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Vodafone Idea Allocates Over Rs 600 Crore in New Share Allotment to Nokia and Ericsson

By
Garima Bansal
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0
Vodafone Idea Allocates Over Rs 600 Crore in New Share Allotment to Nokia and Ericsson

Vodafone Idea has approved the issuance of over 40 crore shares on a preferential basis to Nokia Solutions and Networks India and Ericsson India, according to a recent filing with the exchange.

The preferential allotment, totaling approximately Rs 615 crore, is in line with Sebi regulations and is aimed at bolstering the company’s capital base.

The allocation details reveal that around 25 crore equity shares are designated for Nokia Solutions and Networks India Pvt. Ltd., while over 15 crore equity shares are allotted to Ericsson India Pvt. Ltd.

The issue price for each equity share has been set at Rs 14.80, comprising a face value of Rs 10 and a premium of Rs 4.80.

In a statement, the company noted that the Capital Raising Committee of the Board approved the issuance of 41,52,02,701 equity shares at an issue price of Rs 14.80 per share (including a premium of Rs 4.80). This allocation includes 25,67,56,756 shares for Nokia Solutions and Networks India Private Limited and 15,84,45,945 shares for Ericsson India Private Limited, totaling Rs 614.5 crores on a preferential basis.

In recent developments, Vodafone Idea (VIL) reported an addition of 0.8 million mobile broadband (MBB) subscribers in May. However, the company experienced a reduction in both its overall and active subscriber bases, with losses of 0.9 million and 1.7 million subscribers, respectively.

Vodafone Idea’s shares closed at Rs 16.32, marking a decline of over 2 percent on Thursday.

Wipro Posts 4.6% Net Profit Rise in Q1 with Higher Revenue Forecast

By
Garima Bansal
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0
Wipro Posts 4.6% Net Profit Rise in Q1 with Higher Revenue Forecast

Leading Indian IT services exporter Wipro announced a 4.6% year-on-year increase in net profit for the first quarter of FY25, surpassing market expectations and slightly raising its revenue guidance for the fiscal year. Wipro’s net profit for Q1 stood at Rs 3,003 crore. However, revenues saw a 3.8% year-on-year decline, amounting to Rs 21,964 crore.

For the second quarter, Wipro has projected revenue between $2,600 million and $2,652 million, indicating a growth range of -1% to 1%. This outlook marks an improvement from the previous guidance of -1.5% to 0.5%.

Wipro’s large deal bookings were valued at $1.2 billion, reflecting a 3.6% year-on-year decline. The operating profit margin for the first quarter was 16.5%, a 0.5% increase compared to the same period last year. In Q1, most geographies, including the Americas, Europe, and Asia-Pacific, experienced a year-on-year decline in growth. Similarly, business verticals such as BFSI, energy, and communication saw a dip in growth rates, with the healthcare segment being the sole exception.

Despite these challenges, CEO Srini Pallia expressed confidence in the company’s future growth, citing a robust deal pipeline. “We believe Wipro is in a better position than the first quarter,” Pallia noted.

Wipro’s employee headcount at the end of Q1 was 234,391, an increase of 337 from the previous quarter. However, compared to the same period last year, there was a reduction of 15,367 employees. The company plans to hire approximately 10,000-12,000 freshers during the current fiscal year.

In comparison to its peers, Wipro’s performance has lagged behind Tata Consultancy Services (TCS) and Infosys. TCS reported an 8.7% increase in net profit and a 5.4% rise in revenues. Infosys recorded a 7.1% growth in net profit and a 3.6% increase in revenue.

Reliance Jio Reports 12% Profit Surge in June Quarter, Continues Strong Subscriber Growth

By
Garima Bansal
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0
Reliance Jio Reports 12% Profit Surge in June Quarter, Continues Strong Subscriber Growth

Telecom giant Reliance Jio Infocomm Limited reported a 12% year-on-year increase in standalone net profit for the June quarter, reaching Rs 5,445 crore. This significant growth reflects Jio’s strong performance in the market, supported by a steady increase in subscribers.

In a filing with the BSE, the company revealed that its revenue from operations surged by 10% year-on-year to Rs 26,478 crore for the first quarter of the current financial year. This robust financial performance is indicative of Jio’s leading position among the three major private telecom players in the industry.

