Friday, April 19

Tag: SME

Micro-Lender Aye Finance Raises $3.8 Mn From Hinduja Leyland And Others
19Feb By Sabhyata AgarwalNo Comments
FUNDING

Micro-Lender Aye Finance Raises $3.8 Mn From Hinduja Leyland And Others

Aye Finance, a Fintech company providing loan to micro, small and medium enterprises has raised $3.8 Mn (INR 25 Cr) from three investors including including Hinduja Leyland Finance and IntelleGrow. The investment took place through a securitisation deal, facilitated by Vivriti Capital. Aye Finance, which was founded by bankers Sanjay Sharma and Vikram Jetley in 2014, have previously secured $6.28 million from IFMR which happened less than a month ago. It also bagged $1.5 Mn (INR 10 Cr) in a similar kind of  securitisation deal in July 2017. Speaking of the current funding and two of the investors Hinduja Leyland Finance and IntelleGrow, Sanjay Sharma, Co-Founder and Managing Director of Aye Finance said, “I believe if India has to rise with a social balance, the micro businesses at ...
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Indian Economy On ‘Very Solid Track’: IMF Chief Lagarde
15Oct By Press Trust of IndiaNo Comments
INDIA

Indian Economy On ‘Very Solid Track’: IMF Chief Lagarde

IMF chief Christine Lagarde has said the Indian economy is on a "very solid track" in the mid-term, days after the International Monetary Fund lowered its growth forecast for the current and the next year. Describing the two major recent reforms in India - demonetisation and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result. The IMF last week lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST. RELATED Indian Government Makes Changes in GST, Relief to SMEs and Exporters It also lowered the country's growth for 2018 to 7....
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Yes Bank Gets Another $150 M From OPIC To Fund SME Lending
14Jul By Press Trust of IndiaNo Comments
FUNDING

Yes Bank Gets Another $150 M From OPIC To Fund SME Lending

Private sector Yes Bank has received another round of USD 150 million funding from US government and Wells Fargo to fund SME lending. This is the third round of funding as part of arrangement between the Overseas Private Investment Corporation (OPIC) US government development finance institution and Wells Fargo, with the objective to increase lending to small and medium enterprises in India. OPIC will provide USD 75 million in financing to Yes Bank and up to USD 75 million as a syndicated financing from Wells Fargo Bank, a part of financial services provider Wells Fargo & Company. This is the third transaction between OPIC and Yes Bank and comes close on the heels of last years USD 265 million OPIC facility, which the bank will use to extend SME financing in India, Yes Bank sa...
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Indian Government Launch Exclusive Scheme For Women Entrepreneurs
7Jan By NitishNo Comments
INDIA

Indian Government Launch Exclusive Scheme For Women Entrepreneurs

The Indian Government would shortly launch an exclusive scheme for women entrepreneurs, a senior official in the Ministry of Micro, Small and Medium Enterprises (MSME) said today. "It will be an exclusive scheme for women entrepreneurs. We have not yet finalised the contours (of the scheme). Hopefully, we will launch it before the end of the financial year," B H Anil Kumar, a Joint Secretary in the Ministry, told reporters here. Earlier, he launched myloanassocham.com, a portal, industry body ASSOCHAM said, that provides MSMEs online access to funds at an affordable rate from a mix of banks and financial institutions. Kumar said the figures that the MSME sector contributes 8 percent to the country's GDP, 45 percent of the manufacturing output and 40 percent of the exports are b...
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Sundar Pichai Announced Google Digital Unloack Initiatives For Small, Medium Business
4Jan By AnkitaNo Comments
News

Sundar Pichai Announced Google Digital Unloack Initiatives For Small, Medium Business

Technology giant Google today announced a slew of initiatives, including a new app Primer and training modules under its My Business offering, as it looks to further tap the 51-million strong small and medium businesses (SMB) market in India. Making the announcements, Google's India-born CEO Sundar Pichai said the company is working on products for India that can be expanded globally. "When we solve for a place like India, we solve for everyone around the world. That has led us to grow our team here and spend more time and ensure the products are useful for everyone," he said. Google's My Business will help small businesses set up website from their mobile devices and all they need is a smart phone and a few minutes, he said. The company has also launched Digital Unlocked, an educati...
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Like Emerge App Why Your First B2B SaaS Should Be Free
18Nov By PriyankaNo Comments
Story

Like Emerge App Why Your First B2B SaaS Should Be Free

A good product often is the lifeline of many startups, and represents the collective dreams of the team. A good product should also be free or really low cost, if the company is looking to genuinely make society for the better. To that end, we want to offer our software free for the first user of each company. More than just making a quick buck, we want to bring real value to SMBs, of which there are 50 million in India alone. Interested? EMERGE App is tackling a major headache that trading and distribution companies have as more avenues have opened up for consumers and companies to interact. Order processing and inventory management solutions are highly sought after, numbering about 77 million results alone in Google, as companies need to cut down the inefficiencies, save costs, ...
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Bengaluru Based KredX Raises $6.25 Million Series A Funding
25Oct By PriyankaNo Comments
FUNDING

Bengaluru Based KredX Raises $6.25 Million Series A Funding

Invoice discounting marketplace, KredX has raised USD 6.25 million in Series-A round of funding led by Sequoia India. Company’s existing investor Prime Venture Partners also participated in this round and had earlier invested USD 750,000 in April of this year. The funding will be used by KredX to strengthen its technology, data and sales functions within the company. Bangalore-based KredX, Formerly known as Mandii is an online marketplace for SME lending that connects enterprises looking for financing and investors looking to earn higher short-term yields with lesser risk. Borrowers can upload payment pending invoices or post-date instruments of their customers, select from among the best bids available and receive funds. Investors can view invoices, PDIs from SMEs along with cred...
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SMEs Raise 185 Crore Through IPOs in FY17
7Sep By AnkitaNo Comments
BUSINESS

SMEs Raise 185 Crore Through IPOs in FY17

Riding on upbeat market sentiment, as many as 23 small and medium enterprises (SMEs) got listed on capital markets with initial public offerings worth Rs 185 crore in the current fiscal. In comparison, 44 SMEs raised a total of Rs 290 crore in the entire last financial year (2015-16). "Indian primary market has witnessed spectacular revival in last few months, which is not limited to large IPOs like Mahanagar Gas or Quess Corp. Public share sales of smaller companies on the dedicated SME boards of stock exchanges, too, have been on a hot streak," Pantomath Group Managing Director Mahavir Lunawat said. A total of 23 firms made debut on the SME platform in 2016-17 so far, while a total of 28 companies filed their draft prospectus in the past fiscal to raise funds through an initial publ...
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Facebook sets up SME Council in India
6Dec By Press Trust of IndiaNo Comments
News

Facebook sets up SME Council in India

Social media giant Facebook, which has over two million Indian small and medium businesses (SMBs) on its platform, has set up a SME Council to help small ventures from various industries share feedback and discuss ideas around leveraging technology to grow their enterprise. This is the second SME Council set up by Facebook globally, the first one being in the US. Over 45 million small businesses actively use Facebook Pages to connect to their consumers. "Small businesses are the backbone of India's economy. From kirana stores to restaurants and online clothing sites, these businesses drive economic growth, create new jobs and enrich the lives of people across the country," Facebook India Managing Director Kirthiga Reddy told PTI. Facebook is focussed on helping people connect, i...
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