From the Economic Times article:
Two deals lifted their fortunes. The first: advising Dr Reddy's to purchase Group Pharma, a smaller drug firm, for Rs 25 crore, which fetched them their first cheque, of Rs 50 lakh. "It was our initial capital," says Ramprasad. In their second deal, closed in just three weeks, they helped Abhishek Dalmia purchase Revathi CP, a manufacturer of drilling tools that was being advised by DSP.
In December 2001, small on capital but big on confidence, Mape— an acronym for mergers, acquisitions and private equity—was formally born in a 3BHK flat in Bangalore owned by Mathew. "In hindsight, we were foolish enough not to realise the enormity of the task,'' says Mathew. ''We were super confident and lucky." In time, Mape bagged business from both mid-sized and larger companies, even though its fee was the same as global banks. It attracted talent.
In 2005, Ajay Garg, a former colleague at DSP, joined Mape as thje third partner, though he left to start another boutique I-bank Equirus Capital. Mape also drew foreign capital: in 2006, Global Investment House of Kuwait bought 11% for $5 million, valuing it at near $50 million.Venture Intelligence is the leading provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India. Click Here to view our products list including the Free Deal Digest Weekly: India's First & Most Exhaustive Transactions Newsletter.