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India: IL&FS board may pitch for a govt bailout
The IL&FS board, chaired by Kotak Mahindra Bank Ltd's managing director, Uday Kotak, is likely to pitch the centre for a government bailout. In case the government bailout also falls through, the newly constituted IL&FS board will have to work on alternative plans to raise capital. In 2008, post the collapse of Lehman Brothers, the US government started an emergency bailout programme called the Troubled Asset Relief Program (TARP).
Netflix mulls low-cost plan to grow in India
Video-streaming giant Netflix plans to experiment with its pricing models to grow user base in India and other markets. Even on the existing model, we feel like we have a long runway ahead of us in India, said Greg Peters, chief product officer, Netflix, in Wednesday's post-earnings call. Netflix is currently the most expensive video-streaming service in India, with monthly subscription plans starting at Rs 500, more than double of its rivals in India.
Faasos’ owner wants $100 million to expand
The round, which has already seen entry of new backers Sistema Asia Fund and UAE-based Evolvence, values the company at $200-220 million, according to persons cited earlier. Jaydeep Barman, chief executive, Faasos, declined comment. Sources also said some of Faasos' early investors are likely to either completely or partially exit in an ongoing secondary transaction.
Oyo forays into long-term rental sector, targets young professionals migrating to new cities
Budget hotel chain Oyo Rooms, which raised $1 billion from SoftBank and others last month, is entering the long-term housing rental segment. A significant part of the fresh funds raised by Oyo will be allocated for this new business. To nudge property owners to lease their properties, Oyo is assuring guaranteed rental yields. We are targeting young professionals who are typically in their first or second job and migrating into new cities.
'PayPay' in Japan with Paytm's QR-tech
Paytm had formed a joint venture called 'PayPay' corporation with SoftBank and Yahoo Japan, and its first offering is a smartphone-based settlement service that allows users to store money from a bank account in their PayPay wallet and make payments with it. Paytm said it is built around its QRtech which it has deployed in India to allow customers to make offline payments.
Urban Ladder to push budget offerings
The company is set to sharpen its focus on lower-priced products and ensure this segment comprises 20% of its entire merchandise. Co-founder Rajiv Srivatsa said the decision to introduce more products in this segment was based on feedback from customers. While Urban Ladder has so far focused only on the core and premium-price segments, we will now also play in the intermediary price segment, said Srivatsa. Srivatsa said the decision to offer more products and cheaper price points had nothing to do with Ikea's launch.
Fashion House of Pataudi built on Myntra platform
In a bid to tap into the largely unorganised ethnic wear market, online fashion platform Myntra has launched an ethnic brand with actor Saif Ali Khan. Known as 'House of Pataudi', Myntra co-owns majority of the brand along with Khan and Exceed Entertainment. In the meantime, Myntra already has plans to launch stores for some of its other private labels. While Roadster is the company's fastest growing outdoor lifestyle brand, HRX is actor Hrithik Roshan's athleisure brand, whose majority stake is owned by Myntra.
Flipkart's Sachin Bansal and Ola's Bhavish Aggarwal: Cut from the same cloth
This time, the wishes of a billion Indians, mine included, are riding in his cab, wrote Sachin Bansal for Bhavish Aggarwal in Time magazine earlier this year. Bansal, who co-founded Flipkart, sold his entire stake to Walmart, scripting one of the largest, real home-grown venture capital backed tech exit in actual cash realizations. It is no secret that Aggarwal is at loggerheads with his two most significant backers-Tiger Global and SoftBank Group Corp.
Private investors sitting on $40b cash pile targeting India bets
Dry powder, or the collective pile of investible capital available with private investors, in India is at about $40 billion, according to an analysis by audit and consulting firm EY. According to an earlier article in Mint, the dry-powder was at a six year high of $7.1 billion last year. In certain sectors, we do have a dynamic of too much private capital chasing few good opportunities, said Sameer Sain, co-founder and CEO, Everstone Group.
Morgan Stanley arm in talks to invest $55m in KSH Group's warehouse assets
A real estate fund managed by Morgan Stanley is in advanced talks with Pune-based KSH Group to invest around 400 crore in its warehousing assets, said two people aware of the development. The group operates through various companies such as KSH Distriparks, KSH Logistics, KSH Infra, KSH International and Waterloo Distributors. They have been in talks to raise funds for their warehousing business, which currently operates assets in the city of Pune.
