CENTRICITY FUNDING BURMAN FAMILY OFFICE
PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26 crore bank accounts of farmers today
Prime Minister Narendra Modi is set to release the 17th installment of the PM-KISAN scheme during his visit to Varanasi on Tuesday. More than 9.26 crore farmers will benefit from this, receiving over Rs 20,000 crore. Additionally, the Prime Minister will distribute certificates to over 30,000 self-help groups trained as Krishi Sakhis. The event, organized by the Union Ministry of Agriculture and Farmers Welfare in coordination with the Uttar Pradesh government, aims to support farmers and raise awareness about agricultural practices.
Stock gaming apps under Sebi scanner; ETtech Done Deals
The capital markets regulator is cracking down on illicit gaming apps that offer virtual trading services and fantasy games. This and more in today’s ETtech Top 5.
ETMarkets Smart Talk: Why are arbitrage funds popular among HNIs, Anuj Kapoor decodes
Anuj Kapoor of JM Financial discusses the tax efficiency of arbitrage funds for HNIs and the growth of new millionaires in Tier 2 and Tier 3 cities. He highlights the interest in unlisted opportunities, strategic advisory for family businesses, and the impact of market volatility on investments. Kapoor says: "Funds focussed on the manufacturing, defence, PSUs, which have been underperformers over the last decade, have shown strong performance and have delivered stellar returns."
Mave Health raises Rs 6 crore in pre-seed round
The newly raised investment will support Mave Health in launching Arc, a non-invasive brain stimulation wearable that treats depression.
Byju’s empties offices; Made-in-India AI models
Cash-strapped edtech firm Byju’s is vacating multiple offices and tuition centres countrywide as part of a cost-cutting drive. This and more in today’s ETtech Top 5.
My third term will write new chapter in rise of women power: PM Modi
Prime Minister Narendra Modi highlighted his government's women-centric schemes, stating that only a society that empowers women can progress. He expressed confidence in winning the upcoming elections and criticized previous governments for not prioritising women's issues. Modi disbursed loans to self-help groups and felicitated successful women beneficiaries.
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How Centricity is using breakthrough tech to disrupt the wealth management space
Centricity, a Gurugram-based wealth technology startup, aims to revolutionize wealth management for affluent HNIs and UHNIs. Its 'technology-first' platform, OneDigital, addresses challenges faced by FPDs and IFAs, while the boutique INVICTUS platform caters to the needs of SFAs and UHNIs.
Enforcement Directorate searches nine RFL-linked offices
In a regulatory filing, Religare Enterprises said RFL had made a request to the ED to expedite the probe. RFL has also promised its lenders that it would make "all possible efforts" to recover the siphoned off funds, a Religare Enterprises spokesperson told ET, adding that RFL had commissioned a forensic audit to trace the assets and money trail.
Inflows from private equity, venture capital funds to domestic companies plunge to $27.9 billion in 2023
Private equity and venture capital investments in Indian companies declined about 40% to $27.9 billion in 2023, compared to $47.62 billion in 2022, according to data from Venture Intelligence and the Indian Private Equity and Venture Capitalist Association. The year also saw an increase in outflows to $19.34 billion from $18.45 billion in 2022. However, industry watchers expect a rebound in funding next year.
140-year-old Dabur family hits trouble as it reinvents its business
As the Dabur family, now being spearheaded by the fifth generation, spreads its bets beyond its traditional FMCG and Ayurvedic business, it has run into trouble with the law. Recently, an FIR by Mumbai police into the Mahadev betting app has named Dabur chairman Mohit Burman and director Gaurav Burman. However, both have denied any links to the case. The Burman family has claimed that the allegations by the REL directors are a response to the Burmans drawing attention to some trades by an unspecified executive
Independent directors of Religare rebel against Dabur promoters Burmans' takeover plan
Religare's independent directors have alleged that the Burmans are in material breach of regulatory obligations that may harm the firm. Of the six-member board, five are independent. They are Malay Kumar Sinha, Hamid Ahmed, Praveen Kumar Tripathi, Ranjan Dwivedi and Preeti Madan. The board is led by executive chairperson Rashmi Saluja.
