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Clix Capital Secures Rs 220 Crore to Boost Lending and Technology Investments

By
Garima Bansal
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Clix Capital Secures Rs 220 Crore to Boost Lending and Technology Investments

Clix Capital, a new-age non-banking finance company, has raised Rs 220 crore in an equity funding round led by its existing investors Apollo Global Management, Pramod Bhasin, and Anil Chawla.

The Gurugram-based company plans to use these funds to enhance its lending capabilities across the MSME, education, and healthcare equipment sectors, as well as to invest significantly in new-age technologies.

Rakesh Kaul, the chief executive officer of Clix Capital, expressed that this funding round will further motivate the teams to fulfill their purpose of serving the underserved MSMEs across India. This funding comes at a timely moment, considering the government’s emphasis on the MSME sector and its vision for Viksit Bharat.

Currently, the company’s assets under management (AUM) stand at over Rs 6,000 crore, with gross bad loans at less than 2%. In March 2023, the company reported an AUM of Rs 4,484 crore. Overall, the company has disbursed Rs 26,000 crore worth of credit to the MSME sector.

With a workforce of more than 1,000 employees, Clix Capital has expanded its operations to over 2,100 pin codes across India.

Clix Capital was formerly known as GE Money Financial Services, established by the GE Group for lending operations in India. In March 2016, GE entered into a management buy-in arrangement with former GE top executives Pramod Bhasin and Anil Chawla. Data from Tracxn indicates that Clix Capital has raised around $43 million in equity funding, with the last equity round announced in October 2023.

Unaprime Acquires Majority Stake in Lokmanya Hospitals, Plans Major Expansion

By
Garima Bansal
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0
Unaprime Acquires Majority Stake in Lokmanya Hospitals, Plans Major Expansion

Unaprime has acquired Tata Healthcare Fund’s 43.5% stake in Maharashtra-based Lokmanya Hospitals, according to Deep Mishra, the co-founder of the financial investment advisory company. In addition to this, Unaprime also purchased shares from other existing investors, increasing its total shareholding in the hospital company to 70%.

Mishra stated that the total consideration for the acquired stake was Rs 140 crore. He emphasized that Unaprime is committed to investing further to expand the hospital’s capacity and eventually plans to take the company public.

Lokmanya Hospitals operates five hospitals in Pune, Pimpri-Chinchwad, and Kolhapur, with a current capacity of 300 beds and plans to expand to 500 beds. The company reported a turnover of ₹130 crore for the fiscal year 2023-24 and has set a target of ₹500 crore over the next four years. With this investment, Unaprime, originally focused on investment banking, has diversified into the private equity asset management business.

Apart from Mishra, who has a background as a managing director at Everstone Capital, Unaprime’s other co-founders include Sudhir Dash, former chief executive of Investec, and Sunil Kumar Kolangara, a founding partner of the private equity firm Ascent Capital. Mohit Verma and Samir Khurana are also among the co-founders.

To facilitate the acquisition of Lokmanya Hospitals, Unaprime established a special purpose vehicle (SPV), Unaprime Healthcare LLP. This SPV includes investors like Rajeev Jain, managing director of Bajaj Finance, and Ravindranath Kancherla, founder of Global Hospital.

Mahindra & Mahindra Expands Production Capacity for Thar Roxx and Electric Vehicles Amid Profit Growth

By
Garima Bansal
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0
Mahindra & Mahindra Expands Production Capacity for Thar Roxx and Electric Vehicles Amid Profit Growth

Mahindra & Mahindra, a home-grown auto major, announced plans to create an additional 4,000 units per month capacity for the five-door version of Thar, Thar Roxx, which is expected to launch next month. Overall, the company is aiming for a total exit capacity of 64,000 units per month for the current fiscal year, including models like XUV 3XO/400 and electric vehicles.

The company reported a 20 percent year-on-year increase in net profit, reaching Rs 3,283 crore for the three months ending in June. The automotive segment’s consolidated profit after tax (PAT) rose by 35 percent year-on-year to Rs 1,330 crore, excluding the previous year’s gains on KG Mobility, and consolidated revenue grew by 16 percent to Rs 19,776 crore.

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector) at Mahindra & Mahindra Ltd., stated that the company is creating an additional 4,000 units per month capacity for the five-door Thar, on top of the planned total capacity. According to a presentation, Mahindra & Mahindra has planned a total manufacturing capacity of 64,000 units per month for the current fiscal year and 72,000 units for the next financial year.

The FY25 exit capacity includes a 5,000 units per month increase in SUV capacity (THAR 5D, XUV3XO/4OO) and a 10,000 units per month capacity for electric vehicles. The company also plans to have an additional 8,000 units per month capacity for EVs in the next fiscal year.

