Bain Capital-Backed Dhoot Transmission Partners Israel’s RideVision to Localize ADAS, Drive India’s Intelligent Mobility Future

• Partnership aims to strengthen Dhoot’s advanced electronics capabilities, expand its presence in intelligent mobility solutions, and accelerate localization of ADAS technologies for India

Dhoot Transmission Limited (“Dhoot Transmission” or “Dhoot”) has entered a partnership with Israel-based company RideVision (RV) for Advanced Driver Assistance Systems (ADAS) solutions, marking a milestone in the company’s journey toward Advanced Technology and Automotive Electronics Solutions.

This partnership represents Dhoot’s entry into intelligent mobility and safety technologies, aiming to further strengthen and complement its existing electronics portfolio while reflecting Dhoot Transmission’s long-term vision of expanding into next-generation automotive electronics and creating innovative solutions for safer and smarter transportation.

The collaboration aims to bring globally proven ADAS technologies to India, tailored for Indian road conditions and mobility requirements.

Speaking on the occasion, Mr. Naveen Kumar, CEO – India (Wiring Harness and Electronics) of Dhoot Transmission said “We believe this is the right time to bring intelligent safety technologies to India. Our partnership with RideVision combines global ADAS expertise with our deep understanding of the Indian market to develop solutions specifically engineered for Indian road and operating conditions. Together, we aim to make mobility in India safer, smarter, and future-ready.”

Mr. Uri Lavi, Founder and CEO - RideVision, said “India stands at the precipice of a fascinating new era of smart mobility—one that will have a profound, measurable impact on saving lives every single day. Through this collaboration with our partner Dhoot Transmission, we are bringing advanced ADAS capabilities directly to the heart of the Indian market. By localizing this cutting-edge technology, we aim to democratize life-saving safety solutions for all.”

The partnership is expected to focus on localization, technology integration, and development of intelligent safety solutions designed specifically for India’s evolving mobility ecosystem.

Additionally, as part of the initiative to strengthen and expand the electronics product business, Dhoot Transmission, through one of its subsidiaries, Dhoot Automotive Systems Private Limited, has recently entered into a business transfer agreement with Bangalore-based Multilink, aiming to enhance Dhoot Transmission’s capabilities and position it for future growth in advanced technology and electronics solutions.

About Dhoot Transmission Limited

Dhoot Transmission is one of India’s leading electrical and electronics (“E&E”) companies. The company designs, engineers, manufactures, and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems, and data cables, delivering application-specific architectures across platforms.

Dhoot serves both automotive and non-automotive applications, supporting stringent performance, safety, and reliability requirements for OEMs. In line with the industry’s shift in powertrain technologies, the company caters to the full spectrum of powertrain architectures across customer segments and end markets.

Dhoot manufactures wiring harnesses and electrical distribution systems for both internal combustion engine (“ICE”) vehicles and electric vehicles (“EVs”). Its offerings also include battery packs, switches, sensors (such as ABS sensors and lean angle sensors), controllers (such as USB chargers and light control modules), and power supply cords.

As of December 31, 2025, the company operates 22 manufacturing facilities in India and internationally, located in key original equipment manufacturer (“OEM”) hubs.

About RideVision Israel

Ride Vision is the global market leader in Advanced Rider Assistance Systems (ADAS) and AI-driven collision avoidance technology. Trusted by riders, OEMs, and industry partners worldwide, Ride Vision’s patented technology is uniquely engineered around real rider behaviour and motorcycle dynamics, transforming two-wheelers into smart, highly aware connected vehicles.

Ride Vision’s patented technology leverages edge AI, predictive analytics, machine learning, and intelligent event fusion to enhance rider safety, improve situational awareness, provide collision alerts, and detect risky riding patterns.

Bain Capital Announces Final Close of Asia Fund VI, Raising $10.5 Billion in Total Capital

Bain Capital today announced the final close of Bain Capital Asia Fund VI (“Asia Fund VI”), raising $10.5 billion in total capital, including approximately $9.1 billion of external commitments, exceeding its original target of $7 billion. In keeping with the firm’s heritage across all its funds, Bain Capital partners, employees, and related entities committed the balance of capital and collectively are the single largest investor in the fund. The fundraise underscores strong investor confidence in Bain Capital’s Asia private equity platform as the firm marks 20 years of investing in the region.

Over that time, Bain Capital has built one of Asia’s leading private investment platforms by bringing the firm’s expansive value creation capabilities to local markets through deep on-the-ground professionals, sector expertise, and close partnership with management teams. Today, Bain Capital combines the reach and resources of a global leader with the strength of a regionally focused platform.

Across Asia, Bain Capital has built a fully integrated platform spanning Japan, India, China, Australia, and Korea, with nearly 200 investment and operating professionals investing across Technology, Industrials, Consumer, Healthcare, and Business and Financial Services. The platform also benefits from close collaboration across Bain Capital’s global private equity and adjacent businesses including Credit, Insurance, Real Estate, Special Situations, and Tech Opportunities, which bring additional expertise, flexibility, and resources to complex opportunities across the region.

