Tag: fund raise

Vodafone Idea board approves equity fund raise of up to ₹20,000 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Board of Directors of Vodafone Idea Ltd (VIL) approved a fund raise of up to ₹20,000 crore via a combination of equity or equity-linked instruments, the telecom firm informed exchanges on Tuesday, February 27.

VIL also added that the company remains actively engaged with its lenders for tying up the debt funding, which will follow the equity fundraise. It aims to raise around ₹45,000 crore through a combination of equity and debt. VIL’s bank debt currently stands at less than ₹4,500 crore.

“The Board of Directors of the Company, at its meeting held today (i.e. February 27, 2024) has… approved raising of funds by way of issue of Equity Shares or by way of issue of any instrument or security… for an aggregate amount of up to ₹20,000 crores by way of a further public offer, private placement including preferential issue, qualified institutions placement, or through any other permissible mode or any combination thereof and in one or more tranches,” the company said in an exchange filing.

#JustIn | Vodafone Idea board approves equity fund raising up to ₹20,000 crore via equity issuance or any other instruments including Convertible Warrants, ADR, GDR, NCDs pic.twitter.com/vUWGXsTMXx

— CNBC-TV18 (@CNBCTV18Live) February 27, 2024

The equity and debt fund raising will enable the Company to make investments towards significant expansion of 4G coverage, 5G network rollout and capacity expansion, the statement added.

The move comes days after Aditya Birla Group Chairman Kumar Mangalam Birla said that they are on the look out for new investors for Vodafone Idea. Birla made these remarks at the launch of Grasim’s paints business. Birla made these remarks at the launch of Grasim’s paints business.

Vodafone Idea October-December quarter results

Meanwhile, the telco reported on January 29 a net loss of ₹6,985.9 crore for the third quarter that ended December 31, 2023, while its revenue from operations increased 0.49% to ₹10,673 crore. At the operating level, EBITDA increased 4.1% to ₹4,180 crore in the third quarter of the current fiscal.

Vodafone Idea’s 4G subscriber base continued to grow for the tenth successive quarter and stood at 125.6 million as of December 31, 2023, against 121.6 million in Q3FY23, an addition of 4.1 million 4G subscribers.

The overall subscriber base stood at 215.2 million. ARPU (average revenue per user) improved to ₹145, up 7.4% on a year-on-year basis against ₹135 in Q3 of FY23, primarily aided by a change in the entry-level plan and subscriber upgrades.

Vodafone Idea share price

The Vodafone Idea share price settled nearly 4.5% lower in trade on Tuesday, quoting at ₹16.10 apiece on the NSE. In the last one year, the telco’s share price has surged by over 136%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nazara Technologies plans strategic expansion through core gaming, esports, and ad tech acquisitions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Nazara Technologies, a mobile gaming company and sports media platform based in Mumbai, is on the lookout for several acquisitions to enhance its presence in core gaming, eSports, and ad tech.

Nitish Mittersain, the Joint Managing Director and CEO of Nazara Technologies, shared the company’s plans with CNBC-TV18, emphasising the focus on profitable companies with substantial growth potential.

“In the past, we have successfully acquired businesses and accelerated their growth. We aim to replicate this success by considering companies with a minimum revenue of ₹100 crore, which are already profitable,” stated Mittersain. He anticipates closing one or two deals in the first quarter of the financial year 2025 based on the current deal pipeline.

One notable acquisition discussed by Mittersain is Kofluence, a leading platform with 600,000 influencers. Nazara Technologies envisions collaborating with Kofluence to create an outstanding game discovery platform promoted through social channels. This collaboration aligns with Nazara Publishing, a recently launched venture by Nazara Technologies.

Regarding the investment strategy, Nazara Technologies has received board approval to raise ₹250 crore through a preferential issue. Mittersain highlighted the significance of securing quality investors, with existing investors such as Nikhil Kamath, Plutus Wealth, and ICICI Prudential Mutual Fund subscribing to the latest tranche.

Mittersain emphasised that Nazara Technologies is a profitable, cash-flow-generating business. The raised funds will primarily be directed towards new mergers and acquisitions. “We have built a fantastic pipeline of opportunities over the last year, and we are diligently working on them. This capital infusion will fuel our faster growth in the coming years,” he explained.

The CEO mentioned that the ₹250 crore will bolster Nazara Technologies’ cash reserves, bringing the total to approximately ₹1,500 to ₹1,600 crore. This financial strength positions the company strategically for future endeavours and expansion.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Low-cost home financer Sitara raises ₹120 crore from British International Investment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SEWA Grih Rin Ltd, an affordable housing finance company of the Self-Employed Women’s Association (SEWA) Group, has raised ₹120 crore in debt financing round from British International Investment (BII), the UK’s development finance institution and impact investor.

The fresh capital will be used to enable Sitara to enhance its loan book, expand operations into new locations, and continue supporting women in realising their dream of homeownership through providing access to finance for home construction and home improvements, a statement said.