The net profit of Rs 5,445 crore for the quarter marks an 11.9% year-on-year growth and a 2% sequential rise. This upward trend in profitability is attributed to Jio’s continuous expansion of its subscriber base.

During the quarter, Reliance Jio added 2.2 million net subscribers and 3.5 million active subscribers, achieving its 27th consecutive month of subscriber growth as of May. The Telecom Regulatory Authority of India (TRAI) data showed that Jio’s visitor location register (VLR) ratio improved to 92.1% in May, indicating a solid increase in active users.

In contrast, Vodafone Idea (Vi) experienced a loss of 924,797 users, marking its largest decline in three months. Airtel, on the other hand, maintained the highest active subscriber percentage at 99.07%. Jio dominated the wireless market with a 40.60% share, accounting for 474.62 million users, followed by Airtel at 33.17% with 387.77 million users, and Vi at 18.66% with 218.16 million users.

Nazara Technologies Acquires Full Ownership of Paper Boat Apps for Rs 300 Crore

By
Garima Bansal
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0
Nazara Technologies Acquires Full Ownership of Paper Boat Apps for Rs 300 Crore

Nazara Technologies Limited announced on Friday the acquisition of an additional 48.42% stake in Paper Boat Apps for Rs 300 crore, to be paid in cash. This move increases Nazara’s total ownership of Paper Boat Apps to 100%, having purchased the remaining stake from the company’s founders, Anupam and Anshu Dhanuka.

With the full acquisition, Nazara Technologies is considering merging Paper Boat Apps into its operations to leverage the healthy cash flows for reinvestment in growth initiatives. Nazara initially acquired a 50.91% stake in Paper Boat Apps in 2019, marking the company’s initial investment in the game-based educational platform.

In the fiscal year 2024, Paper Boat Apps reported a consolidated revenue of Rs 219.4 crores and maintained a net cash balance of Rs 155.74 crores as of March 2024. This financial performance underscores the strong market position and operational efficiency of Paper Boat Apps.

Nazara Technologies sees significant potential in Kiddopia, the subscription-based preschool edutainment app developed by Paper Boat Apps. The company believes that full ownership will allow it to intensify efforts in the gamified learning sector, unlocking new initiatives and growth opportunities for the app.

Looking ahead, Nazara Technologies aims to expand the Kiddopia franchise through IP licensing, global market expansion, and additional revenue streams such as merchandising, video, and advertising. In line with its strategic growth plans, Nazara had announced in March an allocation of $100 million for mergers and acquisitions over the next 24 months.

Fibr Secures $1.8M to Revolutionize AI-Powered Personalization and Expand Global Reach

By
Garima Bansal
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Fibr Secures $1.8M to Revolutionize AI-Powered Personalization and Expand Global Reach

Fibr, an AI-powered personalization platform, has secured $1.8 million in a funding round led by Accel, with contributions from 2am VC and angel investors such as Cred founder Kunal Shah. The funds will be used to enhance Fibr’s AI personalization platform, expand its customer base, and recruit talent, including engineers, product marketers, and sales and go-to-market experts.

Founded in January 2023 by Ankur Goyal and Pritam Roy, Fibr offers a flagship product called Pilot. This product helps improve conversions by providing personalized landing pages for every ad, email, SMS, notification, or other forms of communication. Goyal noted that most existing personalization tools are outdated and typically excel in one area—such as web, ads, or email—without addressing the bigger picture.

Fibr’s platform caters to lead generation clients in sectors such as insurance, broadband, home improvement, and consumer services. Currently, the company is targeting markets in the US, Canada, and India, with plans to expand into Europe. Goyal indicated that the US is the primary focus, but Europe is also a promising market due to Fibr’s alignment with general data protection regulation (GDPR). By the end of the year, Fibr expects to have 60-70% of its operations in the US, 10-20% in India, and a foothold in Europe.

The Bengaluru-based company is also developing the beta version of its second product, Blocks. This new product includes AI tools designed to help marketers scale their content across different formats, such as transforming a high-performing Facebook ad into a blog post, Google ad, or social media post. This development aims to provide marketers with more versatile and effective content creation options.

Prayank Swaroop, partner at Accel, expressed confidence in Fibr’s potential to revolutionize the ad ecosystem for consumer companies, particularly given the challenges of customer acquisition costs due to privacy policies and cookie deprecation. Fibr’s affordable sachet pricing model, where users only pay for usage, disrupts traditional SaaS pricing, making it accessible for all marketers.