“Bain Capital’s private equity business has always been built around helping companies realize their full potential through operational improvement, strategic change, and close partnership with management teams,” said Yuji Sugimoto, Partner and Head of Asia Private Equity. “Over the past 20 years, we have built those capabilities into our Asia platform in a way that combines local insight with the broader strengths of Bain Capital, and that has enabled us to deliver strong outcomes for our investors and partner companies across market cycles. We continue to see significant opportunity across the region, and we are investing in our people, our technology, and the broader capabilities of the platform so we can keep scaling in a disciplined way and delivering over the long term.”

Bain Capital’s Asia platform is particularly well positioned for complex, change-oriented situations where local leadership, operational expertise, and strategic execution can create a meaningful advantage. These include corporate carve-outs, founder transitions, industry consolidation, domestic restructuring, and cross-border growth opportunities, where the ability to combine on-the-ground capabilities with broader sector and platform resources can be a significant differentiator. Asia Fund VI further strengthens Bain Capital’s ability to pursue these opportunities across the region and continue partnering with businesses through growth, transformation, and long-term value creation.

Bain Capital-Backed Dhoot Transmission Merges Subsidiary with FourFront to Scale Automotive Electronics

Dhoot Transmission Limited (“Company”), one of India’s leading electrical and electronic companies, today announced a partnership, pursuant to which FourFront Limited (“FourFront”), a Tier-1 supplier of customized electro-mechanical and electronic solutions to Original Equipment Manufacturers (“OEMs”), headquartered in Pune, will merge with one of the Company’s subsidiaries.

FourFront will become part of Dhoot Transmission’s automotive electronics and electrical platform, enabling the Company and its team to continue serving its existing customer base while moving towards the next phase of growth. The combined platform brings together complementary product capabilities, manufacturing depth, and long-standing OEM relationships to support the increasing electronics content and electrification requirements of the automotive industry.

FourFront is a trusted supplier to leading Passenger Vehicle (“PV”) and Commercial Vehicle (“CV”) OEMs in India, with a strong portfolio spanning electromechanical switches, power electronics products and electric vehicle (“EV”) products. With the rapid evolution of vehicle architectures and rising adoption of electric vehicles, FourFront is well poised to benefit from EV tailwinds, supported by its capabilities in power electronics, engineering depth, and focus on quality and reliability.

The merger represents an important step in the Company’s journey to build a scaled, integrated automotive electronics and electrical platform, offering end-to-end solutions to OEM customers across conventional and electric vehicle programs.

Bain Capital will continue to support Dhoot Transmissions and FourFront through its global automotive experience and value-creation capabilities, as it scales its automotive electronics and electrical platform and pursues its next phase of growth. This support is expected to further strengthen the combined platform’s ability to deepen OEM partnerships, expand product offerings, and drive operational excellence in line with evolving customer requirements.

Commenting on the transaction, Rahul Dhoot, Managing Director, Dhoot Transmission Group, said, “This partnership is closely aligned with our strategy of building a differentiated automotive platform with strong capabilities in electronics and electrical systems. FourFront has developed trusted relationships with OEM customers and built meaningful expertise in power electronics. As part of the Dhoot platform, FourFront and its team will be well positioned to continue delivering the same level of quality and service levels to customers while benefiting from our scale, manufacturing depth, and long-term investment approach.”

Saahil Bhatia, Partner at Bain Capital, said, “India continues to be an economy with a strong long-term growth trajectory, supported by favourable demographics, rising domestic consumption, and sustained investment in manufacturing and infrastructure. Against this backdrop, we see a compelling opportunity to support platforms like Dhoot, and now FourFront, as they scale capabilities, deepen OEM partnerships, and build high-quality automotive solutions aligned with evolving technologies such as ADAS and increasing electronics content across vehicle segments.”

“Over the last 15+ years, FourFront has built very a strong foundation and is recognized for innovative solutions, superior design capabilities, and responsiveness towards customer demands,” said Shrikant Neurgaonkar, Chairperson and Managing Director at FourFront. “The partnership with Dhoot Transmission and Bain Capital will put us in a strong position to further enhance our product offerings and continue to invest in manufacturing facilities, R&D and people for the next phase of growth. We’re very excited to partner with Dhoot Transmission to create an electronics platform focused on technical and operational excellence.”

The partnership is expected to support growth by enabling broader product offerings, deeper customer engagement, and operational efficiencies through a shared manufacturing and supply-chain ecosystem. It also strengthens the Company’s presence across PV and CV segments, aligned with long-term industry trends, including electrification and increasing electronics penetration.

