Page 19 - Fundings

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

Govt extends animal husbandry infra fund worth Rs 29,610 cr till 2025-26

The Union Cabinet on Thursday extended the Animal Husbandry Infrastructure Development Fund (AHIDF) till 2025-26. In June 2020, the government had approved setting up of AHIDF worth Rs 15,000 crore. According to an official statement on Thursday, the Cabinet approved the "continuation of Animal Husbandry Infrastructure Development Fund (AHIDF) to be implemented under Infrastructure Development Fund (IDF) with an outlay of Rs 29,610.25 crore for another three years up to 2025-26." The scheme will incentivize investments for dairy processing and product diversification, meat processing and product diversification, animal feed plant, breed multiplication farm, animal waste to wealth management (Agri-waste management) and veterinary vaccine and drug production facilities. "Government of India will provide 3 per cent interest subvention for 8 years including two years of moratorium for loan up to 90 per cent from the scheduled bank and National Cooperative Development Corporation (NCDC)

'Tata Steel to consider investment in UK plant, if govt funding available'

Tata Steel would consider additional future investments in its Port Talbot plant in the UK, if more government funding was made available, the company's Chief executive T V Narendran said on Wednesday. The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which was facing shutdown over high carbon emission. The plant employs around 8,000 people. As part of its restructuring plan backed by the government funding, Tata Steel will replace the blast furnaces at the unit with electric furnaces to use recycled steel in order to reduce carbon emission. However, the installation of low-emission system will lead to a loss of 2,800 jobs as electric furnaces need less manpower. "The electric arc furnaces need not be the end, it is the beginning," Narendran told the Welsh Affairs Committee of the House of Commons. Earlier, steel unions had also suggested the UK government to put more money into securing the future of Tata Steel. The company

Ugro Capital raises Rs 250 crore in debt from Asian Development Bank

MSME-focused non-banking lender Ugro Capital on Wednesday said it has raised Rs 250 crore in debt from the Asian Development Bank (ADB). The funding from the developmental lender through subscribing to its non-convertible debentures will be used for on-lending. The company had raised a similar amount of debt in December 2023 through a similar debt sale from the Dutch entrepreneurial development bank FMO. Ugro has an asset under management of Rs 8,363.8 crore as of December 2023. Over the last five years, it has raised a total of Rs 9,137.8 crore in equity and debt from diverse institutional sources, Ugro founder and managing director Shachindra Nath said. Suzanne Gaboury, director-general for private sector operations at ADB, said MSME finance is a key driver for financial inclusion, and Ugro's efforts at solving the credit need of small businesses are in line with the bank's vision of promoting inclusive and sustainable prosperity in Asia and the Pacific.

Winning, losing and entrepreneurship

There have been numerous books on startups, big and small, but writer-entrepreneur and motivational speaker Alok Kejriwal's account of success stays with the readers

PNB board approves fund raising of Rs 7,500 cr via share sale in FY25

State-owned Punjab National Bank (PNB) on Monday said the board of the bank has given green signal for raising Rs 7,500 crore through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) during 2024-25. The decision in this respect was taken in a meeting held on January 29. The board gave nod for raising of equity capital for an amount aggregating up to Rs 7,500 crore in one or more tranches during FY2024-25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination, PNB said in a regulatory filing. The fund raising should be done in such a manner that the shareholding of the Government of India does not fall below 52 per cent, it added.

India sends $1 million emergency relief assistance to Papua New Guinea

The relief consignment worth $1 million was airlifted to the capital of West New Britain, Kimbe, from the Papua New Guinea capital, Port Moresby, for distribution within the West New Britain province

Adani Green Energy raises Rs 2,337 crore capital through issue of warrants

Adani Green Energy has raised Rs 2,337.51 crore through an issue of warrants to Ardour Investment Holding on a private placement basis. "Management Committee of Board of Directors of Adani Green Energy at its meeting held on Thursday, has approved the allotment of warrants of the Company, on a preferential basis by way of a private placement, to Ardour Investment Holding Ltd", a BSE filing stated. As per the filing, as many 6,31,43,677 warrants of Rs 1,480.75 each totalling Rs 23,37,51,57,789 are issued. Upon conversion and exercise of the warrants into equity shares of the Company (which shall rank pari passu to the existing fully paid-up equity shares), the warrant holder will hold 3.83 per cent equity stake in the Company, on a fully diluted basis. The equity shares issued upon conversion of the warrants so issued will be listed on BSE Limited and the National Stock Exchange of India Limited.