Avendus hedge fund crosses $500-mn mark as asset management biz grows
KKR-backed diversified financial services firm Avendus Group’s hedge fund has touched Rs 3,300 crore ($520 million) in assets under management as it nears its first anniversary, senior executives at the firm told VCCircle.The Avendus Absolute Return Fund, a category-III alternative investment fund, is managed by chief executive officers Andrew Holland ......
Essel Finance’s Sandeep Wirkhare quits to set up housing finance firm
Financial services veteran Sandeep Wirkhare has quit as the chief executive officer of Essel Finance Business Loans Ltd and initiated a process to set up his own housing finance company, a person directly aware of the development told VCCircle.Christened as Aryarth Housing Finance Ltd, the new company will start operations ......
Uber covered up massive data breach, paid hackers $100,000
Uber Technologies Inc paid hackers $100,000 to keep secret a massive breach last year that exposed the data of some 57 million accounts of the ride-service provider, the company said on Tuesday.Discovery of the company’s cover-up of the incident resulted in the firing of two employees who led Uber’s response ......
Early-stage VC fund Jungle Ventures launches $10M angel fund for Asian startups
Singapore-based early-stage VC fund Jungle Ventures has launched its new pan-Asian angel fund and raised $10 million from a slew of investors for its first closing.The investors who are a part of this fund include Asian entrepreneurs and tech executives like Jayesh Parekh (co-founder, Sony Entertainment Television), Anurag Srivastava (CEO, Spacematrix), ......
Uber reaches deal for multibillion-dollar SoftBank investment
Uber Technologies Inc’s warring board members have struck a peace deal that allows a multibillion-dollar investment by SoftBank Group Corp to proceed, and which would resolve a legal battle between former Chief Executive Travis Kalanick and a prominent shareholder.Venture capital firm Benchmark, an early investor with a board seat in ......
This startup is packing a lot of nutrition and variety in school kids’ lunchbox
India’s problem with child malnourishment is well known. But the country also has a growing child obesity predicament; a study published in the New England Journal of Medicine in June found that India had the second-highest number of obese children in the world, after China.Clearly, providing children with nutritious food ......
Bharti Airtel to sell over 1100 telecom towers in Zambia and Rwanda to IHS
Nigeria-based telecommunications infrastructure group IHS Holding Limited has signed an agreement to acquire India cellular services major Bharti Airtel Ltd's over 1100 telecoms towers Zambia and Rwanda, as per a press release.Financial details of the deal however have not been disclosed.The deal will help Airtel to focus on its core ......
Mobile payments tech startup ToneTag secures fresh capital
Bangalore-based Naffa Innovations Pvt. Ltd, which operates mobile payments technology platform ToneTag, has raised Rs 8.5 crore ($1.33 million) in a fresh round of funding, a person familiar with the development told VCCircle.The company raised this sum from an overseas investor late last year, the person said. It is not ......
Ayurvedic beverage firm KivaShots raises angel funding
KivaShots, an ayurvedic healthcare beverages startup, has raised an undisclosed amount in its angel round of funding from several wealthy individuals.The Economic Times first reported the development citing the company’s founder Shalabh Gupta that the Gurgaon-based firm will use the funds for product development and geographical expansion.The investors who participated ......
Why PE firms tapping into local HNIs for fundraising must count the costs
Alternative Investment Funds (AIFs) raising capital from domestic wealthy individuals may have opened another tap to fill their expanding reservoirs but this may raise their expenses and make it difficult for them to achieve their annualised return targets.Several private equity funds and asset managers in India have recorded a rise ......
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