Tuesday, November 5

Tag: Axis Bank

India’s leading Automobile Portal Cardekho Raises $110 Million Series C Funding
4Jan By NitishNo Comments
FUNDING

India’s leading Automobile Portal Cardekho Raises $110 Million Series C Funding

CarDekho, the flagship portal of GirnarSoft, on Thursday said it has raised USD 110 million (over Rs 770 crore) from various investors which it plans to utilise to expand its various business verticals. The company has raised the capital in a Series C funding with investments from Sequoia India, Hillhouse, CapitalG (Alphabet growth investment arm) and Axis Bank. “We plan to infuse the raised capital in used car business, insurance and finance verticals. These segments have huge potential to scale up and we are completely focused on getting them to a massive scale,” CarDekho CEO and co-founder Amit Jain told PIXR8 News. With this latest round of funding, the company has so far raised a total of USD 185 million, he added. CarDekho works directly with more than eight c...
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Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal
15May By Lavina TolaniNo Comments
BUSINESS

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

While foreign investments have been raining in Indian e-commerce marketplace, Foxconn Technology Group has announced another write off of an additional $40 million of its $200 million in e-commerce company Snapdeal. Earlier in August 2017, FIH Mobile had written in its annual report that its entire $200 million investment in Jasper Infotech ( Snapdeal owner and operator) cannot be recovered. Moreover, Foxconn had registered impairment loss of around $160 Mn for its investment in Jasper Infotech for six months and the loss period ended June 30, 2017. FIH Mobile, The subsidiary of world's largest contractor Foxconn has forecasted that the recoverable amount from its investment in Jasper Infotech is $3 Mn while citing the failed merger between Flipkart and Snapdeal as being one of th...
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Indian Regulator Says Axis Results Leaked, Orders Lender To Investigate
28Dec By reutersNo Comments
BUSINESS

Indian Regulator Says Axis Results Leaked, Orders Lender To Investigate

India’s market regulator ordered Axis Bank on Wednesday to conduct an internal investigation into a suspected leak of financial information and to strengthen its handling of such data, as part of a probe into messages about company results being circulated on private WhatsApp groups. The Securities and Exchange Board of India (SEBI) order comes after Reuters reported last month that Axis Bank was among 12 companies where messages about quarterly results or other key financial details had circulated through private WhatsApp chatrooms before their official release. The information on Axis Bank, which included key metrics on bad loans and net interest margins, “were either identical or matched closely with the figures” except for one metric, the regulator said in the order, published on...
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‘This Is The Best Time For Our Business’ Says Kunal Bahl
28Jul By RishabhNo Comments
Entrepreneurs Talk

‘This Is The Best Time For Our Business’ Says Kunal Bahl

Kunal Bahl comments on the sale of Freecharge to Axis Bank, says it will provide Snapdeal the "necessary boost in resources" to continue its e-commerce journey. Just hours after the deal was announced, Bahl wrote to employees seeking to assuage concerns saying Axis Bank intends to not just retain all Freecharge employees but also "invest significantly" in the team and brand. His comments also assume significance amid reports that the Snapdeal board is leaning towards selling the e-commerce company to Flipkart. Snapdeal earlier announced the sale of Freecharge to Axis Bank for $60 million, which was much lower than the price of $400 million for which it bought Freecharge  back in 2015. Bahl referred to the transaction with Axis Bank was "a great outcome". "They intend to retain...
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Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal
26Jul By AdityaNo Comments
ACQUISITION

Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal

India's third largest private sector lender Axis Bank Ltd is all set to buy digital payments platform Freecharge from Snapdeal for amount nearing Rs 400 Cr, a much needed relief for Snapdeal. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. By this acquisition, Axis Bank will get a popular digital payments platform and access to high-quality tech, which will give it an upper-hand over other banks. Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity. Paytm was also in the lead to acquire Freecharge but Freecharge chose to go with Axis Bank, due to higher bid. The sale of Freecharge will mark the most stunning co...
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Axis Bank To Use Tech Solutions Of Three Startups From Its Accelerator
22Jul By RishabhNo Comments
News

Axis Bank To Use Tech Solutions Of Three Startups From Its Accelerator

Axis Bank has selected three fintech startups from its 'Thought Factory' accelerator programme, to incorporate solutions in operational efficiency, lending and tax planning which  it will commercially deploy at its business units, it announced at an event in Bengaluru on Friday. The bank will collabborate with Pally, FintechLabs and Gieom out of the six startups, namely S2Pay, Pally, Perpule, FintechLabs, Paymatrix and Gieom, that ran in its first startup programme. "We identified three proofs of concept of solutions that will help improve our processes and offer new products to our customers," said Rajiv Anand, executive director at Axis Bank. "While the startups are free to partner with others, the solutions developed with Axis Bank will be exclusive." Palli is an AI stack-based for...
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Axis Bank In The Race To Acquire Freecharge
8Jul By RishabhNo Comments
ACQUISITION

Axis Bank In The Race To Acquire Freecharge

Axis Bank, India’s third largest private sector lender has emerged as one of the key-runner in the race to acquire e-commerce marketplace Snapdeal owned Freecharge, a digital payments platform founded by Kunal Shah. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. Axis Bank is currently conducting due diligence on FreeCharge. According to M&A experts, the deal may turn out to a be of USD 20-50 million to Snapdeal. FreeCharge was earlier acquired by Jasper in 2015 in a cash-and-stock deal estimated around USD 400-450 million in what was the largest acquisition of any Indian startup back then. Freecharge has been in continuous talks with many companies for the past one year, but nothing seem...
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Flipkart Will Provide Rs 75 Cr Loans to Sellers
25Aug By AnkitaNo Comments
News

Flipkart Will Provide Rs 75 Cr Loans to Sellers

E-commerce major Flipkart, after facilitating loans worth Rs 125 crore for sellers on its platform in last one year, is looking to help merchants avail credit facility of over Rs 75 crore in the next few months. The Bengaluru-based firm, which has partnered eight financial institutions including Axis Bank, Bajaj Finserv, NeoGrowth, Lendingkart and Capital First to offer collateral-free loans to sellers on its platform, has already disbursed Rs 125 crore worth of loans in the last one year. Under the Flipkart Growth Capital programme, launched in July last year, Flipkart sellers can avail loans with interest rates starting at 11.40 per cent, Flipkart said in a statement. The programme had received over 3,000 applications in the initial months of the launch and over 800 loans have b...
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