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Saswat Finance raises $2.6 Mn from Ankur Capital, others

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Mumbai-based fintech startup Saswat Finance has secured $2.6 million in a pre-Series A funding round led by Ankur Capital, with Incubate Fund Asia reaffirming its support by participating in this round as well.

The company plans to utilize the newly raised capital to strengthen its technology infrastructure, introduce innovative financial products, and expand its footprint across Maharashtra, Karnataka, and Uttar Pradesh.

Established in 2022 by Arun Tiwari, Indrajyoti Bhattacharjee, and Ravi Ranjan Chaudhary, Saswat Finance is developing a tech-driven rural finance platform that uses both conventional and alternative data sources to enhance credit accessibility for smallholder farmers and micro/nano enterprises.

Saswat Finance’s proprietary platform seamlessly facilitates efficient credit origination, digital loan collections, and insurance distribution. Initially, its services focus on cattle loans, insurance products, and para-veterinary support. Moreover, the platform leverages unique data points—such as milk production levels, cash flow patterns, and geographic indicators—to deliver more accurate risk assessments and offer tailored financial solutions that meet the specific needs of rural customers.

“This new funding will empower us to advance our mission by investing in technology, deepening our reach, and aggressively scaling our operations,” said Arun Tiwari, CEO and Co-founder of Saswat Finance. “Saswat is uniquely positioned at the intersection of fintech, agritech, and insuretech to redefine access to financial services for underpenetrated segments.”

Saswat Finance claims to have established strategic partnerships with key players in the dairy cooperative ecosystem, including AMUL, Britannia, Schreiber Dynamix, and Hatsun. Additionally, the startup has joined hands with insurers like Iffco Tokio and AIC, along with lending institutions such as RBL Bank and Ambit Finvest. These collaborations aim to enhance the startup’s distribution reach and product offerings, reinforcing its position in the rural financial services landscape.

Krishnan Neelakantan, Partner at Ankur Capital, remarked, “Saswat is addressing a critical market gap by using their tech platform and leveraging alternative data for delivering substantial value at the last mile.”

Rajeev Ranka, Partner at Incubate Fund Asia, added, “We are delighted to double down on our partnership with a team that combines strong financial services expertise with execution capability.”

Saswat Finance’s successful pre-Series A round marks a significant step in its mission to revolutionize rural lending through data-driven financial solutions. By combining technology with deep ecosystem integration, Saswat Finance aims to bridge the credit gap for smallholder farmers and micro-entrepreneurs, driving financial inclusion in underserved regions of India.

Lords Hotels & Resorts has announced the appointment of Prasad Bal as the new Associate Vice President – Revenue and Distribution

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With over a decade of experience in revenue strategy, distribution management, market analysis, and dynamic pricing models, Bal brings valuable expertise to the Lords Hotels team.

In his new role, he will be responsible for optimizing distribution channels and maximizing revenue through proactive selling strategies and targeted action plans. He will also play a vital role in reinforcing the brand’s leadership in the hospitality landscape.

Congratulating Bal on the appointment, Vikas Suri, Vice President – Operations and Development, commented:
“We are thrilled to have Bal take on the role of AVP – Revenue and Distribution. His extensive experience in revenue management will be a great asset to the group. His appointment also reflects our commitment to attracting the best talent.”

Expressing his enthusiasm, Bal said: “Joining Lords Hotels & Resorts is an exciting opportunity to apply my expertise in revenue management. I look forward to contributing to the brand’s continued growth and helping position Lords Hotels & Resorts as the leading mid-market hotel brand in India and beyond.

Eli Lilly nears $1.3B deal to acquire Verve Therapeutics

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Eli Lilly is reportedly in advanced negotiations to acquire Verve Therapeutics, a gene-editing biotech firm, in a deal that could reach $1.3 billion. This move aligns with Lilly’s strategy to expand its portfolio of experimental therapies.

Sources familiar with the matter revealed that the pharmaceutical giant may pay nearly $1 billion upfront, with an additional $300 million contingent on Verve meeting specific clinical milestones. The proposed acquisition would value Verve at roughly twice its current stock price. As of Monday’s market close, the Boston-based biotech had a market capitalisation just under $559 million.

While neither Eli Lilly nor Verve have officially commented, the deal could be announced within the week—pending the finalisation of talks.

This potential acquisition comes at a time when dealmaking in the pharmaceutical sector has slowed. Despite the looming expiration of high-revenue drug patents, many major drugmakers have been hesitant to pursue large-scale mergers and acquisitions.