In the April-June quarter, the total volume was 2.12 lakh units, with the UV (utility vehicle) portfolio accounting for 1.24 lakh units. As of July 1, the total open booking stood at 1.78 lakh units, including 55,000 for XUV3XO, 42,000 for Thar (including rear wheel drive or RWD), 13,000 for XUV700, 8,000 for Bolero, and 58,000 for Scorpio-N. The company noted a 10 percent cancellation rate per month in bookings.

Jejurikar mentioned that, on average, Thar and XUV300 had a waiting period of about 8-10 weeks. He also noted that the recent price cut by the company is not expected to significantly impact its financials, as volume growth will provide operating leverage.

Angel One Invests Rs 250 Crore in Wealth Management Arm to Expand Services for HNIs and UHNIs

By
Garima Bansal
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0
Angel One Invests Rs 250 Crore in Wealth Management Arm to Expand Services for HNIs and UHNIs

Mumbai-based stock broking firm Angel One has invested Rs 250 crore into its wealth management arm, Angel One Wealth, to cater to the expanding population of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the country.

The investment will be used to enhance technological infrastructure, utilize artificial intelligence (AI) and analytics, and expand the firm’s presence in key markets. Angel One Wealth also plans to develop curated, expert-led product strategies and suites, according to the company’s announcement.

Srikanth Subramanian, managing director and chief executive officer of Angel One Wealth, emphasized the firm’s vision of transforming wealth management for India’s HNIs and UHNIs by combining deep domain expertise with advanced technology. The company aims to build an omnichannel solution that enhances the value of a trusted wealth manager through digital infrastructure and new-age technology.

Angel One Wealth operates through three main verticals: HNIs, UHNIs, and alternative assets. The capital infusion will enable the firm to offer a wide range of investment products across asset classes, provide technology-driven client accessibility, and support clients through relationship managers. The team comprises approximately 60 wealth managers, investment professionals, and tech experts.

The firm has also established an advisory council, which includes industry leaders, a think tank, a product approval committee, and an investment committee.

In March, Angel One appointed seasoned wealth managers Shobhit Mathur and Dharmendra Jain as cofounders of Angel One Wealth, alongside Subramanian. The firm provides personalized investment advisory, portfolio management, and financial planning services using advanced analytics and technology. Clients have access to a diverse range of investment products, including equities, bonds, mutual funds, and alternative investments, tailored to the specific needs of HNIs and UHNIs.

Dinesh Thakkar, chairman and managing director of Angel One, stated that through Angel One Wealth, the firm aims to serve a wide spectrum of clients by leveraging technology and staying at the forefront of innovation. The team of seasoned investment professionals, led by Subramanian, brings strong domain knowledge and positions the firm to capitalize on the evolving wealth landscape.

Trifecta Capital Launches Fourth Fund Targeting Rs 2,000 Crore Amidst Changing Venture Debt Landscape

By
Garima Bansal
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0
Trifecta Capital Launches Fourth Fund Targeting Rs 2,000 Crore Amidst Changing Venture Debt Landscape

Trifecta Capital, a venture debt firm, has launched its fourth fund, targeting a raise of up to Rs 2,000 crore (approximately $240 million), including a greenshoe option of Rs 500 crore. The firm has previously supported notable companies such as Zepto, Meesho, BlueStone, and Urban Company, deploying Rs 6,000 crore from its three prior funds, including recycled capital.

Trifecta Capital plans to distribute the new funds across various sectors while avoiding particularly high-risk areas like cryptocurrencies, gaming, and peer-to-peer lending. In September of the previous year, the firm concluded its third fund at Rs 1,777 crore, surpassing its initial target of Rs 1,500 crore. Earlier funds had raised Rs 500 crore and Rs 1,024 crore, respectively. The firm’s investment strategy has remained consistent, though the specific sectors of interest have evolved over time, with significant investments in companies like BigBasket and Zepto.

Since its founding in 2015 by Khanna and Nilesh Kothari, Trifecta Capital has invested in over 30 unicorns—startups with valuations exceeding a billion dollars—and numerous companies nearing unicorn status. The firm anticipates attracting a diverse range of investors, including global financial institutions, domestic conglomerates, banks, insurance firms, and development financial institutions. Despite a challenging period for venture investment, the firm’s total write-offs have been minimal, at 0.6% of its investments. This success is attributed to a cautious strategy that limits exposure to any single sector or sponsor, combined with a robust underwriting process and risk management framework.

