Indus retains Zomato in $660m round with SAM, AZB, L&L, Khaitan for investors with foreigns

Wednesday, 23 December 2020 By Legally India Private equity / VC

Food delivery company Zomato Media Pvt. Ltd has completed a staggered fundraise that added $660 million (Rs 4,851 crore) to its coffers at a post money valuation of $3.9 billion, its co-founder and chief executive Deepinder Goyal, tweeted…

— VCCircle

IndusLaw advised Zomato Private Limited led by a team of senior partner Suneeth Katarki, partner Pallavi Kanakagiri, senior associate Anantha Krishnan Iyer, senior associate Shweta Adhikari, associate Nishihi Shah and associate Shreyas Bapat.

The firm had also acted on Zomato’s Series J of $160m in September of this year.

L&L Partners acted as counsel to Steadview Capital, led by partner Vaibhav Kakkar, partner Avisha Gupta and associate Debarpan Ghosh.

Shardul Amarchand Mangaldas acted for Luxor, led by partner Nivedita Tiwari, partner Prashant Gupta, principal associate Devesh Pandey and associate Axay Satagopan.

Shardul Amarchand Mangaldas also acted for Kora led by partner Jay Gandhi, principal associate Abhishek Parekh, senior associate Natalee Nanda and associate Joanna Barretto.

AZB & Partners acted as counsel to Fidelity, led by partner Vipul Jain, senior associate Tanya Pahwa and associate Saras Muzumdar.

AZB & Partners also acted as counsel for Tiger Global with partners Ashwath Rau and Jasmin Karkhanis, and associates Rina Goyal and Rashmee Kumar.

Khaitan & Co was counsel for D1 Capital with a core team comprising of partner Rabindra Jhunjhunwala, partner Rishabh Bharadwaj, principal associate Purti Minawala, senior associate Ayush Nanda and associate Rakshitha Naik.

Sidley Austin LLP was international counsel to Luxor with partner Willian H Schwab.

Gunderson Dettmer was international counsel for Tiger Global with partner Jonathan Pentzien, associate David He and associate Soo Guo Kai.

2020-12-01

Deal value: $660m

{incomplete}

Comments

Woah 23 Dec 2020, 12:22

+1 -0

The name [...] took my breath away. Respect.

Please! 23 Dec 2020, 13:29

@Kian - are we to read this as deal reporting or reporting of Indus clients?? There was also another piece a while back saying Indus Law client xyz ..... Why this change of headlines for Indus?

kianganz 23 Dec 2020, 13:37

+7 -1

Thanks for your comment, a valid point. As far as deal reporting goes, there's not often that much movement of clients. When it happens and is documented, we would try to mention it. In the Cars24 case, Manchanda's move also seems to have moved the mandate to Indus, which was relevant. https://www.legallyindia.com/private-equity-venture-capital/cars24-re-briefs-ap-for-200m-unicorn-series-e-indus-scores-unbound-post-partner-move-20201223-11850

With respect to Indus specifically, we had marked them out as a firm to watch as potentially joining the Marquee Firms soon: https://www.legallyindia.com/india-unleashed-editorial/inlegal-50-the-busiest-corporate-law-firms-20191012-10938

That they have managed to hold on to Zomato through all this time as its valuation and rounds keep increasing, bodes well for them in that none of the AZBs, CAMs or SAMs has managed to dislodge them (which is always a concern for the smaller firms that grow up on bread and butter VC rounds but often struggle to transition to the marquee mandates once their start-up clients have grown up).

Ex-Samvad 23 Dec 2020, 16:01

+6 -1

Kian I don’t think you understand the ecosystem right now. I was in samvad when all the smaller rounds used to be done for Zomato (check your own reports). When the big ticket ones arrived they consciously moved to a bigger firm like Indus. What you’re stating is the market image of a couple of years ago. Don’t think that is valid anymore.

About that 23 Dec 2020, 17:38

+10 -1

I think that's precisely his point - despite the fact that Zomato has entered the big leagues in terms of fundraising, it hasn't been poached by SAM/CAM/AZB and has stuck with Indus.

SAM&AZB 23 Dec 2020, 17:38

+2 -0

SAM and AZB are killing it!

Ex-Zomato 23 Dec 2020, 19:07

+2 -5

Zomato worked /works a whole lot with AZB!! But it is perhaps no longer worth the fee rates when the same base documents are being worked on for each successive round for the new investor.

Please! 23 Dec 2020, 19:12

+3 -2

Again my point is why do this only for Indus? Surely, there are other partner movements happening in the industry triggering movement of clients/mandates. Its not an extra-ordinary scenario.
Why not track all such movements and report them as well? Specifically reporting Indus law's clientele just seems strange - when the story is (should be) meaning to report the deal (unless, not?)

Yes please! 23 Dec 2020, 19:16

+4 -1

Fair point!

Please also shed light on this one - https://www.legallyindia.com/private-equity-venture-capital/150m-softbank-ga-cash-makes-indus-client-unacademy-a-unicorn-with-khaitan-bharucha-20201028-11733

Is this reporting softbank's investment, or unacademy getting unicorn status, or that unacademy is Indus client?

Quiet 24 Dec 2020, 11:10

+8 -1

Please and yes please - relax karo bhaiyon. Maybe LI is retained by indus ;)

Curiouss 24 Dec 2020, 08:16

+9 -0

Zomato will launch its IPO next year. Just wondering if Indus has really managed to hold on Zomato? Indus is appointed as BRLMs counsel on Zomato's IPO and CAM as Zomato's counsel. As far as I know, CAM has never worked for Zomato. Even though Manan & co were able to get Zomato IPO, its a loss for them as they couldn't hold a long standing client of Indus.

Huh 24 Dec 2020, 09:25

+5 -1

Tujhe deal nahin mila kya?

Hohoho 24 Dec 2020, 11:02

Lagta hai Indus se ho. Mil gya bhai

Who said 24 Dec 2020, 11:09

+6 -0

Who said it was “long standing”?

Merchant banker 26 Jan 2021, 18:33

+0 -0

Don’t you know of the real deal - Indus will go easy as BRLMs counsel and ensure that the deal happens. Clearly Indus is taking a leaf from SAMs playbook !

RKL 28 Dec 2020, 02:21

+2 -1

Good to see L&L’s name. RKL has lived up to his promise of being able to deliver to his clients notwithstanding the internal conflict.

Commenting is closed for this article.