Monday, May 27

Tag: finance

Bloomberg would sell Media business if elected US President
USA

Bloomberg would sell Media business if elected US President

Mike Bloomberg would sell the media and other businesses he created in the 1980s which bears his name and made him a multibillionaire if he is elected US president, a top adviser has said. Bloomberg would put Bloomberg LP into a blind trust, and the trustee would then sell the company, adviser Tim O'Brien said Tuesday. Proceeds from the sale would go to Bloomberg Philanthropies, the charitable giving arm that funds causes from climate change to public health and grants for American cities. The only restriction Bloomberg would put on the sale is that it not be sold to a foreign buyer or a private equity company, O'Brien said. Bloomberg, a Democrat, is currently chief executive of the company. "We want to be 180 degrees apart from Donald Trump around financial conflicts of interest...
Fintech Firm Svasti Raises USD 10 mn
FUNDING

Fintech Firm Svasti Raises USD 10 mn

11th Nov, 2019: Svasti Microfinance has raised a funding of USD 10 million (about Rs 71 crore) for expansion of branch network and increasing MSME financing. Till date, Svasti has raised a total capital of USD 17 million. The capital was raised from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group, the Mumbai-based company said in a release. "Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions," the release said. A portion of the funds raised in the current round is being used to provide full exits to Michael and Susan Dell Foundation and Bamboo Financial I...
Ways to Improve Your Lifestyle in 2019
BLOGS

Ways to Improve Your Lifestyle in 2019

Maybe it’s just us, but it seems as if every time you turn on the news these days, people are struggling more than ever before. Everyone is at odds with one another, our environment is in jeopardy, and stress feels like it’s omnipotent. The most important thing to realize in times like this is that the only thing you can control is you. It’s actually quite liberating once you embrace this, as life seems a lot less intimidating. Don’t let this year get the better of you. All you need is some inspiration on ways to improve your lifestyle in 2019 and, for that, we’ve got your back...well, really, your soul. Embrace Mindfulness This can seem like a bunch of new age hooey depending on your viewpoint, but the importance of mindfulness has been proven time and time again. With roots in Bud...
Demonetisation was Executed Poorly, Introduction of 2000 Notes was a bad idea: Uday Kotak
Entrepreneurs Talk

Demonetisation was Executed Poorly, Introduction of 2000 Notes was a bad idea: Uday Kotak

Mumbai:  Speaking at former chief economic advisor Arvind Subramanian's book launch, the MD of Kotak Mahindra Bank said that the outcome of the controversial demonetisation would have been "significantly better" if "simple things" like cancelling the introduction of higher denomination Rs 2,000 notes. The executive vice chairman and managing director of the fourth largest private sector lender Kotak Mahindra Bank has also said small businesses are in a difficult situation at present and has welcomed the government focus to revive the sector. On demonetisation, he said the outcomes would have been different if it was planned well. "I think we would have had significantly better outcomes, if we had just thought about simple things. If you are taking out Rs 500 and Rs 1,000 notes, why ...
IL&FS Soon to be Bankrupt, What Went Wrong?
Story

IL&FS Soon to be Bankrupt, What Went Wrong?

The Indian Government has reportedly taken control of Infrastructure Leasing & Finance (IL&FS) following the approval from the Insolvency & Bankruptcy Court in Mumbai. The country’s leading infrastructure finance company IL&FS has defaulted on payments to lenders triggering panic in the markets.   What is IL&FS? Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian infrastructure development and finance company which operates through more than 250 subsidiaries including IL & FS Investment managers, IL & FS financial services and IL&FS Transportation networks India Limited (ITNL). IL&FS is popularly known for building the Chenani-Nashri tunnel -- India’s longest road tunnel at 9 km. The company is a complete end-to-...
India’s Financial Platform Muthoot Capital Posted Three Fold Profit
BUSINESS

India’s Financial Platform Muthoot Capital Posted Three Fold Profit

Non-Banking Financial Company (NBFC) Muthoot Capital said that their net profit jumps three-fold from Rs 6.1 Crore to Rs 20.6 crore in the first quarter ending June 2018 compared to the June 2017 period. The total revenue of Muthoot Capital also registered a growth of 56.2% in 2018.  The total revenue increased to Rs 124.2 crore during the quarter ending June 2018, from Rs 79.5 crore during the same period last year. The Company's portfolio includes commercial and consumer finance products, such as vehicle loans, gold loans, loans against property, bonds, deposits, investment products and advisory services. The Company also disburses loans against property, shares, gold exchange-traded funds (ETFs), small and medium enterprises (SME) loans, mortgage loans, leasing and hire purchase l...
Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore
FUNDING