Eli Lilly has maintained a targeted acquisition strategy, prioritizing experimental therapies over fully commercialized drugs. Earlier this year, the pharma giant announced deals worth up to $2.5 billion with cancer-focused biotech Scorpion Therapeutics and up to $1 billion with SiteOne Therapeutics, which specializes in pain management.

Verve Therapeutics, which already has a collaborative agreement with Lilly, recently shared encouraging phase-one clinical trial results for its lead gene-editing therapy aimed at lowering cholesterol.

Eli Lilly’s potential $1.3 billion acquisition of Verve Therapeutics underscores its strategic focus on early-stage innovation and next-generation therapies. By selectively investing in experimental treatments—like Verve’s gene-editing therapy for cholesterol—Lilly aims to strengthen its pipeline amid industry-wide caution on large-scale M&A. If finalized, the deal would not only deepen Lilly’s presence in the gene-editing space but also signal continued momentum in biotech dealmaking despite broader market hesitancy.

Autograph Collection Hotels makes its debut in Nepal with luxury property

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Ranju Alex, Regional Vice President, Marriott International – South Asia

Autograph Collection Hotels, part of Marriott Bonvoy’s global portfolio of over 30 distinguished brands, has officially entered the South Asian market with the opening of The Soaltee Kathmandu, Autograph Collection in Nepal. This marks Marriott Bonvoy’s 19th brand presence in the South Asia region, which includes India, Nepal, Bhutan, Bangladesh, and Sri Lanka.

Situated in the heart of Kathmandu, the hotel offers 285 rooms and suites, each telling a distinct story—a signature trait of the Autograph Collection. The property captures the essence of Kathmandu’s rich heritage with a refined and elegant touch, offering guests sweeping views of the Himalayas, the revered Swoyambhunath Stupa, and the property’s tranquil gardens.

Autograph Collection Hotels build their reputation on distinctive character, with each property crafted around a strong narrative and unique identity. The brand has handpicked over 300 hotels worldwide and celebrates bold design, exceptional craftsmanship, and unforgettable guest experiences. At The Soaltee Kathmandu, visitors can explore “The Storyteller”—a thoughtfully curated installation that weaves personal stories, historic elements, and guest memories into the hotel’s shared spaces, keeping its legacy alive one guest at a time.

“The debut of Autograph Collection Hotels in South Asia with The Soaltee Kathmandu, Autograph Collection is a proud milestone for Marriott International, marking the arrival of our 19th brand in this vibrant region,” commented Ranju Alex, Regional Vice President, Marriott International – South Asia. “South Asia continues to be a dynamic growth engine for Marriott International, and the debut of Autograph Collection Hotels in Kathmandu reflects our commitment to expanding into culturally rich leisure destinations. With its deep-rooted legacy, and unique character, The Soaltee Kathmandu Autograph Collection perfectly aligns with our vision of delivering immersive, one-of-a-kind stays across the region.”

Located in the heart of Kathmandu, The Soaltee Kathmandu, Autograph Collection stands as a landmark in Nepal’s hospitality landscape, with roots tracing back to 1966. Spanning 12 acres in the Tahachal area, the hotel artfully blends contemporary architecture with traditional Nepalese design elements, showcasing the country’s vibrant cultural heritage. Over the years, it has been a preferred destination for dignitaries, celebrities, and luxury travelers seeking an authentic Nepali experience.

The interiors beautifully reflect the essence of Nepalese craftsmanship, featuring wooden jaalis, exposed brickwork, and intricate Thangka paintings. Moreover, each room and suite is thoughtfully curated, combining traditional motifs with modern amenities, high-end furnishings, and the latest technology. As a result, the property stands as a true symbol of elegance and innovation in Nepal’s evolving hospitality scene.

Guests can savor authentic Nepali flavors at Garden Terrace, the hotel’s all-day dining restaurant known for its signature Nepali thali. Meanwhile, Kakori presents Awadhi-Indian delicacies, featuring chef-recommended dishes like Murgh Chapli Kabab, Rogan Nalli, and the famed Dal Kakori. Additionally, for those craving Asian cuisine, Bao Xuan serves traditional Chinese fare in an elegant ambiance. Patio offers an open-air dining experience enhanced by live music and picturesque garden views, while Rodi Bar and the Sports Lounge provide vibrant, relaxed settings for enjoying drinks and socializing.

The hotel’s wellness facilities include a serene spa that offers a range of therapeutic treatments like Hot Stone Therapy, Shirodhara, and Traditional Newari Massage. Guests can also enjoy the outdoor swimming pool, a clay tennis court, and a 24-hour fitness center equipped with modern equipment.

