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The Venture Codex

India Resurgent Fund

Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013, India

Overview

Rice Park Capital Management LP is a Minneapolis-based venture capital firm founded by Nick Smith. Rice Park focuses its investment strategy on early and mid-stage companies run by proven founders and executives, operating in the real estate and financial services sectors, solving significant problems in large and addressable markets by using technology to achieve scale and create barriers to entry. Rice Park Capital strategy is differentiated by a laser focus on markets and sectors where it possesses deep experience and by bringing the union of capital and strategic advisory to the companies it invests in.

Total investments
2
Lead investments
2
Investments · 12mo
0
Active investors
1
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Investment portfolio

  • Panacea Biotec

    Led · Debt Financing · Apr 2019

    Panacea Biotec is a pharmaceutical firm primarily known for selling the oral polio vaccine to the Government of India and for its formulation business. The company has been under corporate debt restructuring (CDR) since 2014. Management plans, alongside its new investor, to drive rapid revenue growth and improve sustainable profitability. The recent transaction is intended to restructure the balance sheet, retire existing debt, and provide capital to grow the business. Panacea reported a 20% fall in revenues to Rs 327.5 crore for the nine months ending December 2018 and losses rose by more than 150% to Rs 157 crore over the same period. Its share price closed at Rs 179.25, giving a market capitalization of just over Rs 1,110 crore.

  • Archean Group

    Led · Equity · Jun 2018

    Archean Chemical Industries is an India-based chemical company. India Resurgent Fund invested INR8 billion (approximately US$119 million) in Archean in a combined debt and equity transaction. IRF acquired Archean’s existing loans from a group of public sector banks to help restructure the company’s cash flows. IRF will provide an equity commitment that gives it approximately a 30 percent stake in the company. The financing includes a debt portion carrying an annual interest rate of 16 percent and a contingent share of earnings for IRF if Archean meets certain financial milestones. The transaction is structured to restructure Archean’s balance sheet and provide equity support.

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