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Saudi’s Public Investment Fund to Invest in Lucid Motors

22Aug By Gauri SinghNo Comments

MIDDLE EAST

Saudi’s Public Investment Fund to Invest in Lucid Motors

Saudi Arabia-based public investment fund is reportedly looking to invest in Lucid Motors, a Newark, CA-based electric car maker which is also a rival of Elon Musk’s Tesla. The amount of the fund is expected to be more than $1 billion and the fund ownership of the company will be transferred as stated by the reports. Under this particular deal, the fund will provide an initial investment of $500 million and then make two subsequent investments if Lucid hits certain production targets. Lucid Motors was established in 2007 by Sam Weng (former Oracle executive) and Bernard Tse (former Tesla vice president). The companies that have backed Lucid include Venrock and Tsing Capital. Unlike Tesla, the company has yet to release any cars on the open markets. However, the previous year Lucid...

21Aug By Gauri SinghNo Comments

FUNDING

P2P Lending Firm Finzy Raises $1 Million in Second Tranche

Bengaluru-based P2P lending company Finzy has reportedly secured an amount of $2.3 million in funding, which included the first tranche of $1.3 million raised in March this year. In this tranche, the company raised the remaining $1 million. The names of the investors have not been revealed, however, the company stated that senior professionals of the banking and financial services industry and successful entrepreneurs took a part in the funding round. These funds raised by the P2P firm are being planned to be deployed in the geographical expansion, technology investment and stronger distribution networks. "Our seed investors also participated in this Pre-Series A round at more than 4 times valuation as compared to the seed round. This round will help us scale our business closer tow...

Cipla’s Ugandan Unit Expects to Raise $45 million from IPO

15Aug By Gauri SinghNo Comments

Market

Cipla’s Ugandan Unit Expects to Raise $45 million from IPO

India’s pharmaceutical giant Cipla’s Ugandan unit is reportedly aiming to raise $45 million from initial public offering (IPO). The company priced its IPO at 256.5 shillings per share. This amount is expected to be raised from its listing on the Kampala stock exchange next month. Cipla Quality Chemical Industries is majority owned by India's third-largest drugmaker and is selling 657,179,319 shares or an 18 per cent stake in the company. In this regard, the company has stated that each of its shareholders would be “selling a minority of their stakes” in the IPO and also the transaction and potential listing had gained regulatory approvals. The company expressed as part of its growth strategy, it “has been evaluating an initial public offering and listing of its issued share capital ...

Restaurant Chain Barbeque Nation Raises Pre-IPO Funds From Jhunjhunwala

25Jul By AnkitaNo Comments

Market

Restaurant Chain Barbeque Nation Raises Pre-IPO Funds From Jhunjhunwala

One of the top investor Rakesh Jhunjhunwala's co-founded firm, Alchemy Capital Management, has recently invested Rs 80-90 crore in CX Partners-backed casual dining restaurant chain Barbeque Nation Hospitality Ltd before the IPO placement. “Alchemy Capital has picked up a minority stake in Barbeque Nation through Alchemy India Fund for a consideration of around ₹80-90 crore. The pre-IPO placement valued the company at ₹2,300-2,400 crore”. According to the reports, The capital will be used to build new restaurants and also for repayment of debt. In 2013, CX Partners had invested in the restaurant chain, Alchemy Capital was set up in 1999. The first Barbeque-Nation restaurant was launched in 2005. The company operated 81 restaurants across 42 cities in India and one in Dubai till 30 J...

5Sep By reutersNo Comments

CHINA

This Is Probably The End Of Bitcoins In China

China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising. ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight. Individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, said a joint statement from the People’s Bank of China, the securities and banking regulators and other government departments, that was posted on the central bank’s website. The prices of bitcoin and ethereum, two of the largest cryptocurrencies, slumped after the announcem...

Bihar Govt Approves Start Up Policy For Entrepreneurs

7Sep By Press Trust of IndiaNo Comments

INDIA, News

Bihar Govt Approves Start Up Policy For Entrepreneurs

The Bihar government today gave its nod for the launch of a Start Up venture capital fund which will encourage young entrepreneurs in the state to start new ventures. The approval to the Start Up policy, 2016 was given at a meeting of the cabinet presided over by Chief Minister Nitish Kumar. The Start Up venture capital of Rs 5,000 crore formed part of the CMs seven resolves, which the grand secular alliance government has adopted as policy of governance for the next five years. The cabinet gave its nod to 31 proposals of different departments at the meeting this evening, Principal Secretary Cabinet Coordination department Brajesh Mehrotra told reporters. The state cabinet gave its go ahead to Information and Public Relations Department proposal to revise advertisement rates as par...

SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

24Apr By AnkitaNo Comments

News

SIDBI Sanctioned Rs 1,000 crore to 30 Venture Funds

The Small Industries Development Bank of India (SIDBI) has sanctioned Rs Rs 1,416 crore crore to 30 venture funds through the government-financed India Aspiration Fund, which seeks to support startups in their early stages. Earlier this month, SIDBI signed a memorandum of understanding with Life Insurance Corporation of India under which the government-owned company would contribute 10% of the fund as a co-investor. "We got many proposals from funds, out of which 35 proposals were recommended by the VCIC to our executive committee. We have already approved 30 of the proposals worth Rs 1,000 crore," Shivaji said. The proposals are from venture funds such as IvyCap Ventures, Blume Ventures and Exfinity Venture Partners. SIDBI will provide these funds about 15% to 20% of their total ...