Mapletree Investments buys 41 acre land in Bengaluru for Rs 1,900-Cr

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May 24, 2024

Adarsh Developers, a real estate firm, sold a 41-acre land parcel in Bengaluru to Singapore’s private equity fund Mapletree Investments. The deal, valued at over Rs 1,900 crore, is part of Adarsh Developers’ strategy to reduce debt. The land has around 7 million square feet of development potential.

“It is a greenfield development, and the money will be used to reduce debt. Adarsh Developers has been consistently reducing debt and focusing on growth,” said two persons aware of the development.

Adarsh Developers, Mapletree, and Savills, the deal’s advisor, declined to comment. Adarsh sold the land to raise cash from private equity funds as it enters its next growth phase. Over the past two years, the firm has successfully refinanced over Rs 3,000 crore in debt.

“The builder is looking to reduce the net debt by another Rs 1,000 crore, and this is the last land monetisation undertaken by Adarsh,” said one of the persons quoted above. The firm’s net debt stood at Rs 3,300 crore as of March 2024.

Additionally, Adarsh Developers sold two land parcels in Bengaluru to Godrej Properties for about Rs 180 crore in 2022. The company focuses on luxury homes priced above Rs 1.4 crore in Bengaluru, with 20% of its portfolio dedicated to mid-income projects.

In 2023, HDFC Capital Advisors, a subsidiary of HDFC, India’s largest private mortgage lender, invested over Rs 1,600 crore in a portfolio of 12-13 residential projects by Adarsh Developers. These projects, located exclusively in Bengaluru, cover a total area of 10 million square feet and include both ongoing and approved developments. Adarsh Developers also secured capital from Oaktree and Edelweiss to refinance old debt and support growth.

“The capital infusion has multiple objectives, such as fostering expansion, guaranteeing operational funds, and expediting the conclusion of current projects,” said a source.

The company plans to allocate around Rs 7,000 crore over the next seven years to develop 25 million square feet of residential properties in Bengaluru. This investment includes ongoing apartment projects covering 17.10 million square feet, plotted developments spanning 2.80 million square feet, and villa developments totaling 4.62 million square feet.

Health-tech start-up Portl raises $3 million funding

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May 23, 2024

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Health-tech start-up Portl raises $3 million funding — Indraneel Gupta, Vishal Chandapeta and Armaan Kandhari, Co-founders, Portl

Portl, a digital fitness and wellness technology startup, has secured $3 million in funding led by Bharat Innovation Fund. The company plans to expand its product range and customer base in India and abroad.

Existing investor Kalaari Capital and new investor T-Hub Foundation also participated in the funding round.

Founded in March 2021 by Indraneel Gupta, Vishal Chandapeta, and Armaan Kandhari, Portl offers the Portl Studio. This flagship product uses artificial intelligence to provide personalized fitness and wellness experiences at homes, luxury hotels, and gyms. The Smart Mirror features a 43-inch 4K screen, bio-sensors, HD cameras, and edge-AI processing with Wi-Fi and Bluetooth connectivity. It offers real-time form feedback, health monitoring, and telemedicine integrations.

“At Portl, we are dedicated to reimagining personalised fitness through state-of-the-art technology,” said Gupta, who is the CEO of Portl. “We are dedicated to revolutionising personalised fitness with cutting-edge technology. This latest funding round validates our vision and commitment to making health and fitness accessible to everyone, no matter where they are. By integrating advanced AI and innovative hardware, we aim to empower individuals to achieve their wellness goals seamlessly and effectively, delivering personalised experiences at scale and providing people the opportunity to adopt healthier lifestyles with ease.”

The company stated that it’s AI personalization engine delivers tailored workout plans based on fitness levels, daily performance, and preferences in real-time. It’s compatible with a range of hardware platforms, including smartphones, tablets, and smart TVs.

