Sixth Sense Ventures hikes stake in listed portfolio firm
AVG Logistics | December 5, 2018
https://www.vccircle.com/sixth-sense-ventures-hikes-stake-in-listed-portfolio-firm/ Venture capital firm Sixth Sense Ventures has pumped more money into a listed company in its portfolio. The VC firm has picked up an additional 2.2% stake for Rs. 1.3 crore in AVG Logistics Ltd, taking its total holding to 14.5%. Sixth Sense Ventures purchased an additional 171,600 shares in the third-party logistics services provider at Rs. 75.19 each. Sixth Sense founder Nikhil Vora told VCCircle that it was a "notable bulk deal". The investment was made through the firm’s second fund — Sixth Sense India Opportunities II. In March, Sixth Sense Ventures had come in as the sole anchor investor in AVG Logistics’ initial public offering with an investment of Rs. 9.41 crore and thereafter picked up more shares. Its initial share purchase was at Rs. 107 each for an 11% stake. AVG Logistics is listed on NSE Emerge, the stock exchange’s platform for small and medium enterprises. The consumer-focussed venture capital firm had increased its shareholding to 12.3% in October to average out its higher initial cost of acquisition after a market correction dragged AVG Logistics’ shares lower. The company’s share price shot up 40-50% a few days after the listing in April, but has slid sharply over the past couple of months. AVG shares were trading at Rs. 80 apiece in early trade on Wednesday, nearly half its share price in late-April. AVG Logistics Founded in 2010, Delhi-based AVG Logistics offers transportation, warehousing and value-added services. The company runs warehouses in Modinagar, Ghaziabad, Delhi and Panipat across a total area of 3.5 lakh sq ft. It has 49 branches across the country. The company made a net profit of Rs. 12 crore on revenue of Rs. 225 crore for the financial year 2017-18. Sixth Sense Ventures The VC firm is looking to raise around $50 million for its second fund and plans to invest in 12-15 companies. In March, the fund made its debut investment in Eupheus Learning. The education company develops textbooks and their digitised versions to integrate class and home learning. In June, the fund had invested around Rs. 10-15 crore ($1.4-2 million) for a 10% stake in Fullife Healthcare Pvt. Ltd, which sells sports nutrition supplements under the brand Fast & Up. In July, VCCircle reported that Sixth Sense Ventures had invested in micro-hospitality startup SaffronStays. Sixth Sense Ventures had raised Rs 125 crore in its first fund. It backed 10 companies, including gaming arcade operator Smaaash Entertainment Pvt. Ltd, Hindustan Foods Ltd, JHS Svendgaard Laboratories Pvt. Ltd and hyperlocal logistics service provider Grab.
Sixth Sense Ventures anchor investor in AVG Logistics’ IPO
AVG Logistics | March 31, 2018
https://economictimes.indiatimes.com/markets/ipos/fpos/sixth-sense-ventures-anchor-investor-in-avg-logistics-ipo/articleshow/63557042.cms Sixth Sense India Opportunities II, promoted by former IDFC Securities equity analyst Nikhil Vora, has fully subscribed to the anchor portion of the SME IPO of AVG Logistics. The fund has invested Rs 9.41 crore, which accounts for the entire anchor investment portion and 28.47 % of the total issue size. The fund picked up 8,79,600 shares — or an 11 per cent stake — in AVG Logistics at Rs 107 a piece, according to a stock-exchange filing. The logistics company is listing its shares on NSE Emerge, the stock exchange’s platform for small and medium enterprises. The offer opened on Wednesday and closes on 3 April. The company is proposing to issue 30.90 lakh equity shares and has set a price band of Rs 105-107 per share with a minimum lot size is of 1,200 equity shares. The issue closes on April 3. Systematix Corporate Services NSE 0.00 % is the Book Running Lead Manager. Delhi-based AVG Logistics, which offers transportation, warehousing and value-added services to leading multinationals and Indian corporates, plans to use the funds raised to set up new warehousing facilities at Agartala and Mysuru and for working capital requirements. The company owns 264 vehicles including trucks, reefer containers, bulkers and has 3.54 lakh square feet (sq.ft.) of warehousing space. It registered marginal increase in revenues at Rs 195 crore in FY17 against Rs 192 crore logged in FY16. In the first six months of FY18, its revenue was at Rs 103 crore. Sanjay Gupta, managing director & CEO, said the company has an extensive network of 49 branches across 23 states and plans to expand its networks in more cities, besides adding own fleet of vehicles and warehousing space to cater to more number of customers and routes.
Sixth Sense Ventures comes as anchor investor in AVG Logistics
AVG Logistics | March 29, 2018
https://www.vccircle.com/sixth-sense-ventures-comes-as-anchor-investor-in-avg-logistics/ Third-party logistics services provider AVG Logistics Ltd has raised Rs 9.41 crore ($1.45 million) as anchor investment from consumer-focussed venture capital firm Sixth Sense Ventures ahead of its initial public offering. The VC firm’s second fund, Sixth Sense India Opportunities II, picked up 8,79,600 shares—or an 11% stake—in AVG Logistics at Rs 107 apiece, according to a stock-exchange filing. The logistics company is listing its shares on NSE Emerge, the stock exchange’s platform for small and medium enterprises. The offer opened on Wednesday and closes on 3 April. The company has set a price band of Rs 105-107 per share. Sanjay Gupta, managing director and CEO at AVG Logistics, said Sixth Sense Venture’s expertise, reach and deep understanding of the consumer sector will help the company scale its business. “The business is totally consumer-sector driven, which makes it extremely sticky,” said Nikhil Vora, founder of Sixth Sense. Founded in 2010, Delhi-based AVG Logistics offers transportation, warehousing and value-added services. As on 30 September 2017, the company had warehouses in Modinagar, Ghaziabad, Delhi and Panipat with total space of 3,54,000 sq ft. It has 49 branches across the country. The company made a net profit of Rs 4.43 crore on revenue from operations of Rs 194.74 crore for the year through March 2017. Clients from the fast-moving consumer goods segment accounted for 57.2% of total revenue. This is the second investment by Sixth Sense Ventures’ second domestic fund. The fund made its debut investment earlier this month, backing Eupheus Learning. The education company develops textbooks and their digitised versions to integrate class and home learning. The second fund, which has a target corpus of Rs 350 crore ($54 million), was aiming to mark the first close by March-end. However, Vora had said that the fund size might increase as talks with a few foreign investors were on. Sixth Sense had raised Rs 125 crore in its first fund. It backed 10 companies, including gaming arcade operator Smaaash Entertainment Pvt. Ltd, Hindustan Foods Ltd, JHS Svendgaard Laboratories Pvt. Ltd and hyperlocal logistics service provider Grab.