InCred Capital buys Orowealth to enter into retail wealth-tech with launch of InCred Money

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January 2, 2023

By launching “InCred Money,” InCred Capital plans to enter the retail wealth-tech industry. According to an announcement from the company, InCred Money has officially launched with the all-cash acquisition of Orowealth.

With a strong technology platform and a skilled team, the acquisition gives InCred Money assets under management (AuM) of more than ₹1,100 cr. According to the statement, the co-founder of Orowealth, Vijay Kuppa, will now serve as the CEO of InCred Money.

“This will be InCred Capital’s second pillar in the fast-growing Indian wealth market, following its previous success in the Ultra / High Net Worth segment under the InCred Wealth brand,” the company added.

InCred Money will have access to the whole range of product capabilities, according to the InCred Group. According to the company, InCred Money will also develop a B2B2C offering by utilizing technology to effectively incorporate a wide network of Independent Financial Advisors (IFA) across the country, enabling them to access class-leading products and solutions for the advantage of their end customers.

Orowealth is a retail-focused digital investment platform that offers access to specialized, low-cost investment opportunities in addition to more traditional investment avenues like mutual funds and fixed deposits.

Bhupinder Singh, Founder and Group CEO of InCred Group, said, “In the next decade, the democratization of investment opportunities covering the Mass Affluent and Retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors. This will help to create a new market worth tens of billions in AUM. With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family.”

Byju’s plans to open new tuition centres

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December 30, 2022

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Byju’s, the edtech unicorn, will be opening more physical tuition centres and is “working very hard” to become profitable by 2023, according to co-founder and CEO Byju Ravindran in a year-end email to employees. While he did not specify a timeline, he had specified a target of March in October.

The Tiger Global-backed company saw its losses increase to ₹4,589 crores in FY21 from ₹232 crores the previous year. The leading edtech firm has not yet submitted its FY22 financial reports to the Registrar of Companies.

Byju’s has switched its strategy from exponential expansion to sustainable growth to achieve its profitability goal, which it had not planned before 2024. “Macroeconomic changes of 2022 meant we had to embark on the path to profitability this year itself,” said Ravindran. According to a report from Bloomberg, the company violated the restrictions for its $1.2 billion overseas term loan B by failing to submit the FY22 results by September.

Byju’s had to lay off almost 2,500 employees across its product, content, media, and technology teams due to the changes in strategy. Cost-cutting measures might improve unit economics and lay the groundwork for the company’s IPO.

“The prevailing macroeconomic conditions and the integration of our acquired companies made it (layoffs) inevitable. We shifted our model towards inside sales, which is a result of Byju’s strong brand visibility and deep customer trust,” said Raveendran.

Byju’s recently raised $250 million from existing investors through a rights issue to boost growth. Through a loan from its fully-owned subsidiary Aakash Educational Services, it received ₹300 crores. In 2022 alone, it opened more than 300 physical centres.

Majority of employers in manufacturing sector plan to hire in Q4: Report

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December 28, 2022

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In response to rising domestic demand, most manufacturing companies plan to expand their workforce over the next three months.

According to a TeamLease, “Employment Outlook Report” for the fourth quarter released on Tuesday, large-scale enterprises (69%) are mainly contributing to the spike in hiring, followed by medium-sized (44%) and small-sized (39%) companies.

The findings are based on a survey of 301 manufacturing companies across 14 Indian cities.

More than 60% of firms in the manufacturing sector want to recruit and expand their available resources.

It stated that from 65% in the third quarter, the objective to hire for the manufacturing and services sectors increased to 68% in the third quarter.

“The global employment rate has increased considerably post the last COVID-19 wave and is poised to grow stronger in the coming quarters. With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness all-encompassing growth. Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable India to become a more attractive destination for investments, thereby impacting employment positively,” TeamLease Services Chief Business Officer Mahesh Bhatt said.

Metro and Tier I cities (94%) have higher hiring intentions than Tier II cities (73%), Tier III cities (43%), and the rural sector (23%).

Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%) are the cities with the most intent to hire, according to the report.

First 10 hotels in the world to attain LEED Zero Carbon Certification are ITC hotels

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December 27, 2022

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The ITC Hotels Group’s 10 properties have attained Net Zero Carbon Status by earning the coveted “LEED Zero Carbon Certification” from the USGBC [United States Green Building Council], paving the way for the international hospitality industry.

