Famous Indian backers like Kunal Shah (founder of Cred), Bollywood filmmaker and producer Karan Johar, former Team India cricketer Yuvraj Singh, fashion designer Sabyasachi Mukherjee, digital content creator Ranveer Allahbadia, and singer Jasleen Royal have supported the Chinese-Swedish entrepreneur and co-founder of OnePlus, Carl Pei, who founded Nothing in 2020. The funds raised in this round will be used to expand Nothing’s product and technology portfolio.

On July 11, Nothing Phone (2) will reportedly go on sale. The device will feature the new Nothing OS 2.0 with a redesigned user interface. It will be manufactured in India, specifically for the Indian market.

In a statement, Nothing CEO Carl Pei expressed confidence in meeting the demand for an innovative challenger in the consumer tech industry. He stated, “With this new round of financing, we’ve never been better positioned to realise our vision to make tech fun again.”

Last year, Nothing made its debut in the smartphone market with the release of the Nothing Phone (1). Positioned as an affordable premium device, it offers three variants: 8 GB of RAM with 128 GB of storage, 8 GB of RAM with 256 GB of storage, and 12 GB of RAM with 256 GB of storage.

Nothing will be able to further support its goal of providing consumers with distinctive and enjoyable tech experiences with the additional funding it has secured, taking a significant step towards realising its vision in the fiercely competitive consumer tech market.

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Under this proposal, public shareholders of ICICI Securities will be allocated 67 equity shares of ICICI Bank for every 100 equity shares they hold in the brokerage firm.

The approval for this proposal was granted during a board of directors meeting on Thursday. As part of this arrangement, ICICI Bank will issue equity shares to the public shareholders of ICICI Securities in exchange for the cancellation of their equity shares in the brokerage firm.

“While there are business synergies between the bank and the company, a consolidation by way of merger is not permissible on account of regulatory restrictions on the bank from undertaking securities broking business departmentally,” ICICI Securities said in a regulatory filing.

ICICI Securities provided justification for the decision to delist the stock by pointing out that with ICICI Securities as a wholly owned subsidiary, both entities would be able to capitalise more effectively on the identified synergies, in line with the bank’s customer-centric approach.

The company further stated that both ICICI Bank and ICICI Securities would be able to leverage their combined strengths to offer comprehensive financial services to existing and new customers.

Based on a valuation report that independent registered valuers provided and that also received a fairness opinion from the merchant banker, the proposed share exchange ratio of 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities.

The cancellation of equity shares held by ICICI Securities’ public shareholders as a result of this transaction will lower ICICI Securities’ share capital.

ICICI Securities highlighted that the public shareholders of the brokerage firm will gain access to a larger and more diversified business, which will provide enhanced revenue stability. Additionally, they will receive more liquid stock, which will be beneficial for the shareholders.

The proposed share exchange ratio implies a premium compared to the market price of ICICI Securities’ shares as of June 23, 2023, prior to the board meeting notification that was issued to stock exchanges on June 25, 2023.

As of March 31, 2023, ICICI Bank already owns 74.85% of the equity shares of ICICI Securities, with public shareholders holding the remaining 25.15%.

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The new timeframe of T+3 days will be implemented in two stages when it comes into effect.

For all public issues opening on or after September 1, 2023, the new listing term will be optional, but it will be required for problems coming out on or after December 1, 2023.

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Zippee is a startup company that was once known as ZFW Dark Stores. Its current headquarters are in Gurgaon and Madhav Kasturia founded it in 2021. The company specialises in providing same-day delivery services to direct-to-consumer (D2C) businesses that sell their products directly to customers through their own websites. Zippee has formed strategic alliances with several well-known brands, including but not limited to The Face Shop, Epigamia, Clinikally, Power Gummies, Anveshan, SEPOY&CO, and Haagen Dazs, among others. By linking their online shops to the e-commerce fulfilment infrastructure provided by Zippee, companies are able to take advantage of the organisation’s network of 170 dark stores that are spread throughout India to provide clients with same-day delivery options.

