The Numbers
- 37 full acquisitions (sub-$100M majority stake deals)
- 6 majority-stake acquisitions (greater than 50% sold)
- 2 minority-stake strategic investments
- 3 acqui-hires (many more flew under the radar)
Here are some notable deals that shaped the year:
🚗 Spinny (Fund II) acquired GoMechanic for ~₹450 Cr. We also saw one of our largest exits last year thanks to a strategic secondary sale of our stake in Spinny (~$18M)
🐕 Nestlé acquired a single-digit stake in Drools for ~$100M, signaling the explosive growth of the pet care segment in India.
📦 Locus (Fund II) acquired by Ingka Group (IKEA's parent) - our portfolio company helping IKEA save ~€1M through last-mile optimization.
🍛 Devyani International acquired 80% of Biryani By Kilo for ~₹400 Cr, highlighting the potential for multi-city food businesses to achieve significant exit outcomes.
And much more!
Big thanks to Dhagash from our Growth Investments team for the stellar research that powered this series all year.