New Delhi, May 25 -- Adani Energy Solutions, GMR Smart Electricity Distribution, GIC-backed Genus Power Infrastructures and Swiss PE firm Partners Group have entered the final leg of the IntelliSmart Infrastructure sale, while Visa and Lightbox Ventures-backed PayMate India deferred full employee salaries for up to 12 months, banking on a pending transaction with DigiAsia Corp, according to separate media reports.
Meanwhile, B2B ecommerce platform Udaan is negotiating a $50-60 million (around Rs 476-571 crore) top-up round from existing backers and AI analytics firm C5i has revived plans for IPO, other reports said.
IntelliSmart Infrastructure
Smart metering platform IntelliSmart Infrastructure has entered the final stretch of its sale process, with four bidders-Adani Energy Solutions, GMR Smart Electricity Distribution, GIC-backed Genus Power Infrastructures and Swiss PE firm Partners Group- shortlisted for the next round, The Economic Times reported, citing people aware of the matter.
The National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Ltd (EESL)-backed company is valued at approximately $400 million (approximately Rs 3,810 crore) on an equity basis. Binding bids are expected by mid-June, per the report.
The smart metering platform was put up for sale in late 2025.
Earlier this month, VCCircle reported that private equity firm KKR, infrastructure conglomerates GMR Group and Adani Group, and Gemstar Infra Pte Ltd had been shortlisted as potential bidders for the sale process.
PayMate, DigiAsia Corp
Visa and Lightbox Ventures-backed PayMate India Ltd has deferred full employee salaries for up to 12 months, pinning its financial recovery on a pending transaction with Nasdaq listed DigiAsia Corp, Mint reported, citing people aware of the matter.
The Mumbai-based B2B payments firm which previously aimed for a Rs 1,500-crore (around $158 million) IPO plan, expects to clear all outstanding dues by June 30, subject to the deal's closure and a subsequent funding round, per the report.
Udaan, M&G Prudential, Lightspeed Venture Partners
B2B ecommerce platform Udaan is negotiating a $50-60 million top-up round from existing backers M&G Prudential and Lightspeed Venture Partners at a flat valuation of $1.8 billion (around Rs 17,143 crore), The Economic Times reported, citing people aware of the matter.
This transaction may be the company's last fundraise before an IPO.
The two investors had led Udaan's $114 million round last June. The fresh capital will be deployed towards supply chain expansion and go-to-market capabilities, per the report.
C5i
AI analytics firm C5i, formerly Course5 Intelligence, has revived plans for a Rs 1,000-1,200 crore (around $105-126 million) IPO nearly three years after abandoning an earlier listing attempt amid soft market conditions, Mint reported, citing people aware of the matter.
The company has begun reaching out to investment banks, with ICICI Securities among those in early discussions. Formal mandates are expected within weeks, with the startup targeting a public market debut within 12-18 months, per the report.
Published by HT Digital Content Services with permission from VC Circle.