“If brands incorporate same-day deliveries into their customer journeys, they see upticks in web conversions & repeat purchases by up to 95%. Every forward-thinking D2C brand in India today wants SDD for their customers—but lacks the resources, technology, and infrastructure. That’s where Zippee steps in” said Madhav Kasturia, who emphasised the advantages of adding same-day deliveries into the customer journey. Every direct-to-consumer (D2C) company in India that is forward-thinking today wants SDD for their clients, but they do not have the resources, technology, or infrastructure to make it happen. This is when Zippee comes into play. ” The firm runs its dark shops in significant urban centres like Delhi, Bengaluru, Mumbai, Pune, and Hyderabad, among others.

Zippee intends to use the newly obtained funds to expand the reach of its same-day delivery services to 15 other cities. In addition, the firm intends to further bolster its operations by expanding its personnel via smart recruiting practises as well as by improving its technological platform.

According to Avendus Capital, the investment banking arm of Avendus Group, estimates from 2020 suggest that direct-to-consumer brands have a potential consumer opportunity worth $100 billion in India by 2025. This highlights the immense growth potential for D2C brands in the Indian market.

The increasing demand for same-day delivery services in India’s e-commerce scene is reflected in Zippee’s success in getting money from major investors and venture capital organisations. Zippee intends to capitalise on this market opportunity and establish itself as a prominent player in the sector by supplying direct-to-consumer businesses with the resources, technology, and infrastructure they need to provide same-day delivery services. Zippee is well-positioned to address the increasing demands of direct-to-consumer companies and contribute to the development of the Indian e-commerce ecosystem thanks to its plans for expansion, increased hiring, and technology improvements. Additionally, Zippee is well-positioned to do so because of its contributions.

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Having achieved profitability in fiscal years 2021 and 2022 as a bootstrapped entity, WYH is now set to embark on its next phase of growth and expansion with the latest round of funding in fiscal year 2023. The newly acquired funds will be strategically allocated towards product development, geographical expansion, sales and marketing initiatives, office space acquisition, and inventory enhancement.

Ratheesh Nair, the Founder and CEO of WYH, expressed his enthusiasm about the collaboration with CGVPL. This strategic investment from Conquest Global Ventures reflects their strong belief in the vision and potential of WYH. The partnership aims to drive innovation, foster global expansion, and revolutionize consumer engagement within the healthcare industry.

Conquest Global Ventures, as a Singapore-based Venture Capital firm, is dedicated to supporting and investing in high-potential businesses. CGVPL actively seeks out innovative companies with a promising outlook for rapid growth and global reach. The partnership with WYH marks CGVPL’s entry into the Indian market, highlighting the attractive opportunities they perceive within the healthcare sector.

The investment from CGVPL not only provides WYH with the necessary financial resources but also brings valuable expertise and guidance to accelerate the company’s growth trajectory. By leveraging advanced technology and adopting a phygital approach, WYH aims to improve health outcomes for its customers and transform healthcare delivery and financing practices.

“For the last seven years, WYH has been dedicated to improving the “Health of our Indian clients” alongside our B2B Shared Value Partners. As we surpassed the milestone of 10 million users on our SaaS platform at the beginning of FY24, we recognised the need to strengthen our product offerings and expand into similar geographies worldwide,” he said.

“We believe we have found a trusted partner in Conquest Global, who will support our growth in India and help take WYH global. We intend to expand our operations beyond India across key markets like Japan, Singapore, UAE, Indonesia and Bangladesh.”

Through its B2B integrated SaaS platform, WYH is presently serving over 10 million customers and providing cutting-edge consumer engagement solutions. Over the last three years, the company has maintained a top-line Compound Annual Growth Rate (CAGR) of 100%, making it one of the fastest-growing companies in the world.