This achievement shows ITC Hotels’ dedication to sustainable development and responsible luxury. According to USGBC, ITC Hotels is already the global hotel chain with the greatest number of LEED Platinum-certified properties.

Anil Chadha, divisional chief executive of ITC Hotels, said, “Responsible Luxury is our guiding ethos at ITC Hotels. We endeavour to create planet positive experiences. The Net Zero project aligns with India’s vision of significantly cutting emissions and is a critical driving force behind the transformation of buildings, cities, and communities to continue to sustain future generations.”

The U.S. Green Building Council developed LEED Zero as an add-on to LEED that certifies the accomplishment of net zero goals and indicates market leadership.

The first ten hotels in the world to have achieved this landmark are:

1. ITC Windsor, Bengaluru

2. ITC Grand Chola, Chennai

3. ITC Gardenia, Bengaluru

4. Welcomhotel Bengaluru

5. Welcomhotel Guntur

6. Welcomhotel Chennai

7. ITC Mughal, Agra

8. Welcomhotel Coimbatore

9. Welcomhotel Sheraton New Delhi.

10. ITC Grand Central, Mumbai

Agritech startup Ecozen bags $10mn from Nuveen Global Fund

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December 27, 2022

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Ecozen, an agritech startup, raised $10 million from Nuveen Global Fund. This second tranche is funding its planned Rs 200 crore Series C funding.

To raise Rs 82.4 crore ($10 million), the board of Ecozen approved a special resolution to issue 1,06,657 Series C2 CCPS at an issue price of Rs 7725.67 each.

Devendra Gupta, Prateek Singhal, and Vivek Pandey, alumni of IIT Kharagpur, founded Ecozen to offer technology-enabled products to improve the farm-to-fork value chain for perishables.

In the first tranche of a projected Series C round, Ecozen raised Rs 54 crore in June of this year. Dare Ventures, the venture capital arm of Coromandel International, took the lead in the new funding round. Existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) also participated through equity.

Ecozen develops climate-smart deep tech solutions to create a sustainable future and core technology stacks, such as energy storage, IoT, and motor controls. Ecozen offers Ecofrost and Ecotron solutions for cold chains and the irrigation industry, using these technology stacks to improve the income of over 100,000 farmers and enable the production of over one billion units of clean energy (kWh).

Eduvanz receives $12.6mn funding from Rethink Education, others

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December 27, 2022

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Eduvanz, a fintech startup based in Mumbai, has raised $12.6 million (about Rs 104.5 crore) from new and existing investors. This year’s first round of equity funding for the company.

According to a report from Entrackr, the board of Eduvanz has approved a special resolution to allot 68,373 Series B1 CCPS at Rs 15,283.71 per share to raise Rs 104.5 crore.

Rethink Education, a venture capital firm that backs education technology startups, sponsored the equity round for the education-focused lending tech startup. The funding round also included participation from existing investors Sequoia Capital, Juvo Ventures, and Unitus Ventures.

Eduvanz raised Rs 50 crore in debt funding in April from investors MAS, Vivriti, Oxyzo, and Unifi AIF.

The most recent funds were acquired in an extended Series B round. According to Tracxn, the fintech company has previously raised a total of $24.7 million.

Varun Chopra, Raheel Shah, and Atul Sashittal founded Eduvanz, an online marketplace for education loans, in 2016. It offers education loans with 0% rates, allowing students to study now and pay later in easy monthly installments.

Also, Eduvanz offers customizable loan options that serve the financial needs of K–12 programs, online skill-development courses, and professional courses.

According to Tracxn, Eduvanz is currently ranked first among 34 active competitors, including Credenc, Propelld, Avanse, and Auxilo.

WeWork India secures ₹550-Cr from private credit platform BPEA Credit

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December 26, 2022

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Flexible workspace provider WeWork India has raised ₹550 crores, or around $66.5 million, from private credit platform BPEA Credit to support its expansion plans.

The company started operations in India in 2017, and it now has 41 locations spread across six of the country’s biggest cities, including Bengaluru, Mumbai, Gurugram, Noida, Hyderabad, and Pune. WeWork India is a joint venture between WeWork International and commercial real estate giant Embassy Group, which holds a major stake in the company.