Qube Health raises Rs 25 cr in funding
The AI-driven healthtech platform has already aggregated over 11,000 hospitals and clinics, and partners with insuretechs, insurance companies, insurance brokers, e-pharmacy chains and others within the ecosystem
Vertex Ventures closes Fund V at $541 million; Apple to sell made-in-India iPhones on launch day
Temasek-backed Vertex Ventures has raised $541 million to mark the final close of its Fund V, which will also focus on investing in women-led startups.
Dabur scion Gaurav Burman buys 7.5% in healthtech startup Mitsu
Gaurav Burman, scion of FMCG and consumer healthcare group Dabur India, has acquired a 7.5% stake in healthcare start-up Mitsu. Mitsu is a mental health tech start-up that offers self-therapy programmes. The app, Mitsu.care, was launched this summer and provides programmes at one-third of the cost of in-person therapy. Burman's investment is part of his mission to invest in companies shaping the future of healthcare.
SoftBank logs $3 billion loss, Vision Fund back in the black; Pepperfry founder Ambareesh Murty passes away
Japanese investment giant SoftBank’s Vision Fund unit is back into profits for the first time in six quarters as its technology bets paid off. Hit by a surprise over $3 billion net loss in the first quarter, Softbank said it is looking to find a “balance between gas and brakes” for its investment strategy. This and more in today’s ETtech Top 5.
Stride Ventures announces $100-million first close of new fund
The venture debt firm had also backed online vehicle service platform GoMechanic, which was offloaded recently in a distress sale. Last August, the firm had announced the final close of its second venture debt fund at $200 million.
ASK Property Fund raises over Rs 1,500 crore
ASK Property Fund, the real estate private equity arm of the ASK Group, raised more than Rs 1,500 crore with the close of its sixth fund, Real Estate Special Opportunities Fund IV including co-investments from investors. The fund will focus on property markets in the top five cities of the country and primarily invest in mid-income and affordable residential development projects.
FlexiLoans AUM crosses Rs 1,000 crore, disburses over 70,000 loans
FlexiLoans, an MSME-focused fintech NBFC, aims to reach Rs 10,000 crore in assets under management by the year 2025.
Another week of tepid funding for Indian startups
With large PE and VC funds still placing their bets cautiously amid the volatile macroeconomic environment, the dry spell might continue for some time.
Wealthtech startup Centricity raises $4 million in funding led by Burman family office
Centricity plans to use the funds to strengthen teams across technology, investment product, and sales functions and increase brand awareness.
Gennext at family offices not afraid of riskier assets
But what makes family offices (FOs) a favourite is critical long-term capital with investment horizons of 6-10 years. These large family-owned capital pools are now managed by young scions of rich business families. They are more adventurous with riskier investment such as seed-stage startups, unlisted companies, newbie venture funds and greenfield real estate projects.
Isprava Group raises Rs 1,000 crore from Nadir Godrej, Burman family offices
The latest fund raising has seen major participation from the Nadir Godrej Family Office, the Burman Family Office and others. The company had earlier raised funds in early 2017 and in 2019.
Companies give staff time off to heal, handle Covid stress
Employees have been asked to pause their immediate work deliverables and rather focus on caring for self, family and communities. Over the last few weeks, several other companies have announced mental health breaks and vaccination & Covid leaves to help employees navigate a rough patch.
Corporate chatter: Relatives left once rich but now bankrupt biz family high and dry; H1N1, not coronavirus, got Bengaluru techies worried
A former boss who hung up his CFO boots for personal well-being is now on a deal-making spree for his old firm.
Why the ultra-rich are backing startups
The investment by family offices rose to $673 million in 2018, the highest in the last three years.
Fortis Healthcare starts fresh bidding process for a deal
The invited bidders, should submit their interest by May 31, Fortis said on Tuesday. It also invited other parties to submit their expression of interest.
Fortis should not give "unfair advantage" to any bidder, say Hero's Munjal and Dabur's Burmans
The statement follows the Fortis board's announcement that Manipal-TPG would be given until May 6 to submit a revised offer in case of any new or modified binding bids for the company.
Fortis Healthcare receives new joint bid from Sunil Munjal-Burman family
This comes even as Manipal has increased its offer to acquire Fortis' hospitals business and while Malaysia's IHH has also been planning a counter bid of its own.
Burmans look outside family to build Angel XI
The investor network will identify and make growth-stage investments across sectors.
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