New Delhi, July 10 -- KKR-backed Lighthouse Learning is set to strike another deal to acquire a school after buying Early Learning Village (ELV) in March. Meanwhile, Mumbai-based Vibgyor Group of Schools is exploring a minority equity raise, and CarDekho parent Girnar Software is gearing up for a stock market listing, according to media reports.

Separately, two prominent players are in the race to acquire American Oncology Institute from Siemens Healthineers, Alpha Wave Global's senior director Ankur Kathuria is on his way out from the company, and US-based private equity firm Advent International has kicked off talks to sell its stake in DFM Foods, separate media reports said.

Pathways School

KKR-backed Lighthouse Learning Group, formerly EuroKids International, is in talks to acquire Gurugram-based premium school chain Pathways School, according to a Times of India report, citing people familiar with the matter.

The report said Lighthouse Learning will acquire Pathways School for about Rs 1,500 crore ($157 million).

Pathways' Gurugram campus is spread across 10 acres with 4.5 lakh square feet of built-up space, caters to around 1,600 students, and charges an average annual fee of nearly Rs 10 lakh.

Pathways is estimated to generate EBITDA of about Rs 110 crore, valuing the transaction at around 13 times estimated value/EBITDA, the report said.

Vibgyor Group of Schools

Vibgyor Group of Schools, a school chain based in Mumbai, is seeking to raise capital for the first time through a minority stake sale, according to a Mint report.

The school chain is looking to sell up to 30% stake and has appointed Avendus Capital as the banker for the transaction, Mint said, citing people familiar with the matter. Talks are still at an early stage.

Vibgyor plans to use the funds for expansion and is seeking a valuation of 10-20 times its revenue.

Vibgyor Group wrapped up FY26 with a revenue of around Rs 1,800 crore. The promoters currently own the company entirely and intend to retain control after the stake sale, the report said.

Girnar Software

Girnar Software, the parent of auto classifieds platform CarDekho, is preparing to file draft papers for an initial public offering (IPO) in the July-September quarter, targeting an issue size of up to Rs 3,000 crore, according to multiple media reports.

The listing is expected to be largely an offer-for-sale (OFS) by existing investors, with a fresh issue of about Rs 300 crore. The Jaipur-based company is eyeing a valuation of Rs 13,000-15,000 crore, higher than the Rs 9,000 crore valuation it secured during its last equity fundraise around five years ago, the report said.

American Oncology Institute

Two prominent players are contending to acquire American Oncology Institute (AOI) from medical technology firm Siemens Healthineers, according to The Economic Times.

A consortium of General Atlantic and Renova Hospitals, and Indian-American entrepreneur Raj Mantena's Cancer Centers of America (CCA) are the top two contenders to acquire AOI, the report said, citing people familiar with the matter.

The deal is likely to be finalized by mid-August. Sridhar Peddireddy, founder of the Renova Hospitals chain, had earlier told The Economic Times that the deal is a strategic decision, and General Atlantic will be a financial partner.

Siemens Healthineers acquired the Hyderabad-based oncology chain as part of its $16.4 billion purchase of US rival Varian Medical Systems in 2021. The German company considered the hospital business non-core and put AOI up for sale with a price tag of Rs 1,500 crore.

Alpha Wave Global

Alpha Wave Global's senior director Ankur Kathuria is on his way out from the US-based investment firm, adding to a growing list of mid-level and senior India-focussed executives to have left the firm over the past few years, according to The Economic Times.

Kathuria is reportedly launching a Rs 1,000 crore mid-market private equity-style firm with Carlyle's Aamir Zeb, the report said, citing people familiar with the matter. The firm is expected to back growth-stage Indian companies and will look at opportunities across enterprise technology, artificial intelligence (AI) infrastructure and other businesses.

Alpha Wave has seen several senior members depart from its India investing team over the past few years, including Anirudh Singh, Lakshay Manchanda, Arjun Vikas and Tushar Behl. This coincides with its strategy realignment of backing more traditional businesses instead of being a pure-play tech investor in India.

DFM Foods

US private equity firm Advent International, looking to exit DFM Foods, has kicked off talks with several consumer goods companies and PE firms to sell its entire stake in the maker of Crax brand of snacks, according to The Economic Times.

The private equity firm is selling its entire 96.63% stake and is negotiating with consumer goods companies such as ITC, Marico, Britannia, Lotte, and Liwayway Foods. PE firms involved in the talks include Kedaara Capital and CVC Capital Partners, the report said, citing industry executives.

Advent expects to close the transaction by December and has mandated Avendus Capital and EY for the potential deal. The PE firm acquired a majority stake in DFM Foods from WestBridge Capital in 2019 for $118.8 million.

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