Page 17 - Fundings

Avanse raises Rs 1,000 cr from investors led by Mubadala Investment Company

Avanse Financial Services, an education-focused non-banking financial company (NBFC), on Tuesday announced that it has raised primary capital of Rs 1,000 crore to fund business growth. This round of funding was led by Mubadala Investment Company (Mubadala), the Abu Dhabi-based investment company, with participation from Avendus PE Investment Advisors Private Ltd via its fund Avendus Future Leaders Fund II, the NBFC said in a statement. The fund infusion will enable Avanse to strengthen its position in the rapidly evolving education financing segment by focusing on creating unique customer experiences and achieving sustained profitable growth, it said. The company has also provided growth and working capital to Indian educational institutions. As of December 2023, the company's assets under management (AUM) stands at Rs 12,147 crore.

NTPC signs aggrement with Japan's JBIC for Rs 1,650 crore funding

State-owned power giant NTPC on Tuesday said it has inked a pact with a Japanese agency for sourcing foreign currency loans of USD 200 million (JPY 30 billion or around Rs 1,650 crore).. Japan Bank for International Cooperation (JBIC), a government policy-based financial institution, will provide 60 per cent of the facility amount and the balance amount will be provided by other commercial banks under JBIC guarantee, a statement said. The agreements have been signed for a JPY 15 billion loan each for NTPC Ltd and NTPC Renewables Energy Ltd (NREL), it added. The facility has been extended under JBIC's initiative entitled Global action for Reconciling Economic growth and Environment preservation' (GREEN) for projects which ensure the conservation of the global environment.. The loan proceeds shall be utilized by NTPC for funding part of its capex requirements for Flue Gas Desulphurization (FGD) which substantially reduces the SOx emission in the flue gases of thermal power stations a

CPR CEO Yamini Aiyar quits two months after govt annuls FCRA permit

Yamini Aiyar, the CEO of Centre for Policy Research, will step down from her current role on March 31. Dr Srinivas Chokkakula, a senior fellow at the think tank, will succeed Aiyar

Ultrahuman raises $35 mn to accelerate growth, research in health space

By collating a large set of biomarkers on an integrated platform across a range of products, Ultrahuman is able to create a grand unified view of the human body

Pocket FM's valuation crosses $750 mn, bags $103 mn in Series D funding

The audio platform secures $103 mn in Series D funding. Funds to drive global growth, enhance content library, and advance Gen AI

Annual climate finance requirement estimated to cross $10 trn by 2050: CAG

The annual climate finance requirements are estimated to cross USD 10 trillion by 2050, and failure to meet the funding demands will intensify socio-economic consequences related to climate-linked disasters, Comptroller and Auditor General of India Girish Chandra Murmu on Tuesday. Climate financing is key to collective efforts to move towards a more resilient and sustainable future, he said while addressing a one-day seminar on Climate Financing here. "As climate change intensifies, so does the urgency for robust climate finance mechanisms to fund adaptation, mitigation, and resilience-building efforts worldwide," he said. The CAG further stated that annual climate finance needs are estimated to increase substantially, reaching well beyond USD 10 trillion annually by 2050. "Failing to meet these financial demands will exacerbate the rise in global temperatures, simultaneously intensifying socio-economic consequences of climate-related disasters. Unfortunately, despite the stark ...

IFCI board okays to raise Rs 500 cr from govt via issuance of equity shares

State-owned IFCI on Tuesday said its board has approved a proposal for raising up to Rs 500 crore capital through the issuance of equity shares to the government. "12,39,77,188 number of Equity Shares will be issued for an amount aggregating up to Rs 500 crore," IFCI said in a regulatory filing. These shares would be issued subject to the approval of Shareholders at the Extraordinary General Meeting to be held on April 18, 2024, it said. Following the capital infusion, the government holding in the oldest financial institution would increase. Currently, the Government of India holds 70.32 per cent stake in IFCI. The government had infused Rs 100 crore in 2022 in long-term infrastructure financier IFCI Ltd. The Industrial Finance Corporation of India was set up by the government on July 1, 1948 as the first Development Financial Institution in the country. IFCI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled i