“The substantial investment of ₹1,200 Million from BII will serve as a catalyst for Sitara’s rapid expansion, empowering us to amplify our efforts in supporting the underserved. A key focus of this partnership is to extend home loans to women from the informal sector, thereby contributing to financial inclusion and women’s economic empowerment,” said Shruti Gonsalves, MD and CEO, Sitara.

Incepted in 2015, Sitara currently operates through a network of 75 branches across 9 states. Its business model combines lending with social impact, focusing on the niche market of housing for families working in the informal sector. Sitara’s operations include providing loans in the range of ₹50,000 to ₹30 lakhs for house construction, extension, purchase, and renovation. The firm is registered with the National Housing Bank and regulated by the Reserve Bank of India.

“The housing crisis in India has been exacerbated by urbanization and migration. In cities, many low-income families face challenges due to informal job natures and poor living conditions. We are delighted to work with Sitara and enable access to affordable housing finance, particularly for low-income households and women, to build safer and better homes. We are keen to see our investment reach more underserved groups of people and create deeper and longer lasting impact on their livelihoods,” said Gaurav Malhotra, Director for Financial Services at BII.

Sitara claims to have played a pivotal role in advancing the formalisation of land titles, transforming 47% of loans from informal to formal status. Additionally, it said 48% of assets are financed in the name of women, marking a significant stride towards empowering women in property ownership and economic participation.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aye Finance raises ₹310 crore from British International Investment, others

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Micro-lending platform Aye Finance on Wednesday announced a ₹310 crore fundraise in a round led by British International Investment (BII). The fundraising, which also saw participation from Waterfield Fund of Funds and existing shareholder A91 Partners, takes the overall quantum of money raised by the 2014-incorporated Aye Finance to ₹1,000 crore.

BII’s Director Financial Services Gaurav Malhotra said only 11% of the micro enterprises, who constitute a part of the overall MSME universe of 64 million have access to formal credit and the infusion is an attempt to bridge the gap.

“Our investment in Aye Finance underscores our commitment to back companies that have a strong development impact philosophy and promote financial inclusion for India’s underserved groups,” Malhotra said in a statement.

The small business-focused lender provides financial services to micro and small businesses and has over 398 branches operational in 22 states across India, primarily dealing in manufacturing, trading, and service groups.

Primarily focused on serving micro-enterprises, the company has disbursed ₹8,000 crore in loans till now and claimed to have gotten 7 lakh unorganised businesses into the formal lending ecosystem.

In the first half of 2023–24 ended September, the company’s net profit stood at ₹80 crore, while the assets under management were ₹3,600 crore.

“We believe there is immense potential in lending to underserved microenterprises, and the fresh capital will provide a strong fillip to our compounding story,” said Sanjay Sharma, Co-founder, Managing Director and Chief Executive Officer of Aye Finance.

Sharma also added that a large part of the funds raised would go towards aggressively growing its branches and expanding its team.

The firm is also mulling over entering the public markets in FY26.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Manastu Space secures $3 million in pre-series A funding, Uniphore aims for billion-dollar ARR

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Manastu Space has successfully raised $3 million in a pre-series A funding round, with the Indian Angel Network taking the lead. Key investors from IAN, including Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, actively participated in this funding event. The capital infusion will be instrumental in propelling Manastu Space’s green propulsion system for satellites and expanding its business operations.

Ashtesh Kumar, Co-founder and Chief Technology Officer of Manastu Space, discussed the company’s innovative approach, stating, “Our current focus lies in developing a green propulsion system designed to assist satellites in avoiding collisions with space debris. This represents our initial product offering, and we have ambitious plans for the future, including the creation of refueling stations and deorbiting facilities that can extend the lifespan of orbiting satellites.”

Umesh Sachdev, the visionary behind the conversational AI platform Uniphore, has celebrated 15 years of pioneering work in the field. Last year, this startup, rooted in both Chennai and Palo Alto, achieved unicorn status and incorporated advanced features such as emotion AI and a vertical data stack into its AI platform. Today, Uniphore unveiled its AI Innovation Hub in Chennai, where its remarkable journey commenced back in 2008. In an engaging conversation with CNBC-TV18’s Jude Sannith, Sachdev delves into Uniphore’s recent acquisitions and outlines a strategic roadmap to reach a billion dollars in Annual Recurring Revenue (ARR).

Electric motorcycle startup Matter is on the cusp of initiating deliveries of its inaugural product, ‘AERA,’ in the upcoming quarter. The company also plans to raise funds in the new financial year while bolstering its production capabilities. CNBC-TV18’s Daanish Anand conducted an exclusive interview with Mohal Lal Bhai, the CEO and founder of Matter, to discuss the company’s rollout strategy, expansion plans, and future growth prospects.

Rigi, a company specialising in tech-based solutions for creators, aspires to substantially increase its collaboration with creators on its platform by year-end. During the Prabhav 2023 event, CNBC-TV18’s Ritu Singh met with Rigi’s co-founder, Swapnil Saurav, who disclosed the company’s aim to have 25,000 creators on its platform by December.

