Carlyle Group likely to invest $200mn in Swiggy

Carlyle could invest up to $200 million in the unicorn at a valuation of $4.5 billion.

Food delivery unicorn Swiggy is in talks to raise money from US-based private equity fund Carlyle Group, two people aware of the matter said.

If Carlyle does invest, it would mark only its second Indian technology startup bet, after backing e-commerce logistics firm Delhivery—first in 2017 and later in March this year.

As recently as December, Swiggy raised $1 billion in a round led by existing investor Naspers Ltd, the biggest ever funding round in the country’s booming food-tech sector.

Carlyle could invest up to $200 million at a valuation of $4.5 billion which Swiggy (Bundl Technologies Pvt. Ltd) is seeking, a jump from the $3.3 billion it was valued at in December, said the first of the people cited above.

While a spokesperson for Carlyle declined to comment, Swiggy did not respond to emails seeking comment.

“Swiggy’s meteoric rise in the last two years have seen heavy interest from late-stage investors including private equity funds. While it is still growing quickly and burning cash, investors see it as a long-term bet,” said a third person, an investor aware of the discussions.

Founded in 2014, Swiggy became a unicorn—a startup valued at more than $1 billion—last year. The Bengaluru-based firm has so far raised $1.5 billion from several investors, including DST Global, South Africa’s Naspers, New York-based hedge fund Coatue Management and venture capital firms Accel and Norwest Venture Partners.

Swiggy plans to use the funds to grow its delivery fleet, expand beyond food to other delivery services and ramp up its hyperlocal offerings, said the two people, both of whom spoke under condition of anonymity.

“Swiggy’s ambition is that it wants to be the only one delivering anything to your house. Food is only one part of that,” said another investor. This is evidenced by its acquisition of Supr Daily last September, which focuses on milk and grocery delivery. In February this year, Swiggy also launched Swiggy Stores, where it ties up with local grocery and mom-and-pop stores for home delivery, posing a direct threat to Google-backed Dunzo, a startup which specializes in delivery outside food. It is currently piloting the programme in Gurugram.

Over the past year, both Swiggy and rival Zomato have held discussions with Japanese investment giant SoftBank’s Vision Fund for an investment, but neither has concluded. Mint reported on 12 June that Swiggy is in advanced talks to raise as much as $1 billion from investors, including $300-500 million from SoftBank.

The Times of India reported on 6 June that Google is also expected to invest in Swiggy, with Naspers said to lead the round.

Food-tech funding has also seen a surge globally, with UK-based delivery startup Deliveroo raising $575 million from Amazon Inc., while US-based Doordash raised $600 million, valued at $12.6 billion, from investors including SoftBank, DST Global and Sequoia Capital.

Over the past year, private equity has emerged as a steady source of late-stage capital for India’s tech startups. In this month alone, PE firm General Atlantic led a $52 million investment in brokerage-free real estate platform NoBroker, while The Economic Times reported that Canadian pension fund CPPIB is investing $150 million in Delhivery, acquiring shares from existing investors. Other instances include Warburg Pincus’ investment in trucking logistics firm Rivigo and Ecom Express and CPPIB and General Atlantic’s investment in online learning firm Byju’s.

Deloitte ban to disrupt businesses and investment inflows: US to India

MNCs, foreign investors invest on the Big Four’s advice, it says

The United States has told India that any move to ban Deloitte and other big auditing firms would disrupt businesses and investment inflows into the country.

This was disclosed to Deloitte global CEO Punit Renjen by US ambassador Kenneth Juster last week, sources said.

The US government has also conveyed to India that multi-national corporations and foreign investors make their decision to invest globally on the advice and guidance from the Big Four networks, which also provide consultancy services, according to sources.

It has said the government, or the regulator, could impose a penalty on Deloitte, but a ban would not have any rationale, particularly when the case is sub-judice.

During talks with New Delhi, Washington cited the example of KPMG which recently agreed to pay $50 million over altered audits in the US.

Renjen comes to India once in two years to meet his family in Haryana’s Rohtak. He met the ambassador and officials in his “spare” time, sources said, adding that he did not go to the ministries — North Block or Shashtri Bhawan — to meet the officials, but met them “somewhere else”. He left India on Monday to take part in a meeting in Singapore. When contacted, Deloitte spokesperson said, “Punit makes frequent personal trips to India. However, as a policy, we don’t comment on the specific travel plans of our executive leadership.”

A query sent to the US embassy remained unanswered.

