Our 50-member corporate team has had a remarkable nine months, and our inclusion among the top 10 law firms in Mergermarket’s 9M 2025 League Tables is a testament to that. While we continue to lead in our core sectors of Technology, Media & Telecommunications (TMT), Financial Services, Energy, and Healthcare & Life Sciences, this period also saw us advising extensively across Aviation, Industrials, Infrastructure, and Consumer sectors – reflecting the growing diversity of our deal portfolio. 

In this edition of our Deal Updates, we highlight some of the recent transactions we have advised on.

RECENT TRANSACTIONS

Equirus Group’s Merger with Sapient Finserv Group

We advised Equirus Group, a Mumbai-based diversified financial services entity, on its strategic partnership through an equity swap deal with Sapient Finserv Private Limited, one of India’s fastest-growing financial advisory firms offering wealth management and investment solutions.

The transaction marks a significant consolidation in India’s wealth management landscape, creating one of the top 10 independent wealth management platforms in the country. The merged entity will manage consolidated assets under management (AUM) of approximately USD 3.9 billion, strengthening its position as a key player in the sector.

ideaForge – First Breach Inc.’s Joint Venture: Expanding India’s Drone Tech to the US Market

We advised ideaForge Technology Limited, one of India’s leading manufacturers of unmanned aerial vehicles (UAVs), on a joint venture agreement with First Breach Inc., a US-based manufacturer of ammunition and ammunition components. With ideaForge contributing its proprietary drone technology and First Breach providing capital investment and on-ground infrastructure, the partnership will license, source, design, engineer, manufacture, and distribute specific UAVs in the United States.  

Nira Finance Acquired by Empower Finance Inc.

We advised Nira Finance, a prominent Indian digital lending platform, on its acquisition by Tilt, a US-based fintech company focused on expanding credit access for underserved consumers.

Nira’s widely used “No Tension Loans” product has served over 10 million customers across 5,000+ locations. By integrating NIRA’s expansive customer base and established technology platform, Tilt aims to deepen its footprint in India and introduce new, customer-centric financial products tailored to the needs of the mass market. The combined strengths of Tilt and NIRA are expected to set a new benchmark for accessible and responsible lending, while redefining competitive dynamics in the Indian fintech sector.

Dodla Dairy’s INR 271 Crore Acquisition of Osam Dairy

We advised Lok Capital Growth Fund, Aavishkaar India II Company Limited, and Aavishkaar Venture Management Services Private Limited on the sale of their stake in HR Food Processing Pvt. Ltd. (Osam Dairy) to a listed dairy major, Dodla Dairy Ltd.

Dodla Dairy’s USD 31.15 million acquisition of a 100% stake in Osam Dairy marks its entry into the eastern Indian markets of Bihar, Jharkhand, and West Bengal. With Osam sourcing milk from over 40,000 farmers across 1,000 villages, and distributing through 19,000+ retail counters, this transaction gives Dodla significant rural penetration and access to an established, loyal consumer base – accelerating its pan-India growth strategy.

Finwizz – Wishfin Merger: Creating a Fintech Distribution Powerhouse

We advised Finwizz, one of India’s leading credit intermediaries, on its strategic merger with Mywish Marketplaces (Wishfin). Backed by global marquee investors such as Franklin Templeton, Sherpalo Ventures and General Catalyst, Wishfin brings strong digital distribution capabilities and deep fintech expertise to the table. 

This merger brings together Finwizz’s extensive on-ground DSA network with Wishfin’s robust digital lending platform, creating one of India’s most formidable omni-channel financial product distribution businesses. The strategic consolidation represents a pivotal consolidation in the retail credit space and positions the combined entity at the forefront of India’s evolving consumer lending ecosystem.  

ICICI Venture’s Investment in DentCare Dental Lab

We assisted ICICI Venture on its investment in DentCare Dental Lab, a global leader in dental laboratory services, for its fund, India Advantage Fund 5. 

