Deal Closed | SoftBank Group Corp. (Softbank) | Series E Investment In OFB Tech Private Limited
The details of the deal are as follows:
Sector: Wholesale Trading, Information Technology (IT), Financial Services
Announcement Date: 31-Jul-2021
Completion Date: 30-Jul-2021
Name of Client: SoftBank Group Corp. (Softbank)
Investor Details: SoftBank Group Corp. through SVF II ORCA (DE) LLC | USA
Type A Deal Participant Descriptions: SoftBank Group Corp. is the parent entity of the SoftBank Group,
a global conglomerate that primarily invests in companies operating in financial technology, health technology, logistics, mobility / transportation, education technology and artificial intelligence.
Investee Details: OFB Tech Private Limited | India
OFB Tech Private Limited is engaged in wholesale trading on a business-to-business (B2B) basis of raw materials through both online
tech-enabled platforms as well as offline distribution and supply networks.
Deal Description: Advised SoftBank in relation to Series E investment by SoftBank in OFB Tech Private Limited (d / b / a OfBusiness) by way of subscription to primary securities of OFB Tech Private Limited.
Total Consideration: USD 160 million (USD 150 million invested by SoftBank)
Team Members: The core team comprised of Bharat Anand (Partner), Nidhi Killawala (Partner), Rohit Ambast (Counsel), Shashank Chaddha (Associate) and Raashi Pathak (Associate) with assistance from the following:
Due diligence and closing aspects: Shaima Khan (Senior Associate), Saurabh Arora (Senior Associate) and Haneen Siddiqui (Associate)
Competition Law aspects: Sagardeep Rathi (Partner), Pranjal Prateek (Partner), Alisha Mehra (Associate) and Armaan Gupta (Associate)
Intellectual Property aspects - Shailendra Bhandare (Partner) and Rhea Ghanshani (Associate)
Tax due diligence: Indruj Singh Rai (Partner) and Sarthak Parnami (Associate)
Debt due diligence: Ankur Saxena (Principal Associate), Charu Chitwan (Principal Associate), Kevin Joseph (Associate) and Aman Golechha (Associate)
Role of Firm: Assisted SoftBank in conducting a legal due diligence on OFB Tech Private Limited and its subsidiaries (OXYZO Financial Services Private Limited and OFCONS Projects and Services Private Limited), negotiations and marking up of the transaction documents and closing of the transaction.