The Indian startup and private investment landscape has experienced a slowdown over the past two years, following the low-interest rate boom of 2020 and 2021. However, venture debt has remained resilient, with around 190 startups in India raising a total of $1.2 billion in venture debt in 2023, a 50% increase from the previous year. Globally, venture debt reached approximately $60-65 billion in 2023, according to Stride Ventures.

In 2023, Trifecta Capital intentionally slowed its pace of fund deployment compared to 2022, deploying 20% less. However, the pace picked up in 2024, with the firm expecting to deploy Rs 1,400-1,500 crore this year. Despite the downturn, the firm has avoided significant credit losses, choosing to accept a slightly lower internal rate of return (IRR) rather than risking capital. This cautious approach has allowed Trifecta to navigate the funding winter without major setbacks, even as several venture-funded startups, such as Bluelearn, Koo, FrontRow, and Zest Money, ceased operations.

Trifecta Capital is one of several venture debt players in India, alongside Stride Ventures, Alteria Capital, and InnoVen Capital. In recent months, these firms have also closed significant funding rounds, indicating a healthy and competitive venture debt market in the country.

GalaxEye Secures $6.5M Funding to Launch ‘Drishti Mission’ Satellite and Advance Space Technology

By
Garima Bansal
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GalaxEye Secures $6.5M Funding to Launch 'Drishti Mission' Satellite and Advance Space Technology

GalaxEye, a space technology startup, has announced the initial close of its fundraising round, securing $6.5 million. The round was led by Mela Ventures and Speciale Invest, with participation from ideaForge and additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

The raised funds will be used to launch GalaxEye’s first satellite, the ‘Drishti Mission,’ and to further develop its multi-sensor payload technology. According to cofounder and chief executive Suyash Singh, the major milestone for the startup is to put the satellite into orbit and to build a satellite with the help of experienced professionals.

The Bengaluru-based company, founded in 2020, focuses on developing technologies for space applications, including monitoring the Earth, envisioning monitoring outer space, and accelerating the growth of space infrastructure to support multi-planetary evolution. The company aims to launch its satellite, currently in development, around the middle of next year.

GalaxEye’s potential customers include anyone needing infrastructure monitoring, with a particular emphasis on the defense sector as a significant future customer. The startup has also partnered with companies like Ideaforge for drones and other industry partners for satellite launches, including satellite platform systems, satellite assembly and testing, and launch segments.

The company is entering the space sector backed by the success of over 300 flights with UAV SAR payloads. Singh emphasized the importance of finding strong partners to enable a smooth journey for the company.

Krishnakumar Natarajan, managing partner at Mela Ventures, noted that the MSI/SAR technology developed by GalaxEye can provide real-time visibility for industries like defense, maritime, insurance, and agriculture, significantly reducing their response time. He expressed excitement about being part of the journey and seeing the ‘Drishti Mission’ satellite reach space. Vishesh Rajaram, managing partner at Speciale Invest, expressed pride in supporting GalaxEye from the beginning and anticipation for the impactful advancements the company will bring to the market with this new round of funding.

BharatPe Secures Rs 85 Crore Debt Financing Amid Strong Financial Growth

By
Garima Bansal
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BharatPe Secures Rs 85 Crore Debt Financing Amid Strong Financial Growth

Fintech company BharatPe has secured Rs 85 crore (approximately $10 million) in debt through non-convertible debentures. This marks the second instance of debt financing for the Peak XV and Coatue-backed firm in 2024.

According to a regulatory filing with the Registrar of Companies, BharatPe’s board issued 500 Series E1 debentures at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,000 each, raising a total of Rs 85 crore. The filing indicates that Trifecta Venture Debt provided Rs 50 crore, while Innoven Capital contributed Rs 35 crore.

Sources close to the matter revealed that BharatPe had previously completed a $100 million debt round earlier this year. It was anticipated that Innoven Capital would invest between $60-70 million in BharatPe, while Credit Saison provided the remaining capital for the Delhi-based company’s NBFC arm, Trillion Loans. The recent debt from Innoven Capital might be part of this amount.

The last equity round for BharatPe was in August 2021, which also marked its entry into the unicorn club. Since its inception, the company has raised over $650 million in equity and debt from investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, and Ribbit Capital.

Gnani AI Secures $4 Million in Funding to Expand Voice-First AI Solutions Globally

By
Garima Bansal
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Gnani AI Secures $4 Million in Funding to Expand Voice-First AI Solutions Globally

Gnani AI, a startup specializing in voice-first generative AI, has raised $4 million (around Rs 30 crore) from Info Edge Ventures, a venture capital firm that focuses on early-stage investments. The funds will be allocated towards driving sales growth and expanding the company’s operations across various regions.

