Page 3 - Fundings

SpiceJet raises Rs 3,000 cr through QIP, to receive additional Rs 736 cr

With the latest capital infusion, SpiceJet plans to strengthen its operations, expand its fleet, and extend its network to meet growing passenger demand in the country

SpiceJet raises Rs 3,000 crore through QIP, to receive additional Rs 736 cr

Domestic carrier SpiceJet on Monday said it has raised Rs 3,000 crore through a Qualified Institutional Placement (QIP). The QIP, which opened on September 16 and closed on September 18, received an overwhelming response from qualified investors and got significantly oversubscribed, demonstrating strong confidence in the company's growth prospects, SpiceJet said in a statement. It also said the QIP attracted a diverse pool of top-tier institutional investors and mutual funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, Discovery Global Opportunity Ltd, among others. In addition to Rs 3,000 crore funding, SpiceJet said it will also receive an additional Rs 736 crore from the previous funding round, further boosting its financial stability and growth plans. The newly raised capital will be used to operationalise grounded aircraft, acquire new planes, invest in technology, and expand into new

Edtech startup Physics Wallah's valuation crosses $2.8 bn with new funding

$210 mn Series B funding round led by Hornbill Capital; Physics Wallah will use funding to expand reach

NBFCs diversify funding sources amid increased lending risk weights

The asset quality of government-owned NBFCs and non-government-owned middle layer NBFCs focused on the retail line of business was also higher

Nazara Tech to raise Rs 900 crore; ups stake in Absolute Sports to 91%

Gaming and sports media company Nazara Technologies on Wednesday said its board has approved a preferential equity issue to raise Rs 900 crore. Nazara also announced increasing its stake in Absolute Sports to 91 per cent. The fresh capital will fuel the firm's strategic acquisitions and business expansion, and provide newer growth opportunities, a company statement said. "The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara's financial foundation for long-term expansion," it said. Nazara acquired an additional 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crores, with 50 per cent of the consideration paid in cash and the remaining

Redcliffe Labs raises $42 mn in Series C funding to expand across India

The diagnostics service provider will use the funds to open more labs and collection centres, along with an expansion of its home collection network

Centricity's valuation reaches $125 mn in funding round led by Lightspeed

Centricity plans to utilise the fresh capital to expand its operations. The company intends to double its tech development team from 75 to over 150 specialists

Godrej Properties raises Rs 64.6 cr via issue of debentures to investors

Realty firm Godrej Properties has raised Rs 64.6 crore through the issue of debentures to investors on private placement. In a regulatory filing on Tuesday, the company said a committee of the board approved the allotment of 6,460 Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 1 lakh each, aggregating to Rs 64.6 crore to the identified investors on a private placement basis. The NCDs have been allotted at a coupon rate of 8.50 per cent per annum. Interest will be paid annually and on maturity. The tenor of NCDs is 5 years. Godrej Properties is one of the leading real estate developers in the country. It has a significant presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad markets.

Playbook Partners marks first close of maiden $250 mn growth fund

In response to strong institutional investor interest, the fund is using the green-shoe option and can grow up to $250 million, Playbook Partners said

Despite Byju's setback, edtech sector rebounds slightly with funding uptick

The edtech sector has attracted $215 million in funding to date in 2024, reflecting a slight improvement compared to the total $321 million secured in entire 2023

Finance platform Drip Capital raises $113 mn through debt, equity issue

US-based trade finance platform Drip Capital, which has 90 per cent employees in India, secured USD 113 million, about Rs 949 crore, through a mix of debt and equity issue, the company said on Thursday. The funding includes USD 23 million equity investment from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), while it has raised USD 90 million in debt financing led by the International Finance Corporation (IFC) and East West Bank. "We have raised USD 113 million which is a mix of debt and equity investment. Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC) have invested USD 23 million in equity while USD 90 million in debt financing has been led by the International Finance Corporation (IFC) and East West Bank," Drip Capital Co-Founder and CEO Pushkar Mukewar said. He said that the company funds trade worth USD 1.8-2 billion annually and 50-60 per cent of its business originates fro

Large funding rounds over $100 million see resurgence among Indian startups

Investors focus on profitable growth as late-stage deals rebound in 2024

OpenAI nears funding round at over $100 bn valuation led by Thrive Capital

OpenAI has been in early discussions to raise funding at a valuation at or above $100 billion since at least December, people with knowledge of the matter told Bloomberg News late last year

Bain Capital-backed 360 One raises $500 million for secondary fund

Nearly 90 per cent of the capital raised for the new fund was from local family offices and high net worth individuals

Budget carrier AirAsia gets $443 mn private funding, may refurbish planes

AirAsia's deal is another instance of the growing popularity of private credit in Asia that is fast becoming a serious rival to mainstream lending by offering higher, floating rates of return

Govt needs money to meet challenges, fund R&D, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday justified the present taxation regime, saying that the country needs resources to meet the challenges facing the nation and also to fund research and development activities. Sitharaman was addressing the 11th convocation of Indian Institute of Science Education and Research (IISER) in Bhopal. While appealing to the scientist community to do more research on the storage of renewable energy, Sitharaman said the world has promised a lot of money towards transitioning from fossil fuel to renewable energy but that money is yet to come. "But India didn't wait. The promises given in Paris (Paris Agreement) were fulfilled with our own money. There are times when being the finance minister, it doesn't give me motivation when I have to answer people about why our taxes are like this? Why can't we even be lower than this? I wish I can bring it down to almost nil. But India's challenges are severe and challenges will have to be overcome," the

Collapsing land sales in Hong Kong threatens city's funding model

For decades, the city's government generated massive income from auctioning off land to cash-rich developers as prices soared

Oyo founder Ritesh Agarwal invests Rs 830 cr in firm's latest funding round

Besides Agarwal, key contributors in the funding round include InCred Wealth, J&A Partners, the family office of Mankind Pharma promoters and ASK Financial Holdings

OYO's parent Oravel Stays raises Rs 1,457 crore in latest funding round

Oravel Stays Ltd, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round, sources said. The IPO-bound unicorn has raised nearly Rs 1,040 crore in the Series G funding round. This follows an earlier raise of Rs 416.85 crore in the same series and concludes the round. According to different documents accessed by PTI, the additional equity issuance was approved by 99.99 per cent shareholders in an EGM held on August 8. The capital will be used to support OYO's growth and its global expansion plans, sources said. The additional fund raise values the company at the same valuation of USD 2.4 billion, as the first Series G tranche issued to InCred in July, a source said. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The funding round includes contributions from InCred Wealth, who led the recent fundrai

ERF sees no payouts since 2019, fund reaches Rs 1,062 cr: MoS tells RS

Established in 2008 to assist individuals affected by hazardous substances, ERF has remained inactive in recent years. "No funds have been released from the ERF in the past five years," Singh stated