KPMG and PwC served as financial advisors, and Trilegal served as legal advisors to Dhoot Transmission. KPMG Corporate Finance and Desai & Diwanji served as advisors to FourFront

Dhoot Transmission is one of India’s leading electrical and electronics companies. They are engaged in design, engineering, manufacturing and supply of critical wiring harnesses, electronic sensors and controllers, switches, other electronic products, delivering robust, application-specific architectures across platforms. The company has a significant presence in the automotive industry, supplying to major OEMs, and has recently expanded into the EV sector. The company has 20+ manufacturing facilities globally.

Incorporated in 2007, FourFront Limited is a Tier 1 supplier of customized electro-mechanical and electronic solutions to leading OEMs in the automotive industry, with a strategic focus on the EV segment. They are engaged in the designing and manufacturing of electromechanical and power electronics products, primarily serving the automotive industry.

Bain Capital-Backed Novopor Expands US Footprint with FAR Chemical Acquisition

Novopor Advanced Science Private Limited, a Bain Capital portfolio company and global performance chemicals and material science CDMO, today announced its acquisition of FAR Chemical, a US-based leader in custom and complex specialty chemical manufacturing focused on Electronics, Aerospace & Defense, Coatings & Adhesives and other Specialty Chemicals, from its US parent CPS Performance Materials Group.

The acquisition of FAR Chemical is a key milestone in Novopor’s strategy to build an integrated specialty chemical platform that delivers end-to-end solutions to customers ranging from early-stage process development to commercial scale manufacturing. Integrating FAR Chemical’s deep expertise in complex chemistries and attractive end markets complements Novopor’s existing capabilities and expands its US presence.

“FAR Chemical’s deep expertise in differentiated, complex chemistries and long track record of working with global performance chemical and material science companies make it a strategic fit with Novopor’s mission to drive innovation and deliver custom solutions. This acquisition enhances our ability to support a broader range of chemistries, accelerate time-to-market for new products, and strengthen our presence in key high-growth markets,” said Radhesh Welling, MD of Novopor Advanced Science Private Limited.

“FAR Chemical is a respected operator with a proven track record in complex specialty chemical manufacturing. The combination of FAR Chemical with Novopor strengthens the platform’s technical depth, geographic reach, and ability to support customers across the full product lifecycle. This investment underlines our continued commitment to building market-leading businesses through strategic acquisitions and operational excellence,” said Saahil Bhatia, Partner of Bain Capital.

“FAR Chemical and CPS Performance Materials have established a differentiated platform grounded in deep technical expertise, an uncompromising commitment to safety, and a strong track record of delivering innovative solutions for customers with unique and challenging development needs,” said Justin O’Connor, President of FAR Chemical. “This partnership strengthens our ability to invest in advanced capabilities while maintaining the highest standards of safety and operational discipline and enhances our ability to support customers seamlessly from development through commercial-scale manufacturing. We are proud to join Novopor in building a platform defined by technical excellence, a safety-first culture, and an unwavering commitment to our customers.”

Novopor Advanced Science, backed by Bain Capital, has been executing a strategy of targeted investments and acquisitions to expand its global footprint and technical portfolio. In 2025, Novopor acquired Pressure Chemical Company, a Pittsburgh-based specialty chemical and high-pressure chemistry expert, broadening its development-to-manufacturing capabilities and reinforcing its presence in the US market. Additionally, Novopor inaugurated a state-of-the-art Pilot Plant Facility in Visakhapatnam, designed to bridge early-stage R&D with commercial-scale production and accelerate innovation across agrochemicals, performance materials, and specialty chemicals.

KPMG served as financial advisors, Alvarez & Marsal served as technical advisors, and Honigman LLP, Khaitan & Co and Clifford Chance LLP served as legal advisors to Novopor. Raymond James, Forvis Mazars and Thompson Hine LLP served as advisors to FAR Chemical.

About Novopor Advanced Science Private Limited

Novopor, a Bain Capital portfolio company, is a performance chemicals and material science leader focused on enabling sustainable innovation through strategic partnerships. The company collaborates with leading global customers across agrochemicals, performance chemicals, and material science, providing solutions from development through commercial manufacturing. Novopor operates state-of-the-art R&D and innovation centers in Hyderabad and manufacturing sites in Andhra Pradesh and Gujarat, India.

About FAR Chemical

Founded in 1982 and headquartered in Palm Bay, Florida, FAR Chemical has a distinguished history of operating for over 40 years in delivering high-quality specialty and fine chemical products and services to customers across multiple industries, including pharmaceuticals, advanced materials, coatings and adhesives, electronics, and industrial specialties. The company is recognized for its expertise in complex and hazardous chemistry, custom and toll manufacturing, chemical development, repackaging, and analytical support.

Bain Capital, Sattva Group and Colive Launch $100M Co-Living Platform; Colive Secures $20M from Bain Capital

Colive, India's leading and Bangalore's largest co-living platform, today announced a strategic partnership with Bain Capital and Sattva Group to establish a pan-India co-living real estate platform with an initial commitment of at least $100 million. The new platform will be dedicated to acquiring land, developing flagship communities, and delivering purpose-built rental housing across India’s largest urban centers, meeting the growing demand from young professionals and students for high-quality, community-driven living spaces.

