LE Desk
New Delhi, November 23, 2021: L&L Partners M&A team recently acted for SVL-SME Fund in advising the Fund in its recent Series B round of investment in Chakr Innovation Private Limited, the Law Firm has said.
The present investment was undertaken in the form of a primary investment in the compulsorily convertible preference shares of the Series B funding round undertaken, L&L Partners said in a press statement.
The Law Firm acted as legal counsel to the Fund and was involved in assisting the Fund in the legal due diligence on the affairs of the Company, drafting, reviewing, negotiating and finalizing transaction documents, including the share subscription agreement, shareholders’ agreement, employment agreements, disclosure letter and also coordinating with and advising the clients on various aspects of Indian law.
Since the deal involved primary investments by multiple investors, the team was involved in advising on the overall structuring of the transaction including advising on the rights of the Fund in the Company. This required multiple rounds of negotiations with various existing investors and the Company to arrive at the most suitable structure for the primary investment and to successfully negotiate the Fund’s rights in the shareholders’ agreement.
The transaction team comprised of Jay Parikh (Partner), Varun Kumar (Managing Associate), Ayushi Toshniwal (Senior Associate), Utkarsh Roy (Associate) and Saranya Lal (Associate).
Chakr Innovation Private Limited is engaged in the business of designing and developing for its use or for use of others, all kinds of emission control and reduction devices, air quality treatment devices, water treatment devices, equipment and apparatus for environment safety and sustainability, system software, application software.
The Company was founded by a team of IIT Delhi graduates. The primary product of Company is Chakr Shield, a technology sanctioned by the National Accreditation Board for Testing and Calibration Laboratories.
Chakr Innovation has already leveraged its innovation to capture 500 kilograms of particulate matter. Chakra Shield preserves the pollutant particles to be reused as raw material for inks and paints instead of converting it into another form of pollution. The Company was selected as one of the top 200 companies in India by NITI Aayog under the initiative ‘Champions of Change’.
With this transaction, the Company will aim to scale its productivity and expand its operations covering a larger geographical area. Chakr Innovation is currently active in Delhi NCR, Pune and Bangalore, having successfully deployed its emission-control technology at over 70 sites in association with companies like Titan, Hindustan Petroleum, and Mahindra World City, the press statement said.