TreeHouse Hotels & Resorts signs new property in Sonipat

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May 23, 2024

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TreeHouse Hotels & Resorts, a leading hospitality chain owned by Karma Hospitality LLP, announced its first property in Sonipat, Haryana. This new property will open in August 2024 under the TreeHouse brand, serving both business and leisure travelers.

The new TreeHouse Hotel in Sonipat features 39 well-appointed rooms and suites. It is strategically located on the highway to Punjab and Himachal Pradesh, catering to both business and leisure travelers.

The hotel provides excellent wedding venues with four banquet halls and expansive manicured lawns. The largest ground-floor banquet, combined with the lawn, can accommodate over 500 guests for weddings and social events. The hotel will offer special introductory wedding packages in its first year and will have a dedicated Wedding Planner to meet guest needs.

TreeHouse Sonipat will feature an all-day dining restaurant and a lounge. The hotel’s amenities will cater to highway travelers seeking quality and comfortable stopovers.

“We are delighted to announce the signing of this new property in Sonipat. This new property reflects our commitment to providing high-quality accommodation and exceptional service to domestic travellers across India. With its convenient location and comprehensive amenities, TreeHouse Sonipat will be a perfect destination for business meetings, social gatherings, and weddings,” said Jayant Singh, Managing Partner at TreeHouse Hotels & Resorts.

TreeHouse Hotels, Resorts, Villas, and Apartments, owned by Karma Hospitality LLP, is a premier hotel management firm. It manages, leases, and franchises hotels across key destinations in India, experiencing rapid expansion. The company operates under various brand names including The Luxury Villa Collection, Treehouse Exotic, Treehouse, and Nest by Treehouse, catering to all business segments. TreeHouse has developed strong technology, operations, marketing, sales, digital, and distribution systems to support its entire network in India, maximizing returns for all stakeholders.

ASML, Eindhoven Tech University to invest $195 million in partnership

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May 23, 2024

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European tech giant ASML and the Eindhoven University of Technology announced on Thursday they will jointly invest 180 million euros ($195 million) in semiconductor research over the next decade.

ASML, the leading supplier of computer chip manufacturing equipment, faces challenges in expanding operations. It is concerned about whether the workforce and infrastructure in Eindhoven, Netherlands, can support its growth plans.

“The collaboration will increase the availability of PhDs, which our industry has a strong need for, and will provide scientific insights that are relevant to the chip industry and society,” ASML CFO Roger Dassen said in a statement announcing the deal.

“With this agreement we are investing in science in the Netherlands and in training experts.”

The university plans to spend 100 million euros to build and operate an advanced cleanroom facility. This facility will conduct semiconductor research in areas such as plasma physics, mechatronics, optics, and AI. ASML will invest 80 million euros in this partnership.

University President Robert-Jan Smits called this the university’s largest partnership ever, stating it will strengthen Eindhoven’s status as a “semicon hotspot.”

In March, the Dutch government announced a $2.7 billion investment in “Project Beethoven.” This project aims to improve roads, housing, and the electric grid around Eindhoven to ensure ASML does not move significant operations abroad.

In April, ASML signed a letter of intent with the city of Eindhoven to expand into an undeveloped area near the airport. This expansion could accommodate 20,000 additional employees.

At the end of 2023, ASML, based in Veldhoven, a suburb of Eindhoven, had 42,000 employees worldwide, with 23,000 in the Netherlands.

ASML projects annual sales of 44-60 billion euros by 2030, nearly doubling from 26.7 billion euros in 2023.

Amora Hotels & Resorts picks Sydney as hub for Asia Pacific expansion

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May 22, 2024

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Amora Hotels & Resorts picks Sydney as hub for Asia Pacific expansion — Earp Siriphatrawan, Amora’s owner and Director

Leading independent hospitality company Amora Hotels & Resorts is gearing up for a new phase of growth in the Asia Pacific. It plans to bring its unique, customer-focused luxury hospitality to new destinations across the Pacific and Southeast Asia.

