Page 18 - Fundings

Day after Supreme Court rap, SBI submits electoral bond details to EC

State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order. The Supreme Court on Monday ordered SBI to disclose the details of electoral bonds to the Election Commission by close of business hours on March 12. As per the order, the Election Commission will have to publish the details shared by the bank on its official website by 5 pm on March 15. According to sources, SBI has complied with the orders of the apex court and submitted the details of the electoral bonds to the Election Commission. The SBI has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018. The Supreme Court, however, in a landmark verdict on February 15 scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional" and ordered disclosure by the EC of donors, the amount donated by them and recipients. SBI had s

Krystal sets Rs 680-715 price band to raise Rs 300 cr capital via IPO

Facility management and security services provider Krystal Integrated Services on Monday fixed a price-band of Rs 680-715 a share for its Rs 300-crore initial public offering (IPO). The IPO comprises Rs 175 crore in fresh issue and Rs 125 crore in offer-for-sale by the promoters (at the upper-end of the price band). Post-issue, the overall promoter holding led by promoter Pravin Ramesh Lad and his family (Krystal Family Holdings) will come down to close to 70 per cent. The floor price is 68 times the face value of the shares and the cap price is 71.50 times the face value of the shares which has a face value of Rs 10, chief executive Sanjay S Dighe said here. The anchor investor bidding will begin on Wednesday and the issue opens for public subscription from Thursday. The company will use the net proceeds from the fresh issue towards part repayment of its debt of Rs 187 crore; funding working capital requirements of Rs 100 crore and capital expenditure for purchasing new machinery

Sidbi secures first green climate fund project worth $120 million

Development bank Sidbi on Monday said it has secured approval from the Green Climate Fund (GCF) for its first anchored project, Avaana Sustainability Fund (ASF), valued at USD 120 million. The closure was announced at the 38th board meeting of the GCF, which will invest USD 24.5 million in the fund, in Kigali, Rwanda, on March 5, Sidbi, an accredited entity of GCF, said in a statement. The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in the country. The anticipated outcomes include significant contributions to climate change mitigation, adaptation, and the enhancement of resilience in vulnerable sectors of the economy. This is the first project anchored by Sidbi including the first secured for the country in the past few years and will go a long way in advancing the country's nationally determined contributions by effecting substantial global changes through its proficiency in .

Microsoft, Walmart help Israeli VC Team8 raise $500 mn to support startups

Moody's Corp. and Temasek Holdings Pte also backed the three new funds and follow-on funding that brings Team8's assets under management to more than $1 billion

Matrix Gas & Renewables raises Rs 350 crore capital in pre-IPO round

Matrix Gas and Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore in the pre-IPO round to accelerate expansion of its gas business, acquisitions, and funding capital expenditure plans. "The pre-IPO (Rs 350 crore) round saw participation from key investors like Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund and the promoters of the company," it said in a statement. Matrix is a Gensol Group company and is the fastest-growing green hydrogen infrastructure developer and natural gas aggregator. "Matrix has successfully raised Rs 350 crore in the pre-IPO round," it said. "With the current capital raise, Matrix is now well positioned to accelerate its growth initiatives towards expanding market share for the gas aggregation business, acquiring city gas distribution (CGD) assets, and funding the ongoing capital expenditure plan. This round will also expedite setting up and commissionin

Fairfax-backed Go Digit receives Sebi's approval to raise funds via IPO

Go Digit General Insurance Ltd, a firm backed by Canada-based Fairfax Group, has received Sebi's go-ahead to raise funds through an initial public offering (IPO), an update with the regulator showed on Monday. The approval came after the company's preliminary IPO papers were first filed in August 2022. Go Digit's proposed IPO comprises fresh issuance of shares worth Rs 1,250 crore and an Offer For Sale (OFS) of 10.94 crore shares by promoter Go Digit Infoworks Services and existing shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issuance would be utilised for the augmentation of the company's capital base and maintenance of solvency levels and for general corporate purposes. Cricketer Virat Kohli and his wife and actor Anushka Sharma are among the investors in the firm. According to an update with the Sebi (Securities and Exchange Board of India) on Monday, the regulator gave its observation on March 1. In Sebi's parlance, obtaining ..

Powergrid board approves proposal to raise up to Rs 1,200 crore via bonds

Power Grid Corporation of India (Powergrid) on Monday said its board has approved a proposal to raise up to Rs 1,200 crore by issuing bonds. "The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds - LXXVI (76th) issue up to Rs 1,200 crore," the company said in an exchange filing. On the size of the issue, the company said the base size is Rs 400 crore, along with the green shoe option of Rs 800 crore. The bonds are redeemable at par at the end of the 10th year, and interest payment on a yearly basis, the company said. Powergrid, under the Ministry of Power, is India's largest electric power transmission utility with 1,76,762 ckm of transmission lines.

Adani Energy Solutions aims to raise about $400 mn via oversees bonds

The group's ability to raise funds offshore has been under close scrutiny since the 2023 crisis triggered by shortseller Hindenburg Research's allegations of malfeasance

India Ratings lowers MFI sector outlook to 'neutral' from 'improving'

Flagging caution on overleveraging, the rating agency revised the outlook on the microfinance sector to 'neutral' from 'improving'

Startups backbone of new India, it's our time under the sun: Piyush Goyal

Goyal said that the event will be a platform to showcase India's success stories built over the last decade. It would also showcase to the world that "India has today emerged as a global leader"

India to have largest R&D presence outside US by 2025: Bristol Myers CEO

Bristol Myers also operates a research and development centre in Bengaluru in partnership with the Biocon Group's Syngene International

SBL Energy raises Rs 325 crore equity funding from Synergy Capital, others

Raipur-based SBL Energy -- a mining/industrial explosives manufacturer -- on Monday said it has raised Rs 325 crore of growth capital from Synergy Capital, India SME Investments and a few others. The company said it will deploy the funds to expand its manufacturing capacity and launch new products. Another investor is equity market player Mukul Agrawal, the statement said, without giving a break-up of how much each of these investors chipped in with. SBL Energy -- the second largest industrial explosives manufactures in the country -- has been in operation for almost three decades and commands around 10 per cent market share, it said in a statement. While SBL caters to the mining and infrastructure sectors, it is also making inroads into the defence sector now, Sanjay Choudhari, a director at SBL, said.