Ideal for grand occasions, the hotel offers 25,000 sq. ft. of flexible indoor and outdoor event space. As a result, it has become a sought-after venue for weddings, conferences, and celebrations—especially with the stunning Himalayan skyline serving as a breathtaking backdrop.

In line with its commitment to sustainability, the hotel adopts several eco-friendly practices, such as energy-efficient systems, an in-house water bottling plant to reduce plastic usage, a kitchen herb garden, water conservation efforts, and the use of locally sourced materials, further establishing its role as a responsible and forward-thinking luxury destination.

“We are incredibly proud to announce The Soaltee Kathmandu, Autograph Collection as the first Autograph Collection Hotel in South Asia,” said Avinash Deshmukh, General Manager, The Soaltee Kathmandu.

“With a legacy spanning over 58 years, this iconic hotel seamlessly blends Nepal’s rich cultural heritage with contemporary luxury. Whether guests are exploring the vibrant city, soaking in the Himalayan beauty, or hosting unforgettable events, the experience is truly distinctive. Guided by Autograph Collection’s brand promise of authenticity and compelling storytelling; we are excited to usher in a new chapter for this landmark property and the brand in the region,” he added.

Aspora raises $93 Mn to transform cross-border digital payments

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Parth Garg, Founder & CEO, Aspora

Aspora, a Y Combinator-backed startup focused on developing cross-border digital payments solutions for immigrant communities, has secured a total of $93 million through three equity funding rounds over the past nine months, bringing its post-money valuation to $500 million.

Founded in 2022 by Stanford dropout Parth Garg, Aspora—formerly known as Vance—is focused on addressing the fragmented financial needs of global diaspora communities, beginning with the Indian diaspora. The platform offers a unified suite of services for immigrants, including cross-border remittances, banking, investments, credit, and insurance.

The startup has raised $93 million across three funding rounds in the past nine months: a $5 million seed extension led by Hummingbird Ventures in September 2024, a $35 million Series A in December 2024 led by Sequoia Capital with participation from Greylock, and a $53 million Series B last month co-led by Sequoia and Greylock, with additional investment from Quantum Light.

Notably, this funding round represents one of Sequoia Capital’s most significant recent investments in a global fintech venture with strong ties to India, further highlighting growing investor confidence in the future of cross-border financial infrastructure tailored for diaspora populations.

Aspora has yet to officially announce any of its funding rounds. However, several prominent angel investors participated across these raises, including Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former CPO of Uber), and Prasanna Sankar (co-founder of Rippling).

“From the moment we met Parth in a cramped Dubai hacker house, we knew he and Aspora were special,” said Luciana Lixandru, partner at Sequoia and newly appointed board member. “This isn’t just about digital banking — it’s about the new opportunities Aspora can create for immigrants all over the world.”

The cross-border digital payments startup has experienced rapid growth in transaction volumes over the past six months, scaling from $400 million in processed remittances to more than $2 billion. According to the company, its 250,000 users have collectively saved $15 million in fees by using its platform.

Headquartered in London, with offices in Dubai and Bengaluru, Aspora currently operates in the UK, UAE, and EU markets. The company plans to launch in the US this July, followed by expansions into Canada, Australia, and Singapore by year-end.

Aspora is also gearing up to launch a new suite of products designed to help users bank seamlessly across borders, invest in global assets, and access credit and insurance services internationally.

Sarovar Hotels expands in Rajasthan with New Golden Tulip in Udaipur

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Ajay K. Bakaya, chairman of Sarovar Hotels and director of Louvre Hotels India

Sarovar Hotels has unveiled the launch of Golden Tulip in the heart of Udaipur, Rajasthan. Nestled amidst the rich cultural heritage and picturesque charm of the City of Lakes, the new hotel promises a refined mix of comfort, luxury, and leisure for both domestic and international guests.

Conveniently located near Sukhadia Circle and within close proximity to renowned attractions like Fateh Sagar Lake, Saheliyon Ki Bari, and the City Palace, Golden Tulip ensures excellent connectivity. The property boasts 87 stylishly designed rooms and suites, featuring modern décor and amenities such as interconnecting rooms, premium interiors, private balconies, pool access, and scenic views of the Aravalli hills.

Commenting on the launch, Ajay K. Bakaya, Chairman of Sarovar Hotels & Director of Louvre Hotels India, said, “Udaipur is a city steeped in heritage and romance, and we are excited to further our presence here with the opening of Golden Tulip. This hotel is a reflection of Sarovar’s commitment to delivering authentic hospitality experiences that combine local character with international service standards. We believe this property will become a preferred choice for both leisure and business travelers exploring the beauty and vibrancy of Udaipur.”

