Page 21 - Fundings

Maha govt tables supplementary demands worth Rs 55,520 cr in state assembly

The Eknath Shinde-led Maharashtra government on Thursday tabled supplementary demands worth Rs 55,520.77 crore in the state assembly on the first day of the winter session of the legislature here. The supplementary demands, which are additional funds sought by the government over the budgetary allocation, were tabled in the House by Finance Minister Ajit Pawar. Of the total, supplementary demands worth Rs 19,244.34 crore were described as mandatory expenditure, while demands worth Rs 32,792.81 crore are required for various ongoing programmes and schemes of the state government, a note issued by the finance department said. Besides that, supplementary demands worth Rs 3,483.62 crore are towards the state's contribution to the ongoing schemes of the Union government, it said. "There are several ongoing schemes which require a portion of financial expenditure from the state's coffers," a finance department official said. The actual impact of these supplementary demands on the state

Indian Angel Network's Alpha Fund completes first close at Rs 355 crore

IAN Alpha Fund has a corpus of Rs 1,000 crore and is registered with Sebi under AIF Category II

Scapia raises $23mn funding led by Elevation Capital, 3STATE Ventures

Fintech company Scapia has raised USD 23 million in a funding round, led by Elevation Capital and Binny Bansal's 3STATE Ventures. The round also saw participation from existing investors -- Matrix Partners India and Tanglin Venture Partners. "Scapia's USD 23 million Series-A fundraise is a testament to the customers' love for its co-branded credit card and delightful app experience. Within five months of launch, Scapia has distributed its card in over 7,500 pin codes," the company said in a statement. Scapia offers financial products and travel services through its co-branded credit cards. The company plans to use the funds to grow the customer base, add more banking partners, and enhance the product offerings. "This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers," Scap

Funding winter for Indian startups likely to end by March: Experts

Investors attending the TiE Global Summit (TGS) exuded confidence that funding winter for Indian startups will end by March but said budding entrepreneurs seeking funds must come up with credible plans to generate returns on investments, as fancy valuations will no longer impress global fund managers. Funding winter, which refers to the drying up of funds for startups, remained the overarching theme at the recently concluded TGS 2023, the eighth edition of the flagship event organised by TiE. The event, held in conjunction with the Singapore Fintech Festival, was attended by over 2,000 participants, including experts, fund managers, thought leaders and startups. As regards India, We Founder Circle co-founder Gaurav VK Singhvi said, "Things would improve for Indian startups by March next year". He said that global investors are sitting on funds and once the "uncertainty" with regard to geopolitics, especially the Ukraine war and the Middle East crisis, gets over, the "funds would st

Securing funding major challenge for women entrepreneurs, say founders

Securing funding is a major challenge for women entrepreneurs along with balancing the demands of entrepreneurship with traditional gender roles and expectations, say women business leaders. Creating an inclusive work environment and addressing key areas like easy entry into workforce, financial autonomy and healthcare would help women lead and make an impact, women entrepreneurs said on the occasion of Women Entrepreneur Day. According to Assiduus Global CEO & founder and Niti Aayog advisor Somdutta Singh, securing funding is a significant challenge for women entrepreneurs along with balancing the demands of entrepreneurship with traditional gender roles and expectations. Historically, many business networks have been male-dominated, making it harder for women to access key connections and opportunities. I am constantly working to create a diverse and inclusive work environment. I am involved in building networks that support women in entrepreneurship. "I am always advocating for

Cybersecurity startup SecurWeave raises Rs 2.8 cr in seed round led by IAN

The company said it has already demonstrated its capabilities in both private and defence sectors in India and is now poised for global expansion

Indian startup funding winter shows signs of thaw as large deals resurface

October saw a resurgence in significant funding rounds, setting the stage for a thaw in investment climate

GoMechanic 2.0: New Founders secure $6 mn funding from marquee investor

A brainchild of four friends -- Kushal Karwa, Amit Bhasin, Rishabh Karwa and Nitin Rana -- the original GoMechanic firm was founded in 2016

Vedanta in talks to raise upto $2.5 bn to repay overseas bondholders

The group's holding company, Vedanta Resources, is also looking to sell part of its 63.71 per cent stake in Vedanta Ltd to meet any funding requirements

Insurtech startup Bimaplan raises $3.5 mn in pre-series A funding round

Company will use the money to improve technology platform, expand distribution

Core business loss at edtech giant Byju's may only be tip of iceberg

The financials announced by Byju's are based on an 'unqualified FY22 audit' that indicates the auditor is satisfied with the company's financial reporting

Vedanta nears deal to raise $1.25 billion funding via private loan

Representatives for Vedanta also proposed delaying payments on the dollar bonds, a plan that met with investor opposition, Bloomberg reported on Sept. 28

Aequs raises Rs 448 cr in funding round led by Singapore's Amansa Capital

Aequs, which operates a precision manufacturing platform in aerospace and other verticals, will use the growth capital to launch a new Advanced Technology Products (ATP) vertical

Manipal Group chairman Ranjan Pai in talks to invest $350 mn in Byju's

The capital from Pai is expected to help Byju's release the pledge on shares of Aakash, which were offered as collateral for the Davidson Kempner loan

Wadhwani AI receives $3.3 million in grant funding from Google.org

At present, Wadhwani AI advises farmers on pest management for cotton crops and aims to now also protect India's staple food crops

Who funds Hamas? A global financing network of crypto, cash, charities

Between December 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas

Funding green growth

Private sector will need to increase investment

IMF, World Bank urged to boost funding for African nations facing conflict

Many poor countries in Africa face the harshest effects of climate change: severe droughts, vicious heat and dry land, but also unpredictable rain and devastating flooding. The shocks worsen conflict and upend livelihoods because many people are farmers work that is increasingly vulnerable in a warming world. Climate challenges are at the root of vulnerabilities faced by conflict-ridden countries in Africa's Sahel region, such as Burkina Faso, Chad, Mali, Niger and northern Nigeria, experts say. Adapting to these challenges could cost up to USD 50 billion per year, according to the Global Commission on Adaptation, while the International Energy Agency estimates the clean energy transition could cost as much as USD 190 billion a year overwhelming costs for Africa. Countries have limited space in their budgets, and borrowing more to fund climate goals will worsen their considerable debt burdens, argue African leaders, who are seeking a rapid boost in financing. Some leaders suggest

Funding to Indian fintechs up 68% to $436 million in Q3CY23: Tracxn

However, on a year-on-year basis, funding to Indian fintechs has slumped 55 per cent from $967 million raised in Q3 CY22

PGIM India forays into Rs 8-trn AIF space with Category III fund launch

Fund to focus on multi-year growth trends, identifies discretionary consumption, manufacturing as top themes