This week, Amora Hotels & Resorts opened its first corporate office in Sydney. This office will lead the group’s plan to double its portfolio from six to twelve hotels in five years. The regional hub will serve as a base for pursuing acquisitions and driving strategy, brand, operations, finance, and human resources.

Earp Siriphatrawan, Amora’s owner and Director, is guiding this growth phase. He is assembling an experienced team to expand the company. Ravi Chandran, a former senior executive at Banyan Tree, joins as an independent director to focus on strategy and brand development.

Group Vice President of Operations, Tamer Habib, a former Starwood executive, will lead the corporate office. He will ensure the success of both existing and new hospitality assets.

“This is an exciting time for Amora Hotels & Resorts, as we embark on a new era of regional expansion in Asia Pacific,” “Our commitment is clear; we are investing in people and products, seeking fresh opportunities for acquisitions and looking forward with a bold vision. This is a fast-evolving industry and we understand the need to innovate to lead the independent hotel space,” said Earp Siriphatrawan, Amora’s owner and Director.

Earp Siriphatrawan added that the corporate office will take a holistic view of strategy, brand, operations, and finance. It will drive a customer-centric approach and guest recognition program, consolidate back-office procedures, and evaluate acquisition opportunities.

Founded in 1997, Amora owns and operates six properties in the Asia Pacific. In Australia, Amora Hotel Jamison Sydney and Amora Riverwalk Melbourne were recently joined by Amora Hotel Brisbane, following a AUD 30 million (USD 20m) renovation. In Thailand, Amora Beach Resort Phuket completed a THB 500 million (USD 14m) renovation in December 2023, joining Amora Neoluxe Hotel Bangkok and Amora Hotel Chiang Mai.

With total visitor expenditure in Australia expected to rise from AUD 170.3 billion in 2023 to AUD 223.3 billion in 2028, this is an optimal time to invest in the country’s tourism sector. The increase in international arrivals, driven by demand from key Asian markets such as Thailand, Vietnam, India, and the Philippines, aligns with Amora’s customer-centric luxury hospitality style.

Awfis raises Rs 268-Cr from anchor investors ahead of IPO

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May 22, 2024

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Co-working space operator Awfis Space Solutions Ltd announced it raised over Rs 268 crore from anchor investors. This came a day before its initial public share offering. According to a circular on BSE’s website, the company allotted 70.13 lakh equity shares to 32 funds at Rs 383 each, the top end of the price band.

At this price, the firm collected Rs 268.61 crore.

Participants in the anchor round included Goldman Sachs, EastBridge Capital Master Fund, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, UTI MF, Aditya Birla Sun Life Insurance Company, and SBI General Insurance Company.

The issue, with a price band of Rs 364-383 per share, will open on May 22 and close on May 27.

The proposed initial public offering (IPO) includes fresh shares worth Rs 128 crore and an offer for sale (OFS) of 1.23 crore shares valued at Rs 471 crore at the upper end of the price band. This brings the total IPO size to Rs 599 crore.

Promoter Peak XV Partners Investments V (formerly SCI Investments) and shareholders Bisque Ltd and Link Investment Trust will sell shares through the OFS.

Peak XV holds a 22.86% stake in Awfis, while Bisque owns 23.47% and Link Investment Trust owns 0.36%.

Proceeds from the fresh issue will fund capital expenditure for new centers, support working capital needs, and cover general corporate purposes.

Awfis offers flexible workspace solutions, from individual desks to customized corporate office spaces.

In the public issue, 75% of the shares are reserved for qualified institutional bidders (QIBs), 15% for non-institutional investors, and 10% for retail investors.

Investors can bid for a minimum of 39 equity shares and in multiples of 39 shares thereafter.

