FINANCING SOLUTIONS
JM Financial board okays plan to consolidate debt, distressed credit business under one platform
JM Financial will increase its stake in JM Financial Credit Services to 89.67% and JMFCSL will acquire 71.79% stake in JM Financial Asset Reconstruction Company from JMFL for Rs 856 crore.
Greaves Finance appoints P. B. Sunil Kumar as CEO to accelerate EV financing
Greaves Finance, a Greaves Cotton subsidiary, appointed PB Sunil Kumar as Executive Director and CEO effective July 3, 2024. He will advance financing for electric two-wheelers via the evfin platform. With 25 years' experience, including positions at Taiki Consulting, Tata Finance Ltd, ICICI Bank, and GE Capital Services India, Kumar is also a chartered accountant.
MSMEs are on sustainability path but profitability focus can make the move faster
MSMEs contribute a big part to India’s manufacturing output and hence, it becomes critical they adopt energy-efficient technologies to reduce operational costs.
Fresh capital raised via IPOs surges to a 9-year high, hints at private capex revival
Of the ₹33,610 crore raised by 37 companies so far in 2024, about 45%, or ₹15,190 crore, were through new shares, the highest proportion since 2015, when India Inc. raised nearly 48% fresh capital, according to data from primedatabase.com. The funds raised as fresh issues in 2024 were to either finance capital assets or retire existing debt obtained to build capacities, according to IPO documents.
IBM, Gujarat govt ink pact to establish AI cluster at GIFT City
Under this partnership, IBM will provide software technologies and platforms over a cloud environment enabling financial institutions to customise and fine-tune large language AI models in a sandbox environment. IBM will also aim to build a digital assistant-based solution that facilitates the onboarding and integration of these customised large language models for financial institutions.
73% IPOs trading above issue price as primary market shines in H1, four turn multibaggers
The fundraising of Rs 26,272 crore, however fell short of the previous two years likely due to the absence of mega issues. Investors' reception also remained positive with only one failed IPO.
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MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Indian financial services sector is experiencing a significant upswing: Inventure Growth & Securities’ Kanji B Rita
India's financial services sector is poised for sustained growth. By leveraging the demographic advantage, embracing technological advancements, and prioritizing financial inclusion, a robust and inclusive financial ecosystem can be built, says Inventure Growth’s Kanji B Rita.
Going forward, expect good growth from Aadifidelis Solutions: Shikhar Aggarwal, BLS International
Shikhar Aggarwal, Joint MD, BLS International Services talks about inclusion in Nifty tourism index, synergies from buying stake in Aadifidelis Solutions and more. Aggarwal also discusses the major contract renewals which are expected in the next six to nine months. He also says that in one, one-and-a-half years, multiple contracts are expected from European and North American markets
MSMEs & green finance: How fintechs can help small businesses adopt sustainability
Small businesses need green finance to offset their environmental footprint. This is the only way to make the domestic industry more climate-friendly.
Global Economic Summit 2024 to empower MSMEs through fintech solutions
India's fintech sector is set to host the 9th Global Economic Summit in Mumbai from August 8-10, 2024, focusing on 'FinTech: Accelerating the Digital Revolution.' The event features support from ONDC, DLAI, and Atal Incubation Centre - RMP, with notable speakers discussing evolving market trends and critical technologies.
Vena Solutions expands into India with new headquarters for talent growth
Vena Solutions has established a head office in Indore, Madhya Pradesh, in collaboration with Innogent Technologies, named Vena Solutions India, to recruit talent across India.
Veefin announces strategic stake in Regime Tax Solutions through its subsidiary
Supply Chain Finance company Veefin has announced a strategic stake in Mumbai-based Regime Tax Solutions.
Prosperr.io raises $1.5 million in funding from Silicon Valley investor Gokul Rajaram
Livspace founder Ramakant Sharma, CEO Saurabh Jain, and Cred founder Kunal Shah also participated in the funding round of the AI-enabled income tax solutions startup
View: EV financing should be cheaper than ICE financing
The financial infrastructure for commercial vehicles is built around ICE vehicles, hindering EV adoption. EV financing faces challenges due to uncertain residual value, battery concerns, and higher interest rates. Small operators struggle with higher EMIs, but a new battery-as-a-service model could make EV financing cheaper and more flexible.
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Mahindra & Mahindra Finance secures IRDAI license to offer tailored insurance plans
The corporate agency license would help in broadening Mahindra Finance’s product portfolio by incorporating insurance solutions. It would help customers with their financial and insurance needs being met by a single entity. The process would augment the company’s existing sources of revenue and profits as it deploys its common infrastructure of branch network and feet on street.
KKR invests in Healthcare Revenue Solutions provider Infinx
KKR acquires a significant minority stake in Infinx Services, a leading healthcare revenue cycle solutions provider. With Norwest Venture Partners also participating, the investment aims to accelerate Infinx's growth in the US healthcare market, leveraging KKR's expertise. Infinx's innovative platform serves over 400 healthcare providers, tapping into a $4.3 trillion market.
Ajooni Biotech offers rights issue to raise Rs 44 crore
Funds raised through the issue will be utilised to finance expenditure towards acquisition of land, site development and civil work, to acquire plant and machinery, part finance working capital requirement and corporate purposes, the company said.
DXC Technology tumbles 18% as investors fret over latest restructuring plan
Shares of DXC Technology slumped 18% on Friday, after the IT services provider unveiled a new revamp and forecast fiscal 2025 revenue and profit below estimates.
Vedanta subsidiary raises pricey Rs 1,804 crore debt to lend to parent
Vedanta Semiconductors, a wholly owned subsidiary of Vedanta, raised Rs 1,804 crore in debt from private creditors such as Varde Partners and Davidson Kempner. The proceeds will be used to lend to Vedanta Ltd to repay its debt, said people with knowledge of the matter.
Dorf Ketal Chemicals India acquires Impact Fluid Solutions to expand its suite of solutions for oil and gas production
Dorf Ketal Chemicals India acquires Impact Fluid Solutions to enhance HSE performance and sustainable global growth, with support from advisors like EY India and Piper Sandler.
Retik Finance sets 21st May 2024 as launch date
Retik Finance's upcoming launch on May 21, 2024, signifies a major advancement in the DeFi realm. With innovative products and strategic positioning, it aims to revolutionize the financial ecosystem, attracting investors and users alike.
Tata Motors ties up with South Indian Bank for commercial vehicle finance
Tata Motors has partnered with South Indian Bank to provide financing solutions for its commercial vehicle customers and dealerships. The partnership is part of a Memorandum of Understanding, aiming to empower fleet owners and dealerships to achieve their business goals. The partnership will offer financing solutions across Tata Motors' entire commercial vehicle portfolio.
Awfis Space Solutions receives SEBI nod for IPO launch
Awfis Space Solutions IPO will include a fresh issue of up to Rs 133.4 crore and an offer for sale of nearly 1 crore equity shares, including shares from Peak XV Partners Investments V, Bisque Limited, and Link Investment Trust.
Ashok Leyland, South Indian Bank ink pact for dealer financing
"We are extremely happy to partner with Ashok Leyland Ltd. Through our varied financial solutions, our goal is to offer convenient and complete financing choices to dealers," South Indian Bank Senior General Manager and Group Business Head Biji SS said in a statement on Friday.
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