Finance
Chennai Angels explore investment opportunities at Sri City SEZ
A delegation from Chennai Angels, comprising 19 members, visited Sri City to assess investment opportunities and business operations within the Special Economic Zone. Led by K Mahalingam, the delegation received insights from Sri City's Founder, Ravindra Sannareddy, on infrastructure and sustainability. The visit included tours of manufacturing facilities of Daikin, Isuzu, and Colgate.
L Catterton's India fund raises $200 million in first close
L Catterton's India-dedicated consumer fund, in partnership with Sanjiv Mehta, has achieved its first close at $200 million, aiming for a total of $400 million with a $200 million greenshoe. The fund will concentrate on providing growth capital to mid-market consumer companies, securing commitments from IFC and Kotak Private clients.
Amazon completes Axio acquisition, secures access to direct lending business in India
Amazon has finalized its acquisition of Axio, an Indian non-bank lender, securing a direct lending license in India. This move allows Amazon to offer credit products directly on its platform, including checkout loans, and explore new credit solutions for customers and small businesses. Axio will operate as a separate entity under Amazon, expanding Amazon's fintech presence in India.
Mizuho’s India deal with Avendus is said to stall on valuation
Mizuho Financial Group's attempt to acquire a majority stake in Avendus Capital has encountered obstacles due to disagreements over valuation and KKR's exit strategy. Despite the current challenges, negotiations are still in progress, with both parties striving to finalize the deal. This potential acquisition follows Sumitomo Mitsui's investment in Yes Bank, highlighting Japanese lenders' growing interest in the Indian market.
Promoter group firms infuse Rs 3,956 crore in Jio Financial
Jio Financial Services Ltd (JFSL) has received Rs 3,956 crore from promoter group companies, Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd, through the allotment of 50 crore warrants to fund expansion. Each company received 25 crore warrants at Rs 316.50 per unit.
Vishakha Mulye named Aditya Birla Capital's new MD & CEO for five years
Aditya Birla Capital has appointed Vishakha Mulye as its new MD and CEO, effective September 1, for a five-year term. Mulye's 'One ABC, One P&L' strategy has driven growth and profitability, focusing on digital transformation and simplified finance. Rakesh Singh has also been appointed as Executive Director and CEO (NBFC), expanding the company's lending and wealth management solutions.
IIFL Home Finance strengthens leadership team, Girsih Kousgi likely to take the top slot
IIFL Home Finance is bolstering its leadership team with the appointment of Ajay Sachdewa as group chief business officer and Aarti Marwaha Upadhyay as chief human resources officer. The company is also in the process of appointing Girish Kousgi as its new CEO, following Monu Ratra's resignation. These strategic moves aim to enhance business execution and strengthen customer engagement.
CMS Info Systems to replace 1,000 ATMs for India Post Payments Bank
"One of the big wins we had was with the department of post. This was a former customer of AGS, and when they shut down, the department decided to close their sites and relaunch," said Anush Raghavan, chief business officer, CMS, in an interaction with ET. "We helped evacuate the old ATMs, won the contract, and are now deploying 1,000 new machines across post office locations."
Operational creditors trail financial lenders in spurring insolvency cases
Data reveals a shift in insolvency case initiations, with operational creditors now trailing financial creditors for the first time since fiscal 2017, suggesting a growing preference for out-of-court settlements. While financial creditors initiated slightly more cases overall, operational creditors dominated resolutions for smaller defaults, indicating a strategic approach to debt recovery. Cumulatively, creditors recovered ₹3.96 lakh crore in resolved cases.
Microfinancier Spandana Sphoorty faces slow recovery amid CEO exit, high employee turnover
Spandana Sphoorty Financial faces a challenging recovery due to leadership changes and high employee turnover, impacting operational efficiency. Rating agencies have downgraded the microfinancier's debt instruments following significant losses and a sharp decline in assets under management. The company anticipates continued losses and pressure on performance despite recent capital infusion through a rights issue.
Must Watch
AHPI revokes its decision to suspend cashless medical payments for Bajaj Allianz customers
Bajaj Allianz and AHPI resolved a dispute, ensuring uninterrupted cashless healthcare access for policyholders. AHPI, representing over 20,000 hospitals, had threatened to suspend cashless facilities. Dr. Tapan Singhel emphasized the need for a healthcare regulator to prevent future disruptions and safeguard citizens' interests. A similar notice was sent to CARE Health Insurance.
Low investment optimism among private corporates, total cost of pvt sector project declines 6% in FY25: RBI study
RBI economists' study reveals a 6% decline in private sector project sanctions by banks and financial institutions in FY25, totaling Rs 3.67 lakh crore. Despite lower investment announcements and cautious optimism, greenfield projects dominate, signaling potential capacity expansion. Private sector capital expenditure is projected to rise 21% in FY26.
Jio Payments Bank to allow customers to invest idle deposits in overnight MFs
Jio Payments Bank plans to introduce 'Savings Pro,' an innovative savings account that auto-invests idle cash in overnight mutual funds for higher returns. The bank, serving over 25 lakh customers, aims to diversify revenue streams through various services and strategic tie-ups. Jio Financial Services focuses on unit economics and responsible growth, leveraging AI and analytics to enhance financial services.
Mastercard partners with Infosys to scale cross-border payments
Infosys has partnered with Mastercard to integrate Mastercard Move's cross-border payment capabilities into Infosys Finacle. This collaboration aims to provide financial institutions with faster and more secure access to global money movement, reaching over 200 countries and 150+ currencies. The integration will enable seamless digital payment experiences for customers, enhancing loyalty and improving financial experiences.
Arohan Financial Services eyes 20 pc growth in outstanding loan portfolio
Arohan Financial Services anticipates a 20 percent growth in its loan portfolio this fiscal year. Last year, their portfolio stood at Rs 6,100 crore. They operate through 1,102 branches, serving 21 lakh customers. In the previous fiscal year, the company reported a net profit of Rs 110 crore. Arohan emphasizes the need for long-term capital in the microfinance sector.
Bankers expect little risk to credit growth, asset quality from US tariffs
Indian banks are exercising caution as the 50% US tariff takes effect, but leading bankers anticipate a limited impact on credit growth and asset quality due to small export credit outstanding. While certain sectors like gems & jewellery and textiles face higher exposure, the government is expected to provide fiscal relief, and exporters will likely diversify into new markets.
