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MMB Legal for Teamlease in Rs 100 cr PE investment with DSK, Wadia G

MMB Legal advised education company Teamlease Services on its Rs 100 crore ($22.6m) fundraising ICICI Venture and Gaja Capital, advised by Wadia Ghandy Bangalore and DSK Legal in Mumbai.

MMB Bangalore-based partners Mahesh Madan Bhat and Talha Salaria assisted the firm’s client Teamlease, which is one of India’s top temporary staffing agency.

DSK Legal co-founding partner Satish Kishanchandani and associate Pritha Jha advised existing Teamlease investor Gaja, which already owned a 16.77 per cent stake in Teamlease bought for $5.38m in 2009.

Wadia Ghandy’s Bangalore office is understood to have assisted on ICICI’s due diligence where the hin-house team handled the documentation and negotiations.

Salaria said that the Indian education sector has been “evergreen” despite the recession in the rest of the world. “This deal indicates that training of our workforce is high on the radar of the private sector and, going forward, is bound to attract further investments i.e. in addition to providing Indian manpower excellent access to resources and opportunities.”

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