MCA has sought a ban on Deloitte Haskins & Sells and BSR and Co, a part of KPMG, for their alleged role in not disclosing full facts on IL&FS, which defaulted on its payments last year.

The MCA had also instructed the serious fraud office to initiate disciplinary action against statutory auditors before the ICAI and the NFRA. It was asked to share the investigation report with the current management of IL&FS for initiating action under various provisions of Companies Act.

Invoking Section 140 (5) of the Company Act in the case would allow debarring an audit firm for at least five years.

The moves comes after the SFIO filed a complaint against 30 people, including these two audit firms, for concealing information by not flagging the alleged criminal conspiracy and misreported the financial statements of IL&FS firms.

The companies Big Four firms, including PwC and EY, audit, have up to 65 per cent of the total market cap of listed firms.

RBI fines HDFC Bank Rs 1 crore for non-compliance of KYC norms

The RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency

The Reserve Bank of India (RBI) has fined HDFC Bank Rs 1 crore for non-compliance with the central bank’s norms on ‘know your customer (KYC)/anti-money laundering (AML)’ and ‘reporting of frauds’.

“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a statement on its website.

Elaborating on the background, the RBI said it had received a reference from Customs authorities regarding submission of forged bill of entries by certain importers to the bank for remittance of foreign currency.

“Examination in this regard revealed violations of RBI directions on ‘KYC/AML norms’ and on reporting of frauds based on which a notice was issued to the bank advising it to show cause as to why monetary penalty should not be imposed for non-compliance with the aforesaid directions,” the statement said.

The fine was imposed after hearing from the bank, as RBI thought imposition of penalty was warranted.

GST on electric vehicles may be reduced to 5%

The GST Council is set to take up the proposal at its June 20 meeting, said a govt official aware of the development.

India may cut the goods and services tax (GST) on electric vehicles to 5% from 12% to provide a stimulus to the sector that’s a high priority for the Narendra Modi government.

The GST Council is set to take up the proposal at its June 20 meeting, said a senior government official aware of the development. “There is a proposal to cut tax rates on EVs among other issues,” the official told ET.

Lower duties are expected to encourage global manufacturers to invest in India’s planned shift to electric vehicles in order to try and bring down pollution levels. This comes as Punjab has written to the Centre seeking a review of tax rates.

Tackling Slowdown

The state has sought new rates for automobiles, textiles, micro, small and medium enterprises (MSMEs) and real estate to provide a boost to the economy, which has slowed to the lowest in five years in FY19.

Punjab finance minister Manpreet Badal has suggested to union finance minister and GST Council chairman Nirmala Sitharaman that tax rates for these sectors need to be lowered to address the slowdown.
The automobile sector has sought urgent measures to boost demand, after recording the steepest decline in sales in 18 years. Passenger vehicle sales have been sliding and fell by 21% in May, prompting closure of dealerships and plant shutdowns.

The RBI consumer confidence index, based on a survey in 13 cities, fell to 97.3 in May, indicating pessimism about jobs and prices.

Electric Vehicles

Policymakers favour incentivising electric vehicles in line with the government’s long-term strategy. The Niti Aayog has prepared a roadmap that envisages all vehicles sold after 2030 being electric. The roadmap lays down that all two-and three-wheelers should go electric from 2023 and all commercial vehicles from 2026.

Experts said tax cuts would encourage manufacturing. “A reduction in the GST rate on EVs would incentivise global players to set up their manufacturing facilities in India and is also in line with the phased manufacturing programme of the government,” said Pratik Jain, national leader, indirect taxes, PwC. Under this, customs duties on EVs are proposed to be gradually increased. However, what needs to be seen is whether such a move would lead to an inverted duty structure, Jain added.

Anti-Profiteering Framework

The council is also expected to consider a proposal to extend the tenure of the National Anti-Profiteering Authority (NAA) by a year as there are a number of pending cases at various stages of disposal.

The meeting is expected to take up several changes to the GST law to check tax evasion.

Daily Bulletin (19th June, 2019)

There are no current notifications of our companies on this date.

