Hexa Climate Solutions has bought Finland-based Fortum’s India Renewables portfolio; The Souled Store has acquired Red Wolf to expand its pop culture merchandise portfolio; and beauty tech startup Kult has secured $20 million in a Series A round led by Dr. Payal Kanodia and Aishwarya Bansal from the M3M Family Office.
Hexa Climate Solutions buys Fortum’s India unit; to invest $500m
Gurugram-headquartered clean energy firm Hexa Climate Solutions has bought Finland-based Fortum’s India Renewables unit. The deal value has not been disclosed. Hexa Climate also plans to invest $500 million to expand its renewable energy platforms in the country and emerging markets.
As part of the deal, the I Squared Capital-backed company will acquire 100% stake in Fortum’s India arm—a 206 MW commercial and industrial renewables portfolio, a 600 MW pipeline of ready-to-build projects, and Fortum’s India team comprising 40 employees.
The deal marks Fortum’s exit from India. Earlier in 2024, it sold 185 MW of solar assets. This is part of the company’s strategy to shift focus to its local market. Hexa Climate offers renewable energy and net-zero solutions across markets including India, Taiwan, Philippines, Japan, South Korea, and Malaysia.
The Souled Store acquires Red Wolf to bolster its pop culture merchandise
Mumbai-based D2C fashion startup The Souled Store has acquired Red Wolf to expand its pop culture merchandise portfolio. Souled Store is looking to raise Rs 150-200 crore by July for offline expansion, enter Gulf markets, and launch new categories. The acquisition will allow The Souled Store to expand its portfolio across movie, television, music, and gaming-based merchandise.
Redwolf’s founders—Ameya Thakur, Rahul Jaisheel, and Vivek Malhotra will join The Souled Store once the acquisition is completed.
Kult bags $20m Series A funding
Beauty tech startup Kult has secured $20 million in a Series A round led by Dr. Payal Kanodia and Aishwarya Bansal from the M3M Family Office, who will also join Kult’s board as part of the investment, according to media reports. Venture Catalysts also participated in the round. The company has planned to use the fresh capital raised to launch new products and grow the team.
The startup has aimed to onboard 700 premium beauty products and process more than 10,000 orders per day by the end of this year. It is also looking to hire more than 200 employees across sourcing, engineering, product, and user experience functions.
Founded by Karishma Singh and Ruchika Pallavi, Kult offers AI-powered customised skincare recommendations. Its platform has insights from over 300 global beauty experts. Kult competes with the likes of Nykaa, Good Glamm Group, and Smytten.