For the complete interviews, please refer to the accompanying video.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The Yarn Bazaar raises Rs 15 crore for fuel expansion, strengthening leadership team

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Yarn Bazaar, a B2B-managed marketplace, has successfully raised Rs 15 crore in a pre-Series A funding round. The investment was led by the Rajiv Dadlani Group and Equanimity Ventures, with participation from Arihant Patni’s family offices, Ekta Kapoor from Balaji Telefilms, Ritesh Malik of Innov8, Aakrit Vaish from Haptik, and Sumeet Srivastava of Spocto. The infusion of funds will primarily be utilised to strengthen the senior leadership team, expand operational capabilities, and leverage the existing robust inbound pipeline.

Pratik Gadia, the Founder and CEO of The Yarn Bazaar, expressed his enthusiasm about the recent funding round and said, “With the closure of this round we have shifted our office and building a much larger team now. The idea is to double down on tech product as well as Ops team so as to kind of increase our outreach.”

Gadia acknowledged the consistently high demand for their services, but due to limited resources and inadequate technology infrastructure, they were unable to fully capitalise on the potential.

With the latest funding, The Yarn Bazaar aims to amplify its operational capabilities and expand the team, especially in terms of operational and technical talent. This strategic approach will enable them to activate the abundant inbound demand pipeline and propel the company toward greater success.

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Venture debt investments in India have reached a billion dollars in 2022. However, this is still behind mature markets like the US where venture debt penetration in overall venture capital flows is at least 5x as compared to India. So, what does the Indian market potential look like, and which sectors are rapidly adopting venture debt? To discuss this, CNBC-TV18’s Aishwarya Anand spoke to Trifecta Capital’s Saurabh Singh.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Union Bank to raise funds up to Rs 10,100 crore via QIPs and Bonds

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Public Sector Bank (PSB) Union Bank on Wednesday said that its board has approved a capital plan of the bank under which it will be raising capital of up to Rs 10,100 crore.

According to the lender, the capital will be raised via Public Issue and Basel III compliant Additional Tier 1 (AT 1) Bonds and/or Tier 2 bonds.

Details of the fund raise

Union Bank will be raising up to Rs 8,000 crore in tranche(s) within the overall limit of Rs 10,100 crore, through Public Issue (i.e. Further Public Offer) and/or Rights Issue and/or Private Placements which includes Qualified Institutions Placements (QIP). This mode of fund raise is subject to approval of government of India, other regulatory authorities and approval of Shareholders’ of the Bank.

Also read: Bank of Baroda to raise up to $7 billion via Bonds & Certificate of Deposits

The bank will be raising up to Rs 2,100 crore within the overall limit of Rs 10,100 crore via Basel III compliant Additional Tier 1 (AT 1) Bonds and/or Tier 2 bonds, which includes foreign currency denominated AT1/Tier 2 Bonds).

Shares of Union Bank were trading at 74.80 per share, up 1.3 percent, at 2:30 pm on NSE.

Also read: HDFC Bank to raise Rs 50,000 crore via bonds over next 12 months

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Multiples to tap EV space in commercial segment: Renuka Ramnath

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Multiples have announced an infusion of Rs 1,200 crore in electric three-wheeler maker TICMPL or TI Clean Mobility, a wholly-owned subsidiary of Tube Investments part of Murugappa Group. TI Clean Mobility is into the design and development of electric tractors and electric Heavy Commercial Vehicles.

Renuka Ramnath says that this is in line with Multiples’ focus on an environment-conscious sector which is also a new emerging sector of the future.

The private equity firm sees a huge impending shift in the electric vehicle (EV) business which is at an inflection point. Through its TI Clean Mobility investment PE firm Multiples is playing the space through the commercial EV segment.

Talking about the rationale of this investment, Ramnath said, “We have focused on how we identify the big shifts in the economy, and appropriate the growth and value creation by entering these spaces at the time when the proof of concept is already established and you ride the group. We have been early movers. But we are not an angel or first-stage investor so we have been catching these big shifts at the inflection.

She added, “We see a huge shift impending in the electric vehicle space. It is driven by our country’s commitment to the environment and also on-ground adoption.”

Read Here | KV Kamath on India’s inflation data reliability – ‘are we measuring it right?’

Speaking to CNBC-TV18 about the fundraising, Ramnath mentioned that the total fundraising in this subsidiary of TI is a Rs 3,000 crore fundraise of which Multiples will be investing along with its partners about Rs 1,200 crore, another Rs 1,000 plus crore will be raised from other investors and TI themselves will be infusing Rs 750 crore.

She highlighted the rapid growth in this space by saying that 1 million electric vehicles are already sold in 2022 and this trend is only going to accelerate in the coming years, and investors who position themselves accordingly are likely to reap significant rewards.

For the full interview, watch the accompanying video

Also Read | Green Push: Here’s how India can make its energy transition through trade policies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow