Page 9 - Funding

GoMechanic raises Rs 50 crore from marquee investor, existing shareholders

Car services and repair platform GoMechanic on Wednesday said it has raised USD 6 million, about Rs 50 crore, from an undisclosed investor along with contributions from existing investors. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March after anomalies in its financial records were found under previous management and the firm was put on sale by the investors. "GoMechanic is pleased to announce the recent success of its latest fundraising round, securing an impressive USD 6 million in capital," the company said. It is the first fundraise of the company after getting acquired by Servizzy. "This achievement serves as a profound vote of confidence towards the company and in the potential of its business model from the investment community, the existing shareholders, Stride Ventures and Lifelong Group, and the startup community. This exemplifies the company's unwavering and holistic growth and progress," GoMechanic new co-founder and CEO Himanshu Aror

Commercial EV-maker Euler Motors raises Rs 120 cr in funding round

Commercial electric vehicle maker Euler Motors on Monday said it has raised Rs 120 crore in a funding round from a bunch of investors. The ongoing series-C extension round saw commitment from British International Investment (BII), the UK government's development finance institution and impact investor, which is co-investing with Blume Ventures in the company, Euler Motors said in a statement. The company said it has also onboarded Green Frontier Capital, India's first investment firm focused on growth companies as part of this fundraising round along with existing investors, it said. The freshly raised capital from the ongoing series-C extension round will be deployed strategically to drive Euler Motors' pan-India expansion initiatives, as it plans to enter 40 cities by the end of FY 2023-24, the company said in a statement. The extension round takes the tally of total investments to about Rs 690 crore, it said. "Euler Motors successfully raised Rs 120-crore in the ongoing series

Funding deficit for climate adaptation puts some nations at high risk: UN

Despite clear signs of accelerating climate risks and impacts worldwide, the adaptation finance gap is widening and now stands at between USD 194 billion and USD 366 billion per year, according to a new report by the United Nations. Released ahead of the annual UN climate talks in Dubai, UAE, the "Adaptation Gap Report 2023: Underfinanced. Underprepared - Inadequate investment and planning on climate adaptation leaves the world exposed" finds that the adaptation finance needs of developing countries are 10-18 times as big as international public finance flows over 50 per cent higher than the previous range estimate. The adaptation finance gap is the difference between the estimated costs of adapting to climate change in developing countries and the amount of finance available to meet these costs. "Today's Adaptation Gap Report shows a growing divide between need and action when it comes to protecting people from climate extremes. Action to protect people and nature is more pressing

Corporate funding in energy storage falls 31% to $15.2 bn: Mercom Capital

The global corporate funding in energy storage segment fell 31 per cent to USD 15.2 billion during the January-September 2023, the US-based Mercom Capital said on Thursday. The segment had attracted USD 22 billion worth of investments during the nine month period last year, the research firm said in its latest report. "Corporate funding in the energy storage sector was down 31 per cent in 9M (nine month) 2023, with USD 15.2 billion raised in 94 deals, compared to USD 22 billion in 93 deals in 9M 2022," it said. However, during the July-September quarter the segment attracted USD 8.2 billion investment, up 32 per cent year-on-year over USD 6.2 billion raised in the same period of 2022. The funding includes the venture capital, debt and public market financing modes. In India, a lithium-ion battery manufacturer raised USD 2.4 million in pre-series A round funding, while public infrastructure finance company REC Ltd approved a funding of USD 730.8 million to Greenko to develop a 1,44

BS BFSI Summit 2023: No funding winter in PE investments, say experts

India is a highly favoured destination for investment in APAC, Renuka Ramnath, founder and CEO at Multiples Alternate Asset said at Business Standard's BFSI Insight Summit 2023

Space-tech company Skyroot raises $27.5 mn in funding round led by Temasek

Skyroot plans to utilise the newly acquired capital to drive its next growth phase

PMI Electro Mobility raises Rs 250 crore from Piramal Alternatives

The funds will be used to develop innovative solutions, bring technological advancements to its production capabilities and scale its operations

Police Memorial Day: CM Dhami pays tributes to brave hearts, releases funds

According to an official statement from the Chief Minister's Office, "Chief Minister Dhami participated in the event held at Police Line in Dehradun on Police Memorial Day."

UAE allocates $200 million to boost growth in low-income countries

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, announced the UAE's initiative during the International Monetary and Financial Committee (IMFC) Meeting

Incred Finance plans to raise Rs 300 crore via non-convertible debentures

The company plans to allocate 75 per cent of the net proceeds for purposes such as onward lending, financing and the repayment of existing borrowings, including interest and principal

FCRA violations case: CBI searches at residence of NewsClick founder

The CBI has registered an FIR into the alleged FCRA violations by news portal NewsClick and carried out raids at two locations on Wednesday, officials said. A team of agency officials searched the residence and office of NewsClick founder Prabir Purkayastha, who was recently arrested by the Delhi Police in a case under the Unlawful Activities Prevention Act, they said. It is alleged that the portal received foreign funds in violations of the Foreign Contribution Regulation Act (FCRA) case, they said. In its probe against the portal, the Delhi Police had alleged that funds were fraudulently infused by an active member of the propaganda department of the Communist Party of China, Neville Roy Singham. The allegations have been denied by the portal.