The property features a variety of dining experiences, including Udaipur Diaries, an all-day multi-cuisine restaurant; the Library Lounge, a cozy 24-hour coffee shop adorned with curated art and literature; and the Poolside Grill, which offers an open-air barbeque experience with classic Indian dishes and refreshing beverages.

Perfect for destination weddings, social events, and corporate functions, the hotel also boasts a 6,000 sq ft grand ballroom, 10,000 sq ft of landscaped gardens, and a 2,100 sq ft Silver Room, providing versatile event spaces to suit various occasions.

Speaking on the occasion, Manmohan Singh, Managing Partner, Radiant Globus Hotels & Entertainment Pvt. Ltd., said, “We are delighted to partner with Sarovar Hotels to introduce Golden Tulip in Udaipur. This property is a labor of passion, designed to offer comfort, style, and memorable experiences to our guests. Udaipur’s timeless appeal, coupled with Sarovar’s operational expertise, sets the stage for a truly exceptional hospitality destination.”

With the launch of this new property, the Golden Tulip portfolio in India now includes 15 operational hotels across 17 destinations, underscoring the brand’s rising popularity in major leisure and business hubs. This addition further solidifies Sarovar Hotels’ footprint in Rajasthan, where it now manages multiple properties in key cities such as Jaipur, Jodhpur, Ajmer, and Udaipur.

As part of the global hospitality giant Louvre Hotels Group, this expansion aligns with the Group’s broader strategy to strengthen its presence in high-growth markets across India.

Godrej plans ₹1,500-Cr residential project after land deal in Bengaluru

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Gaurav Pandey, Managing Director and CEO of Godrej Properties

Real estate developer Godrej Properties Ltd has acquired a 14-acre land parcel in Hoskote, East Bengaluru, to launch a premium residential project expected to generate revenue of around ₹1,500 crore. In a regulatory filing on Monday, the company announced plans to develop the project on this strategically located plot.

“The proposed development is expected to offer approximately 1.5 million square feet of saleable area with an estimated revenue potential of about Rs 1,500 crore,” it added.

Godrej Properties stated that this acquisition reinforces its ongoing growth strategy in East Bengaluru. However, the company did not disclose the cost of the land acquisition.

Gaurav Pandey, MD and CEO, Godrej Properties, said, “Hoskote is an important micro market for us in East Bengaluru. It continues to demonstrate strong demand for high-quality housing and aligns with our vision of developing best-in-class residential communities.”

Earlier this month, Godrej Properties also acquired a 14-acre land parcel in Pune for approximately ₹800 crore to develop a residential project. The company anticipates generating around ₹4,200 crore in revenue from this project, which offers a developable potential of 3.7 million square feet.

Godrej Properties remains one of India’s leading real estate developers, actively expanding its footprint across major cities.

InCred Money to acquire Stocko, enters retail broking market

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Bhupinder Singh, founder and CEO of InCred

InCred Money, the digital-first wealthtech arm of the InCred Group, plans to acquire discount brokerage platform Stocko, marking its entry into the retail broking sector. Although the companies haven’t disclosed the transaction amount, industry sources, however, estimate it to be an all-cash deal worth around ₹300 crore.

The deal is pending regulatory approval. Upon receiving regulatory clearance, InCred Money will rebrand Stocko—currently operated by South Asian Stocks Limited—as InCred Stocko and integrate it into its platform, the Mumbai-headquartered firm announced.

“India’s investing ecosystem is evolving rapidly,” said Bhupinder Singh, founder and CEO of InCred. “Stocko gives us a proven platform with serious volume, and we’ll bring our tech, capital, and customer-first mindset to unlock its full potential.”

New Delhi-based Stocko, originally launched in 2013 as SAS Online, provides trading services across equities, derivatives, commodities, and currencies. The platform follows a flat-fee model, charging ₹12.99 per order. Additionally, it offers a subscription option for active traders, which reduces the cost to as low as ₹2.99 per order. Furthermore, it reports a daily notional turnover of approximately ₹1 lakh crore.

As a result of this acquisition, InCred Money aims to broaden its offerings to include equity and derivatives trading for retail investors.

Established in 2016, the InCred Group has three main business segments: InCred Finance (focused on NBFC lending), InCred Capital (serving institutional and HNI wealth clients), and InCred Money, which caters to retail investors with products such as fixed deposits and alternative investment options.

Post-acquisition, Stocko will continue to be led by CEO Shrey Jain and his team.

“With InCred’s backing, we’ll scale faster, innovate harder, and roll out smarter products—from enhanced margin funding to sharper tech,” said Jain.

