Page 7 - Fundraising

Startup Accacia raises Rs 54 crore from investors to expand business

Startup Accacia, a decarbonisation platform focusing on real estate and infrastructure sectors, on Monday said it has raised USD 6.5 million (around Rs 54 crore) from investors to expand the business. In a statement, the company said it has "closed a USD 6.5 million pre-Series A round led by Illuminate Financial". Southeast Asia-based AC Ventures also participated in this round, alongside continued support from early backers Accel and B Capital. Founded in 2022 by Annu Talreja and co-founders Piyush Chitkara and Jagmohan Garg, Accacia offers an AI-enabled SAAS platform that helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey. "We have already deployed our solution to over 25 million square feet of real estate and are poised to leverage this opportunity and scale globally," said Talreja, Founder and CEO at Accacia. Accacia's tech platform integrates with existing property management, energy management and procureme

Fundraising through bond placement hit all-time high at Rs 9.98 trn in FY24

Fund mobilisation through corporate bonds on private placement basis reached an all-time high of Rs 9.98 lakh crore in 2023-24, marking a surge of 17 per cent from the preceding fiscal, according to a release by primedatabase.com on Thursday. Prime Database Group Managing Director Pranav Haldea attributed the upswing to a surge in credit demand fuelled by strong economic growth. This came despite changes in taxation relating to debt mutual funds and expectations of lower borrowing costs. The highest fund mobilisation in 2023-24 (FY24) came from the All-India Financial Institutions/Banks category at Rs 4.68 lakh crore. This was in comparison to Rs 4.33 lakh crore raised in 2022-23, representing an increase of 8 per cent. The private sector (excluding banks or financial institutions) witnessed a 44 per cent jump, mobilising Rs 4.96 lakh crore compared to Rs 3.44 lakh crore in 2022-23. Government entities played a key role, collectively mobilising 39 per cent of the total amount, ...

Tomorrow Capital leads $2.7 mm fundraise for kidney care startup VitusCare

Venture capital fund Tomorrow Capital on Tuesday said it has led a USD 2.7 million (over Rs 20 crore) fundraise for VitusCare, a kidney care startup based in Gurugram. In addition to Tomorrow Capital's contribution, the Series A funding round saw participation from existing investor 1Crowd, alongside support from 3i Partners and a consortium of angel investors, totalling approximately USD 5 million in funding across all the funding rounds, the company said in a statement. The fresh capital injection will empower VitusCare to aggressively expand its operations, with a targeted focus on deeper penetration into 'Bharat', it added. "As the prevalence of lifestyle-related disorders such as diabetes and hypertension continue to rise, the demand for kidney-related services is poised to increase exponentially. VitusCare's innovative approach and impressive growth trajectory align perfectly with our mission to invest in solutions that make a meaningful impact on public health," Tomorrow ...

HMPL board approves Rs 486 cr fundraising plan through issuance of warrants

Infrastructure company Hazoor Multi Projects Ltd (HMPL) on Saturday said its board has approved a proposal to raise Rs 486 crore through the issuance of warrants. The plan was approved by the board of the company at a meeting on Friday, HMPL said in a regulatory filing. The board has approved fundraising of Rs 4,860 million through issuing and allotting up to 1.62 crore fully convertible warrants to the persons belonging to the 'non-promoter' and 'public' category on a preferential basis at an issue price of Rs 300 per warrant, the company said. The proposal is subject to the approval of shareholders and other regulatory authorities, HMPL added. "Upon issue of Warrants in accordance herewith, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees," it noted. The company said it looks to utilise the proceeds to enhance financial resources to fund its growth. Besides, the constitution of a fundraising raising committee was am

Fundraise by InvITs, REITs surges multi-fold to Rs 17,116 cr in FY24

Investor enthusiasm towards InvITs and REITs is on the rise, with fundraising through these routes reaching Rs 17,116 crore in 2023-24, a 14-fold year-on-year surge fuelled by the prospect of stable returns. Going ahead, the outlook for infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) in terms of fundraising for the current fiscal FY25 is very optimistic, industry experts said. "After Sebi's amendments to the SM (small and medium) REITs regulations last month, we are poised for a transformative shift. The Indian fractional ownership market, set to evolve into SM REITs, is projected to grow from USD 500 million to over USD 5 billion in AUM by 2030, indicating a significant expansion and bright prospects for SM REITs," WiseX CEO Aryaman Vir said. Moreover, the road sector is likely to be a major beneficiary, likely attracting 75 per cent of the new inflows, thanks to a robust pipeline of assets ready for monetisation and a strong pace of infrastructu

Vodafone Idea receives shareholders' approval for Rs 20,000 cr fundraising

Proposed financing may go towards Vodafone Idea's long-awaited 5G rollout and fortifying its 4G services