EV startup Vidyut raises $10 million, aims to expand to 40 cities

Vidyut to deploy new funds to scale its new offerings include EV insurance, lifecycle management, and EV resale

Future Consumer defaults on payment of Rs 133 crore towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 132.97 crore towards payment of principal and interest of Non-Convertible Debentures (NCD) issued by the company to CDC Emerging Markets. FCL had defaulted on payment towards interest amount of Rs 32.97 crore and principal amount of Rs 100 crore, according to a regulatory filing by the FMCG arm of the debt-ridden Future Group on Friday. "The company has been unable to service its obligations towards payment of principal and interest due on unlisted Non-Convertible Debentures issued by the company to CDC Emerging Markets Ltd," it said. The default happened on February 15, 2024. Future Consumer had sought deferment for payment of principal and interest amount due towards NCDs, the filing added. It had NCDs of Rs 200 crore for a tenure of seven years with a coupon rate of 11.07 per cent per annum. This was applicable from the date of allotment, which is February 15, 2018. FCL, part of the Kishore Biyani-led Future Group, i

Startup Captain Fresh raises Rs 208 crore from investors to expand business

Captain Fresh, a fish and seafood tech startup, has raised USD 25 million (around Rs 208 crore) from investors to expand business. In a statement, the company said it has raised USD 25 million as part of a continuing larger funding round. The company had raised USD 20 million in September last year, taking the Series C round to USD 45 million. Nekkanti seafoods group and British International Investment (BII), the UK's development finance institution, participated in this extended round. "Proceeds from this fund raise are aimed at fuelling its distribution presence in the US and Europe...," it said. The company's product portfolio encompasses over 100 species of fish and seafood, sourced from over a dozen countries and catering to customers in over 30 countries. Captain Fresh has offices in India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid.

Goldman, JP Morgan launch $5 billion loan for KKR's Cotiviti stake deal

The sale is broken up into a $4.4 billion floating rate term loan led by JPMorgan Chase & Co. and a $600 million fixed rate term loan led by Goldman Sachs Group Inc

SoftBank results: First profit in 5 quarters with $6.6 bn net income

Net profit totalled 985.5 billion yen ($6.6 billion) in the three months to December, versus a 744.7 billion yen loss in the same period a year earlier

Metafin secures $5 million equity to catalyse solar adoption in rural India

Metafin, a cleantech-focused NBFC, on Wednesday said it has raised USD 5 million in equity funding, led by Prime Venture Partners and Varanium Capital. Metafin, which specialises in rooftop solar loans for semi-urban and rural MSMEs, provides financing and installation solutions through its network of lending and installer partners. In a release, Metafin said it plans to utilise funds to expand across states, grow its loan book, enhance its technology and IoT stack, and hire key talent. "In addition to our climate impact, every plant we enable helps India increase energy inclusion, broaden financial inclusion, and improve livelihoods. Our goal is to finance over one million such projects in the next 5 years," Metafin Founder and CEO Sandeep Chopra said. India has set a 280 GW target for solar adoption by 2030. Metafin has enabled almost 1,000 installations in UP and Bihar (14+ MWs), of which 90 per cent are off-grid, replacing diesel directly. These installations, the company sai

$30 billion raised on crowdfunding and nonprofit giving platforms: GoFundMe

GoFundMe crowdfunding campaigns have generated USD 30 billion since 2010, the fundraising platform announced on Tuesday, as younger generations look beyond institutions to make their donations. Tim Cadogan, GoFundMe's CEO, said 150 million people have either sent or received money through the platform to date. Gen Z and millennial donors, as well as those who are not married and those who are less religious, are more likely to give through crowdfunding than to traditional nonprofits, according to a 2021 report by the Indiana University Lilly Family School of Philanthropy. That's what we're so thrilled about is that we've helped people come together to help each other at that level of scale, Cadogan told The Associated Press. GoFundMe, a privately held, for-profit company, has annually released the total amount raised on its crowdfunding platform since its founding, but hasn't published a breakdown of funds raised in an individual year. Nevertheless, it is possible to see significan

Snap-E Cabs raises $2.5 million, plans to add 300-400 EVs by FY24

Electric vehicle ride-hailing platform Snap-E Cabs on Monday said it has secured USD 2.5 million in a pre-series A round led by Inflection Point Ventures (IPV). The fresh funds will fuel talent acquisition, technology upgrades, new services and geographical expansion, officials said. It will enable Snap-E Cabs to add 300-400 EVs and expand to two-three new cities by the end of the current fiscal year, they said. Kolkata-based Snap-E Cabs, which was founded in 2022 by Mayank Bindal and Jaydip Mukherjee, aims to operate 1,500-2,000 EVs across five cities by the 2024-25 fiscal. At present, it operates 600 EVs in Kolkata. "India's ambitious EV goals can significantly impact global oil markets... and transition to sustainable development," Bindal said. Rahul Wagh, Managing Director of IPV, said: "Climate change is a global threat... and EVs are crucial for decarbonising transportation. This investment aligns with India's goal of 30 per cent electric vehicle penetration by 2030, he sa