Motilal Oswal closes third India fund at $325m
Motilal Oswal Private Equity (MOPE) has closed its third growth equity fund at INR23 billion ($325 million), beating its target of INR20 billion.
The India Business Excellence Fund III (IBEF III) launched last year and has already invested in non-banking financial company MAS Financial Services, incense and fragrance maker Cycle Pure, and automotive components manufacturer Happy Forgings. MOPE plans to make 10-12 investments from the fund of up to INR2 billion each.
Like its predecessors in the IBEF series, the new vehicle will focus on the financial services, healthcare, and consumer sectors. Industrial businesses like Happy Forgings will be pursued on a selective basis; the firm expects such deals to increase as India’s macroeconomic situation continues to improve and Indian manufacturers become more competitive globally.
MOPE has raised nearly $600 million across the three IBEF funds, along with three real estate-focused funds totaling more than $300 million. The firm seeks investments in Indian entrepreneurs pursuing a proven business model, and provides capital for domestic and international expansion.
Three of MOPE’s portfolio companies – contract electronics manufacturer Dixon Technologies, online energy trading platform India Energy Exchange, and road and highway developer GR Infraprojects – have pursued IPOs in the last two years. The firm exited most of its stake in Dixon’s INR6 billion offering last year and is set to sell most of its holding in GR. It did not sell any shares in IEX’s IPO.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.