Moneyview Poised to Achieve Unicorn Status with New Funding Round

By
Garima Bansal
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0
Moneyview Poised to Achieve Unicorn Status with New Funding Round

Tech-enabled lending platform Moneyview is on the brink of achieving unicorn status, with the Bengaluru-based firm nearing the completion of a new funding round. The company is reportedly in advanced discussions to secure between $50 million and $60 million in its Series F round, with participation from both new and existing investors. Sources close to the matter, indicate that this round will include new backers alongside current investors like Apis Partners, Accel Partners, and Evolvence India.

Moneyview previously raised $75 million in December 2022, led by Apis Partners. The current funding round is expected to push the company’s valuation past the $1 billion mark, with negotiations for the terms nearing completion. To date, Moneyview has secured nearly $190 million in total funding and was valued at approximately $900 million during its last fundraising event. This valuation followed two substantial funding rounds in 2022, each raising $75 million.

If successful, this funding round will mark Moneyview as the third unicorn of 2024, following the achievement of Krutrim SI Designs and Perfios. Founded by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers a range of financial services, including personal and home loans through third-party lenders, credit cards, credit score monitoring, and loans against property.

The company’s strong growth and profitability have attracted significant investor interest. Moneyview’s revenue from operations surged 2.6 times to Rs 577 crore in FY23, while its profit saw an extraordinary increase of 27 times, reaching Rs 163 crore compared to Rs 6 crore in FY22. Despite not yet disclosing financial figures for FY24, these results highlight the company’s robust performance.

In addition to its funding efforts, Moneyview is also preparing to acquire a mid-stage fintech company. The strategic acquisition’s terms have been finalized, though the name of the company remains undisclosed. This move is expected to further strengthen Moneyview’s position in the fintech sector and enhance its growth trajectory.

Aereo Secures $15 Million in Series B Funding to Boost Aerial Intelligence Solutions

By
Garima Bansal
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0
Aereo Secures $15 Million in Series B Funding to Boost Aerial Intelligence Solutions

Aereo, a startup specializing in commercial drone solutions, has successfully raised $15 million in its Series B funding round, with 360 ONE Asset leading the investment. Existing investors, including StartupXseed Ventures and Navam Capital, also participated in this round. Previously, Aereo secured $6.44 million in funding at a post-money valuation of $25.5 million from investors such as GrowX Ventures, StartupXseed Ventures, and Anicut Capital, among others.

The new funding will be directed towards enhancing Aereo’s aerial intelligence solutions for capital asset management, as stated in the company’s press release. Founded in 2013 by Vipul Singh and Suhas Banshiwala, Aereo operates within the B2B sector, focusing on high-tech, aerospace, maritime, and defense technology markets.

Aereo has been involved in Coal India Limited’s Digicoal initiative, providing essential business intelligence to optimize productivity in some of the world’s largest coal mines. The company has also been collaborating with Tata Steel since 2019, assisting in the digitalization of over 27 key mines and stockyards.

Based in Bengaluru, Aereo reports that it has mapped more than 45,000 villages under the SVAMITVA scheme and covered over 50,000 square kilometers for the Digital India Land Record Modernization Program (DILRMP).

Bitscale Secures First Funding Round to Revolutionize Sales and Marketing Automation

By
Garima Bansal
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0
Bitscale Secures First Funding Round to Revolutionize Sales and Marketing Automation

SaaS startup Bitscale has secured its first funding round, led by India Quotient’s First Cheque. The round saw participation from notable investors including Point One Capital, Kunal Shah (founder of CRED), Ankit Nagori (founder of Curefoods), 7 Square Ventures, and Supplynote’s co-founders Harshit Mittal, Kumar Kushang, and Abhishek Verma. Other investors include Prakash Deep Maheshwari from Netflix and several others.

The newly acquired funds will be utilized by Bitscale to build a lean and strong team, enhance their product offerings, and explore various go-to-market (GTM) strategies.

Founded in July by Sanket Goyal, Abhinay Kumar, and Yash Sharma, Bitscale is developing a novel type of user interface (UI) aimed at sales and marketing professionals. This UI automates manual workflows, increasing efficiency by tenfold. According to the company, it reimagines the current chat-based UI used by AI tools like ChatGPT and Perplexity, transforming it into a more intuitive and scalable, Excel-like UI.