“Conquest is very excited to embark on this journey with Watch Your Health and participate in its Series A funding. We are convinced that Ratheesh and the WYH team are exceptionally motivated to make India healthy and promote preventive wellness,” said Venkat, Managing Partner of Conquest Global Ventures VCC.

“Their B2B SaaS platform is unique as it combines multiple services under one roof and makes it extremely convenient for their Enterprise clients. We look forward to partnering with them on this journey and building a global presence.”

The collaboration between WYH and CGVPL holds the potential to disrupt the healthcare landscape through innovative solutions and enhanced consumer engagement. The infusion of funds will fuel WYH’s efforts in product development, enabling the platform to introduce new features and capabilities that address the evolving needs of its enterprise clients and end-users.

Geographical expansion is another key aspect of WYH’s growth strategy. With the support of CGVPL, WYH aims to enter new markets and reach a wider customer base, thereby making a greater impact on global healthcare delivery and financing practices. This expansion will not only strengthen WYH’s market presence but also foster cross-border collaborations and partnerships within the healthcare ecosystem.

The funding will also be instrumental in bolstering WYH’s sales and marketing efforts, enabling the company to raise awareness about its innovative solutions and attract new enterprise clients. By effectively communicating the value proposition of WYH’s platform, the company can expand its customer base and generate sustainable revenue growth.

Additionally, the funds will facilitate the acquisition of suitable office spaces to accommodate WYH’s growing team and support its operational needs. Furthermore, inventory enhancement will ensure that WYH can continuously improve and optimize its platform, providing a seamless and user-friendly experience for its customers.

The strategic investment from Conquest Global Ventures Private Limited marks a significant milestone for WYH as it embarks on its next phase of growth and expansion in the Indian market. With the support of CGVPL, WYH aims to accelerate its innovation efforts, drive global expansion, and redefine consumer engagement in the healthcare industry. The collaboration holds the potential to transform the way healthcare is delivered and financed, ultimately leading to improved health outcomes for individuals and communities.

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The objective of the industry-neutral fund, which has a capital of $1 billion (Rs 8,204 crore), is to make investments in twenty Indian start-up companies, with a major emphasis on seed and Series A rounds of financing.

It will be implemented across regions including North America, Europe, India, and Southeast Asia, with a focus on industries like artificial intelligence, enterprise software, finance, and e-commerce, among others.

RTP Global’s early-stage investment strategy will get $660 million from the one billion-dollar fund; the remaining $340 million will be used to give follow-on financing to ‘breakout’ portfolio firms that have already received money from this vehicle. The fund will be managed by RTP Global.

When compared to RTP Global’s prior fund, which was terminated in 2020, this fund shows a considerable gain of over fifty percent above its total value. Companies such as Yonder and Fintecture in Europe, DoControl and TealBook in the United States, and GoKwik in Asia are examples of some of the earlier investments made by RTP Global from Fund III.

Since that time, the company has increased its global footprint by opening offices in other cities throughout the globe, including London, Paris, Amsterdam, New York City, Dubai, and Bengaluru.

RTP Global’s Managing Partner for Asia, Galina Chifina, noted that the company is aggressively investigating the possibility of forming new partnerships, with a particular emphasis on seed and Series A investments. Since the company’s start in 2011, RTP Global has placed a significant emphasis on India. She went on to say that the company intends to make roughly 20 investments in India, with the goal of continuing to assist ambitious entrepreneurs.

In terms of the quantities of investments, Chifina noted that, depending on the specifics of each agreement, RTP normally invests between $1 and $10 million in companies based in India.

The current fund will employ strategies that are comparable to those of Funds II and III.

Chifina, commenting on the present situation of the industry, indicated that the ecosystem is developing and that RTP Global would continue to be willing to assist the founders of the companies in its portfolio. They want to maintain an agnostic stance with regard to the industries in which they specialise, despite the fact that the current trend towards electric vehicles (EVs) has been intriguing to monitor, especially in India.