As part of the partnership, Colive also raised $20 million in strategic funding, spearheaded by Bain Capital, with strong backing from long-term partner Sattva Group. The $20 million operational investment will power Colive's accelerated growth trajectory through enhanced technology infrastructure, expanded market presence, and reinforced market leadership in tech-enabled rental housing solutions across India.

This exclusive real estate platform, managed by Colive, has completed initial land acquisitions in Pune and Bengaluru, with nearly 0.5 Mn sq ft of Coliving spaces under development. Additional opportunities are being actively evaluated in Bangalore, Pune, and Hyderabad. The PropCo initiative targets 8-10 flagship developments in the immediate term, creating a scalable foundation for Colive's pan-India expansion. While the platform is being launched with an initial commitment of $100 million, the partners view the opportunity as scalable over time and open to considering additional investments as attractive opportunities emerge.

The platform will deliver intelligent, fully furnished, professionally managed residences strategically positioned near major employment hubs and educational centers, addressing the evolving lifestyle demands of Gen Z and millennial residents while providing seamless transitions for India's urban migrants.

Strategic Vision and Market Leadership

"India is experiencing a fundamental transformation in urban housing preferences, and Colive stands uniquely positioned to address this surging demand through technology-enabled, community-focused living solutions. Our investment commitment demonstrates our unwavering confidence in this market category and Colive's established leadership position," stated Sarit Chopra, Partner at Bain Capital.

"At Sattva, we have long believed that co-living is a critical enabler of India's urban transformation. We have deepened our partnership with Colive significantly over the last few years, which reflects our conviction that this sector holds immense potential. While demand from young professionals migrating to cities is robust, the real challenge lies in creating quality supply that matches their aspirations and lifestyle needs. Through this partnership with Bain Capital, we are bringing international standards and global best practices to India while establishing a dedicated PropCo platform for purpose-built assets and are positioned to scale solutions that will shape how India's next generation lives and works in our cities," emphasized Bijay Agarwal, Managing Director, Sattva Group.

Technology-Driven Community Experience

Founded on the transformative mission of becoming "Your Family, Away from Family," Colive is reshaping urban living through its distinctive 6 Star Living framework: Style, Safety, Smart, Service, Savings, and Social. Colive's proprietary technology ecosystem orchestrates the complete resident experience—from streamlined digital onboarding and automated payment systems to app-integrated safety protocols, maintenance coordination, and concierge services—delivering a secure, interconnected, and dynamic community-centered lifestyle that establishes new benchmarks in metropolitan living.

As India navigates unprecedented urban migration, demand for premium rental housing continues its upward trajectory. Colive addresses this market opportunity by developing environments that exceed basic accommodation, featuring thoughtfully curated common spaces, organized community programming, and an integrated digital platform that cultivates authentic connections and exceptional convenience.

Future Growth and Market Impact

"This funding represents a pivotal moment in Colive's journey to revolutionize urban living for young professionals throughout India. It signifies strong investor confidence in our vision and enables accelerated scaling, continuous innovation, and deeper commitment to developing intelligent, community-centered living environments that genuinely feel like home” added Suresh Rangarajan, Founder & CEO, Colive.

Bain Capital-backed Novopor Acquires US-based Pressure Chemical Company

Novopor Advanced Science Private Limited, a performance chemicals and material science CDMO, today announced its acquisition of Pressure Chemical Company (“Pressure Chemical” or “PCC”), an affiliate of the Minafin Group and a leading provider of high-pressure and specialty chemistry services. The financial terms of the transaction were not disclosed.

The acquisition is a significant step in Novopor’s strategy to build an integrated specialty chemicals platform by combining early-stage development capabilities with large-scale manufacturing. The partnership will support continued investment in expanding Novopor’s facility footprint, enhancing technical capabilities, and providing customers with seamless access to fine and specialty chemical manufacturing at scale.

Founded in 1964 and headquartered in Pittsburgh, Pennsylvania, Pressure Chemical brings more than six decades of experience in high-pressure chemistry, polymerization, and alkoxylation. The company offers process development, piloting, and low-volume, high-value manufacturing, with a strong track record of solving complex technical challenges. Its skilled team, flexible infrastructure, and long-standing customer relationships make it a trusted partner for specialized chemical solutions—and a natural complement to Novopor’s expanding platform.

“This acquisition strengthens our ability to support customers across the full development lifecycle—from early-stage innovation through to commercial manufacturing,” said Radhesh Welling, CEO of Novopor Advanced Science Private Limited. “Pressure Chemical brings deep technical expertise, a highly skilled team, and strong customer relationships that are highly complementary to our platform. Together, we will invest in expanding our facility footprint, enhance our capabilities in complex chemistries, and create seamless access to large-scale fine and specialty manufacturing. This is an important step forward in building a differentiated, high-impact platform for our global customers.”