In line with broader industry trends, InCred Money’s foray into retail broking highlights a growing shift among traditional financial institutions and fintechs toward building comprehensive, full-stack financial platforms—gradually blurring the boundaries between lending, wealth management, and investing.

This strategic move, in turn, mirrors the evolution of platforms like Groww, which initially focused on mutual fund investments but later expanded into equities, derivatives, and asset management. Similarly, Paytm Money transitioned from a payments platform to one offering broking and advisory services.

In December 2023, InCred Finance secured $60 million in its Series D funding round, pushing its valuation to approximately $1.04 billion and earning it a spot in the unicorn club.

In April, reports indicated that InCred Financial Services began exploring a potential IPO to raise approximately $470 million. The company initiated discussions with advisers, including IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings, as part of its IPO planning process.

With the acquisition of Stocko, InCred Money takes a decisive step toward becoming a full-service financial platform. By entering the retail broking space, it not only expands its product suite but also positions itself to compete with established fintech players catering to the growing appetite for digital investment solutions among India’s retail investors.

Peerless launches ₹500-Cr mixed-use real estate project in Kolkata

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Peerless General Finance and Investment Company has announced the launch of a ₹500-crore mixed-use real estate development in Kolkata.

Named Trayam, the residential, retail, and office project is coming up on a 2.67-acre plot in the city’s New Town area.

According to PGFI, Trayam is envisioned as a premium urban development featuring 71 luxury units of 3 and 4 BHK apartments, located on prime real estate.

“The project has been conceived to provide Kolkata’s discerning homebuyers with a balanced life—where connectivity, sustainability, and comfort converge,” it said.

“Trayam is not just another real estate development. With it, we hope to effect a shift in modern urban living that will look inward rather than out. It reflects our evolving commitment to build environments that are deeply rooted in local culture yet meet the aspirations of the contemporary Indian family,” said Jayanta Roy, Managing Director, PGFI.

“This project represents our next chapter in real estate. Project cost is around ₹500 crore,” Roy said.

“Construction for the project was started in the month of March this year. The project is expected to be completed before Durga Puja, 2029,” he added.

PGFI serves as the holding company of the Peerless Group, which also operates in sectors such as healthcare, hospitality, and financial services.

Meanwhile, Bengal Peerless — a joint venture between PGFI and the West Bengal Housing Board — has developed over 30 lakh square feet of residential projects across West Bengal over the past 30 years.

With the launch of Trayam, Peerless General Finance and Investment Company is making a significant stride in Kolkata’s real estate sector. By introducing a ₹500-crore mixed-use development that combines luxury residences, retail, and office spaces, the company aims to meet the growing demand for integrated urban living. This project not only reinforces Peerless Group’s commitment to premium developments but also strengthens its position in the evolving landscape of mixed-use real estate in eastern India.

Zuper Hotels partners with SLH to boost experiential hospitality offering

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Akaal Manchanda, Director, Zuper Hotels & Resorts

Zuper Hotels & Resorts has entered into a strategic partnership with Suved Lohia Hospitality (SLH) to expand its footprint in the rapidly growing experiential travel segment.

Renowned for its themed hospitality experiences, Zuper plans to enhance its distinctive offerings by leveraging SLH’s strengths in branding, food and beverage, and nightlife.

“We’ve always believed in creating experiences that are ahead of the curve, be it through architecture, theming, or guest engagement. Now, with Suved Lohia Hospitality’s expertise in brand communication, we aim to let the world know what we’ve built and what’s coming next. This partnership is a win-win, not only for both brands but also for our guests and the larger hospitality ecosystem,” said Akaal Manchanda, Director, Zuper Hotels & Resorts.

Zuper has earned acclaim for its creative hospitality concepts, such as India’s first space-themed resort, exclusive private island experiences, and expansive event-focused properties. The group currently runs 10 resorts and plans to open four more by the end of the year.

This partnership represents a major milestone in Zuper’s journey of brand development and expansion. With a strong track record of creating acclaimed venues such as Game Palacio, One 8 Commune, Neuma, and The Nines, SLH will be instrumental in refining Zuper’s brand image and enhancing its market presence. The goal is to transform Zuper properties into sought-after destinations that offer far more than just a place to stay — delivering unforgettable, experience-driven escapes.

Both brands view this collaboration as a response to India’s evolving hospitality landscape, where design, storytelling, and immersive guest experiences are becoming as essential as comfort and service. Together, they aim to forge deeper emotional connections with travelers by creating experiential journeys that redefine traditional hospitality.

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