RTP Worldwide, which had previously been known as Ru-Net, changed its name in late 2018 to RTP Global to reflect the accomplishments of its US-based branch, RTP.vc, as well as its development into a worldwide venture capital business.

The venture capital business was a pioneer in the Russian venture capital market when it was established in 2000. The firm’s first investment was in Yandex, which is today one of the leading information technology firms in Russia and the owner of a popular search engine.

The release of RTP Global’s new fund is good news for new businesses in the nation, particularly in light of recent worries over a slowdown in financing as a result of the economic slump.

The post RTP Global, a reputable company and a supporter of Rebel Foods, has launched a $1 billion fund appeared first on Business Headline.

In addition, wholesale commodities markets, such as those for metal and bullion, will stay closed. Additionally, there will be no trading activity in the currency markets or the markets for futures on commodities.

In the future, all Nifty and Nifty Bank futures will expire on Wednesday instead of Thursday. However, the expiration date for Nifty Midcap derivative contracts will remain the same as Wednesday. This Friday will mark the beginning of contract negotiations for the new series.

The benchmark indexes for India both started the day at new all-time highs, with the Nifty surpassing 18,900 and the Sensex reaching a new all-time high of 63,716.

On the Nifty, the biggest gainers were Bharti Airtel, Apollo Hospitals, HDFC Life, and JSW Steel. On the other hand, the top losers included Cipla, UPL, Titan Company, IndusInd Bank, and Sun Pharma.

The metals index was up 1 percent, while the car, capital goods, and consumer packaged goods indices were all up 0.5 percent. All of the sectoral indices were trading in positive territory.

Both the BSE midcap and smallcap indexes finished the day with gains of 0.4 percent.

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According to research by Prosus, which is a subsidiary of the South African company Naspers, Swiggy’s gross merchandise value (GMV) for its core food delivery business hit $2.6 billion, which is a year-on-year increase of around 26 percent. Despite this rise, there was a decrease in the average order value, or take rate, which was not found in the case of Zomato. Zomato announced a food delivery gross merchandise volume (GMV) of $3.2 billion for the calendar year 2022. This figure also represents a gain of 26 percent year over year.

The data was evaluated by Kotak Institutional Equities, which came to the conclusion that Zomato has a GMV share of 55:45, suggesting that the company has great execution and maintains consumer loyalty despite having lowered discount promotions on the site. Zomato was given a “buy” recommendation by the investment firm, which estimated that the company was worth Rs. 95.
Swiggy’s meal delivery company’s GMV climbed sequentially by 5% in the second half of 2022, according to the results of Prosus. This growth was lower than the 8% rise that Zomato recorded.

A year-over-year rise of 80 percentage points brings Swiggy’s stated losses for the year 2022 to a total of $545 million. These losses were attributed by JM Financial to Swiggy’s peak investments in Instamart, which is the company’s rapid commerce division.

JM Financial made the following statement in response to the findings: “Prosus’ results suggest the tug of war between Zomato and Swiggy continues, with both incumbents working hard to hold on to their respective market shares in the food delivery business.” The investment bank reaffirmed its “buy” recommendation on Zomato and set a target price of Rs 105 for the stock. This decision was made in light of Zomato’s robust market leadership in the food aggregator industry, better profitability trends, and superior execution in comparison to Swiggy.

Citibank has reaffirmed its “buy” recommendation on Zomato stock with a target price of Rs 84, demonstrating that it shares this upbeat outlook. Zomato is now more profitable than Swiggy, which is one of the reasons why the bank backs the industry-wide emphasis on profitability.

According to JM Financial, the market for online meal delivery in India is still a long way from being an outright monopoly like the one Meituan has established in mainland China. Instead of concentrating entirely on expanding their market share, Zomato and Swiggy have placed a higher priority on increasing their profitability.

Both aggregators are expected to develop at a rate that is 1.2–1.5 times faster than the organised food services sector as a whole, according to experts, who note that there is no substantial new competition coming.