1. Scrip code : 531223
Name : Anjani Synthetics Limited
Subject : Announcement under Regulation 30 (LODR)-Acquisition
With Reference to above mentioned subject, please note that ANITA VASUDEV AGARWAL has purchased 20,000 equity shares on 19.06.2019 of Anjani Synthetics Limited, a Company registered under the Companies act, 1956, having its registered office at 221 (Maliya) New Cloth Market, Ahmedabad-380002. Please find enclosed herewith Annexure the Disclosure as per Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

2. Scrip code : 540649
Subject : Intimation Of Record Date For Issue Of Bonus Shares
Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, in continuation with the announcement made by the Company on May 13, 2019, for Issue of Bonus shares in the ratio of 1:1 [i.e. 1 (One) Bonus equity share of Rs. 10/- each for every 1 (One) existing fully paid up equity share of Rs. 10/- each], subject to the approval of the shareholders through Postal Ballot, the Company has fixed June 30, 2019 as the Record date to determine eligible shareholders entitled to receive the Bonus Shares. BSE Limited National Stock Exchange of India Limited The Calcutta Stock Exchange Ltd Type of Security Record Date Purpose 540649 AVADHSUGAR 11610 Equity Sunday, June 30, 2019 Issue of Bonus shares, to be approved by shareholders by passing resolution through Postal Ballot result to be declared on or before June 22, 2019. Kindly take the same on your record. Thanking you, Yours faithfully For Avadh Sugar & Energy Limited Company Secretary FCS: 7305

3. Scrip code : 501430
Name : Bombay Cycle & Motor Agency Ltd.
Subject : Corporate Action-Board to consider Bonus Issue
With reference to the Captioned subject notice is hereby given under Regulation 29 (1) (f) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations 2015 that a meeting of the Board of Directors will be held on Saturday, 22nd June, 2019 to consider the proposal for declaration of Bonus Shares. This is further to inform you that in accordance with the provisions of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, and the Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders, the trading window of the Company shall remain closed from the time of intimation of Board Meeting to Stock Exchange upto 48 hours after the outcome of Board Meeting is made public in view of the consideration of the proposal for declaration of bonus shares.

4. Scrip code : 500010
Name : Housing Development Finance Corp.Lt
Subject : Announcement under Regulation 30 (LODR)-Acquisition
Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Acquisition of up to 51.2% of the equity share capital of Apollo Munich Health Insurance Company Limited

5. Scrip code : 533181
Name : Intrasoft Technologies Limited
Subject : Announcement under Regulation 30 (LODR)-Updates on Acquisition
Purchase of Shares by Promoter

6. Scrip code : 513023
Name : Nava Bharat Ventures Ltd
Subject : Corporate Action-Updates on Buy back
Sub: Information regarding the shares bought-back via open market through Stock Exchanges With reference to the subject cited above, we hereby submit the daily report pursuant to Regulation 18(i) of the SEBI (Buy Back of Securities) Regulations, 2018 regarding equity shares bought back by Nava Bharat Ventures Limited on June 19, 2019

7. Scrip code : 530075
Name : Selan Exploration Technology Ltd.
Subject : Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares
Daily Buy-back of equity shares

Britannia Industries Ltd. 
Packaged Foods
FV – Rs 1; 52wks H/L – 3472.05/2610.03; TTQ – 0.24 Lacs; CMP – Rs 2867.20 (As On June 19th, 2019);                      
Market Cap – Rs 68904.06 Cr.

Consolidated Financials and Valuations (Amt in Rs Crs unless specified)

Year Equity Capital Net Worth Long Term Debt Total Sales PAT BV(Rs) EPS (Rs) P/E P/BV Industry P/E Promoter’s Holdings
2019 24 4253 62 11261 1155 177 48.1 59.6 16.2 51.98 50.66
2018 24 3406 85 10156 1004 142 41.8 68.6 20.2 51.98 50.7


Consolidated Financial Trends (Rs. Cr):

Particulars FY19 FY18 FY17 FY16
Equity Paid Up 24 24 24 24
Networth 4253 3406 2696 2092
Total Debt 138 178 116 124
Net Sales 11055 9990 9324 8626
Other Income 206 166 151 124
PAT 1155 1004 885 825
Book Value (Rs) 177 142 112 87
EPS (Rs) 48.1 41.8 37 34



Chairman: Nusli N Wadia

Managing Director: Varun Berry

Chief Financial Officer: N. Venkataraman

Company Secretary: Jairaj Bham


Major Non Promoter Holdings:

Company No. of Shares % of Shares
LIC of India Child Fortune Plus Growth Fund 13,609,111 5.66
Arisaig India Fund Limited 3,642,262 1.52



  • Britannia Industries is one of India’s leading food companies with a 100 year legacy and annual revenues in excess of Rs. 9000 Cr.
  • They manufacture India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India.
  • Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.
  • Britannia Bread is the largest brand in the organized bread market with an annual turnover of over 1 lac tons in volume and Rs.450 crores in value.