Spacetech startup GalaxEye tests SAR tech on NAL’s pseudo satellite

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May 22, 2024

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Spacetech startup GalaxEye tests SAR tech on NAL’s pseudo satellite — The Galaxeye team successfully completes Synthetic Aperture Radar (SAR) trials on the High Altitude Pseudo-Satellite (HAPS) platform

Bengaluru-based space tech startup GalaxEye has successfully tested its all-weather, all-time prolonged aerial surveillance technology. This technology could enhance India’s defense capabilities.

GalaxEye’s CEO, Suyash Singh, said that the company tested its synthetic aperture radar (SAR) technology. They conducted the test using a subscale high-altitude pseudo-satellite (HAPS) developed by the National Aerospace Laboratories (NAL).

HAPS are high-flying drones that operate in the stratosphere, offering extended aerial surveillance. Using solar energy and advanced batteries, these platforms can stay aloft for long periods.

“At the stratosphere, SAR is a technology for all-weather, all-time imaging overcoming the challenge of cloud cover, which restricts traditional electro-optical cameras,” Singh said.

SAR technology has potential beyond defense, including environmental monitoring and disaster management. An NAL spokesperson stated that while initial tests are promising, further tests are needed before practical deployment.

“There is a platform between satellite and drones, which flies at an altitude of 18 to 20 km, which was also recently tested by some of the companies such as NAL and NewSpace (aerospace and defence R&D company), which is where we tested our SAR on HAPS quite successfully,” Singh said.

HAPS hover at an altitude of 18 km, providing long-duration surveillance and monitoring, beneficial for national security, defense, and disaster management, such as flood response. NAL provided the platform for sensor testing.

Regarding investment, Singh mentioned that SAR technology requires 50%-60% of the cost of satellite-based SAR, without revealing exact figures.

“For domestic purposes, it can be used to monitor the state’s agriculture, other economic activities and disasters. One of the primary users of this technology will be the government. We have had a range of discussions with different people. The government would want to look at it more seriously when they get to know that we’ve tested it on a subscale prototype level. There is interest but at an early stage today,” he said.

Aircraft typically fly at three to eight km altitude and can stay aloft for two to three hours. In contrast, HAPS can remain at the same spot for seven days, using solar power during the day and batteries at night. HAPS can only carry small, lightweight payloads. The SAR was miniaturized to less than 10 kg.

Scale AI valued at $14 billion in Nvidia, Amazon-backed funding round

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May 21, 2024

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Scale AI announced it had secured $1 billion in a late-stage funding round. This round was led by venture capital firm Accel and included investments from Nvidia, Amazon, and Meta. As a result, the AI data startup is now valued at nearly $14 billion.

Top tech companies are swiftly integrating AI into their products and services. Startups that meet the growing demand for AI chips and machine learning have become a bright spot in the otherwise slow private funding market.

Established in 2016, Scale AI offers large amounts of accurately labeled data, essential for training advanced tools like OpenAI’s ChatGPT.

The company also assists clients, such as Microsoft, Morgan Stanley, and AI firms like OpenAI and Cohere, in creating and improving data sets.

Based in San Francisco, California, this latest funding round for Scale AI is part of a series of significant AI deals.

In the first quarter, AI startups secured $19.15 billion in venture capital funding, up from $16.36 billion in the same period last year, according to PitchBook.

Scale AI plans to use the new capital to enhance its data capabilities for enterprise customers and the U.S. Department of Defense. Additionally, it will support the White House-announced DEFCON 31 red-teaming event.

The White House is actively partnering with AI-focused companies and has initiated several projects to ensure safe AI innovation.

Other prominent investors in this latest funding round for Scale AI included Coatue, Tiger Global Management, Intel Capital, and AMD Ventures.

Back in 2021, Scale AI raised $325 million in a series E funding round, which valued the company at approximately $7.3 billion.

Advance technologies needed to fight counterfeit: Qila

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May 21, 2024

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Qila said that counterfeiting in the luxury goods market has forced the use of advanced technologies like blockchain and tokenization. These technologies help ensure product authenticity and protect brand integrity.