With a manufacturing facility spanning over 300,000 sq. ft. and a workforce of more than 4,000 professionals, DentCare is one of the most advanced dental labs in the world. The transaction reflects growing investor interest in the healthcare infrastructure and services space and represents a marquee addition to ICICI Venture’s portfolio.

A23 Games’ Landmark Acquisition of Adda52: A Defining Moment for India’s Gaming Industry

We advised A23 Games (Head Digital Works Private Limited) on its 100% acquisition of Adda52 (Deltatech Gaming Limited), a subsidiary of DeltaCorp, India’s largest publicly listed gaming and hospitality company. This transaction marks a significant milestone in the Indian gaming industry and is among the largest acquisitions in the sector, creating a combined entity valued at approximately USD 900 million.

With a user base exceeding 75 million and a diverse portfolio of flagship brands – including A23 Rummy, A23 Poker, and Cricket.com – Head Digital Works has established itself as a leader in India’s rapidly evolving online gaming ecosystem. The target, Deltatech Gaming, is the country’s largest gaming brand, offering best-in-class experiences through its popular platforms such as Adda52, Adda52Games, and Adda52Rummy. This consolidation brings together two of the most well-recognised gaming companies in India, reinforcing their market leadership and expanding their capabilities in an industry poised for significant growth.

Theatro’s Acquisition by Motorola Solutions: A Strategic Leap in AI-Driven Workforce Communication

We advised Theatro, an AI-driven, voice-powered communication solutions provider, on its acquisition by Motorola Solutions. This transaction marks a pivotal moment for Theatro, whose SaaS platform enhances workforce efficiency and safety through IoT and AI-driven solutions.

Motorola Solutions’ acquisition is expected to create synergies across its security and communication technology portfolio, integrating Theatro’s AI-powered workforce communication tools with Motorola’s body cameras, fixed video, panic buttons, and radios. This deal strengthens Motorola’s market leadership in hospitality, healthcare, manufacturing, and education, unlocking new value-added services for its clients.

Equirus’ 100% Acquisition of Credence Family Office: A Game-Changer in Wealth Management

We advised Equirus Capital on its acquisition of Credence Family Office, a leading Bangalore-based multi-family office. This strategic transaction enables TIW PE Fund’s exit from Credence and significantly enhances Equirus’ capabilities in wealth management, tax planning, estate planning, and business advisory for high-net-worth individuals and families.

This acquisition marks a major step forward in Equirus’ expansion strategy, strengthening its market position and elevating its service offerings for ultra-high-net-worth clients.

Aerem Secures USD 11.7 million Series A Funding to Expand India’s Rooftop Solar Revolution

We advised Aerem Solutions, a leading end-to-end rooftop solar power solutions provider, on its USD 11.7 million Series A fundraise. The funding round, which comprised was led by Japan-based venture fund UTEC and saw participation from British International Investment (BII), Schneider Electric-backed SE Ventures, and Riverwalk Holdings, alongside existing investors Blume Ventures and Avaana Capital.

With this fresh capital, Aerem aims to accelerate its expansion across India, particularly in the eastern and southern regions, while further strengthening its digital platform, financing solutions, and solar marketplace.

Foundamental Backs Infra.Market in USD 125 million Series F Fundraise

We have assisted Foundamental, a leading European investment fund with a focus on prop-tech and sustainability, on its participation in Infra.Market’s Series F fundraising round at a valuation of approximately USD 2.79 billion. Infra.Market, a leading technology-driven construction solutions provider based in India, has established itself as a pioneer in leveraging cutting-edge technology to revolutionise supply chain and procurement processes for construction materials.

This investment round saw participation from a club of investors, including Tiger Global, Capri Global, Nuvama, Evolvence, and Nikhil Kamath, further solidifying Infra.Market’s position as a transformative force in the construction industry.

With this funding, the company continues to scale rapidly, recently expanding its retail footprint to over 10,000 touchpoints and operating more than 30 flagship stores across India. These outlets offer a diverse range of construction materials, including concrete, tiles, paint, and modular furniture, highlighting Infra.Market’s commitment to innovation and market leadership.