The share price of Zomato ended the day on the National Stock Exchange at 74.95 rupees, which is a rise of 0.13 percent from where it was the previous day.

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According to the company’s filing with the Ministry of Corporate Affairs, Newtap Finance generated INR 15.53 crore in revenue from its operations during the financial year 2022–23 (FY23), with a total revenue of INR 17.06 crore.

In terms of expenses, the company’s total expenditure amounted to INR 9.27 crore. Finance costs accounted for the largest portion of expenses at INR 5.15 crore, while employee benefits expenses reached INR 1.35 crore in FY23.

The filing also revealed that Newtap Finance had a loan book of INR 273 crore at the end of the year, primarily built through CRED, the popular fintech company.

Through CRED Flash, the buy-now-pay-later (BNPL) service that CRED offers, Newtap Finance provides short-term personal loans to CRED users. Currently, CRED Flash is only accessible to select CRED users within the CRED store and on some major e-commerce platforms where CRED is integrated as a checkout option.

Through its service called CRED Cash, CRED, under the direction of Kunal Shah, has already assisted its partner lenders in building a loan book worth about INR 10,000 crore.

In 2021, Newtap Technologies bought out Parfait Finance, which had previously been known as Newtap Finance. After the acquisition, the company was rebranded as Newtap Finance and began its operations in the last financial year.

While Newtap Finance has not yet received any ratings from credit rating agencies, it is anticipated that once it obtains a rating, it will be able to secure debt funding from banks and larger NBFCs.

According to a report by ET, Newtap Finance is currently searching for a CEO and aims to establish a new management team to operate as a full-service NBFC. Additionally, the company intends to position itself as an independent lending platform, working with lenders beyond CRED.

The report cited a source stating, “They will even help other fintechs process loans in a compliant manner by sharing the platform they have built.” Furthermore, the NBFC plans to raise equity and debt capital independently. Earlier reports indicated that Newtap Finance was considering raising around $50–70 million.

To strengthen its lending division, CRED acquired CreditVidya, a lending SaaS startup, in November 2022. CreditVidya operates Prefr, a digital lending platform that has developed underwriting and risk assessment models crucial for lending products.

The acquisition of CreditVidya provided CRED with a second NBFC in addition to Newtap Finance. Prior to launching CRED Cash, the fintech unicorn also invested in lending tech startups Liquiloans and CredAvenue last year.

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This is the second time that Matrix, Tanglin, and 3STATE have placed a bet on the new endeavour that Anil Goteti is working on. He was formerly the Senior Vice President of Flipkart. The three investors had already put money into Goteti’s first startup, Protonn, but the firm went out of business less than a year after it had raised money.

Angel investors, like Keki Mistry, Chief Executive Officer of HDFC Ltd., were also a part of Scapia’s first round of funding.

Goteti, an experienced consumer technology entrepreneur, will utilise the funds to grow operations and invest in IT skills for the newly founded firm he is leading.

The Bengaluru-based business collaborated with the Federal Bank to introduce a new kind of digital credit card that has a co-branded design and is targeted towards customers who often travel. Customers can keep track of their credit card usage using a company-developed app, which also gives out virtual coins for each purchase. These coins may be exchanged for in-app hotel and travel bookings.

Scapia generates money via its co-branded collaboration with the Federal Bank and through fees from partner brands on reservations, the exact amount of which is dependent on the revenue-sharing arrangement.

“We’re excited about backing Anil for the second time, as he embarks on a new journey with the Scapia team. Scapia has created one such user journey, enabling new travel experiences through a fintech suite of products, and a business model traversing both these sectors,” said Vikram Vaidyanathan, Managing Partner of Matrix India.

“We see a massive opportunity for Scapia—less than 5% of the population currently have credit cards and India is projected to have 200 million credit cards in circulation by 2030,” Vaidyanathan added.

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