New Delhi, July 13 -- Private equity firm Carlyle is set to buy a controlling stake in defence technology firm Micropack while Invus Group is closing to picking up a minority stake in Popo Ventures and a co-founder of Livspace is raising capital for his new venture, according to separate media reports.

Carlyle-Micropack

Buyout firm Carlyle is set to invest Rs 1,175 crore ($125 million) for a controlling stake in defence electronics parts maker Micropack, potentially marking its first acquisition in the Indian defence technology space, according to a Moneycontrol report.

Carlyle will acquire a 60% stake upfront but will reduce ownership in phases, based on certain financial milestones being met, while retaining a minimum 51% stake, as per the report. The remaining stake will remain with the existing management and founder V Sreekar Reddy.

The PE firm will be joined by a consortium of co-investors such as venture capital firm Yali Capital, which backs early-stage deep tech companies in semiconductors, robotics, genomics, aerospace and AI; and Mathew Cyriac of Florintree, the report said.

Bengaluru-based Micropack is a manufacturer of printed circuit boards for defence, space, avionics, telecom, medical and industrial electronics. Its customers include the Indian Space Research Organisation, Defence Research and Development Organisation and Mumbai-listed Data Patterns (India) Ltd, with defence and avionics being its most important segment.

Popo Ventures

Global private equity firm Invus Group is close to acquiring a minority stake worth about Rs 500 crore in Bengaluru-based Popo Ventures, the operator of The Pizza Bakery, Smash Guys, and Paris Panini, according to a Mint report, citing sources.

The deal is expected to value the restaurant operator at Rs 1,100-1,350 crore, marking the company's first external fundraise, Mint said.

Invus, which has seen success in its restaurant business investments globally, aims to replicate the same in India, Mint noted.

Gravity

Former Livspace co-founder Saurabh Jain has teamed up with former Livspace CBO Lalit Mittal to launch a new startup, Gravity, which is eyeing a share in India's home interior materials market.

The startup is in talks to raise $15 million in a mix of equity and debt, according to an Inc42 report, citing sources. It has also held early talks with investors like 3one4 Capital and Info Edge to raise funding, the report said.

Gravity aims to solve material procurement and supply chain challenges faced by the broader interior design industry. It is expected to come out of stealth mode in four to five months. It is building a house of brands for premium homes and aims to position itself as a full-stack platform for home interior materials. The startup does not intend to operate as a marketplace or a supplier, Inc42 said.

Published by HT Digital Content Services with permission from VC Circle.