Page 12 - Fund Raising

Drone start-up Garuda raises $22 mn in series A funding from SphitiCap

Company will use money to expand operations, research, and to train drone pilots

Polaris Smart Metering raises $100 mn in funding from I Squared Capital

Funds raised will primarily be used to acquire, execute and finance large smart metering contracts across India

EV startup Simple Energy raises $20 mn from investors in Bridge round

Electric vehicle startup Simple Energy on Tuesday announced raising USD 20 million (about Rs 165 crore) from a clutch of investors as a part of its ongoing Bridge round. The funds will be utilised in a phased manner to ramp up production of the company's maiden e-scooter Simple ONE, which has not yet been delivered to a single customer even after 18 months of its launch. The company has been deferring deliveries of the vehicle since December 2021. "We have received a phenomenal pre-booking response, and to cater to the demand, we are raising funds in a timely manner. The funds raised will be strategically used to aid the production ramp-up and for a quicker delivery commencement," said Suhas Rajkumar, founder and CEO of Simple Energy. The company claims that it has received over one-lakh bookings for the e-scooters. "We have successfully de-bottlenecked product constraints and are confident that we will soon start deliveries of Simple ONE," Rajkumar said. The company recently ...

HDFC planning to raise funds by issuing commercial papers maturing in 1 mth

India's Housing Development Finance Corp plans to raise funds by issuing commercial papers maturing in one year, three merchant bankers said on Thursday

Sigachi Industries zooms 19% as board plans to mull fund raising plan

The board of SIL will meet on January 10, 2023 to consider the proposal of raising funds by way of issue of equity or convertible warrants on preferential basis to the promoters and non-promoters.

Fundraising through AT1 and tier II bonds nearly doubles in 2022

Public-sector banks were in the market but the size of issues was relatively small

SBI to consider raising funds via infrastructure bonds worth up to $1.21 bn

SBI, the country's largest lender, said it will consider approval for raising funds through the issue of infrastructure bonds worth up to 100 billion rupees ($1.21 billion) during fiscal year 2023

UCO Bank planning to raise up to Rs 1,000 cr by issuing debt securities

State-owned UCO Bank on Wednesday said it is planning to raise up to Rs 1,000 crore by issuing debt securities. The bank's board will consider the proposal for raising tier I capital in the form of additional tier I bonds in one or more tranches aggregating to Rs 1,000 crore, UCO Bank said in a regulatory filing. The board is scheduled to meet on January 3, 2023 to take up the fund raise proposal. UCO Bank stock closed at Rs 31.45 on BSE, down 2.93 per cent.

Central Bank of India to raise up to Rs 1,500 cr via bonds this fiscal

State-owned Central Bank of India will raise up to Rs 1,500 crore this fiscal by issuing Basel III compliant bonds. The decision was taken at the bank's board meeting held on Monday. The board of directors considered and approved to raise capital through an issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for amount up to Rs 1,500 crore, the bank said in a regulatory filing. The base issue size is of Rs 500 crore with a green shoe option up to Rs 1,000 crore. Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes. Shares of Central Bank of India settled 4.93 per cent up at Rs 30.85 apiece on BSE.

Tredence raises $175 million in funding from Advent International

Private equity firm Chicago Pacific Founders (CPF), an existing investor, will continue to be "a meaningful shareholder", said Tredence. CPF invested in Tredence in December 2020

Tiger Global-backed Battery Smart raises Rs 75 cr in funding from Stride

Company will use the financing to add more batteries to its network and expand services

Legal tech start-ups have raised $57 mn in funding since 2013: Report

Indian sector has more than 650 firms and is valued at $1.3 bn to be second biggest in the world

Jungle Ventures-backed BetterPlace raises $40 mn in series C funding

The firm is a SaaS platform for frontline workforce management, with a user base of 1,100 large enterprises

State Bank's board to take call on raising capital via tier I bonds

State Bank of India (SBI) said its board will meet on December 14 to decide on raising capital through Tier I bonds. As per a regulatory filing, SBI said it will seek "approval for raising of Additional Tier 1 (AT 1) capital by way of issuance of Basel III compliant debt instruments in INR and / or any other convertible currency through a public offer or private placement to Indian and / or overseas investors up to March 31, 2024." The fundraise would help the bank grow its loan book. Earlier this week, SBI announced that its personal banking advances, excluding high value home loans, have crossed the Rs 5 lakh crore-mark. The country's largest lender took a year to book the last Rs 1 lakh crore of advances, as against over 15 months for the previous Rs 1 lakh crore and over 30 months for the Rs 1 lakh crore before that. SBI has 22,309 branches, over 65,000 automated teller machines and 66,757 business correspondent outlets, which drive its entire retail banking franchise. Earlie

Walmart's payments startup PhonePe seeks to raise $1 billion: Report

The company is in talks with SoftBank Group Corp.'s Vision Fund, an investor in PhonePe's parent entity Flipkart, although Walmart will remain top investor, the people said

Uniqus Consultech raises $12.5 mn, eyes $100 mn revenues in next 5 years

The company plans to invest the funds raised in technology and scaling up business across India, US and Middle East

Indian startups see huge 35% drop in funding, edtech among worst performers

As the funding winter deepens amid growing layoffs, India saw a massive 35 per cent drop in funding this year, from $37.2 billion in 2021 to $24.7 billion (till November in 2022)

Vodafone Idea's fundraising put on hold as govt delays equity call

The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion including hefty dues to the government

HealthKart raises $135 million in funding from Temasek, A91 Partners

Company will use money to promote brands, increase offline distribution, and expand internationally

Foodtech platform HealthKart raises $135 mn from Temasek, A91 Partners

Foodtech platform HealthKart on Monday said it has raised $135 million in a funding round led by Temasek, with participation from A91 Partners and Kae Capital