“Pressure Chemical and Minafin have built a strong foundation, recognized for our collaborative and innovative solutions for customers with complex development needs,” said Sandra Cernick, President of Pressure Chemical. “This new partnership enables us to further invest in our people, facilities, and capabilities while expanding our ability to support customers development and scale-up through commercial manufacturing. We’re excited to join Novopor in creating a platform centered on technical excellence and customer focus.”

KPMG, PwC, and Wombat Capital Markets LLC served as financial advisors, and Honigman LLP, JSA and Clifford Chance LLP served as legal advisors to Novopor. Fairmount Partners, Mazars and Pierre Abitbol served as advisors to Pressure Chemical Company.

About Novopor Advanced Science Private Limited

Novopor, a Bain Capital portfolio company, is a performance chemicals and material science leader focused on enabling sustainable innovation through strategic partnerships. The company collaborates with leading global customers across agrochemicals, performance chemicals, and material science, providing solutions from development through commercial manufacturing. Novopor operates state-of-the-art R&D and innovation centers in Hyderabad and manufacturing sites in Andhra Pradesh and Gujarat, India.

About Pressure Chemical Company

Founded in 1964 and headquartered in Pittsburgh, Pennsylvania, Pressure Chemical Company specializes in high-pressure chemistry, polymerization, alkoxylation, and challenging chemistry scale-up. With more than six decades of experience and a reputation for handling complex projects safely and confidentially, PCC serves a wide range of specialty chemical needs from development through pilot and custom manufacturing.

Bain Capital Secures $136 Mn Loan to Finance Its Minority Stake in Dhoot Transmission

Bain Capital has secured a $136 million loan to finance its acquisition of a minority stake in Dhoot Transmission Group, an Indian automotive parts manufacturer reported Business Standard. The loan is structured as a five-year facility, split into a $111 million term loan and a $25 million revolving credit facility.

DBS Group Holdings and HSBC Holdings, are managing the deal. The borrowing is being syndicated to a limited number of lenders.

Bain Capital aims to leverage its global automotive expertise to support Dhoot Transmission's growth and expansion.

Dhoot Transmission, founded in 1999 by Rahul Dhoot, specializes in electronic sensors, controllers, power cords, and automotive cables. Bain Capital's investment aligns with its broader strategy of expanding its presence in India's auto components sector.

This move could be particularly interesting to India’s precision manufacturing sector as it strengthens India’s position as a global hub for automotive electronics and wiring harnesses, and encourages foreign investments in precision manufacturing.

Dhoot Transmission’s role in automotive electronics might have implications for EV supply chains and advanced manufacturing.

Dhoot Transmission’s expertise in electronic sensors and controllers could support EV manufacturers. Bain’s backing may help scale production for electric vehicle components.

Dhoot Transmission is headquartered in Aurangabad, Maharashtra and operates 23 manufacturing facilities across India, UK, Slovakia, Thailand, Japan, and South Korea. In Acquired TFC Cables (Scotland), Parkinson Harness (UK), and San Electromec (India) to expand its footprint.

Bain Capital to Acquire Joint Control and Invest in Manappuram Finance’s Next Phase of Growth

Investment to drive expansion of the company’s renowned non-banking financial services platform building on Bain Capital’s deep financial services experience in India, as well as Manappuram Finance’s 75-year track record of excellence

Bain Capital, a leading global private investment firm, today announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance, a Kerala-based non-banking financial company and the 2nd largest gold financier in India through its affiliates i.e., BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the Existing Promoters who will continue to stay fully invested. This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments.

As part of the transaction, Bain Capital will be investing ~INR 4,385 cr to acquire an 18.0% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of INR 236 per share which is at a premium of ~30% over the 6 month average trading price. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18.0% to 41.7% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). Existing Promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees, who uphold its “customer-first” culture. With strong brand recognition, deep customer relationships, and a widespread presence across India, the company has successfully expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider with significant scale and strong growth momentum.

Mr. V.P. Nandakumar, MD & CEO at Manappuram Finance, said, “The journey of Manappuram Finance has been a long and rewarding one, delivering rich dividends to all stakeholders and investors. For me personally, it has been a privilege to lead such a dynamic company that continues to set gold standards in the NBFC sector. As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance. We look forward to a successful partnership that drives innovation and sustained success”

“We are thrilled to partner with Mr. Nandakumar and his team to support Manappuram Finance in its next phase of growth. This collaboration leverages our deep expertise and commitment to sustainably expanding India’s financial services sector, while democratizing access to financial products that foster entrepreneurship and wealth creation across the country,” said Pavninder Singh, Partner at Bain Capital. “Manappuram has developed a robust, diversified platform, and we look forward to providing the necessary capital, strategic resources, and operational expertise to help the company accelerate its growth and continue to lead in the industry.”