Luxury companies worldwide lose about $30 billion yearly because of counterfeit goods. This loss affects revenue and harms brand reputation and value. Moreover, the fashion and luxury sectors are at risk, with fake fashion items accounting for about 60 percent of all seized counterfeit goods worldwide.

“Brands are investing heavily in combating this issue, but traditional methods have proven insufficient. Blockchain technology and tokenization are game changers for luxury goods, offering solutions that were previously unimaginable,” said Sid Ugrankar, Founder of Qila.

For example, blockchain provides an unchangeable ledger that records every transaction and movement of a product through its lifecycle. For luxury brands, this means they can track each item from manufacturing to the final sale. This ensures the product is genuine and allows consumers to verify its authenticity easily.

However, setting up blockchain infrastructure is challenging and requires ensuring data privacy and security. Additionally, tokenization involves creating a unique digital token for each physical product, which acts like a digital fingerprint, capturing detailed information about the product’s creation and journey. Every item can be verified for luxury brands by scanning a QR code or using a dedicated app. Consumers can instantly access the product’s blockchain record, confirming its authenticity.

“By ensuring authenticity, enhancing transparency, and building consumer trust, these technologies are set to revolutionize the industry. As we move forward, continued innovation and adoption of these technologies will further secure the integrity of luxury goods and elevate the consumer experience,” added Ugrankar.

In India, 27 percent of consumers did not know they were buying counterfeit products, according to a 2023 report by the Authentication Solution Providers’ Association (ASPA) and CRISIL. The top segments where consumers encountered counterfeit products include apparel (31 percent), FMCG (28 percent), and automotives (25 percent). Following these are pharmaceuticals (20 percent), consumer durables (17 percent), and agrochemicals (16 percent).

Arpwood Partners acquires majority stake in SEWA Grih Rin with Rs 680-Cr Investment

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May 21, 2024

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Arpwood Partners Fund I LLP announced the acquisition of a majority stake in SEWA Grih Rin Limited (Sitara), an affordable housing finance company. They invested Rs 680 crore as part of Sitara’s larger plan to raise Rs 705 crore, with more contributions from existing shareholders to support business growth.

This investment, awaiting approval from the Reserve Bank of India, is expected to greatly boost Sitara’s ability to help women achieve homeownership.

“The capital infusion by Arpwood Partners will help enhance the capacity of the company to support women in realising their dream of owning a house of their own. Our unique operating model emphasizes assisting customers to formalise their collateral and helps in their social upliftment,” said Renana Jhabvala, Chairwoman at Sitara.

Founded in 2015, Sitara focuses on providing housing finance to underserved and low-income households, especially women in the informal sector. The company currently manages an AUM of Rs 1,200 crore and serves over 25,000 customers. With the new capital, Sitara aims to expand its reach and impact, targeting over 500,000 lives in the next five years.

This investment round also includes continued support from existing investors such as Abler Nordic, Oikocredit, RNT Associates, HDFC Bank, HDFC Life Insurance, Women’s World Banking Asset Management, and Omidyar Network.

An Arpwood Partners spokesperson expressed optimism about the partnership, stating, “We believe that lending to self-employed customers with informal incomes is a structurally attractive opportunity. We are privileged to be partnering with SEWA and RNT Associates to further build and grow Sitara in its focus segment. We will work with current shareholders to grow the franchise profitably, expand the distribution network, and invest in the team.”

Arpwood Partners Fund I LLP is renowned for investing in mid-market franchises, focusing on strategic clarity, empowered management teams, and operational excellence. Before this, Arpwood Partners promoted SBFC Finance Ltd and exited in May 2024.

DC Advisory India served as the exclusive advisor for the transaction, with Trilegal providing legal counsel to Sitara and its existing shareholders. Vertices Partners advised Abler Nordic and Oikocredit, while Anagram Partners advised Arpwood Partners.

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