CONVERTIBLE NOTES
Dollar or other currencies? How the US is daring the world to find a dollar alternative
The United States is challenging its own foundations as the world's reserve currency with attacks on the legal system following Donald Trump's conviction. Despite growing consternation, no credible alternative has emerged. The dollar's dominance stems from U.S. democratic principles, but threats loom as sanctions and political turmoil test its credibility.
100X.VC invests $2.7 million in 17 startups
100X.VC, a Mumbai venture capitalist firm, injected $2.7 million into 17 startups in their 11th cohort. This brings their total portfolio to 161 companies. Ninad Karpe, founder and partner at 100X.VC, said they invested Rs 1.25 crore in each startup and provided mentorship to help them refine their products and go-to-market strategies.
'We have to convert Congress into cadre-based party', says D K Shivakumar
Karnataka Congress president D K Shivakumar emphasizes transforming the party into a cadre-based party by dissolving block units and introducing 'Congress Kutumba'. The initiative aims to bring in new faces and strengthen the party's structure.
NCLAT upholds NCLT order on Jaypee Infra; asks Suraksha to pay additional Rs 1,300 crore
NCLAT affirmed Suraksha Realty's acquisition bid for Jaypee Infratech but mandated an extra Rs 1,300 crore as farmers' compensation. The decision aimed to expedite the resolution plan, addressing concerns of stakeholders, including homebuyers and YEIDA. Suraksha pledged timely payment, aiming to resolve the debt-ridden firm's fate.
China's Alibaba to raise $4.5 billion through convertible bonds, repurchase shares
Alibaba Group Holding Ltd plans to raise $4.5 billion through convertible bonds, with options for additional purchases, to repurchase American Depositary Shares. The bond sale caused a drop in Hong Kong-listed shares, while U.S.-listed shares remained stable.
ShareChat valuation drops 60% to under $2 billion post new funding
Twitter and Google-backed homegrown social media firm Sharechat has closed $49 million in debt financing through convertible debentures from existing investors – Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures and HarbourVest.
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Delhi Airport's plan to convert Terminal 2 to international terminal delayed to early next year
The proposed conversion of Delhi's Indira Gandhi International Airport Terminal 2 into an all-international terminal has been postponed to early next year, citing challenges faced during the winter season. Terminal 1's expansion is expected to be operational by June 2024, with plans to address international flight constraints. Airlines are urging flexibility in handling international flights amidst India's booming air traffic growth.
Buddhism separate religion; Hindus must seek permission to convert: Gujarat govt circular
The circular, dated April 8, said that the law and the rules under it are being arbitrarily interpreted across district magistrate offices and it has been noted that proper procedure is not being followed in case of permitting conversion from Hinduism to Buddhism.
New insurance rule from April 1: How to open an e-Insurance account, documents required, how to convert
This shift to digitisation is supported by four insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.
Bhojshala was Saraswati temple but both sides should abide by HC decision: Archaeologist KK Muhammed
Archaeologist KK Muhammed stressed that Hindus and Muslims should abide by the court's decision and honour the Places of Worship Act, 1991, apart from sitting together to iron out differences over such places.
MicroStrategy issues second convertible debt this month to buy more bitcoin
MicroStrategy has opted to raise capital through convertible bonds offering for the second time in less than 10 days to further increase its exposure to booming bitcoin.
INROAD project converts nearly 70,000 hectares into natural rubber plantations in northeast in three years
In tune with the spirit of 'Atmanirbhar Bharat’, INROAD (Indian Natural Rubber Operations for Assisted Development), a project for supporting development of 2 Lakh hectares of rubber plantations in North East is being undertaken under the Ministry of Commerce & Industry.
Trump-linked SPAC may raise up to $50 mln via convertible notes, warrants
DIGITAL WORLD-TRUMP MEDIA/Trump-linked SPAC may raise up to $50 mln via convertible notes, warrants
Attention PDF Converter and Notepad users: Cybersecurity firm has a warning for you
Cybersecurity company Malwarebytes has issued a warning about a malvertising campaign that targets users searching for PDF converters or Notepad++ on Google. The campaign uses Google Ads to direct users to dangerous landing pages and distribute malicious payloads. Hackers behind the campaign employ unique techniques to fingerprint users and distribute time-sensitive payloads.