Hyderabad based Fintech Firm BASIX Sub-K raises 35 Crore

Hyderabad-based financial company BASIX Sub-K iTransactions Ltd has raised Rs. 350 million funding to deepen their efforts towards greater financial inclusion in India. The funds were raised from global nonprofit and financial inclusion pioneer Accion, and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU). The company will use this large funding amount for business growth in small cities and rural area by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Also, the amount will use to make the platform tech enable. The company position itself as a preferred FinTech as well as distribution partner...
P2P Lending Platform Faircent Raises Series B Round Of Funding
FUNDING

P2P Lending Platform Faircent Raises Series B Round Of Funding

Peer-to-peer lending platform Faircent has raised $4 million in a Series B round of funding from Belgium based impact investor Incofin Investment Management. The round also saw participation from non-banking finance company Muthoot Fincorp, NY based Elevate Innovation Partners, Japanese investment fund Das Capital, and Singapore-based early-stage investor Starharbor Asia Pte Ltd, a press release by the company stated. Its existing investors JM Financial Services, 3one4 Capital, Aarin Capital and M&S Partners were also present in the funding round. Founded back in 2013, by Rajat Gandhi, Vinay Mathews and Nitin Gupta, the Faircent marketplace connects curated and verified borrowers and lenders. The company had earlier raised around $2.08 million. “These are exciting times ...
India Jumps 30 Places Up, In Top 100 World Bank’s Ease Of Doing Business Rankings
INDIA, News

India Jumps 30 Places Up, In Top 100 World Bank’s Ease Of Doing Business Rankings

India has jumped 30 places up massively and made its place at 100 in the World Bank's ease of Doing Business. India has secured its place in the Top 100 list for the first time, driven by reforms in access to credit, power supplies and protection of minority investors. Doing Business in India has become much easier now as per the report over the past one year. The list shows 190 countries which is an influential barometer of competitiveness among countries that likely also helps businesses make investment decisions. “India’s performance is not based on efforts of just one year but consistent efforts made over the last three years to continuously improve the regulatory environment of doing business,” Annette Dixon, vice president South Asia, told a press conference. India is the only l...
G20 Hamburg Action Plan Praises India For Promoting Startups at G20 Summit 2017
INDIA

G20 Hamburg Action Plan Praises India For Promoting Startups at G20 Summit 2017

Acknowledging steps being taken by India for sustainable and inclusive growth as well as support to global economy, the G20 has praised the initiatives in the country for promoting ease of doing business, startup funding and labour reforms. In its Hamburg Action Plan, adopted at the G20 Summit of leaders from the worlds 20 largest economies, the group also noted that "in the financial sector, India is popularising a number of derivative instruments in exchanges or electronic trading platforms" as part of measures to enhance resilience of its economy. The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major economies. Currently, these are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy...
How Loan Frame Funding For Business Boosting MSME Sector in India
News

How Loan Frame Funding For Business Boosting MSME Sector in India

Micro, small and medium enterprises have a vital role in providing employment opportunities in India. The MSME sector also has a relatively lower capital cost compared to large industries. They also help in the development and industrialisation of rural areas. However, one major challenge that the sector faces at present is the non-availability of fast business loans and loans for UK companies.. Despite the difficulty of funding for business, MSMEs have been flourishing in recent years. The Indian economy is expected to become one of the leading economies in the world. Experts have estimated that the by 2025, the economy will hit the $5 trillion mark. And the backbone of the economy is the MSME sector.   Challenges that the MSME Sector Faces MSME sector provides job opportunities,...
India Will Receive $35-40 Billion Worth Impact Investments By 2025
INDIA

India Will Receive $35-40 Billion Worth Impact Investments By 2025

India is projected to see impact investments worth up to USD 40 billion by 2025 as the country is in a "sweet spot" with high potential to deliver solutions for various problems, according to global grouping GIIN. Based in New York, the Global Impact Investing Network (GIIN) is a not-for-profit group that works to promote impact investments and has around 230 members. Generally, impact investments refer to those made with the aim of having a social and environmental impact along with the investors getting financial returns. GIINs Advisor for South Asia, Anil Sinha said, there has been tremendous development in India around impact investing activities in the last five years and the country is in a sweet spot. "In India, about USD 4 billion has been invested as part of impact inv...