Voda Idea holds EGM to seek shareholders' approval to raise Rs 20,000 crore

Troubled telecom operator Vodafone Idea on Tuesday said it has held an extraordinary general meeting to seek shareholders' approval to raise up to Rs 20,000 crore by issuing securities. VIL, in a statutory filing, said that the results of the voting will be intimated, separately. "An Extra-ordinary General Meeting of Vodafone Idea Limited was held today, that is, Tuesday, April 2, 2024, at 3.00 p.m. through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India," Vodafone Idea (VIL) said in a BSE filing. The agenda listed in the extraordinary general meeting (EGM) pertained to "issuance of securities up to an aggregate amount of Rs 20,000 crore". It is pertinent to mention that in February this year, the struggling telecom operator had said its board had approved raising up to Rs 20,000 crore in equity from promoters and other investors by June, as it

PNB board approves Rs 10,000 crore fundraising in FY25 by issuing bonds

State-owned Punjab National Bank on Thursday said it will raise Rs 10,000 crore by issuing bonds in the next fiscal. "The Board of Directors of the Bank, in its meeting held today, has approved raising of capital for an amount up to Rs 10,000 Crore through Basel III Compliant Bonds (Additional Tier-I Bonds up to Rs 7,000 Crore and Tier- -II Bonds up to Rs 3,000 Crore), to be raised in one or more tranches during FY 2024-25," PNB said in a regulatory filing. Shares of PNB closed at Rs 124.35 on the BSE, up 1.30 per cent.

Karnataka Bank raises Rs 600 cr through qualified institutional placement

Karnataka Bank on Thursday said it has raised around Rs 600 crore through qualified institutional placement by issuing shares to institutional investors. The qualified institutional placement (QIP) opened on March 21 and closed on March 27. "...The Committee of Directors at its meeting held today, approved the issue and allotment of 2,64,31,718 equity shares to 25 eligible qualified institutional buyers at the issue price of Rs 227 per equity share...aggregating to Rs 599.99 crore," the bank said in a regulatory filing. The institutions which bought shares in the QIP include HSBC Mutual Fund, Morgan Stanley Asia Singapore PTE, HSBC Global Investment Funds, SBI Life Insurance Company, Franklin India Smaller Companies Fund and Max Life Insurance Company. Shares of Karnataka Bank settled at Rs 225.10 apiece, down 1.53 per cent over the previous close on the BSE.

Crizac files IPO papers with Sebi for Rs 1,000 cr, consists entirely of OFS

Student recruitment solution provider Crizac Ltd has filed preliminary papers with markets regulator Sebi to garner Rs 1,000 crore through an initial public offering. The initial public offering (IPO) is entirely an offer for sale (OFS) by promoters, Pinky Agarwal and Manish Agarwal, with no fresh issue component. The OFS consists of sale of equity shares worth Rs 841 crore by Pinky Agarwal and up to Rs 159 crore by Manish Agarwal. The offer includes a reservation for subscription by eligible employees, according to the draft red herring prospectus (DRHP) filed on Tuesday. Since the issue is an OFS, Crizac will not receive any proceeds from the IPO. The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand. Crizac has established partnerships with leading universities in the UK and is a major player in student recruitment from India to the

Fundraising through SME IPOs hit a new high in FY24, Rs 5,579 crore raised

Investors should not take long-term positions in SME IPOs unless they are familiar with the sector and the company, analyst cautions

Jumbotail raises Rs 151 crore in series C3 equity round led by Artal Asia

Jumbotail is building AI-driven technologies to drive higher customer wallet share. The firm is leveraging its deep sourcing capabilities across FMCGs and staples and its kirana supply chain

KITES Senior Care raises Rs 45 crore from Ranjan Pai's family office fund

Pai recently invested $168 million (Rs 1,400 crore) in edtech firm Byju's test-prep subsidiary AESL and was in discussion to invest about $350 million in Byju's in both equity and debt

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

IIFL Finance board to consider fundraise on March 13 after RBI clampdown

IIFL Finance had said that Fairfax India had agreed to invest up to $200 million of liquidity support on terms to be mutually agreed upon and subject to applicable laws and regulations

Identity security firm IDfy raises $27 mn for business expansion

Company's products help in employee background verification, risk and fraud mitigation

Flipkart Internet receives Rs 924 cr infusion from its Singapore entities

Flipkart is also currently in discussions to raise up to $1 billion, with parent company Walmart committing to inject $600 million

Torrent Power raises Rs 700 crore through non-convertible debentures

Torrent Power on Wednesday said it has raised Rs 700 crore through Non-Convertible Debentures (NCDs) issued on a private placement basis. The NCDs are proposed to be listed on wholesale debt market segment of the NSE, a regulatory filing said. According to the statement, the company has issued and allotted Series 13 -- 70,000 secured, rated, listed, taxable, non-cumulative, redeemable NCDs of Rs 700 crore at a coupon rate of 8.32 per cent per annum on a private placement basis. The first coupon will be paid on February 28, 2025 and subsequent coupon payments will be made on an annual basis, the statement added.

Fundraise through venture debt up 50% in 2023; equity funding down 70%

Indian startups cumulatively raised $1.2 billion in venture debt investments across around 175-190 deals last year, a 50 per cent rise from $800 million raised across 170-180 deals in 2022

Angel One plans to raise Rs 2,000 cr to tap opportunities in fintech space

The stockbroker plans to move beyond equity and mutual funds and will offer distribution of credit and fixed-income products