Deals in brief

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Ikigai, JSA assist crypto exchange on fundraise

Ikigai Law advised fintech company Primestack, which operates the cryptocurrency exchange CoinDCX, when it raised INR6.7 billion (USD90 million) in a series C funding.

The round was led by B Capital Group and included existing investors Coinbase Ventures, Polychain, Block.one and Jump Capital. J Sagar Associates (JSA) advised B Capital Group.

The deal, which was announced on 10 August, values the company at USD1.1 billion, making it the first Indian crypto exchange to reach unicorn status.

Ikigai Law’s team comprised counsel Nimisha Dutta and managing partner Anirudh Rastogi. JSA’s team was led by partner Manvinder Singh and included senior associate Anant Mishra and associate Vishakha Singh.

Primestack said it would use the funds to make crypto a popular investment asset class in India and to strengthen its workforce. While regulatory uncertainty over cryptocurrency assets and exchanges persists in India, in 2020 CoinDCX – along with three other cryptocurrency exchanges – successfully challenged a controversial 2018 circular of the Reserve Bank of India that had stifled crypto activity in India.

L&L, ELP advise on ReNew hydropower deal

L&L Partners advised Nasdaq-listed ReNew Power on its INR10 billion (USD137 million) acquisition of L&T Uttaranchal Hydropower, which owns the 99MW Singoli Bhatwari hydroelectric project, from L&T Power Development, a subsidiary of National Stock Exchange of India and BSE-listed Larsen & Toubro (L&T).

Economic Law Practice (ELP) advised L&T. The deal closed on 30 August. L&L Partners’ team comprised partner Avirup Nag, senior associate Ankit Sahoo,and associates Ishita Gupta and Srijita Jha.

ELP’s team, which was led by its managing partner Suhail Nathani, included partner Aakanksha Joshi, associate partner Ananthram Ganesh, counsel Taskeen Hamid, and senior associate Vinit Shah.

Announcing the deal on 11 August, ReNew Power said the acquisition “marks ReNew’s entry into the hydropower sector, which is expected to play an important role in providing innovative renewable energy solutions for ReNew’s customers”.

Kanga, CAM help GPX sell India operations

Kanga & Co advised GPX Global Systems, a provider of carrier-neutral colocation facilities, when it sold its India operations to Nasdaq-listed Equinix in a USD161 million all-cash deal. Cyril Amarchand Mangaldas (CAM) advised Equinix, a digital infrastructure company that is entering India through this acquisition.

The deal, which was announced on 10 August 2020, closed on 1 September. Kanga & Co’s team comprised its senior partner, ML Bhakta, partner Preeti Mehta, associate partner Shuchii Pathak, and associate Jalees Shaikh. The firm said the deal was done without a single physical meeting entirely on online platforms.

GPX Global Systems said the deal would allow it to turn its attention to growing its business in Africa, while Equinix said the acquisition would allow it to support its “existing network, content, cloud and enterprise customers looking to expand in this rapidly growing market”.