Ahmedabad Broker Anagram Securities Gets Funding From Halcyon Group

June 25, 2007 | by Sahad P V

Ahmedabad-based stock broking firm Anagram Securities has received private equity funding from Munesh Khanna-founded Halcyon Group. Part of the Rs 2,000 crore-Lalbhai Group (the owner of Arvind Mills), Anagram is believed to have been valued at Rs 165 crore ($40.5 million). The firm has placed 15 per cent stake to the $300 million distressed assets fund, according to a report in The Economic Times.

Anagram, which also runs stock research portal Moneypore.com, is largely focused on Gujarat. Its services are also limited to retail broking and research, a reason why it is valued less than its Mumbai counter parts like Anand Rathi Securities (where Citigroup Venture Capital International picked up stake at a valuation of $112 million).

The company now plans to diversify into investment banking and advisory, wealth management, portfolio management and institutional broking business. This is somewhat against it’s earlier position which said it would not indulge in “proprietorial trading” and manage no mutual funds, nor would be interested in corporate finance (see About Us here).

Halcyon Group is floated by Khanna, who recently left Merrill Lynch as head of investment banking, and others like Narayan Seshadri, former head of Andersen Consulting in India, and Abhay Soi, who was at Ernst & Young India. Khanna will be the non-executive chairman of Anagram. Darshan Mehta, the CEO of Arvind Brands, also doubles up as the CEO of Anagram.

Click here for our coverage of deals in broking business.

Helion Venture Invests In Editorial Outsourcing Firm Mindworks Global

June 25, 2007 | by Sahad P V

Helion Venture Partners has invested in custom publishing and media outsourcing firm Mindworks Global. The Delhi-based company is set up by a group of ex-journalists led by former Businessworld magazine editor Tony Joseph. The investment amount could be anywhere between $10 million and $15 million, although this could not be confirmed. When contacted by VC Circle, Joseph did not offer comments, while a mail to Helion’s managing partner Ashish Gupta did not elicit a response.

Mindworks’ objective is to use India’s cost arbitrage advantage in editorial and publishing domain. It provides editorial and design services to global media firms, making use of the journalistic and design talent available in India. The company, set up about four years ago, employs around 50 people. It had angel investment from Ranjan Kapur, advertising veteran and chairman of O&M, and the Anand Bazar Patrika Group.

Joseph’s challenge will be to scale the firm, while the editorial talent is also getting expensive in India. The companies like Spenta Multimedia and Mediascope (in advertising sales) are already offering such services to domestic clients, but haven’t yet scaled in a BPO sense. The global custom publishing business will be worth a few billion dollars.

The media outsourcing business in the visual media domain has gotten active with NDTV and TV-18 launching companies in this space. NDTV last year announced a joint venture with Genpact, while TV-18 launched its own called Source 18 in partnership with Infosys BPO. These folks are targeting work like digitising content, repurposing content for multiple delivery platforms and so on. This market, claims companies, can be worth $2 trillion by 2008.

Helion currently manages a $140-million fund. The fund, set up last year, has made several investments like Amba Research (unannounced), Zmanda (co-invested in $8 million round), Anantara Solutions (part of the $6.5 million round), online ad network Komli (undisclosed), JiGrahak ($2.2 million), Gridstone Research (undisclosed), and MakeMyTrip (part of the $13-million funding).

GE India’s Outgoing CEO Scott Bayman Joins Stonebridge International

June 25, 2007 | by Sahad P V

Scott Bayman, who recently retired as CEO of GE India, is joining Stonebridge International, an international consultancy firm that advises multinational companies on their strategies in countries like Brazil, Russia, India and China, a release said. Bayman is joining Stonebridge’s India team, which already counts people like former US ambassador in India Richard Celeste and former State Bank of India chairman M S Verma, among others. Stonebridge essentially helps companies wade through the complex government policies and regulatory frameworks in BRIC countries.

