These funds will be utilised to build capacities in various product lines and to strengthen its procurement infrastructure.
IDFC will invest around R155 Cr for approx. 15-20% stake in the company through CCDs. Existing investor Motilal Oswal PE will be diluting its stake. Motilal had invested R55 Cr in Parag Milk in 2008 for 10-12% stake.
Edelweiss was the I-bank to the transaction.
Post the transaction, promoters will hold around 60% stake and 35% stake will be held by two PE funds together.
Sunnyvale, California-based Druva Inc., a cloud-first data protection solution provider, announced receiving $51 million in funding. This round of funding was led by existing investor Sequoia India, along with participation of new investors such as Blue Cloud Ventures, Hercules Capital, and Singapore-based EDBI. Existing investors like Japan’s NTT Finance (financial arm of Japanese telecommunications company Nippon Telegraph and Telephone Corporation), Nexus Venture Partners and Tenaya Capital also contributed to this round.