NEW DELHI–(BUSINESS WIRE)–India-based Lava Worldwide Ltd (the “Firm”) is happy to announce that it has signed an settlement (“Settlement”) with GEM World Yield Fund LLC SCS (“GEM”), a part of the World Rising Markets Group, for the funding of as much as U.S. $90 million into the Firm over the interval of subsequent 36 months by a Share Subscription Facility. The power will permit the Firm to promote American depositary receipts to GEM in alternate for drawing down obtainable funds and can be utilized totally on the Firm’s discretion topic to sure necessities.
The Firm will use the funds to strengthen its enterprise by funding its analysis, improvement and enterprise growth actions, with the target of changing into a market chief within the sub-$150 cellphone section.
World Rising Markets (“GEM”) is a $3.4 billion various funding group that manages a various set of funding automobiles targeted on rising markets internationally and have accomplished 370+ transactions in 70 nations. GEM’s funding automobiles present the group and its traders with a diversified portfolio of asset lessons that span the worldwide personal investing spectrum. It is household of funds and funding automobiles present GEM and its companions with publicity to Small-Mid Cap Administration Buyouts, Non-public Investments in Public Equities (PIPEs) and choose enterprise investments. GEM’s funds embody the CITIC-GEM Fund (matured in December 2015), Kinderhook Industries (GP and LP non-voting stakes), GEM World Yield LLC SCS, GEM India and VC Financial institution/GEM Mena Fund (GEM exited each its GP and LP stakes in these funds in 2015 and 2010, respectively).
About Lava Mobiles
Lava Worldwide Restricted is an Indian multi-national firm within the cellular handset trade with a presence of over 20 nations, based in 2009 and is primarily concerned in designing, manufacturing & promoting handsets (each function telephones and smartphones), tablets and equipment in India and overseas. The corporate has already developed India’s first “India Designed Characteristic Cellphone” and is presently 2nd largest function telephone model in India, with a market share of 18%. The corporate is about to broaden its actions to additional seize vital market share in sub $150 section market.
Rajiv Khanna, Daniel Richey and Sarah Tobias of Buchanan Ingersoll & Rooney P.C. represented Lava Worldwide Restricted on this transaction.