Bayman has spent 14 years as head of GE India’s operations, and helped it grow from a $100 million company to $3 billion in revenues and 13,000 employees now. He also sits on the boards of companies like Crompton Greaves, Punj Lloyd, and Jubilant Energy NV, The Netherlands. All this experience will be now put to use at Stonebridge.

Tesco Entry Into India May Take 2-5 Years Unless FDI Policy Changes

June 23, 2007 | by Sahad P V

UK-based grocery chain Tesco is not in a hurry to enter India. Media reports suggest, quoting a senior Tesco official, that the retail chain is not looking at entering India unless foreign direct investment is allowed in the front end retail chains.

“We do expect to be there (India) but subject to changes in the laws. It takes years of patient work. We think this is not just a flash in the pan, we are talking two to five years,” Tesco finance and strategy director Andrew Higginson has reportedly told a consumer and retail summit in London.

Tesco was in talks with Bharti Group sometime last year for an India entry, however it lost out to US retail chain Wal-Mart in striking the JV. Subsequently, the company was reportedly in talks with other Indian business groups like Hero Honda’s Munjals and the Tatas. It looks like Tesco is not interested in picking up stake in a cash and carry business the way Wal-Mart has done with Bharti.

Like Tesco, French retail chain Carrefour is also going slow on their India entry. One reason may be that the current UPA government in India is not forthcoming on the retail FDI policy. Even though the commerce and industry minister Kamal Nath is in favour of opening up the sector, UPA chairperson Sonia Gandhi is worried about the impact of such a policy on the kirana stores (and how that will impact the future of the Congress party in electoral politics).

Currently a 51 per cent foreign investment is allowed in single-brand retail, while foreign multiple-brand retailers in India are limited to cash-and-carry and franchise or licence operations.

Some Investing Lessons From Yahoo’s Rivals.com Buy

June 23, 2007 | by Sahad P V

Yahoo recently bought sports content website Rivals.com for $100 million. What is interesting is, in 2001, Yahoo had offered to buy the then-loss making Rivals for $25 million (via Bill Burnham). The company was on its last legs. The deal fell through as Yahoo insisted on “a incredibly complex structure” in order to keep the losses low on books. VCs liquidated their holdings. The founder bought out all the assets and rejuvenated the company with a “non-bubble cost and mentality”. Six years hence, the site was sold for $100 million to Yahoo only. (Yahoo ended up paying $75 million more, even though they knew Rivals was a good product a few years ago).

Burnham draws a few investing lessons from this:

1) Even if good products are damaged by bad business decisions, they are still good products.

2) The time to buy is when everyone else is selling.

3) You can always reduce expense more.

For entrepreneur:

1) Don’t give up on a good product too soon.

2) If your product is good, and if you are passionate about it, that will pay off finally

I am sure these lessons work in Indian context too.

Amitabh Bachchan Eyes AIM Listing To Raise $200 Million

June 22, 2007 | by Sahad P V

London Stock Exchange’s Alternative Investment Market seems to be the easiest capital raising option for Indian bollywood content and distribution companies. The latest is Amitabh Bachchan is looking to raise $200 million from AIM. His company AB Corp — what was earlier called ABCL which went bankrupt - may look at AIM to raise capital, reports The Economic Times. What may help Bachchan is that several Indian companies like Eros International ($41 million), The Indian Film Company of TV-18 ($110 million) and UTV Motion Pictures ($70 million) have raised capital from AIM very recently. This shows that AIM has tremendous appetite for investing in Indian entertainment companies.

AB Corp is believed to be talking to an unnamed London based investment bank for AIM listing. UK-based Elara Capital had advised TV-18 in listing their film company in which entertainment giant Viacom also holds a small stake. Elara also recently opened their Mumbai office.

The Bachchans are in great shape currently to sell the company to investors now than ever before. The family has highly bankable stars like Abhishek Bachchan, his wife and superstar actress Aishwarya Rai, besides senior Bachchan himself. But the key lies in derisking from the overdependence on the family. The business model may have to have elements like film production, distribution and exhibition and not just acting fee. (Amitabh Bachchan in his latest film Jhoom Barabar Jhoom.)