"Manappuram Finance is a leader in the non-banking financial sector, with deep expertise and a strong market presence. Manappuram’s commitment to integrity, customer-centricity, and technology-driven innovation has been key to its success, and we are excited to build on these values to further solidify its leadership in the industry,” said Rishi Mandawat, Partner at Bain Capital. “There continues to be a huge opportunity for the company to accelerate growth in the core segments. We are partnering with the family to provide capital for growth and help the company on a professionalization journey that will enable it to drive better operational efficiency and risk management."

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and globally, including Axis Bank, 360One Wealth & Asset Management, L&T Finance Holdings, Lionbridge Capital, esure, among others.

Bain Capital was advised by Kotak Investment Banking, Boston Consulting Group India, Cyril Amarchand Mangaldas, Ernst & Young LLP, Kirkland & Ellis LLP and Unaprime Investment Advisors while Manappuram Finance, its affiliates and Existing Promoters were advised by Spark Capital and Khaitan & Co.

For more details, please refer to the investor presentation here.

About Bain Capital:

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 25 offices on 4 continents, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

Bain Capital Reportedly Selling $431 Mn Worth Stake in Axis Bank To Make Exit

Bain Capital is reportedly planning to sell a stake worth approximately $431 million in Axis Bank through a block deal. The private equity firm is offering 33.4 million shares at a price range of Rs 1,071 to Rs 1,076.05 per share. This move is expected to mark Bain Capital's exit from the lender after an investment period of over six years.

On the day prior to the announcement, Axis Bank's shares closed 1.7% higher at Rs 1,077 on the National Stock Exchange. Over the past year, Axis Bank's shares have provided investors with returns of over 26%.

The private equity firm, which first invested in the bank in November 2017, will be exiting its holding through a stake sale. This move comes after Bain Capital has gradually reduced its stake in Axis Bank over the past years, with previous sales in December last year and earlier.

Bain Capital's decision to sell its stake in Axis Bank is likely driven by a strategy to realize profits from its investment. The private equity firm has seen a substantial increase in the bank’s valuation since its initial investment in November 2017, and it may view the current market conditions as an opportune time to exit the investment. This is a common practice in the private equity industry, where firms invest in companies and later sell their stakes when they believe they have maximized their return on investment. It's also worth noting that Bain Capital has been gradually reducing its stake in Axis Bank over the past years, indicating a strategic divestment plan.

The sale of Bain Capital's stake in Axis Bank will have no direct impact on the bank's day-to-day operations. Such transactions typically involve the transfer of shares between investors and do not affect the operational aspects of the company. However, it might have some influence on the bank's stock market performance in the short term, as large block deals can sometimes lead to volatility in the share price.

The Securities and Exchange Board of India (SEBI) defines a block deal as a single transaction of a minimum quantity of shares or a minimum value of Rs 5 crore. Block deals are executed separately from regular market trading and take place through a separate trading window. Block deals last for 35 minutes, starting at the beginning of trading hours.

After Bain Capital sell its entire stakes, Axis Bank's management and operational strategy will continue to be guided by its board and executive team. The bank has been performing well, with shares giving over 26% returns to investors in the last year, indicating a strong operational standing. The exit of a major investor like Bain Capital is more of a financial market event than an operational one for Axis Bank.

The current ownership structure of Axis Bank is such that foreign Institutions hold the largest share with 52.92%, Mutual Funds and Banks have a 20.74% stake. Other Investors include 2.8%.

The General Public holds 5.22% while Financial Institutions have a 7.16% stake. There are also shares held as GDRs, accounting for 3.22%.

This structure reflects a diverse set of investors, with a significant portion being held by institutional investors, which is common for large private sector banks. Promoters, such as SUUTI [created by restructuring the Unit Trust of India (UTI)], LIC, GIC, and other insurance companies, played a key role in the bank's establishment but currently do not hold any shares. The bank's strong institutional investor presence indicates confidence in its management and growth prospects.

Axis Bank has several major investors. Notably, Oman’s Pension Fund and Government Pension Fund Global are among the most recent investors. Additionally, the bank's financial reports indicate a strong institutional investor presence, with the number of FII/FPI investors increasing and mutual funds also raising their holdings. Axis Bank's own presentations highlight their strategic initiatives and performance, which likely attract and retain such investors.

Bain Capital Tech Opportunities to Invest in Finova and Acquire Iress' Uk MSO Software Business for $108.6 Mn

Bain Capital Tech Opportunities, the growth investing arm of Bain Capital, agreed to a majority investment in Finova and to acquire Iress' UK Mortgage Sales and Originations software business (“MSO”), for £85 million (€99.4 million; $108.6 million). Bain Capital expects to offer a fuller set of products by combining these two investments.

Bain Capital Tech Opportunities is the growth investing arm of Bain Capital, which focuses on companies in large, growing end markets with innovative or disruptive technology. The fund invests in application software, fintech and payments, healthcare IT, and infrastructure and security.

finova, based in London, provides a comprehensive suite of modular, open-architecture SaaS-based originations and servicing solutions to help the full spectrum of specialist lenders, equity release lenders, savings institutions, and brokers manage key workflows. Its software enables customers to efficiently manage their pricing and decisioning, underwriting, application processing, and servicing of loans. MSO, based in Cheltenham, is a leading provider specialising in residential mortgage and buy-to-let origination software to banks and building societies in the U.K. since 2014.

