Axis AMC and Akhil Gupta's Inversion to raise Rs 3,500 cr turnaround buyout fund
Axis Asset Management Co Ltd, promoted by private sector lender Axis Bank, and Inversion Advisory Services, promoted by telecom sector veteran Akhil Gupta, on Tuesday said that they have entered into a partnership to invest in underperforming companies. They plan to raise up to Rs 3,500 crore for the proposed new ......
Swiggy begins hiring for new social commerce biz Swiggy Bazaar
Foodtech platform Swiggy is looking to enter the social commerce and community group buying business with its latest experiment Swiggy Bazaar. The company is in early stages of launching the social commerce vertical and is in the process of putting together a team, individuals aware of the discussion confirmed on condition ......
GVK Power Buys Nagarjuna’s 9.5% Stake In Power Arm
GVK Power & Infrastructure Ltd has picked up Nagarjuna Construction's 9.5% stake in its subsidiary GVK Gautami Power Ltd. Following this transaction, GVK Power’s stake has increased to 63.60% in the company, it informed the Bombay Stock Exchange. The shares of GVK Power were trading at Rs 44.05, up by Rs ......
Big fees and bragging rights lost: Ant Group bankers hit by shock IPO suspension
The eleventh-hour halt to Ant Group's record $37 billion listing has not only hurt the firm, but also lead bank China International Capital Corporation (CICC), which likely loses out on a hefty payday and a jump in global investment banking rankings. CICC had the coveted position of being the only bank ......
Tata will need over $1 bn to refurbish Air India's fleet
Tata Sons' $2.4 billion purchase of debt-ridden, government-owned Air India will give the conglomerate immediate access to valuable flying rights and landing slots that will help it claw back market share from foreign rivals. But industry executives warn any success will be a long and complicated process that could cost it ......
Graphy acquires edtech startup Spayee for $25 mn
Unacademy Group-owned Graphy on Monday said that it has acquired edtech platform Spayee for $25 million, as it looks to increase its reach and further optimise its product offerings. Post the acquisition, Spayee will continue to operate independently, the company said in a statement. Seven-year old Spayee allows content creators ......
Japan’s SMFG to buy 74.9% stake in Temasek-owned Fullerton’s NBFC
Fullerton Financial Holdings Pte Ltd (FFH) has reached an agreement to sell its 74.9% stake in its non-banking finance company to Japan’s Sumitomo Mitsui Financial Group, Inc (SMFG). The development marks a step towards fully divesting Fullerton India Credit Company (FICC). “SMFG will eventually acquire 100% of FICC,” Fullerton India ......
Why is Invesco entangled in a legal dispute with Indian TV giant Zee
India's Zee Entertainment is locked in a legal battle with one of its biggest foreign investors, Invesco, after it called for ouster of the TV network's CEO citing concerns around corporate governance. Zee has said it has tightened its governance processes. But the dispute comes at a fraught time for one ......
SaaS startup ProfitWheel raises $3 mn seed funding from Netcore Cloud and angels
ProfitWheel, a software as a service startup, raised $3 million (Rs 22.2 crore) in seed funding from Netcore Cloud and angel investors. The round also saw participation from Vallabh Bhansali of Enam Group; KRS Jamwal of Tata Group; Dinesh Agarwal from Indiamart; Prashant Gulati - investor and trustee, Tie Global Board; ......
Blackstone operating partner leaving for consulting gig
A Blackstone Group operating partner in India is leaving the firm to take up a role at a consulting company, a person with knowledge of the move told VCCircle. Neeraj Mohan, a senior managing director (MD) and operating partner at Blackstone Advisors India Pvt Ltd, is leaving the firm after ......
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