Pune Project got Investment of $13M from Infinite India Real Estate Fund

Investment in Residential Project

Infinite India Investment Management, promoted by JM Financial Group, has invested **$13 million** in Kumar Urban Development Ltd's (KUL) residential project in Pune, as per sources close to the development.

## Transaction Details
- **Equity Stake**: The investment has been made for an equity stake in a high-end residential project.
- **Project Specifications**: The project boasts a developable area of approximately **1 million sqft** in Pune.
- **Stake Sale Size**: The exact size of the stake sale remains undisclosed.

## Response from Involved Parties
- **Infinite India Investment Management**: Declined to comment on the transaction.
- **KUL Chairman, Lalit Kumar Jain**: Confirmed the capital raise but did not disclose the investor's name or the deal amount when contacted by VCCircle.

## Overview of Kumar Urban Development Ltd (KUL)
- **Ongoing Projects**: Currently has **12 residential projects in Pune**, **5 in Mumbai**, and **1 in Panchgani**, all within Maharashtra.
- **Past Funding Plans**: Previously aimed to raise **Rs 450 crore** through an Initial Public Offering (IPO) two years ago, intending to use half for repaying high-cost debt.

## Shift to Private Equity Funding
After the IPO plan did not materialize, KUL opted for private equity funding for its projects, successfully raising nearly **$65 million** for some projects last year.

## Background on Infinite India Investment Management
- **Launch and Joint Venture**: Initially launched as an equal equity joint venture with SRS Fund, aiming to invest **$400 million**.
- **Acquisition by JM Financial**: Bought out the JV partner's stake in **April 2010** and has since been investing independently.
- **Notable Previous Deals**:
    1. Invested **$6 million** in a residential development project of Windshield Developers in Pune.
    2. Agreed to buy out PVR's property in **Phoenix Mills, Lower Parel, Mumbai** for **Rs 100 crore** in **May 2011**.