Raghubir Menon is a Corporate, M&A and PE Partner at the Firm. He is an expert on matters pertaining to Mergers & Acquisitions and Private Equity.
Raghubir advises numerous corporates, sovereign wealth funds and private equity funds, MNCs, and strategic corporate clients on a variety of domestic and cross-border transactions. He has also represented clients in a large number of complex public M&A acquisitions for listed Indian companies.
Raghubir actively represents large corporate clients such as the National Stock Exchange, One97 Communications Limited, Walmart, Flipkart, Vodafone, Sembcorp and blue chip PE and SWF clients such as Blackstone, KKR, the Canada Pension Plan Investment Board, General Atlantic, GIC, Temasek, ADIA, Vista Equity Partners, Silver Lake Capital and the National Investment and Infrastructure Fund.
Prior to joining Shardul Amarchand Mangaldas & Co., Raghubir has worked with White & Case LLP, in London and Singapore, for five years.
Select Experience Statement
- The following investors on their investment in Jio Platforms:
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- Facebook on its US$ 5.7 billion investment.
- KKR on its US$ 1.5 billion
- Vista Equity Partners on its US$ 1.54 billion
- Public Investment Fund – Saudi Arabia on its US$ 1.5 billion
- Silver Lake Capital Partners on its US$ 1.4 billion
- General Atlantic on its US$ 878 million
- Abu Dhabi Investment Authority on its US$ 756 million
- TPG Capital on its US$ 600 million
- L Catterton Management Limited on its US$ 250 million
- Wal-Mart on its acquisition of 77% stake in Flipkart for US$ 16 billion, making it the largest exit by a private equity and venture capital in India, and the largest e commerce acquisition globally.
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- Flipkart Private Limited on its acquisition of 10.37% stake by CPP Investment Board PMI-2 Ltd, Waverly Pte. Ltd., Gamvest Pte. Ltd. and SVF II Falcon (DE) LLC as the lead investors, along with several other minority investors for US$ 3 billion.
- Thyrocare and its promoters on their sale of 66.11% stake in Thyrocare to PharmEasy for US$ 600 million.
- KKR on its acquisition of JB Chemicals for US$ 600 million.
- The following investors on their investment in Reliance Retail:
- Public Investment Fund – Saudi Arabia on US$ 1.24 billion investment.
- Silver Lake Capital Partners on US$ 1.25 billion investment.
- KKR on US$ 740 million investment.
- Abu Dhabi Investment Authority on US$ 735 million investment.
- GIC on US$ 735 million investment.
- General Atlantic on US$ 490 million investment.
- TPG Asia on US$ 250 million investment
- One97 Communications (“Paytm”) on the following investments into PayTM:
- US$ 1 billion investment by Ant Financial, T Rowe Price, Discovery Capital and SoftBank.
- US$ 358 million investment by Berkshire Hathaway.
- US$ 1.2 billion investment by Softbank.
- US$ 422 million investment by Softbank.
- US$ 600 million investment by Ant Financial.
- US$ 200 million investment by Alibaba Group Holding Co.
- acquisition of Little Internet and Nearbuy for US$ 300 million.
- acquisition of Orbgen Technologies Private Limited for US$ 18 million.
- acquisition of Cube26 Software Private Limited.
- acquisition of Mobiquest Mobile Technologies Private Limited.
- General Atlantic on:
- acquisition of a 40.61% stake in Krishna Institute of Medical Sciences Limited for US$ 132 million.
- its exit from the Citiustech Healthcare Technology Private Limited, for US$ 738 million.
- Axis Bank Limited on the sale of a minority stake to Bain Capital for US$ 1.7 billion. This is one of the largest private equity investments in the Indian banking sector.
- Softbank Vision Fund on its US$ 210 million investment in Meesho Inc.
- National Investment and Infrastructure Fund on its US$ 230 million investment in Manipal Health Group.
- Temasek on the following investments:
- US$ 250 million investment in Zomato.
- US$ 400 million investment in ANI Technologies (OLA).
- US$ 150 million investment in 91 Streets Media (PharmEasy).
- US$ 200 million investment in MXC Solutions, owners and operators of platform CarTrade.com.
- US$ 250 million investment in UST Holdings Limited, a Bermuda entity, which is engaged in providing IT and ITES services.
- GIC Private Limited on its acquisition of minority stake from CanFin Homes Limited, from Canara Bank for US$ 114 million and its US$ 100 million investment in Razorpay Software Private Limited.
- Canada Pension Plan Investment Board on its investment in Delhivery for US$ 115 million; and acquisition of SBE Energy for US$650 million.
- Softbank Vision Fund on its investment in Lenskart Solutions, an India-based company that owns and operates an online shopping portal for eyewear, for US$ 275 million.
