New Delhi, July 14 -- Canadian investment firm Fairfax may increase its bid to acquire IDBI Bank, with the Indian government set to accept the offer, while multiple private equity firms are looking to invest in Agappe Diagnostics and jewellery brand Giva, according to separate media reports.

Meanwhile, Akasa Air is looking for fresh funding, ITC Infotech is leading the race to acquire Happiest Minds Technologies, General Catalyst is planning to invest in Atomberg and the UK-based Oxane Partners is keen on selling a minority stake to investors, other reports showed.

Fairfax-IDBI Bank

The Indian government is close to accepting Fairfax's offer for IDBI Bank, possibly at a slightly higher price, according to a Bloomberg report. The deal could potentially be the biggest foreign investment in the country's banking sector. The proposed deal still needs final approval from the Indian cabinet and the banking sector regulator to proceed.

Fairfax had earlier bid for IDBI Bank but failed to meet the government's reserve price. The investment firm's purchase of a 60.7% stake in IDBI would be worth around $5.7 billion, at current prices, the report said.

Agappe Diagnostics

Several global private equity firms are circling Agappe Diagnostics to acquire a 25% stake in the Kerala-based company, according to a report in The Economic Times, citing sources.

Warburg Pincus, TA Associates, Bain Capital, and CVC Capital are among the PE firms in early-stage discussions to buy the stake in Agappe Diagnostics, the report said.

The proposed deal would consist of a primary infusion of Rs 700-750 crore, with existing investors selling in the secondary sale. The report suggests the deal will value Agappe at Rs 3,000-3,200 crore.

Alvarez & Marsal is advising the promoters on the planned stake sale, which was first reported by VCCircle last year.

Founded in 1994, Agappe develops and manufactures diagnostic reagents and equipment for the global IVD market. The company supplies clinical chemistry, haematology, and immunochemistry products to more than 70,000 laboratories across more than 90 countries.

Giva

Jewellery brand Giva is in advanced stages of discussions with private equity investors such as TPG, Sofina and Multiples PE, according to a Mint report. The PE firms are looking to acquire an $80-100 million (Rs 770-960 crore) stake in the company, which is likely to value it at about Rs 6,000 crore, the report said, citing sources.

The talks are in the final stages, Mint reported, adding that there has been an intense bidding process due to high demand for the company. The round will involve a mix of primary and secondary capital. Giva plans to use the proceeds for growth and to provide exits to its early backers, the report said.

Akasa Air

Akasa Air is looking to raise funds to overcome challenges brought on by the Iran war, according to a Bloomberg report, citing sources.

India's youngest airline is seeking to raise Rs 1,050 crore ($110 million) through equity and debt, approaching existing and two new investors to raise about Rs 800 crore through equity. It is also in talks with state-run banks for at least Rs 250 crore in debt under an Indian government credit line for carriers hit by the conflict, Bloomberg said.

Akasa, owned by SNV Aviation Pvt Ltd, began operations in August 2022. Its shareholders include founder and CEO Vinay Dube, the family of the late billionaire Rakesh Jhunjhunwala, Premji Invest and Ranjan Pai's Claypond Capital.

Happiest Minds Technologies

ITC Infotech has emerged as the frontrunner to acquire a majority stake in mid-market IT services company Happiest Minds Technologies, according to a Moneycontrol report, citing sources.

Happiest Minds' founder and executive chair Ashok Soota, who holds over 32% in the company and indirectly owns 40%, is seeking a potential sale of his stake in the IT services provider. The report stated that the deal terms, including stake size, valuation, and transaction structure, are still being finalised.

Moneycontrol said that any deal would first involve acquiring Soota's promoter stake, following which the buyer would be required under SEBI's takeover regulations to make a mandatory open offer to public shareholders.

Atomberg

US venture capital firm General Catalyst is seeking to invest in Indian consumer appliances brand Atomberg amid continued investor appetite for high-growth consumer brands, according to a DealStreetAsia report.

Atomberg designs and sells energy-efficient ceiling fans, mixer grinders, and other smart home appliances.

In December 2025, the company raised $24 million in an extended Series C funding round led by Temasek, with participation from its co-founders and existing investors. It also counts Steadview Capital, Jungle Ventures, A91 Partners, Trifecta Capital, and Inflexor Ventures among its investors. To date, Atomberg has raised over $150 million.

Oxane Partners

The founders of UK-based Oxane Partners are seeking a valuation of $200-250 million after initiating the process to sell a majority stake in the software provider to private credit and alternative asset managers, according to a Mint report, citing sources.

The company has engaged Avendus and Jefferies as advisors to help manage the process, Mint said. The company and its advisors have sent initial feelers to major private equity firms with significant exposure to software and IT services, the report said.

Oxane Partners was founded in 2014 by former Deutsche Bank credit traders. The company develops software for banks, hedge funds and private equity firms to manage, monitor and analyse private credit portfolios through its flagship platform, Oxane Panorama.

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