Legal experts say reduced timeline welcome but some proposals may compromise quality of issuances
Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round, sources said. This fund raise concludes the Series G funding round. The IPO-bound unicorn had earlier raised nearly Rs 1,040 crore and Rs 416.85 crore in the same series. According to different documents accessed by PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8. The capital will be used to support OYO's growth and its global expansion plans, sources said. The additional fund raise values the company at the same valuation of USD 2.4 billion, as the first Series G tranche issued to InCred in July, a source said. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The funding round includes contributions from InCred Wealth, who led the recent fundraise as well as J&A ...
SBI's board has approved a plan to raise long-term funds up to $3 billion in single or multiple tranches in FY25
The issue should open in mid-August after the final approval, one of the sources said on condition of anonymity
He believes this IPO is a key step in the company's long-term plan
Recent filings aim to raise as much as 10x more than the norm
State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. "The board has already given approval, and merchant bankers should be on-boarded by August," Punjab & Sind Bank managing director and CEO Swarup Kumar Saha told PTI. The fundraising can be concluded in the second quarter or third quarter, depending on market conditions. The QIP would help improve the Capital Adequacy Ratio of the bank, he said. The bank's capital adequacy ratio stood at 17.10 per cent at the end of March 2024. Besides, it would help bring down the government's holding in the bank. The government of India holds a 98.25 per cent stake in Punjab & Sind Bank. Asked about the loan growth outlook for the current financial year, Saha said the bank expects asset book to grow by 12-14 per cent, and in this, retail, agriculture and MSME (RAM) should witness a growth of 15-18 per cent. On the deposit side,
State Bank of India (SBI) on Wednesday raised Rs 10,000 crore through its fifth infrastructure bond issuance. The country's largest lender raised the funds at a coupon rate of 7.36 per cent. The issue attracted overwhelming response from investors with bids in excess of Rs 19,884 crore and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, SBI said in a regulatory filing. The total number of bids received was 143, indicating wider participation with heterogeneity of bids, it said. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc, it said. The proceeds of bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segments, it said. "Based on the response, the bank has decided to accept Rs 10,000 crore at a coupon rate of 7.36 per cent payable annually. This represents a spread of 21 bps over the corresponding FBIL G-Sec par curve," it said.
Prestige Estates shares dropped up to 5 per cent at Rs 1,837 per share on the NSE in Wednesday's intraday trade
Health tech platform Alyve Health on Tuesday said it has raised USD 5.5 million (over Rs 45 crore) in a Series A funding round led by Axilor Ventures. The investment round saw participation from 1Crowd Fund, an existing investor, as well as Inhealth Ventures, a healthcare-focused fund, the company said in a statement. The company also raised venture debt fund from Trifecta Capital as part of this round, it added. The new funds will be utilised for strategic growth initiatives across key areas like platform enhancement, talent acquisition, expansion of operations, amplification of services, and higher member engagement, Alyve Health said. "This investment empowers us to continue innovating on our product and technology," Alyve Health Co-founder & CEO Shashank Avadhani said. Alyve Health provides healthcare services to individuals, employers, and other businesses with plans covering multiple healthcare journeys like doctor consultations, diagnostics, medicine purchases, dental ...
This will be the lender's first bond issuance and the country's first infrastructure bond sale this financial year
Proptech startup Landeed on Tuesday said it has raised funds in a strategic financing round led by Paradigm Shift VC. The company did not disclose the amount of funds raised. Landeed in a statement said it will utilise the fresh capital to extend its product line and expand its workforce to support its growing expansion in India and abroad. In January 2023, the homegrown startup raised USD 8.3 million in a funding round led by Y Combinator, Draper Associates, and Bayhouse Capital. Landeed's mobile app allows property owners, agents, developers, and legal advisors to access real estate records for building, lending, and transacting properties. Founded by Sanjay Mandava, ZJ Lin, and Jonathan Richards, the startup recently launched an AI Property Analyser, which provides a complete ownership history of properties, from the initial owner to the most recent, including any transactions or encumbrances. "Though we weren't actively raising funds, were heavily oversubscribed in the last r
D2C skincare brand Foxtale on Wednesday said it has raised USD 18 million (about Rs 150 crore) in a funding round led by Singapore-based Panthera Growth Partners and plans to deploy the fresh capital towards category expansion and top-level hiring. The Series B funding round also saw participation from the company's returning investors Matrix Partners India and Kae Capital. Founded by Romita Mazumdar, the Mumbai-based startup commenced operations in January 2022 and has a vast customer base spanning over 100 Indian cities. "The fresh round of funds will be deployed towards expanding our digital footprint and introducing newer categories in our portfolio of products. Apart from category expansion, we are also looking to hire some C-suite executives into the team," Mazumdar told PTI. The young entrepreneur further mentioned that Foxtale is a digital-first business, with 90 per cent of its revenue driven digitally. Foxtale's gross revenue for FY24 stood at Rs 175 crore. For FY25, t
Several state run-lenders, including Canara Bank, Punjab and Sind Bank and Punjab National Bank , plan to raise funds via debt this fiscal year
Battery swapping network Battery Smart on Tuesday said it has raised USD 65 million in a funding round, comprising a mix of primary and secondary investments, led by LeapFrog Investments. The Series-B funding round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), the company said in a statement. The freshly raised funds will be utilised to fuel the company's next phase of expansion, Battery Smart said. "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, Co-Founder and CEO, Battery Smart. Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in tier 1, 2, and 3 cities, it ...
The company will utilise the capital raised towards expanding product and technology teams and investing in operations and compliance requirements
The fund, West Street Loan Partners V, is targeting to back private equity-backed global businesses and has already invested or committed $4 billion across 37 portfolio companies to date
Part of the funding it raises will go toward the company's expansion beyond Delhi and the southern Indian city of Bengaluru. BluSmart will launch in Dubai next month with about 100 Audi EVs
Punjab National Bank's board had in December approved a Rs 7,500 crore ($898 million) fund raise through equity capital
Bengaluru-based company specialises in processing huge amounts of data generated by information technology systems