This innovative UI enables the creation of complex AI-driven tools for tasks such as web scraping, prospecting, content generation, and LinkedIn searches. Based in Gurugram, Bitscale also aids in sourcing leads from communities, Google Maps, and over ten other data sources to retrieve emails and phone numbers.

Bitscale aims to offer an easy-to-use and cost-effective alternative to Clay, a US-based SaaS company.

BlackSoil NBFC Secures Rs 208 Crore in Debt, Expands Investment Portfolio

By
Garima Bansal
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0
BlackSoil NBFC Secures Rs 208 Crore in Debt, Expands Investment Portfolio

BlackSoil NBFC, the primary arm of the BlackSoil Group, has successfully raised Rs 208 crore in debt funding. This latest funding round saw participation from high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), family offices, banks, and non-banking financial companies (NBFCs).

According to BlackSoil, 60% of this new funding was secured from first-time debt investors, pushing its total debt raised to over Rs 1,570 crore as of June 30, 2024. Recently, the company also raised Rs 100 crore through a rights issue, with all existing investors contributing.

BlackSoil enjoys the backing of prominent investors and family offices, including Allcargo Logistics, Navneet Education, Mahavir Agency, and Florintree Advisors, led by Mathew Cyriac. The company has expanded its network of lenders to include several banks and NBFCs, thereby enhancing its borrowing capacity.

Established in 2016 by Mohinder Pal Bansal and Ankur Bansal, BlackSoil provides tailored credit solutions to emerging corporates, financial institutions, NBFCs, and MSMEs across various sectors. The company positions itself as a preferred lender for modern businesses, employing a sector-agnostic strategy and a cash flow-focused underwriting methodology.

BlackSoil’s portfolio includes five unicorns such as Spinny, Upstox, and MobiKwik. Spinny, which achieved unicorn status in 2021, is the most recent addition to this esteemed list. The company maintains a diversified investment portfolio spanning fintech, agri-tech, B2B, consumer, healthcare, SaaS, and IoT sectors. It has also ventured into emerging fields like electric vehicles (EV), quick commerce, hospitality, and online travel aggregators (OTA).

Notable investments by BlackSoil include ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Purplle, Curefoods, Celbal Technologies, and JCB Salons. Based in Mumbai, BlackSoil reported over 30% year-on-year growth in debt fundraising, supported by a network of nine banks, five NBFCs, and more than 250 HNI families.

Moneyboxx Finance Secures INR 271 Cr to Boost Micro-Entrepreneur Support and Expand Operations

By
Garima Bansal
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0
Moneyboxx Finance Secures INR 271 Cr to Boost Micro-Entrepreneur Support and Expand Operations

Moneyboxx Finance Limited, a BSE-listed NBFC specializing in business loans for micro-entrepreneurs in Tier-III and lower regions, has announced a significant equity fund raise of up to INR 271 crore. This funding includes INR 158 crore through preferential equity and INR 113 crore through equity warrants, involving both promoters and non-promoters.

According to the official release, up to INR 186 crore of the total equity capital is expected to be infused by August 2024. This infusion will more than double the company’s current capital base to over INR 350 crore. The additional funds will strengthen Moneyboxx Finance’s capital position, support growth plans, and allow for investments in technology and operational efficiencies. This will enhance its role as a reliable financial partner for micro-entrepreneurs in underserved regions.

Deepak Aggarwal, Co-founder of Moneyboxx Finance Ltd, expressed excitement over the strong investor support, emphasizing their confidence in the company’s business model and growth prospects. Aggarwal stated that the fresh capital will enable Moneyboxx to extend its outreach and impact in rural India, providing crucial financial support to micro-entrepreneurs and contributing to their economic empowerment.

Originally founded in 1994 as Dhanuka Commercial Private Limited and rebranded as Moneyboxx Finance Ltd in 2019, this Mumbai-based NBFC serves underserved micro-entrepreneurs in essential segments like livestock, kirana, retail traders, and micro-manufacturers by offering unsecured and secured business loans ranging from INR 1–10 lakhs.

Operating across 107 branches in eight states, including Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, Bihar, and Gujarat,

claims to have disbursed over INR 1,200 crore to 1.5 lakh borrowers. Supported by 32 lenders, including major banks like State Bank of India, HDFC Bank, and Kotak Mahindra Bank, the company aims to expand to 160 branches and achieve an AUM of INR 1,400 crore by March 2025

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