The Newsletter Service Is Back

June 22, 2007 | by Sahad P V

Update II: The newsletter service is back. So we will be sending out the daily email updates. More importantly, now please go ahead and sign up for the Daily Email Update on the right if you are a new user. It helps you track the important developments in the deal world without much efforts - the stuff comes straight to your inbox.

If you are facing any technical difficulty, please email me on sahad@vccircle.com.

Update I: The service seems to be up, although there are still some technical glitches. If you are not able to register for Daily Email Update, please come back and check again.

(June 21, 2007): The newsletter management company Feedblitz’s servers are down. The servers are being fixed. So you will not be able to register for the daily update if you are a new user. We will also not be able to send the newsletter till the servers are fixed.

Apologies for the inconvenience. Hopefully it should be up soon, after which you can sign up for the update as well as continue receiving the newsletters. Thank you.

More Suitors For Brics Securities: Fortis, Nikko Cordial, Fortress, Lehman

June 22, 2007 | by Sahad P V

There are more suitors for the Mumbai-based institutional broking house Brics Securities. Belgian-Dutch financial group Fortis, Japanese brokerage Nikko Cordial Securities and a leading alternative asset management company Fortress Investment Group are the potential buyers for Brics, according to a report in The Economic Times. An official at Brics Securities has admitted that the brokerage has received offers from global firms.

Earlier reports suggested that Lehman Brothers was in talks with Brics for acquiring the institutional equity business of Brics.

Brics has annual sales of Rs 85 crore, of which the institutional broking business constitutes Rs 50 crore. The company is not apparently keen on selling the institutional business alone since that may end up destroying the value of the company as a whole.

Brics offers services such as equity, debt and commodity broking, portfolio management, distribution of third-party products and depository facilities. It also has an Non Banking Financial Companies (NBFC) licence.

Brics is a part of the JV Gokal Group —an international conglomerate with over 50 years of experience in tea and commodities trading. It came into being in October 2003 following the acquisition and rechristening of Birla Sun Life Securities—a joint venture between the Aditya Birla Group and the Sunlife Group of Canada.

The firm has a network of 13 offices in 8 cities across India.

Prudential Built A

June 21, 2007 | by Sahad P V

UK financial giant Prudential has made a killing out of India - at least in terms of valuation of the businesses it’s in. ICICI Bank’s follow-on public issue documents have some details about the valuation of the assets owned by Prudential in India. The Telegraph of UK reports that they are as much as $3 billion or

Srini Vudayagiri Leaves Thomas Weisel; Anand Sunderji To Take His Place

June 21, 2007 | by Sahad P V

Exclusive: Sreenivasulu “Srini” Vudayagiri, a top executive of private equity funds of funds Thomas Weisel International (TWI) has left the organisation, VC Circle has learnt. Vudayagiri was a Director and Head of Asset Management at TWI, a wholly owned subsidiary of Thomas Weisel Partners. He was leading TWI’s India-focused fund of funds.

According to sources in the know, the parting was not on amicable terms. The exact reasons could not be ascertained. Both TWI and Vudayagiri could not be contacted for comments.

Industry sources say that Vudayagiri may be probably headed to Lightspeed Venture Partners, although this could not be confirmed. In December 2006, Lightspeed debuted in India with $7 million investment in TutorVista.com. Lightspeed does not have an India office yet, though.

Prior to joining TWI in February 2006, Vudayagiri spent close to six years as associate director (South Asia) of Intel Capital based out of Bangalore. Before Intel, he was part of founding team of CDC Capital Partners (now called Actis) in India for four years. Vudayagiri is an alumnus of IIM Ahmedabad.

Update: VC Circle learns that Anand Sunderji (right), who was a VP with Swiss-based $3.3-billion fund of funds Adveq Management, is moving to Thomas Weisel in the place of Srini Vudayagiri. He will be joining in July as Director of Asset Management, and will be heading up the fund of funds.