The mortgage market is becoming faster paced and more complex, increasing the need for more sophisticated software tools such as personalised pricing. These combined businesses will be well positioned to meet the demand for more advanced software. Customers will also benefit from a broader software suite that supports a wider range of financial products.

“We are excited to back a compelling combination of robust platforms with complementary product suites and customer bases,” said James Stevens, a Managing Director of Bain Capital Tech Opportunities in London. “The combined scale of these two businesses will allow us to offer more competitive and innovative products in a dynamic market, ultimately bringing more choice to consumers across the country.”

Paraag Davé, Executive Chairman of finova, said: “Bain Capital’s investment in each business will strengthen and invest in the capabilities of both platforms and help deliver increased value to our customers. We are thrilled to blend finova’s SaaS expertise in complex solutions such as pricing, decisioning, specialist lending, savings, and loan servicing with MSO’s leadership in residential mortgage originations.”

Andrew Simon, MSO CEO, said: “This is the ideal outcome for our business and our customers. Bain Capital is fully committed to investing in MSO to ensure our customers continue to benefit from software that is amongst the best in the market. Through the combined business, we're looking forward to bringing a broader set of innovative products to market.”

About Bain Capital Tech Opportunities

Bain Capital Tech Opportunities (www.baincapitaltechopportunities.com) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated, tenured team has deep experience supporting growing technology businesses—bringing together differentiated backgrounds in private and public equity investing as well as technology operating roles. We invest behind fundamental long-term tailwinds as technology penetrates across industries, creating a large and growing number of investment opportunities.

About finova

finova is a London-based software firm that provides a comprehensive suite of modular, SaaS based open-architecture software to help lenders and brokers in the Mortgage, Lending and Savings sectors. https://www.finova.tech

About Iress

Iress (IRE.ASX) is a technology company providing software to the financial services industry.

The company provides software and services for trading & market data, financial advice, investment management, mortgages, superannuation, life & pensions and data intelligence.

Iress's software is used by more than 10,000 businesses and 500,000 users globally. We have over 2,000 people based in Asia-Pacific, North America, Africa, the UK and Europe.

This transaction is subject to customary approvals.

In An Asia's Largest of 2023, Bain Capital Closes 5th Pan-Asia PE Fund At $7.1 Bn, Exceeds Target by 40%

Boston-based private investment firm, Bain Capital, has completed the final close of its 5th pan-Asia private equity fund (Bain Capital Asia Fund V) at $7.1 billion, exceeding its target by 40%, reported news agency Reuters.

With an initial target of $5 billion, Bain Capital started fundraising for 5th Fund in the second half of last year.

At $7.1 Billion, the fund is Bain Capital's biggest to date for Asia and also the region's largest private equity fund raised this year, according to Preqin data.

The investment firm itself committed $750 million to this latest fund. Japan will be the focus area of the latest fund.

David Gross, Bain Capital's Asia managing partner, told Reuters that he sees investment opportunities in service businesses for healthcare, information and entertainment sectors, software companies and consumer sectors especially in Japan and India.

This comes within a month after Bain Capital and Smith Hill Capital, an affiliate of Procaccianti Companies, formed a joint venture to launch a private lending platform with the objective of deploying $1 billion of gross capital over the next several years.

Asia-focused fundraising totalled $73 billion so far this year, nearly half of 2022's annual amount and less than a third of the $299 billion raised in 2021, said the Reuters report on the basis of Preqin data.

In June this year, Bain Capital was ranked 13th in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.

Bain Capital's businesses include private equity, venture capital, public equity, and credit.

Drug Discovery Firm Panacea Biotec Raises $144 Mn from Resurgence Fund

New Delhi-based Panacea Biotec, a research-based pharmaceutical and health management company, has raised 992 crores/ US $144 million from India Resurgence Fund ('IndiaRF'), promoted by Piramal Enterprises
Limited and Bain Capital Credit, announced Piramal in a press release.

The funds raised will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the Company.

The funding of Panacea comes within few days after an another research and drug delivery company Rubicon Research Pvt. Ltd, raised $100 million from General Atlantic, a New York-based global growth equity venture capital (VC) firm.

This investment is structured by way of Non-Convertible Debentures (NCDs) of up to INR 864 crores and subscription amount of INR 32 crores towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of INR 128 crores proposed to be raised upon issuance of equity shares against warrants as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis.

Commenting on the investment, Shantanu Nalavadi, Managing Director, IndiaRF said, "We are pleased to partner with Panacea Biotec, as it embarks on an exciting journey to enhance its market position as a strong, research-focused pharmaceutical and biotechnology company. The purpose of this investment is to not only restructure the Company’s balance sheet, but more importantly, work closely with the promoters and management team, to drive rapid revenue growth and sustainable profitability improvement. IndiaRF continues to remain focused on providing long term strategic solutions that enable an effective turnaround for high quality companies that have the potential for
accelerated growth and profitability."

