Khaitan & Co advises Kedaara Capital Growth Fund III LLP in relation to its primary investment of INR 800 Crore in to Avanse Financial Services Limited

DEAL DETAILS

Kedaara Capital Advisors LLP | Minority investment in Avanse Financial Services

NO

HEADINGS

DETAILS

1.

 

Sector

Financial Services; NBFCs

2.

 

Announcement Date

19-Jan-2023

3.

 

Completion Date

19-Jan-2023

4.

 

Name of Client

Kedaara Capital Advisors LLP

5.

 

Investor Details

Kedaara Capital Growth Fund III LLP | India

Kedaara is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. It currently advises / manages over ~US$ 3.3 billion through investments in several market leading businesses across a variety of sectors including consumer, financial services, pharma/healthcare, technology / business services and industrials. Kedaara' s operating partner model comprises former CEOs with proven track records of building market leading businesses enabling them to realize their full potential. Since its inception Kedaara has remained singularly dedicated to its stated strategy of focusing on investments built through trust-based relationships with best-in-class entrepreneurs and management teams across secular fast growing end markets.

6.

 

Investee Details

Avanse Financial Services Limited | India

Avanse Financial Services Limited (Avanse) is new-age education focused technologically advanced NBFC that provides hyper-personalised education financing as well as financing for the working and growth capital needs of educational institutes and has a presence across 50 countries. Avanse has been on a strong growth trajectory
playing a transformational role in the education financing segment.

7.

 

Deal Description

Advised Kedaara Capital Growth Fund III LLP, a fund managed by Kedaara Capital, in relation to its primary investment of INR 800 Crore in to Avanse Financial Services Limited.

8.

 

Total Consideration

INR 800 crore (USD 98 million)

9.

 

Team Members

The core transaction team consisted of Niren Patel (Partner), Shreya Mukherjee (Principal Associate) and Agranee Kapoor (Senior Associate), and was supported by Ashraya Rao (Partner) and Kaushik Babu (Senior Associate), and received assistance from the following:

Documentation and Closing aspects: Aishwarya Singh (Associate), Anurag Prasad (Associate), Neil Trivedi (Associate) and Niharika Jain (Associate)

Regulatory Aspects: Sudhir Bassi (Executive Director), Moin Ladha (Partner) and Anusha Rao (Associate)

Competition Law aspects: Anshuman Sakle (Partner) and Rishabh Vohra (Associate)

Funds aspects: Siddharth Shah (Partner) and Divaspati Singh (Partner)

Corporate legal due diligence aspects: Pragna GR (Associate) and Tanya Nair (Associate)

Banking and Finance due diligence aspects: Kumar Saurabh Singh (Partner), Krishnendu Sen (Counsel), Akash Mukherjee (Associate), Mansi Mishra (Associate), Ralph Rodrigues (Associate), Radhey Soundarya Gnanesh (Associate) and Saumya Agarwal (Associate)

Employment due diligence aspects: Deepak Kumar (Partner) and Sana Sarosh (Associate)

Intellectual Property due diligence aspects: Smriti Yadav (Partner), Reshma Vaidya Gupte (Principal Associate) and Sunaina Brahma (Senior Associate)

10.

 

Role of Firm

The core team advised on the following: (i) structuring of the overall transaction and advising on various regulatory aspects; (ii) conducting a limited legal due diligence on Avanse Financial Services Limited; and (iii) drafting, negotiating and finalizing the transaction documents comprising mainly of the share subscription agreement and shareholders’ agreement.

11.

 

Financial Advisors

Ernst & Young (Alok Jasrapuria, Arunkumar Gupta, Manik Mahajan, Ayush Bajaj, Alok Mundra, Karan Parekh)

12.

 

Other legal advisors if any with names of Lead Lawyers

AZB advised Avanse Financial Services Limited and Warburg Pincus LLC
CAM advised IFC

13.

 

Quotation by the Client

Sunish Sharma, Managing Partner and Co-CEO, Kedaara Capital said, “Kedaara is very excited to partner with Amit and the management team and support Avanse's continued evolution. We look forward to using our operational expertise and experience in the financial services space to help them realise their long-term vision.”

Kartikeya Kaji, Managing Director, Kedaara Capital added, “The fresh primary infusion will significantly improve the company's capitalisation, providing a strong base for future growth.”

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