Deal Street

January 10, 2020

Cyril Amarchand Mangaldas advises Softbank on investment in Series G round in One97 Communications Limited


[ by Legal Era News Network ]

cyril-amarchand-mangaldas

India’s largest full-service law firm Cyril Amarchand Mangaldas acted as the legal counsel to Softbank Vision Fund on a primary investment of USD 200 million in the Series G funding round of One97 Communications Limited (One97). One97 raised USD 1 billion in this round, which also saw participation from Alibaba Group (Alipay and Ant Financial), T Rowe Price Associates, Inc. and Discovery Capital.

SoftBank Group Corp. is a Japanese multinational conglomerate holding company headquartered in Tokyo. It runs the Softbank Vision Fund, the world's largest technology-focused venture capital fund.

One97 delivers mobile content and commerce services to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform.

One97 is the parent company of Indian digital payments leader Paytm. The payment platform is currently serving merchants in over 2000 towns and cities spanning across 650 districts in India. With this investment, the company hopes to bring low-cost mobile enabled financial services to rural India.

The General Corporate, Financial Regulatory, Intellectual Property, Competition Law and Taxation Practices of Cyril Amarchand Mangaldas advised on the Transaction.

The Transaction team was led by Shishir Vayttaden, Partner; K. Aishwarya, Partner; with support from Surbhi Ajitsaria, Associate; and Meenakshi Ramkumar, Associate.

Shishir Vayttaden, Partner; K. Aishwarya, Partner; also advised on conducting a diligence on the Company and its approximately 17 subsidiaries/affiliates, with support from Aayush Kumar, Senior Associate; Ayushi Sutaria, Senior Associate; Meghmala Singh, Consultant; Surbhi Ajitsaria, Associate; Meenakshi Ramkumar, Associate and Banashree Hazarika, Associate.

The Financial Regulatory Practice led by Garima Joshi, Partner; and Rohan Banerjee, Partner; with support fromSarthak Singhdeo, Associate assisted in diligence of certain financial services business.

The Intellectual Property team led by Ranjan Negi, Partner & Head – Intellectual Property; with support from Rekha Dabas, Director; Prashant Jha, Principal Associate; Pranav Taneja, Associate; Akshi Seem, Associate; Isha Malik,Associate assisted in undertaking an IP diligence.

The Competition Law team was led by Avaantika Kakkar, Partner; and Anshuman Sakle, Partner; with support from Aishwarya Gopalakrishnan, Principal Associate; Neelambera Sandeepan, Senior Associate; and Shubhankar Jain, Associate advised on competition law issues.

Arun Prabhu, Partner; assisted with aspects relating to diligence of online gaming business.

Mr. PK Bagga, Senior Consultant, advised from regulatory perspective. Bharath Reddy, Partner; assisted with review of ESOP related aspects. SR Patnaik, Partner & Head – Taxation assisted with certain tax related queries.

Other advisors involved in the Transaction include Morrison & Foerster LLP.

The Transaction was signed on 17th December 2019.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas was founded on May 11, 2015 and takes forward the values going back 102 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co., whose pre-eminence, experience and reputation of almost a century has been unparalleled in the Indian legal fraternity. Tracing its professional lineage to 1917, the Firm of Cyril Amarchand Mangaldas is now the largest full-service law firm in India, with over 750 lawyers including over 130 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, start-ups and governmental and regulatory bodies.

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