Insurance broking startup Renewbuy has secured $10 million (about Rs 86 crore) in a funding round from existing investors, London-based Apis Partners and 360 One, while Swiss private equity major Partners Group is all set to acquire a majority stake in Infinity Fincorp Solutions, The Economic Times reported. According to another ET report, Reliance Retail and Havells India would compete with several bulge-bracket buyout funds to acquire a controlling interest in Whirlpool of India.
Insurtech firm Renewbuy bags $10m from Apis, 360 One
Insurance broking startup Renewbuy has secured $10 million (about Rs 86 crore) in a funding round from existing investors, London-based Apis Partners and 360 One, The Economic Times reported, citing people with knowledge of the matter.
The company plans to use the funds to run the business and expand its operations in the interim period. The fundraising discussions come at a time when the startup is in the process of merging with rival insurance broker InsuranceDekho.
Partners Group to buy 75% of Infinity Fincorp
Swiss private equity major Partners Group is all set to acquire a majority stake in Infinity Fincorp Solutions, a Mumbai-based non-banking financial company (NBFC) focused on microloans against property, The Economic Times reported.
Partners Group will be buying True North’s controlling 65% stake in Infinity. There will also be a small infusion of primary capital into the company. Upon completion, Partners is expected to own two-thirds of the shadow lender (70-75%) for $230 million, the report said.
Outbidding rival PE peers Advent International and Creador, Partners Group has signed an exclusivity agreement with True North and is expected to sign the shareholder agreement in the next few days.
Reliance, Havells enter PE party to snap up Whirlpool
Reliance Retail and the home-grown consumer appliances major Havells India would compete with several bulge-bracket buyout funds, ET reported, to acquire a controlling interest in Whirlpool of India, the locally listed arm of the Michigan-based company that was once the world’s largest appliance maker by sales.
These two companies are competing with financial sponsors EQT and Bain Capital, who have also been shortlisted after the initial round of screening. TPG Capital is also among those initiating the due diligence, said the people mentioned above.
Whirlpool Corp is looking to sell a 31% stake in Whirlpool of India, which generates 85% of its Asia revenue, while retaining a 20% equity stake in the company.
