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BigBasket, an India-based online grocery, reportedly is in the final stages of raising $280 million in Series E funding at a pre-money valuation of around $600 million. Alibaba Group and Paytm Mall would co-lead the round, to be joined by return backers Sands Capital and The Abraaj Group.
- Why it's the BFD: Because Amazon lost. For once, Amazon lost. Something. Anything. The Seattle-based leviathan reportedly wanted to invest, albeit at a significantly lower valuation and therefore got shut out. Amazon wants to play big in a very fragmented Indian online grocery market but, rather than teaming with BigBasket and its 5 million customers, it now will need to view BigBasket (and Paytm) as a major rival, alongside Flipkart. This also may increase the likelihood that Amazon invests in BigBasket rival Grofers.
- Bottom line: Bengaluru-headquartered BigBasket has so far raised about $250 million and has posted over three-fold increase in its revenues to Rs 563 crore for 2015-16. It had expanded operations to over 30 cities from just six in 2016, and is betting big on its private-label business to become profitable by March 2018. — VCCircle
Venture Capital Deals
Private Equity Deals
• The Blackstone Group is planning to launch a dual exit process for Vivint, a Provo, Utah-based maker for smart home tech, according to the WSJ. A sale or IPO could value Vivint at more than $3 billion (or $6b including debt). http://on.wsj.com/2w1sl1C
⛽ Dover Corp. (NYSE: DOV) is considering a sale process for its upstream energy unit, according to Reuters. http://reut.rs/2xXhu5z
• PAG, a Hong Kong-based private equity firm, is raising up to $300 million for a China-focused distressed debt fund, according to IFR. http://reut.rs/2wUtGHv
• Volpi Capital, a European buyout firm led by former executives of 3i Group (Crevan O'Grady and Andrew Golding) and Veronis Suhler Stevenson (Marco Sodi) is seeking to raise more than €200 million for its debut fund, according to Financial News. http://axios.link/YKnU
Equifax shares fell another 8.2% on Monday, as the credit scoring giant continues to face blowback from a massive hack of customer information and its botched response. And now the U.S. Senate Finance Committee wants answers.
The Atlanta-based company's stock price has fallen from a 5-day high of $143.27 last Thursday to $113.12 at market close yesterday, representing more than $3.5 billion billion in lost market cap.