The company currently serves over 100 customers in India and the United States, with its primary focus on these two markets. Additionally, Gnani AI is extending its reach into other regions, including the Middle East and Europe, primarily through strategic partnerships.

Founded in 2016 by Ganesh Gopalan and Ananth Nagaraj, the Bengaluru-based company offers a no-code, voice-first platform equipped with features such as omnichannel conversational automation, agent assistance, voice biometrics, and omnichannel analytics. The company’s main clientele comes from the banking, financial services, and insurance sectors.

Gnani AI is also a leading player among original equipment manufacturers (OEMs) in the automotive and telecom sectors, as well as other industries. Over the past three years, the company has more than doubled its growth rate and achieved profitability. It plans to continue this trajectory, aiming to grow its revenue by at least 2-3 times over the next two years while expanding its customer base in both India and the U.S.

To date, the company has raised a total of $8 million. Info Edge Ventures expressed enthusiasm about the investment, noting that Gnani AI aligns with their investment philosophy, which prioritizes companies solving real-world problems rather than merely finding applications for AI technology.

Nected Secures $1.5 Million in Seed Funding Led by Binny Bansal’s Three State Ventures

By
Garima Bansal
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Nected Secures $1.5 Million in Seed Funding Led by Binny Bansal's Three State Ventures

Nected, a Software-as-a-Service (SaaS) startup, has successfully secured $1.5 million in a seed funding round. The investment was led by Three State Ventures, the venture fund of Flipkart co-founder Binny Bansal. The round also included contributions from Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital.

Additionally, the funding round saw participation from over 15 founders and CXOs, including notable figures such as Nitin Gupta of PayU, Pallav Pandey of Uolo and Knowlarity, Archit Gupta of Clear, Tonmoy Shingal of Mettl, Ravi Bhushan of BrightChamps, Akshay Saxena of Avanti Fellows, Puneet Kumar of Supr Daily (acquired by Swiggy), and Prashant Kumar of Unbxd.

The funds will be allocated towards improving product usability, simplifying integrations with various technologies, and scaling operations to meet the increasing demands of their growing international customer base.

Nected’s platform facilitates collaboration between technical and non-technical teams, enabling them to achieve their objectives more efficiently. This innovative approach removes barriers and empowers businesses to leverage data and technology for significant outcomes, explained Prabhat Gupta, co-founder of Nected.

Founded in 2022, Nected offers a low-code, no-code platform equipped with pre-built technological components, allowing companies to quickly develop complex applications. By providing these ready-made components, Nected helps businesses avoid the inefficiencies and delays associated with traditional software development processes.

The platform is currently used by more than 20 customers across five countries, including the online pharmacy Tata 1mg. Despite a global developer pool exceeding 100 million, companies continue to experience tech talent shortages and face pressure to innovate swiftly and cost-effectively, according to the company. Three State Ventures, backed by Bansal’s personal capital, has invested in several prominent startups, including Curefoods, PhonePe, and Acko.

IIMA Ventures Launches Accelerator Program for Aspiring Investors

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Garima Bansal
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IIMA Ventures Launches Accelerator Program for Aspiring Investors

IIMA Ventures, formerly known as IIMA-CIIE, has introduced the Venture Investing Accelerator, a program aimed at assisting novice investors. The initiative is designed to provide professionals with the essential skills, knowledge, and experience needed to excel in early-stage investing. This program caters to aspiring and first-time investors, offering a comprehensive understanding of venture investing as an asset class, particularly through family offices, micro VCs, and corporate venture offices.

The program covers a wide range of topics vital for those looking to become angel investors. Participants will gain insights into deal scouting, deal structuring, due diligence, term sheet drafting, establishing monitoring mechanisms, and preparing for exits. For those interested in setting up their own funds, the training will be customized to address their specific needs, ensuring a well-rounded education in venture capital.

The Venture Investing Accelerator also emphasizes the importance of mentorship and practical insights. Participants will have access to seasoned investors and industry experts who will share their experiences and provide guidance. By leveraging the extensive resources of IIMA Ventures, the program aims to develop a new generation of knowledgeable investors capable of navigating the complexities of early-stage investing and making meaningful contributions to the startup ecosystem.

Additionally, the program includes a three-day bootcamp on the IIMA Campus, offering an immersive learning experience. This component allows participants to engage directly with industry professionals and peers, fostering a collaborative environment conducive to learning and growth.

Over the past 15 years, tech-focused IIMA Ventures has invested in more than 350 companies, achieving profitable exits in over 40 cases. Established in 2002 as an entrepreneurship center at IIM Ahmedabad, IIMA Ventures continues to play a pivotal role in studying, educating, incubating, accelerating, and investing in early-stage startups and aspiring investors.

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