Private Equity / Venture Capital

Assisting financial investors across sectors

We advise the entire range of financial investors – sovereign wealth funds, private equity houses, venture capital funds, diversified conglomerates and investment management firms – on their financial investments in Indian businesses. We have experience with advising clients on both early and late stage investments as well as structuring and negotiating exits as part of private sales and IPOs.  While there are varying “market practices” across financial investments in India, our understanding of the Indian market and the risk appetites of our clients enables us to provide balanced inputs on the various commercial calls that typically need to be made on such deals.

The technology sector is a key focus area for our firm. We have represented our financial investor clients on a number of investments in diverse businesses across the sector, particularly in e-commerce, cab hailing, fintech, music streaming, ed-tech, food ordering and logistics platforms.

As part of our strong infrastructure practice, we have built up significant experience in the roads and highways, energy (both conventional and renewable), telecommunications and oil and gas sectors.  Since we are familiar with these businesses as well as with the underlying legal and regulatory issues, we play a constructive role not only for our clients but also for the target businesses and co-investors.

Apart from the technology and infrastructure sectors, we have acted on financial investments in various other sectors, including regulated ones such as pharmaceuticals and stock exchanges.  We also regularly assist our financial investor clients in investing in special situation funds targeting investments in stressed and distressed assets. Many of our lawyers have significant regulatory experience, which we apply to navigate through the complex regulatory issues and approval processes for our clients.

Recent experience includes handling transactions targeting distressed assets and special situations. Notable expertise assisting an impressive roster of funds and private equity firms with investments, entry and exit strategies, buyouts, venture capital and fund formation.

– Chambers and Partners, 2020

Another client reports: “They are very responsive to our needs – it’s helpful to have that relationship for global deals.”

– Chambers and Partners, 2021

Representative transactions

We have acted for:

  • A leading GCC sovereign wealth fund and TPG on their investment in UPL Corporation.
  • Actis on its private equity investments in, and exits from, several target companies operating in varied sectors.
  • Bridgepoint on its acquisition of PharmaZell, which involved two Indian subsidiaries.
  • The Carlyle Group on its acquisition of Atotech B.V. from Total.
  • China-Eurasian Economic Co-operation Fund L.P on its acquisition of a minority stake in Ola Cabs.
  • Cornell Capital in connection with its investment in Lorom Holding Co.
  • GE Capital on the divestment of its private equity portfolio in India, including its stakes in Titagarh Wagons Limited, Oriental Structural Engineers Private Limited and C&S Electric Limited.
  • SITAC Group on its joint venture with EDF Énergies Nouvelles for developing wind energy projects in India.
  • Tencent on several transactions, including its investments in Flipkart, Ola Cabs, Policy Bazaar, Gaana, Hike, Byju’s, Practo, Morus Technologies, MyGate, Doubtnut, Pratilipi, Khatabook, PocketFM and Cars24.
  • Wellington Management on several transactions, including the divestment of its entire shareholding in NSE, its investments in BlackBuck, Juspay, Urban Company and Digit Insurance and its follow-on investment in Swiggy.