The Venture Codex

Participated · Equity · Dec 2025

ICICI Prudential AMC is the asset-management subsidiary of ICICI Bank, partnering with UK-based Prudential Corporation Holdings. The firm manages a diversified suite of mutual funds and other investment products for retail and institutional clients. To prepare for a public listing, the company completed a sizeable pre-IPO round and has now set a ₹2,061–2,165 per-share price band for its upcoming ₹10,602-crore initial public offering, which will run from 12-16 December with listing expected on 19 December. The planned IPO is structured entirely as an offer-for-sale of over 4.89 crore shares by Prudential, so the company itself will not receive those proceeds. The pre-IPO equity placement valued the AMC at roughly ₹1.07 lakh crore (US $11.9 billion), highlighting strong investor demand. Post-placement, ICICI Bank increased its stake to 53 percent, while Prudential’s share will be correspondingly reduced ahead of the IPO. On listing, ICICI Prudential AMC will become the fifth asset-management firm and the fifth ICICI Group entity to trade on Indian exchanges.

Participated · Equity · Oct 2025

Founded in May 2016 and headquartered in Bengaluru, WeWork India provides a range of flexible workspace solutions under the global WeWork brand. Its portfolio spans 59 operational centres with 94,440 desks across 6.48 million square feet of leasable area as of September 30 2024. Management states the business is now self-sustaining, having invested heavily in infrastructure over the past eight years and recently using internal funds to pay down debt. Current cash generation is sufficient to fund ongoing operations and further expansion, so the company is not seeking primary capital in its IPO. Instead, the listing is intended to provide liquidity and position the company for future growth opportunities using existing resources. WeWork India benefits from affiliation with WeWork Global, which operates in 35 countries and roughly 600 locations worldwide, augmenting brand recognition and enterprise customer acquisition.

Participated · Equity · Oct 2025

Lenskart operates as a multi-category eyewear retailer, offering prescription eyeglasses, sunglasses and contact lenses under its own brand. The company caters to customers looking for affordable and stylish vision-care products. In preparation for its public listing, Lenskart has set an IPO price band of ₹382–₹402 per share. Ahead of the IPO, it has already secured significant capital through an anchor allocation, reflecting institutional confidence in the business. While detailed revenue or user metrics were not disclosed, the sizable anchor book suggests robust market interest and expectations for continued growth. The upcoming IPO will provide additional capital for expansion and operational initiatives once the public issue is completed.

Participated · Equity · Sep 2025

Shringar House of Mangalsutra designs, manufactures and markets a range of Mangalsutras set with American diamonds, cubic zirconia, pearls, mother-of-pearl and semi-precious stones in 18k and 22k gold. The company primarily serves business-to-business (B2B) clients. It holds approximately 6% of the organized Mangalsutra market in India as of CY23, according to a CareEdge report. The company is pursuing an initial public offering that opens September 10, 2025 and closes September 12, 2025. The IPO is an entirely fresh issue of up to 2.43 crore equity shares with an employee reservation portion and a price band of ₹155–₹165 per equity share. At the upper end of the price band the offer would raise up to ₹400.95 crore. The offer is being made through book-building with specified allocation limits for QIBs, non-institutional bidders and retail individual bidders.

Participated · Equity · Apr 2019

Suryoday Small Finance Bank Ltd is a Mumbai-based small finance bank. The bank has raised Rs 62 crore (about $8 million) in equity funding from its existing investors. The capital was raised to build a cushion in the wake of the coronavirus pandemic. The report cites two people privy to the transaction but does not disclose investor names. No additional financial metrics or deal terms were provided in the premium article excerpt. Suryoday Small Finance Bank Ltd is a Mumbai-based small finance bank. On April 5, 2019, the bank raised Rs 248 crore (about $35.8 million) from three promoters along with a mix of existing and two new investors. Named participants included DEG, IFC, Gaja Capital Fund II Limited and Gaja Trustee Company Private Ltd, TVS Shriram Growth Fund, and Kotak Mahindra Life Insurance. The coverage notes the report is based on a firm's press release and may be only partially complete. Multiple law firms advised on the transaction, including J Sagar Associates for Suryoday, Trilegal for DEG and IFC, DSK Legal for Gaja Capital, K Law for TVS Shriram, and Kotak Mahindra Life Insurance's in-house team. Suryoday Small Finance Bank Limited (SSFB) is a small finance bank. It raised Rs 160 crore in the last week from a mix of existing and new investors, including TVS Capital. Of the total, Rs 100 crore was raised through a rights issue. Existing investors that participated include Sarva Capital, HDFC, IFC, IDFC Bank and others. Management said the funds will support investment in technology and expansion of the bank's network. SSFB plans to list the bank within the next three years. R Baskar Babu is the managing director and chief executive officer. Suryoday Micro Finance is a registered non-banking finance company (NBFC) that provides loans to women from economically weaker sections, below poverty line and marginal poor who lack access to traditional banking. Its stated objective is to reduce poverty in its areas of operation. It currently has close to 70 operational branches and a portfolio of Rs 330 crore with over 250,000 customers. The company operates across Maharashtra, Tamil Nadu, Gujarat, Orissa, Karnataka and Rajasthan. HDFC Group and a group of high-net-worth individuals are also investors in the company. Intellecap Investment Banking practice has acted as an advisor to Suryoday. Suryoday Microfinance Pvt Ltd is a Pune-based microfinance institution that began micro-credit operations in Pune. It provides small loans aimed at economically challenged women and focuses on creating positive economic and social impact in customers' households. The company is led by three ex-bankers — Baskar Babu, Ganesh Rao and V. L. Ramakrishnan — who together have about five decades of experience at institutions such as HDFC Bank, GE Finance, Cholamandalam-DBS and Development Credit Bank. Financially, Suryoday closed an INR175m Series B equity financing and received an additional INR35m infusion from Lok, bringing the total raised to INR210m; previously, Aavishkaar Goodwell invested INR60m in the company's March 2009 Series A. The company intends to expand into neighboring states in the medium term and grow its financial services offering for low-income women.