Page 6 - Funding

Hindenburg Research report 'won't impact' Adani Enterprises' $2 billion QIP

AEL will be using the funds for its new projects as it plans to invest up to Rs 1.3 trillion in FY25 to expand its capacity across its portfolio companies

Neo Group raises $47.6 million led by MUFG Bank, Euclidean Capital

The capital raised will be used to expand the company's wealth management division and support its asset management business

NCLT to hear RCAP-IIHL resolution case, expected to give directions to both

The Mumbai bench of NCLT is expected to hear on Wednesday an interlocutory application filed by the Administrator of debt-ridden Reliance Capital (RCAP) seeking directions to IIHL for implementation of the resolution plan by August 10. The Administrator, through its interlocutory application filed on August 5, has also asked the NCLT to direct Hinduja Group firm IndusInd International Holdings Ltd (IIHL) to immediately transfer Rs 2,750 crore to escrow accounts designated by Committee of Creditors (CoC). As per the NCLT order dated July 23, the successful bidder, IIHL, had to comply with certain conditions by July 31, 2024. These conditions included depositing the initial equity amount of Rs 250 crore in a domestic escrow account designated by CoC and Rs 2,500 crore in an offshore escrow account again designated by the lenders by July 31. However, the Administrator alleged that IIHL deposited in the accounts of Harsha Ashok Hinduja, Shom Ashok Hinduja, and Ashok P. Hinduja. ...

Funds not deposited by IIHL for bankrupt Reliance Capital buy: CoC

IIHL denies any default in payment to lenders

Startups taking longer to hit Series A stage, fintech sees dip in avg time

An analysis of 10 sectors that received the most funding in 2023 shows that nine of them experienced an increase in the time taken to reach Series A compared to 2019

Cash-flush quick-commerce unicorn Zepto loads up talent cart ahead of IPO

Ahead of its public listing, Zepto plans to ramp up hiring, aiming to add between 400 and 500 employees, focusing on engineering, product, category, growth, and marketing roles

Fintech funding down 59% to $795 million in H1 2024: Tracxn report

But India's fintech funding market continued to remain amongst the top three globally

Bank of Baroda may raise up to Rs 7,500 crore via AT1, Tier-II bonds

According to the bank's annual report for FY24, it had raised additional Tier 1 capital of Rs 2,474 crore in FY23. The bank issued Tier 2 capital of Rs 5,000 crore

Pine Labs plans $1 billion IPO in India after shift from Singapore

The company may seek a valuation of more than $6 billion in an IPO, according to industry sources

Startup Landeed raises funds from Paradigm Shift to extend product line

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

Vodafone Idea to offer Rs 2,458 crore stake to Nokia and Ericsson

Shareholders to decide on the preferential issue at EGM on July 10

Murugappa Group's EV arm to raise Rs 310 crore from M&G Investments

It planned to raise capital to the tune of Rs 3,000 crore to fund its multiple verticals of electric vehicles

Fewer startups getting bigger cheques when investors chase returns

There were 465 deals this year, compared to 758 reported in the same period last year

9Unicorns rebrands as 100Unicorns; launches its second fund of $200 million

The second accelerator fund called 100Unicorns Fund II with a target size of $200 million includes a green-shoe option of $100 million

Online pharmacy PharmEasy raises $216 million at a 90% cut in valuation

According to a report, the Mumbai-based firm has also been trying to raise Rs 3,500 crore since August 2023 to repay the debt it took from Goldman Sachs

JNK India's Rs 650 crore IPO subscribed 1.03 times on day 2 of offer

The initial public offer of heating equipment maker JNK India got fully subscribed on the second day of subscription on Wednesday. The Rs 650 crore initial share sale received bids for 1,14,14,556 shares against 1,10,83,278 shares on offer, translating into 1.03 times subscription, as per NSE data. The portion for non institutional investors got subscribed 1.25 times, while the category for Retail Individual Investors (RIIs) received 1.13 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 68 per cent. The Initial Public Offer (IPO) of JNK India received 49 per cent subscription on the first day of bidding on Tuesday. The IPO has a fresh issue of up to Rs 300 crore and an offer for sale of up to 84,21,052 equity shares. Those offloading shares in the OFS are promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, and Mascot Capital and Marketing Pvt Ltd, and a shareholder Milind Joshi. The IPO is in a price range of Rs 395-415 a

Vedanta Resources eyes various fundraise options for Zambia copper mine

Vedanta Resources owns an 80% stake in the mining firm

Saudi' Arabia's Neom hunts for more cash for $1.5 trillion desert city

Neom recently secured a 10 billion-riyals loan from a group of Saudi banks, according to two other people familiar with the deal

Investor funding in edtech driving unwarranted behaviour: Byju's Aakash CEO

Investors' funding in the edtech space is driving an unwarranted behaviour which is not good for the industry, Byju's Aakash Education Services Ltd (AESL) Managing Director and CEO Deepak Mehrotra has said. Speaking to PTI, Mehrotra also said that digital alone can't meet aspirations of medical and engineering students looking to get into premium institutions, and it is important to address requirement of new learners. "Investors' funding is very clearly driving behaviours which are not good for anyone, I only hope sanity prevails," said Mehrotra who was appointed AESL's CEO on Monday. He was replying to a query about the need for consolidation in the edtech and test preparatory space where there has been a lot of changes in the business models of several firms. During the edtech's growth stage, several brick-and-mortar test preparatory firms entered the online space, while online education firms added brick-and-mortar centres. Mehrotra said digital alone is not enough to address

Bambrew raises Rs 60 crore in Series A funding from Blume Ventures

The funding will fuel the startup's expansion into eco-friendly packaging for FMCG, F&B, manufacturing and R&D team development