Dr. Rajesh Jain, Managing Director, Panacea Biotec said, “We are delighted to partner with IndiaRF at this critical juncture in Panacea Biotec’s journey. We look forward to leveraging their proven global expertise in restructuring and turnarounds, and are certain that our combined efforts will now help accelerate our ambitious growth and profitability targets."

Panacea Biotec is a progressive, innovative, research & development-focused biotechnology company focused on manufacturing and marketing of pharmaceutical formulations, biopharmaceuticals and vaccines.

Brescon & Allied Partners LLP were the exclusive advisors to the Company on thistransaction, advising on the one time settlement with the banks and raising funding to back the revival plan.

India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, invests capital in the form of both debt and equity in distress situations in the Indian market.

To recall, in June last year, Elucidata Corporation, a data science company focused on developing tools and software solutions for drug discovery, had raised $1.7 million in seed funding led by Hyperplane Venture Capital along with several prominent angels

FourKites Secures $50 Million Series C Funding to Spur Growth of Supply Chain Visibility Network

FourKites, a Chicago based global leader in predictive supply chain visibility, today announced $50 million in new funding to fuel growth of its real-time visibility network for shippers and carriers, with Engineering Center of Excellence in Chennai. The Series C round includes follow-on financing from existing investors August Capital, Bain Capital Ventures, CEAS Investments andHyde Park Angels. The funding brings FourKites’ total capital raised to $101.5 million.

Since launching five years ago, FourKites has pioneered the industry shift to real-time visibility, enabling shippers to improve on-time delivery and optimize their supply chain based on actionable data and predictive intelligence. FourKites’ network now includes more than 200 of the world’s top shippers, including AB InBev, Conagra Brands, Kraft Heinz, Nestlé, Perdue Foods, Smithfield Foods, Unilever, Walmart Canada and many others.


Commenting on the occasion, Mr. Arun Chandrasekaran, Co-Founder and CTO, FourKites, said “We are extremely delighted with the multi-fold and meteoric growth of FourKites in its recent years. With Series C funding in place, we are looking forward to accelerating the growth of the company by further expanding our engineering talent pool. The funding is well-timed with our recent recognition from Great Place to Work, which has also helped us shift our focus to increasing the overall headcount to double in India. In addition to investing in strengthening our R&D capabilities we will continue our investment in employing and developing right talent in India.”

FourKites will use the funding to expand its supply chain platform with new applications and capabilities; grow its global network of top shippers and carriers; and extend its “zero deadhead” initiative to help shippers share unused truck capacity. FourKites currently tracks shipments in 55 countries worldwide, helping top shippers and carriers collaborate based on real-time data across North America, South America, Europe and Africa.

“We believe in a future where every supply chain is collaborative, intelligent and networked,” said Mr.Mathew Elenjickal, founder and CEO of FourKites. “Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation. This comes at a critical time for the industry, as it responds to changing customer expectations, government regulations and cost pressures. As we move into 2019, we’re excited to add more shippers, more carriers and more value to the FourKites network to help accelerate the industry’s transformation.”

FourKites continues its global expansion. The company now has more than 300 employees in Chicago (headquarters) and Chennai, India; with operations in Mexico, Brazil, Poland and the United Kingdom. The FourKites platform is live in eight languages, with product guides in 15 languages.

Bain Capital's Amit Chandra Appointed Non-Executive Director of Tata Sons

Amit Chandra, managing director, Bain Capital, has been appointed as a non-executive director of Tata Sons with effect from August 26, 2016.

Mr Chandra joined Bain Capital as managing director in early 2008 and is part of the firm’s leadership team in Asia. He received his undergraduate degree in electrical engineering from VJTI, Bombay University, following which he worked at Larsen and Toubro (L&T). Mr Chandra received his MBA from Boston College, and was awarded the School’s Distinguished Alumni in 2007. Prior to joining Bain Capital, Mr Chandra spent most of his professional career at DSP Merrill Lynch and retired as its board member and managing director in 2007.

Mr Chandra serves as a trustee on several Tata Trusts and is a member of the board of directors of Genpact, L&T Finance, Tata Investment Corporation, Emcure Pharmaceuticals, Akanksha Foundation and GiveIndia. He is also founder and board member of Ashoka University. Earlier this year, he was named in the Forbes "Asia's Heroes of Philanthropy" List.

With Mr Chandra’s appointment, the Tata Sons board now has 9 directors, including Venu Srinivasan and Ajay Piramal, who were appointed non-executive directors on August 25, 2016. The other Tata Sons board members include Group Chairman Cyrus P Mistry, Ishaat Hussain, Vijay Singh, Prof. Nitin Nohria, Ronen Sen and Farida Khambhata.