Before Adveq, Sunderji was the Head of the Investors community (private equity and hedge funds) at the World Economic Forum in Geneva and New York. Previously, he worked at INVESCO Asset Management in London, in capacities such as Senior European Equity and Derivative Portfolio Manager, Fund of Funds Investment Manager and Performance and Risk Analyst.

TWI has so far announced the first close ($65 million) of its targeted $250 million fund of funds. TWI has invested in three funds - IDFC Private Equity, NEA-IndoUS Ventures and iLabs - about $15 million or thereabout in each of them. The full close of the fund is expected this year.

Max India Plans Two Acquisitions In CRO Space; Healthcare IPO In 2 Years

June 21, 2007 | by Sahad P V

Max India Ltd, armed with a $325 million war chest, is looking at acquisitions in clinical research business in the US, media reports suggest. The company had recently raised $250 million via QIP and another $75 million from IFC, the private equity arm of the World Bank.

Analjit Singh-owned Max India runs an hospital chain, Max Healthcare, a life insurance business JV, Max New York Life, and a clinical research company, Neeman Medical International. The Delhi-based firm may buy two clinical research companies (CROs) either in the US or Europe to expand Neeman’s operations. The deal size could be in the range of $30-50 million, Mint newspaper and The Economic Times report, quoting B. Anantharaman, joint managing director, Max India.

Max Healthcare IPO In Two Years

The hospital chain Max Healthcare is planning an IPO in the next two years. Its rival Fortis Healthcare (owned by Max owner Analjit Singh’s nephews Malvinder and Shivinder Singh) had recently listed, and their shares are trading below the listing price.

IFC recently picked up 3.4 per cent in Max Healthcare for Rs 50 crore, valuing the company at Rs 1,470 crore ($367.5 million). The rest Rs 250 crore will be raised through a preferential issue.

Max Healthcare currently operates five hospitals primarily in the National Capital Region of Delhi. It plans to add about 452 beds to its existing 742 beds capacity - essentially about 1200 beds by 2010 to meet the growing demand for quality healthcare in the region.

The parent company Max India owns 70 per cent of Max Healthcare and private equity fund Warburg Pincus 23 per cent. Chairman and founder, Analjit Singh, along with other promoters, owns 41 per cent of Max India, while the remaining are owned by foreign institutional/other investors.


Max India Raises $250 Million From 24 Investors Via QIP

BPO Valuations Softening?

June 20, 2007 | by Sahad P V

Where are the BPO valuations heading? Downwards? The Economic Times reports, quoting industry sources, that there has been a correction in multiples BPO firms have been enjoying till recently. For instance in the case of WNS (listed in NYSE), the shares are currently trading 20 per cent below the peak price. ET report says WNS is currently valued at 44 times its earnings, down from 63 times it commanded six months ago. The Nasdaq-listed EXL Services has also seen a drop in earnings multiples from 36 to 30 times.

This will have an impact on the ongoing M&A and PE deals in Indian BPO sector. ET quotes Salil Parekh, executive chairman of Capgemini India, as saying: “Compared to the first quarter (January-March) of the year, valuations have come down. So in a relative sense they have become more attractive. This will also spur more international players to come out and look for acquisitions.” Please note that Capgemini is looking for a major BPO buyout in India.

Rajesh Jain of KPMG, which was advisor to the Intelenet management buyout of Blackstone, says that current valuations are between 2.5 - 4.5 times the sales multiple and 15-20 times the EBDITA depending on the size, margins and growth prospects. Although Intelenet, which got bought for $200 million, would have got less than 2 times multiple.

So what are the factors that have led to the softening of valuations? The appreciation of the rupee, rising attrition, and the general inability to meet the high growth expectations could be some of them.

Citigroup is looking to sell its captive BPO Citigroup Global Services. The asking price is rumoured to be in the range of $1-1.5 billion for a business that has revenues of about $300-400 million. It remains to be seen how buyers will value a captive firm which also faces the uncertainty of losing a part of the captive business once the contract lapses.