- Softbank Vision Fund on its acquisition of 42% stake in Brainbees Solutions, for US$ 400 million.
- ZF Freidrichshafen, , on its acquisition of WABCO Holdings, for US$ 7.2 billion.
- Bandhan Bank Limited on its merger with GRUH Finance Limited, resulting in market capitalization of approx. US$ 12 billion.
- PIF in relation to investment of US$ 510 million for the acquisition of 375,000,000 units of the Digital Fibre Infrastructure Trust, an InvIT sponsored by Reliance Industrial Investments and Holdings Limited.
- Blackstone Group International Partners LLP, Canada Pension Plan Investment Board and GIC, on their acquisition of Thompson Reuters’ Financial & Risk Business for US$ 17 billion. The deal was Blackstone’s biggest buyout in a decade (2010-20).
- KKR, Canada Pension Plan Investment Board and GIC on their acquisition of a substantial stake in Bharti Infratel Limited, which is a subsidiary of Airtel, for US$ 951.6 million.
- Rabo Equity Advisors on its investments in Olive Bar and Kitchen, a premium restaurant chain in India; Nature Bio Foods Limited, an India based company developing organic products, Parijat Industries Private Limited, an India based manufacturer of agrochemicals, Beloor Bayir Biotech Limited, Global Gourmet Private Limited and Cremica Foods.
- WNS Global Services Private Limited (India) on its acquisition of 100% shares of Value Edge Research Services Private Limited.
- IDFC Alternatives Limited on its sale of 60% of Green Infra Limited, an IDFC Alternatives initiative, to Sembcorp Utilities Pte. Ltd. and the subsequent complete exit for an aggregate consideration of US$ 400 million.
- I Squared Capital on the sale of I Squared Capital’s 100% stake in Amplus Energy Solutions Private Limited to Petroliam Nasional Berhad (Petronas) for US$ 390 million.
- Blackstone on:
- acquisition of majority stake in Mphasis Limited from HPE for US$ 1.1 billion.
- acquisition of Tanla Platforms Limited.
- acquisition of Agile Electric Sub Assembly from HBM Capital Partners for US$ 53 million.
- sale of Agile Electric Sub Assembly to Igarashi Motors for US$ 103 million.
- an investment in SH Kelkar Limited, a fragrances and flavours company, and in providing an exit to the existing private equity investor.
- acquisition of Comstar Automotive Technologies for US$ 125.6 million.
- acquisition of Trans Maldivian Airways for US$ 250 million
- undertaking on-market and off-market secondary sales of ~13% shares of Tanla Platforms Limited.
- exit from Trans Maldivian Airways for US$ 500 million.
- Aditya Birla Group on an investment in Living Media India Limited for an aggregate consideration of US$ 100 million.
- Flipkart Internet Private Limited on:
- US$ 200 million investment in Aditya Birla Fashion and Retail Limited.
- US$ 60 million investment in Shadowfax Technologies Private Limited.
- US$ 10 million investment in Ninjacart.
- Flipkart Internet Private Limited on US$ 1.2 billion fund raise from certain investors.
- PhonePe Private Limited, an India based developer of mobile payments application, on its US$ 700 million investment from certain investors.
- IndiaIdeas.com Limited on its sale of the entire share capital of the company to PayU Payments Private Limited through secondary sale of US$ 4.6 billion Astral SteriTech and its promoters in relation to 80% of its to Centrient Pharmaceuticals, a portfolio company of Bain Capital.
- Duroflex Private Limited and its promoters in connection with a primary and secondary investment from Norwest Capital LLC for an aggregate amount of Rs. 425 crores
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The following deals led by Raghubir won at all major international legal publications and directories:
- Acquisition of stake in Jio Platforms via 14 investors among IBLJ Star Deals of the Year, 2020.
- SoftBank Vision Fund’s US$1 billion Series G funding of One97 Communications, Among IBLJ Deals of the Year, 2020.
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- Razorpay’s series D funding, where Raghubir represented GIC, among IBLJ Deals of the Year, 2020.
- KKR’s acquisition of JB Chemicals – awarded as Private Equity Deal of the Year by Private Equity International Annual Review, 2020.
- Walmart’s Acquisition of Flipkart’:
- M&A Deal of the Year’ by Asian Legal Business Awards 2019.
- ‘Winning Deals’ by Asian-Mena Counsel Deal of the Year 2018.
- Among IBLJ Deals of the Year, 2018.
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A detailed experience statement can be shared on a confidential basis.
Professional Memberships
- Bar Council of Delhi
- Solicitor (England & Wales)
Education
- B.A. LL.B, (Hons.), National Law School of India University