The Mumbai-based company provides packaging solutions for the pharma and biotech industries.
The Mumbai-based PE firm reportedly acquired a 2–3% stake from early investors, employees, and some founder-owned entities in the ad tech company.
The participants plan to expand the range of transferable private credit assets and improve verification as tokenized secondary markets develop.
Avendus Future Leaders Fund III, which is already 30% deployed, has invested ~$15 million in Parag Parikh Financial Advisory Services via secondary.
The deal is reportedly expected to provide liquidity to early backers, including Lok Capital and British International Investment.
The pre-IPO funding round, which included a mix of primary and secondary capital, reportedly valued the dairy producer at $1.1 billion.
The deal also drew investment from several family offices, including SRF Family Office.
The firm is reportedly seeking to offload at least 40% of its holdings, in a deal that would value the Singapore-based company at $5 billion.
The transaction, which saw participation from existing backer LeapFrog, provided early investors with an exit.
Secondary capital represented ~54% of the identity verification startup's equity raise.