“We are laser-focused on fuelling growth opportunities and fortifying our position as the leading flexible workspace brand with customizable and innovative solutions for all businesses,” Karan Virwani, chief executive of WeWork India, said in a statement.

The company’s “bullish” outlook on expansion over the next year is reflected in the capital gain. Since the pandemic, the sector has moved in favor of flexible workspaces, which has been advantageous for the company.

“With India Inc. transitioning towards a hybrid work model, there has been a growing demand for flexibility,” WeWork India said, adding that it remains “prudent” about its overall business strategy.

Avendus Capital was the financial advisor to WeWork India on the transaction.

“This fund raise by WeWork India strongly underscores the increasing confidence of the investment community in the growth prospects of India’s flex workspace sector. This would be one of the largest transactions in this sector, and we are confident that it will open up many such investment opportunities,” said Prateek Jhawar, Executive Director and Head, Infrastructure & Real Assets Investment Banking at Avendus Capital.

Money View bags $75mn in a Series E funding

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December 26, 2022

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With participation from existing investors Tiger Global, Winter Capital, and Evolvence, Money View has raised $75 million in its ongoing Series E funding, led by UK-based asset manager Apis Partners. The funding is valued at $900 million.

The Tiger Global-backed fintech startup raised $75 million in a Series D round in March this year. Money View, based in Bengaluru, plans to use the funds to scale its credit business, grow its team, and extend its product offering to include services like digital bank accounts, insurance, and wealth management solutions.

Co-founder and CEO Puneet Agarwal said, “Our performance and growth over the past two years has allowed us to drive our mission of true financial inclusion in India with great success.”

Money View, a company founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, provides a range of credit products, such as cards, BNPL, quick personal loans, and personal financial management solutions. To offer these solutions, it has collaborated with over 15 financial institutions.

“Money View has achieved great success already, with their credit products democratizing the access for millions of customers in India, and we are truly excited to partner with the company at this stage of its journey,” said Matteo Stefanel, Co-founder and Managing Partner at Apis Partners.

The company claimed to have an annualized disbursal run rate of $1.2 billion and assets under management of $800 million (AUM). It added that it has recorded positive unit economics since it started and that the past two years have seen profits.

Gifting Startup Winni plans to add 150 retail outlets

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December 24, 2022

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Online gifting platform Winni aims to add over 150 retail outlets of ‘Winni Cakes and More’ in the next three months, taking its total franchisees to about 400 by the end of the current fiscal.

According to a statement, the bootstrapped startup opened its 250th retail outlet in Patna, making it the 67th franchise in Bihar.

“We are really proud that we have achieved this milestone within a record period of three years where now we have 250 operational bakery retail outlets in India,” Winni co-founder and CEO Sujeet Kumar Mishra said, adding, “We have already sold 315 franchises at pan India level and are confident of opening over 400 stores by the end of the current financial year.”

By 2025, the company plans to open 5,000 stores worldwide as part of an ambitious plan to grow its business.

“With opening stores in 23 states and five union territories, Winni Cakes & More has emerged as the only bakery retail brand that has a truly pan-India geographical presence and a direct reach to five crore population,” Sujeet added.

With a presence in Tier-I, II, and III cities, he said that the company’s retail network is equally distributed.

The company says that in 2021–2022, revenue reached the Rs 100 crore level.

Home First Finance receives Rs 280-Cr from IFC

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December 24, 2022

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Home First Finance Company announced in a BSE filing that it had raised Rs 280 crore from International Finance Corporation (IFC) through the issuance of 2,800 secured, rated, unlisted, redeemable, rupee denominated non-convertible debentures with face values of up to Rs 10 lakh each on a private placement basis with a tenor of up to seven years.

The funds raised will be used to finance retail buyers of housing units and green affordable housing units, promote home ownership among low-income groups, and support the development of green affordable housing.

IFC will also provide non-financial support in the form of knowledge, innovation, and capacity building through advisory engagement and non-commercial risk mitigation through IFC Advisory services, as per the terms of the agreement.

IFC will help Home First to develop its green housing framework, including technical assistance for the standards used to evaluate green housing, operationalizing the certification procedure, and building capacity for green housing certification, monitoring, and reporting.

Axis Trustee Services served as the trustee for the issue.

“We believe this partnership has a strong potential to enhance financial inclusion and green housing,” said Manoj Viswanathan, managing director & chief executive of Home First.

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