Amazon is close to its second acquisition in the Indian fintech space, after Emvantage, a media report said.
The company is in advanced talks to acquire online lending platform Axio (formerly Capital Float) for $150-175 million (Rs 1,256-1,465 crore) in an all-cash deal, Entrackr reported, citing people familiar with the matter.
This would be Amazon's second acquisition this year, following its purchase of MX Player's assets in May to enhance its Mini TV offerings in India.
The terms of the Axio deal have been finalized, and Amazon is currently conducting due diligence, the report said. Amazon, which owns about 8% of Axio, had invested in its Rs 144 crore Series C round in 2018. Ribbit Capital-backed Axio is expected to support the buy-now-pay-later (BNPL) services for Amazon Pay.
TA Associates, Multiples PE, and KKR have submitted non-binding offers for a 25% stake in Coimbatore-based Eye Foundation, valuing the eye hospital chain at Rs 3,360 crore ($100 million), a media report said.
The investment would amount to Rs 830 crore. Eye Foundation, with 21 centers in Tamil Nadu, Kerala, and Karnataka, is valued at 24 times its projected earnings, The Economic Times reported, citing people familiar with the matter.
The hospital chain is expected to achieve EBITDA of Rs 140 crore in FY25. ICICI Venture has also shown interest but has not made a formal offer.
JSW Cement, Orient Cement
JSW Cement, led by Sajjan Jindal, is evaluating the acquisition of the promoter stake in Orient Cement Ltd (OCL) from CK Birla, a media report said.
This move adds a third contender for OCL’s 8.5 million tons per annum (MTPA) capacity, alongside the Aditya Birla and Adani groups.
Both groups have been in discussions with CK Birla since late last year, following JP Morgan's initiation of the sale process, The Economic Times reported, citing people familiar with the matter.
Fractal Analytics
Fractal Analytics, an AI and advanced analytics solutions provider, plans to file a draft red herring prospectus for an IPO with the Securities and Exchange Board of India by late August or early September, a media report said.
The company is aiming for a $3 billion valuation. The IPO, expected to raise $500-600 million, will primarily involve secondary share sales by existing investors, including TPG Capital and Apax Partners, Moneycontrol reported, citing people familiar with the matter.
The exact quantum of secondary stake sales is yet to be finalized, leaving the final IPO size unclear.
Zolve
Neobanking platform Zolve is aiming to raise $25 million (around Rs 200 crore) in a round led by homegrown private equity player Creaegis, Moneycontrol reported, citing people aware of the matter.
According to the publication, the new round (which may also fetch the startup a higher amount), will likely value Zolve at $330-360 million.
The cross-border neobanking startup was last valued at $210 million after snagging $40 million in a Series A round from DST Global, Tiger Global, Accel, Lightspeed and Alkeon.
Zolve aids in opening bank accounts and issues credit cards for Indians looking to relocate in US. It claims to have had around 500,000 users since its inception in 2021, with transactions of over $600 million.