Tata Steel plans to raise up to Rs 2,700 crore capital through debentures

Tata Steel on Tuesday said a board committee has approved raising of up to Rs 2,700 crore through debentures. "The Committee of Directors (constituted by the Board of Directors of Tata Steel Ltd), at its meeting held today i.e., March 19, 2024, considered and approved the issue of NCDs," the steel major said in a regulatory filing. The date of allotment of non-convertible debentures (NCDs) is March 27 and its maturity date is March 26, 2027. Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum. Shares of the company declined 0.64 per cent to Rs 148.65 apiece on the BSE.

Manappuram Finance to raises Rs 6,000 crore capital through NCDs in FY25

Gold loan financier Manappuram Finance on Tuesday said it has received board approval to issue redeemable non-convertible debentures (NCDs) up to the overall limit of Rs 6,000 crore by way of private placement or public issue in one or more tranches to meet business growth. This is the fundraise plan for the financial year 2024-25. Besides, the board has also approved the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures for an aggregate amount of Rs 25 crore on a private placement basis, the company said in a regulatory filing.

Engrail Therapeutics closes oversubscribed $157 million Series B financing

Funding from the Series B round will propel the advancement of the company's pipeline through multiple stages of clinical development

Binny Bansal's Three State Ventures invests Rs 207 crore in Curefoods

The funding would help the startup to compete with firms like Rebel Foods, Biryani by Kilo and EatClub

ASK Hedge Solutions aims to raise Rs 3,000 crore from AIF in 18 months

ASK Hedge Solutions on Monday said it is targeting to raise Rs 3,000 crore corpus from wealthy individuals and family offices in the next 18 months for its alternative investment fund. The ASKAbsolute Return Fund is an open-ended category-III alternative investment fund (AIF), which will be seeking to raise the money from high networth individuals, ultra HNIs, family offices and corporate treasuries, the company's chief executive officer Vaibhav Sanghavi told reporters here. Over the past decade or so, the nascent long-short platform has delivered returns of 10-15 per cent from a compounded annual growth rate perspective, Sanghavi said. He said the current fund will be targeted purely at domestic investors, but the next one of a similar strategy will open it for foreign investors as well. The newly launched fund has already received commitments of Rs 50 crore, and the company is targeting to take it to Rs 1,000 crore in six months. When asked about market regulator Sebi's concerns

States plan to raise record Rs 50,206 crore next week through bonds

At the previous state loan auction, the cut-off yield on the 10-year state government securities was set in a range of 7.36-7.41 per cent

Electoral bonds: 22 entities donated Rs 100 crore+ each to parties in 5 yrs

The BJP received the largest share of donations, totaling more than Rs 6,000 crore

Startup movement must be driven by domestic financing, says Amitabh Kant

Indian startup movement must be driven by Indian financing and cannot depend on foreign funding, G20 Sherpa Amitabh Kant said on Thursday. While speaking at the CII Unicorn Summit, Kant said the nation needs to create a fund of funds to support young deep tech startups. He said unicorns are national assets to the country. Startups should focus on corporate governance for growth, otherwise, they will land up in a debacle, Kant added. He also said women are outperforming men in every single walk of life, and if India wants to be a USD 35 trillion economy by 2047, it cannot do so without women.

Indian beer startups growing, launching new products after surge in funding

Proost attributes the growth in the beer market due to rising per capita beer consumption, increased disposable income, and reduced societal stigma around alcohol

Time taken for startups to get Series A funding longest in over a decade

Waiting for institutional round of financing could extend to 86 months compared to 81 last year

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring

IIFL Finance to raise $242 mn via rights basis, non-convertible debentures

The company will raise the funds through the issue of shares on rights basis and non-convertible debentures via a private placement, it said in an exchange filing

Former Sequoia India firm launches new fund Peak XV for early ventures

"We plan to leverage this internal balance sheet to invest in and partner with other fund managers across regions, strategies and sectors," the letter added