ARYA, the project development arm of GPS Renewables, has raised mezzanine financing, while InsuranceDekho is in talks to acquire its smaller rival RenewBuy.
ARYA raises $11.9m from InCred, Spark
ARYA, the project development arm of GPS Renewables, India’s biogas (CBG) technology and engineering company, on Monday said it has raised Rs 100 crore ($11.9 million) of mezzanine financing from InCred Opportunities Fund and Spark Capital.
The funds will be used to develop CBG (Compressed Biogas) projects under its joint ventures with Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation Limited (BPCL) as a part of GPS Renewables’ ARYA vertical.
ARYA is a climate infrastructure vertical and a 100% owned subsidiary of GPS Renewables focused on sustainable biofuels and industrial decarbonisation projects.
GPS Renewables has previously raised $50 million through debt financing from several leading financial institutions, including Punjab National Bank, HDFC, Yes Bank, HSBC, Kotak Mahindra Bank, ICICI Bank, and others.
InsuranceDekho, RenewBuy merger may create $1b entity
Automobile marketplace unicorn CarDekho’s insurance arm InsuranceDekho is in talks to acquire its smaller rival RenewBuy, according to media reports.
While RenewBuy will be valued at around $350 million, InsuranceDekho’s valuation is being pegged at $600 million, giving the merged entity a combined value of nearly $1 billion, The Economic Times reported.
While InsuranceDekho declined to comment, RenewBuy did not respond to a request for one.
Last year, InsuranceDekho raised $60 million in a mix of debt and equity at a valuation of over $600 million in its Series B funding, nearly eight months after raising $150 million in its previous funding round. Separately, RenewBuy raised $40 million (Rs 328 crore) in an ongoing Series D funding round from Japanese life insurance firm Dai-ichi Life Holdings.