'Govt never deprived WB of MGNREGA, discrepancies present in utilisation'

Union minister Sadhvi Niranjan Jyoti on Saturday asserted that the Centre has never deprived West Bengal of its MGNREGA dues and statistics of the last nine years prove that. The Union Minister of State for Rural Development, who was addressing a press conference here, however, alleged that there have been discrepancies in the utilisation of MGNREGA funds in the districts of the eastern state. Dismissing the TMC's allegations that she refused to meet the West Bengal ruling party's team in New Delhi for talks regarding MGNREGA dues, she said, "I wanted to meet them and waited for nearly two-and-a-half hours for them. But they kept shifting goalposts on the number of members of their delegation." "They are now leveling false allegations that I ran away through the back door. The TMC is spreading lies, they did not want to meet me, they just wanted to create drama," she claimed. She expressed her willingness to engage in talks with the TMC delegation anytime but questioned the West ..

Govt approves 28th tranche of electoral bonds, sale from October 4

The government on Friday approved the issuance of the 28th tranche of electoral bonds that will open for sale for 10 days beginning October 4. The decision comes ahead of assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. Poll dates are likely to be announced soon. Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding. "The State Bank of India (SBI), in the XXVIII Phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches (as per list enclosed) w.e.f. October 4-13," the finance ministry said in a statement. The sale of the first batch of electoral bonds happened in March 2018. The authorised SBI branches include those in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai. SBI is the only authorised bank

TruCap, HDFC Bank form co-lending tie-up for underserved MSME borrowers

Industry estimates indicate that the MSME sector has an overall credit demand of Rs 69.3 trn, growing at a CAGR of 11.5%

Gaming firm Nazara Technologies to raise Rs 410 cr from SBI Mutual Fund

Company will use investment for growth objectives including strategic acquisitions

Govt clears Rs 3,760 cr viability gap fund to enhance battery storage

The Union Cabinet on Wednesday approved a Rs 3,760 crore viability gap funding for setting up battery energy storage system in the country, said Information and Broadcasting Minister Anurag Thakur. The entire Rs 3,760 crore viability gap funding will be borne by the central government, the minister said while briefing media about the Cabinet decisions. The fund will be released in five tranches till 2030-31 and help in creation of 4,000 MW hours storage. The viability gap funding, Thakur said, will lead to an investment of Rs 9,500 crore. India aims to meet its 50 per cent of energy requirements through renewable energy and non-fossil energy sources.

Anicut Equity Fund secured an investment of Rs 50 crore from SIDBI

Investment firm Anicut Capital on Tuesday said it has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for Anicut Equity Fund. The investment has come through the Fund of Funds for Startups (FFS). The FFS is a Rs 10,000 crore initiative launched under the Startup India Initiative of the government in January 2015. "Anicut Capital has secured an investment of Rs 50 crore from the Small Industries Development Bank of India (SIDBI) for the Anicut Equity Fund," the investment firm said in a statement. Anicut Equity Fund launched its Grand Anicut Fund 3 in June 2022 with a total targeted corpus of Rs 500 crore, with an additional Rs 250 crore green shoe option. The investment firm has successfully closed two-thirds of the fund and has also received a commitment of Rs 75 crore from the Self Reliant India Fund (SRI). Within the first year, the fund has invested in six startups -- Earth Rhythm, Neemans, Wheelocity, The Ayurveda Experience,

PMI Electro Mobility Solutions plans to raise around Rs 250 crore: CEO

Electric bus maker PMI Electro Mobility Solutions plans to raise around Rs 250 crore to part fund doubling of production capacity and meet working capital requirements, according to company CEO Aanchal Jain. The company, which is setting up a new manufacturing unit in Pune, could put in an estimated investment of Rs 150 crore in the expansion. PMI Electro Mobility Solutions (PMI) currently has an annual manufacturing capacity of 1,500 units, which can be increased to 2,500 to 3,000 units on multiple shifts, at its plant at Dharuhera in Haryana. "We have another construction going on at Pune, which will add another 3,000 units capacity (annually) to us," Jain told PTI. She said the Pune plant is a joint venture with BeiqiFoton Motors of China, with which PMI has a technical tie-up. When asked about the investment in the new plant, she did not share a concrete figure but said it is estimated to be around Rs 150 crore from the PMI side. The land belongs to BeiqiFoton and PMI is inve

Railway gives priority to passenger safety, invests 54% more funds on it

Prioritising the safety of train passengers, the Indian Railway has made approximately 54 per cent more fund utilisation in the last five months compared to last year's corresponding period. Besides safety, it has also made considerable fund utilisation in various infrastructure projects, such as new lines, doubling, gauge conversion and enhancing passenger amenities, between April 1 and August 31, the railway ministry said on Saturday. "Indian Railways has witnessed approximately 48 per cent capital expenditure utilisation (highest ever) in the first five months of this financial year till August 2023," according to a press statement issued by the Ministry of Railway. "Safety of the passengers is paramount in Railways. A significant sum has been invested in enhancing safety-related works. The capex utilisation is approximately 54 per cent in comparison to the last year's corresponding period," the statement added. During this period, the national transporter has earned a revenue o

Delhi BJP, AAP quarrel over funding for city's G20 Summit makeover

The BJP on Sunday said Delhi's makeover for the G20 Summit has been funded by the Centre and accused the ruling AAP dispensation in the national capital of claiming credit for it. The Aam Aadmi Party (AAP) hit back, saying that it is shocked to see that the "BJP had to pass the developmental work done by the city government as its own". Asserting that the makeover the city is witnessing is funded by the central government, Delhi BJP president Virendra Sachdeva claimed that even the wall painting concept was introduced by the Centre first in the Pragati Maidan tunnel and later in the NDMC area. Sachdeva said it is regrettable that Chief Minister Arvind Kejriwal and his ministers "are shamelessly trying to steal credit for Delhi's makeover by making social media posts". "I challenge Delhi Chief Minister Kejriwal to cite even one project of beautification or development done by his government in Delhi for G20 preparations," he added. The Delhi BJP will soon hold a press conference an