EV startup Fisker raises $150 million from existing investor
The EV company expects to use the proceeds to ramp up deliveries. Fisker earlier this month reiterated its plan to increase deliveries of its flagship Ocean sports utility vehicle to 300 units per day later this year.
ATC records $29 million unrealised gain on Vodafone Idea debentures in Q2
In late February, loss-making Vi had allotted OCDs worth ₹1,600 crore to ATC's wholly owned India unit, ATC Telecom Infrastructure (ATC TIPL). The proceeds are being used by Vi to clear its dues to the US tower company. Vi owes ATC an estimated ₹2,000 crore.
SP Group entity raises ₹14,300 cr in largest issue from a low-rated paper
The funds raised through this issuance will be utilised by the company to refinance upcoming maturities of Cyrus Investment Pvt Ltd debt, prepay Sterling Investment Corp Pvt Ltd debt amounting to ₹3,300 crore ($406 million), and fund other group debt obligations with ₹2,976 crore ($363 million). Additionally, the debt will be used to prepay ₹3,250 crore borrowed from Ares SSG and Farallon, which includes ₹2,300 crore of principal and ₹950 crore of interest payment.
Autocomp firm Viney Corp raises Rs 450 crore from Kotak Special Situations Fund
Synergy Capital had acquired a 50.01% stake in the company in 2020. There will be a further round of growth capital infused in Viney Corporation to the tune of Rs20 crore in the form of optionally convertible debentures (OCD), the source added.
HomeLane raises $9 million via convertible notes, denies sale talk
The funding is a bridge round in type and has been raised via convertible notes with no new no valuation priced in, founder and CEO Srikanth Iyer told ET. Iyer declined to share the names of the investors participating.
HealthifyMe raises $30 million funding via convertible notes
The company declined to comment on the valuation. The funding round includes venture debt of about $5 million. “The round has been raised as a convertible note, pegged to the next round, so no new valuation has been set,” a source familiar with the deal told ET.
Exclusive: Dunzo secures funding via convertible notes, lays off 30% of staff
About $50 million of the funding is coming from Google and Reliance Retail while other existing investors are putting in the rest.
Byju’s is said to seek $250 million in Aakash pre-IPO funding
Aakash Educational Services will issue convertible notes that will convert into equity at a discount of 20% to the listing price of the unit’s planned initial public offering
Exclusive: Dunzo likely to raise $100 million via convertible notes; data localisation norms hit roadblock
Over the past six months, convertible notes have emerged as a lifeline for many highly valued, growth-stage startups which were unsuccessful in raising funds through the traditional equity route. Today, we are reporting that Reliance-backed delivery startup Dunzo is likely to join the likes of B2B e-commerce company Udaan and epharmacy platform PharmEasy in tapping the convertible note route to shore up fresh funds. This and more in today’s packed edition of the ETtech Morning Dispatch.
Exclusive: Dunzo eyes $100 million via convertible notes amid tough equity funding market
Reliance-backed co latest to tap alternative routes to secure funds. The round is in advanced stages of closure and could finally settle in the range of $70-100 million.
BetterPlace raises $40 million via convertible notes in ongoing funding round
New investors Macquarie Capital and SITE Capital Partners have participated and infused funds as a part of the latest tranche, persons aware of the deal told ET.
Udaan raises another $35 million in funding from EvolutionX via convertible notes and debt
Udaan’s latest funding comes close on the heels of $120 million raised through convertible notes and debt from existing shareholders and bondholders in October.
ETtech Deals Digest: With funding hard to come by, startups look at convertible notes
Another week with Indian startups finding it hard to get funded
Udaan raises $120 million through convertible notes, IPO delayed
Udaan CEO had told ET on February 16 that the company was planning to go public by May 2023.
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