Max India Raises $250 Million From 24 Investors Via QIP

June 20, 2007 | by Sahad P V

Max India, the Delhi-based company which owns a health care chain and a life insurance company, has raised Rs. 1,000 crore ($250 million) via a qualified institutional placement. The QIP issue was subscribed 2.3 times by investors from across the globe. CLSA acted as the sole book runner and global coordinator for the issue.

The QIP will raise foreign institutional holding holding in the company to 39 per cent from around 26 per cent earlier. Max India has an investment limit of 49 per cent for FIIs.

The company issued 41,666,660 new shares at a price of Rs. 240 a share (of face value Rs 2), which constituted 18.8 per cent of the fully diluted equity base of the company. About 40 per cent of the allocation went to US based investors while the remainder was split evenly between Asia and Europe based investors. The funds will be used to further grow each of its existing businesses, while a portion of the proceeds is also expected to be used for acquisitions and investments in new ventures.

As per SEBI regulations governing QIPs, the shares can be placed with only 49 investor accounts (including any sub-account). The final allocation of shares was made by Max India to a group of 24 investors represented by 42 investment accounts.

Analjit Singh-owned Max India is present in these business: healthcare (Max Healthcare), life insurance (Max New York Life Insurance), and clinical research (Neeman Medical International). Its other businesses are specialty plastic products for the packaging industry (Max Speciality Products) and healthcare staffing (Max HealthStaff).

Carlyle Invests In IT Security And Telecom Billing Software Firm Elitecore

June 20, 2007 | by Sahad P V

The Carlyle Group has made a $10.3 million investment in Elitecore Technologies Ltd, an Ahmedabad-based IT company focused on the internet security and the telecom billing solutions markets. The stake diluted is undisclosed. The funds will be used for Elitecore’s ongoing product development, R&D, working capital, new products and infrastructure build-up, a release said.

The investment will go from Carlyle Asia Growth Capital Partners, a $680 million fund that invests in high growth companies in China, India, Japan and Korea.

Elitecore’s Cyberoam product provides firewall, VPN, gateway antivirus, gateway anti-spam, intrusion detection and prevention, content filtering and bandwidth management solutions. It also offers a convergent billing solutions - sold by the name Crestel - such as billing, customer care, mediation for managing data and voice on wireline and wireless networks.

Shankar Narayanan, Managing Director and Head of Carlyle’s Growth Capital team in India, said in a statement, “Elitecore…has successfully leveraged the low cost, highly skilled Indian talent to develop a superior quality product that allows them to compete with players from the developed world.” The company was founded by Hemal Patel in 1999.

Subex Azure is a pioneer in telecom billing and security solutions. The company had revenues of Rs 340 crore ($85 million) and profits of Rs 67 crore (16.7 million) in 2006-07. Elitecore could probably go the Subex way.

Manthan Systems Gets $2 Million From DFJ ePlanet Ventures

June 20, 2007 | by Sahad P V

Manthan Systems, a Bangalore-based company dealing with business intelligence and analytical solutions for the retail and consumer packaged goods industries, has received $2 million funding from venture capital firm DFJ ePlanet Ventures. Ayaz ul Haque, Director, DFJ ePlanet, has joined Manthan’s board of directors.

Manthan had announced a $2 million investment from IDG Ventures India in March 2007. IDG Venture’s Sudhir Sethi is on the board of Manthan.

Manthan is founded by Atul Jalan, who is the CEO. The company develops and markets a suite of software products and services to retailers. The company essentially helps companies take business decisions in a data rich environment.

Founded in 1999, DFJ ePlanet Ventures is probably the first fund which followed a global model with offices in Asia, Europe and the US. The fund has made successful exits including Chinese search engine Baidu (Nasdaq listing), the VoIP company Skype (www.skype.com) (acquired by eBay in 2005 for $4.1 billion), Focus Media (the Chinese flat-screen delivery commercial advertiser that successfully exited on Nasdaq in 2005), among others.


IDG Ventures India Debuts With $2 Million Investment In Manthan Systems

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