Cube Wealth raises Series A funding from Beenext, 500 Startups, others
Financial planning start-up Cube Wealth has raised 14 crore in a Series A round, the company's founder and chief executive officer (CEO) Satyen Kothari said. The investors that participated include Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups, a US-based early stage venture fund, Kothari said over the phone. Cube Wealth helps manage investment portfolios and provides investment advice from registered advisers.
Essar Steel lenders select ArcelorMittal as preferred bidder
Lenders for Essar Steel India Ltd., the biggest steel mill on the block under India's new bankruptcy law, have selected ArcelorMittal as the preferred bidder for the asset, bringing the world's largest steel maker a step closer to gaining a foothold in India's growing market for the alloy. Arcelor, controlled by billionaire Lakshmi Mittal, will now begin final negotiations with creditors, the Luxembourg-based producer said in a statement.
China is funding the future of American biotech
As Chinese investors continue to shift their strategies towards life science and biotech, China is emphatically positioning itself to be a leader in medical investing with a growing influence on the world's future major health institutions. Past waves of biotech startups often focused on other immunologic treatments that used genetically-modified antibodies created in animals. The boom in China's life science industry has left valuations lofty and cross-border investment and import regulations in China have improved.
India: Budget hotel brands Treebo and FabHotels initiate merger talks
Budget hotel brands Treebo and FabHotels have initiated merger talks, as investor appetite to fund hotel startups is waning following the massive funding round by market leader Oyo Rooms, three people familiar with the matter said. Oyo, India's largest and fastest-growing hotel chain, had secured $800 million from the SoftBank Vision Fund last month. Treebo and FabHotels have been trying to raise fresh capital, but potential investors have so far shied away from putting money into companies competing with SoftBank-backed Oyo, the people said.
Why 'go big or go home' advice for entrepreneurs is total bunkum
By 2008, a golden generation of entrepreneurs had already built massive companies like MakeMyTrip, Naukri, BharatMatrimony, Shaadi, Bookmyshow, etc. Standing on the sidelines, I was now witnessing yet another wave of digital businesses in the form of Flipkart, Zomato, Freecharge and Paytm. Dragging me down in my own estimation was the baggage of a decade of experience and nothing comparably grand to show for it.
Tendulkar-backed Universal Sportsbiz gets Rs 100 crore more from Accel
Sachin Tendulkar-backed celebrity fashion company Universal Sportsbiz has raised nearly Rs 100 crore from Accel and its Growth Fund, with its valuation rising to Rs 1,200 crore post the round. The board resolution for infusion of Rs 99.2 crore was passed on Wednesday. The company had earlier this year also raised debt funding of Rs 30 crore from venture debt firm Alteria Capital. Universal Sportsbiz launched its brand Wrogn with cricketer Virat Kohli for men's fashion apparel and Imara for women's ethnic wear in 2015.
IvyCap Ventures announces Angel Fund with Rs 60 crore corpus
Vikram Gupta founded IvyCap Ventures has announced an Angel fund with a target corpus of up to Rs 60 crore that is to be deployed into earlier stage startups. With this fund, the VC looks to take upon riskier bets engaging themselves in Seed, pre-Series A, and Series A rounds. The VC firm already has two funds in place, maiden fund and fund II, and had announced a venture debt fund last month with a target corpus of Rs 500 crore.
InnoVen Capital pours in $3 Mn debt fund in TravelTriangle
Holiday travel marketplace TravelTriangle has raised $3 million in debt funding from Singapore's Temasek Holdings-backed InnoVen Capital. This is the second round of capital infusion from the venture debt investment. TravelTriangle connects users with travel agents online, fetches price quotations, customize holiday trips and helps make bookings. In April, Nandan Nilekani and Sanjeev Aggarwal founded mid stage fund Fundamentum had led $12 million Series C round in TravelTriangle.
India Quotient to partially exit ShareChat in secondary share sale with 25-30X returns
Ankush Sachdeva's ShareChat has been in the limelight for raising humongous funds for the past few months. Separate from the stake on sale, India Quotient still holds 5 per cent stake in the company which amounts to approximately Rs 165 crore. Chinese VC Hillhouse Capital is poised to pick up a 1-2 per cent stake through this secondary share sale. It had taken an exit from large Chinese companies like Meituan, Mobike, and JD.com as well.

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