Constellation Alpha Capital Corp. (CNAC), an India-focused special purpose acquisition firm has raised $143.75 million through an initial public offering on US stock exchange Nasdaq. A special purpose acquisition company (SPAC) is a publicly listed buyout company that raises a blind pool of money through an IPO for completing the acquisition of a private company. The public offering gives the company a market value of $184 million (Rs1,185 crore). The IPO proceeds came primarily from US and European institutional investors. CNAC will look to acquire assets in the range of $250-500 million.
Polyhose Group, which has been manufacturing hoses for both the Indian and export markets, has acquired the construction equipment manufacturing facility of the Ashok Leyland-John Deere, joint venture, to foray into this segment. John Deere is a US-based construction equipment major. The Group will invest a total of Rs.100-120 crores into the new business. The investment would be from internal accruals and debt.
Product rental marketplace GrabOnRent has raised an undisclosed amount of funding in its bridge round ahead of closing Series A round of around $4-5 million. The company has received money from an overseas angel investor. Bangalore-based GrabOnRent Internet Pvt Ltd will use the money to enhance its technology. The company had raised a seed round from IvyCap Ventures and Unicorn India Ventures early last year. The company provides rental supplies across categories like furniture, appliances, cameras, laptops, bikes, adventure gear, and lenses in Bangalore and Hyderabad.
Bengaluru-based mPOS startup Ezetap has acquired FortunePay for an undisclosed amount. The acquisition aims to enable Ezetap further expand its payments technology. FortunePay offers comprehensive end-to-end electronic payment platform and services in acquiring banks and merchants. The acquisition brings together Ezetap’s differentiated mPoS offering and enterprise integration with FortunePay’s processing infrastructure to enable unified payments at scale and lower cost.
Impact investment firm Aavishkaar has made its second bet in Sri Lanka by investing in logistics solutions provider Grasshoppers Pvt Ltd. The investment in Grasshoppers is the fifth investment by Aavishkaar’s Frontier Fund, which is a regional fund through which Aavishkaar invests in Sri Lanka, Bangladesh and Indonesia. Grasshoppers plans to use this latest funding to set up an island-wide distribution network that would provide the local communities participating in the business model with income opportunities.