From Motilal Oswal funds
India Business Excellence Fund–II and India Business Excellence Fund–IIA, funds managed and advised by MOPE (Motilal Oswal Private Equity) Investment Advisors Private Limited, will be investing Rs 100 crore, roughly $15 million, for a minority stake in Chennai-based Updater Services Pvt. Ltd.
This is the company’s third round of private equity investment, the first two being led by New Vernon Private Equity and ICICI Ventures in 2004 and 2008 respectively. The funds ploughed in by the company will be deployed towards scaling up and expanding to newer geographies.
MOPE Investment Advisors Pvt. Ltd. is a subsidiary of MOFSL, Motilal Oswal Financial Services Ltd. Their two growth capital funds, the India Business Excellence Fund (IBEF) and India Business Excellence Fund II (IBEF II) are focused on providing growth capital to mid-market companies, typically in the range of $10-20 million, across sectors.