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Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding

EntrackrEntrackr · 1y ago
Exclusive: BankBazaar bags Rs 130 Cr in equity and debt funding
Medial

BankBazaar, an online marketplace for financial products, has raised Rs 80 crore ($9.6 million) in its ongoing Series D round via private placement. This is the first round of investment for the firm in 2024. The board at BankBazaar has passed a special resolution to issue up to 22,821 Series D2 CCPS at an issue price of Rs 3,727 each to raise Rs 80 crore, its regulatory filing sourced from the RoC shows. According to the filings, the company will deploy this fund for purposes like meeting capital requirements, expansion, and growth. BankBazaar has already received Rs 46.35 crore in three tranches while the rest of the amount will flow to its account soon. The Peak XV Partners-backed firm also raised Rs 50 crore via non-convertible debentures and convertible share warrants from Vistra ITCL (India) Limited, separate filing reveals. As per TheKredible estimates, the Chennai-based company has been valued at around $217 million (post-allotment). BankBazaar is a co-branded credit card issuer that lets you check your credit score as well as cross-sells third-party loans and insurance products. As per the company website, it has partnered with more than 50 banks and has a customer base of over 50 million. The 15-year-old company has amassed over $110 million in funding to date from Amazon, GUS Holdings, Walden Investments, Eight Roads, and others. See TheKredible for the complete shareholding pattern. While the company claimed to achieve breakeven with revenue of Rs 250 crore in FY24, its revenue from operations saw a surge of 65.6% to Rs 159 crore in FY23 from Rs 96 crore in FY22. However, its losses stood at Rs 27 crore in FY23.

ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case

EntrackrEntrackr · 23d ago
ED raids Dream11 office and co-founder Bhavit Sheth’s premises in money laundering case
Medial

url: https://entrackr.com/news/ed-raids-dream11-office-and-co-founder-bhavit-sheths-premises-in-money-laundering-case-10925069. Content: The Enforcement Directorate on Friday reportedly conducted search operations at more than 30 locations across India as part of a money laundering probe that has brought online fantasy gaming platform Dream11 and its co-founder Bhavit Sheth under regulatory scrutiny. Among the locations searched were Dream11’s office and premises linked to Sheth, as per several media reports. The action is connected to an ongoing investigation into an alleged Rs 2,434 crore financial fraud involving Mumbai-based conglomerate Jai Corp Limited, where Dream11 co-founder Harsh Jain’s father, Anand Jaikumar Jain, is a director. Investigators are examining whether the funds raised for real estate investments were instead diverted to foreign companies. The searches were carried out under the Prevention of Money Laundering Act (PMLA) and also covered properties linked to Anand Jain. More than 20 premises were searched in Mumbai, while additional locations in Nashik, Bengaluru and Raipur were also raided. According to reports, the agency is probing possible financial links between Jai Corp, Dream Sports, the parent company of Dream11, and Bhavit Sheth. Investigators are examining whether funds allegedly siphoned off in the Jai Corp case were channeled through a network of entities, including technology and sports gaming firms, using structured transactions to obscure their origin. The money laundering probe originates from a CBI case against Anand Jain, Jai Corp Limited and others, following a petition by activist Shoaib Richie Sequeira. The FIR was filed after the Bombay High Court directed the CBI in February to form a special investigation team to probe alleged financial irregularities, including misuse of public funds, investor fraud, round tripping through overseas shell firms, and diversion of funds via fictitious transactions and invoices. As per the CBI’s case details, the special investigation team is probing multiple suspected offences, including irregularities in domestic real estate investment funds, questionable transactions involving private funds in Mauritius and Jersey, improper futures trading, diversion of bank loans to offshore entities, and fraudulent export related transactions linked to Australia and the United States.

Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games

EntrackrEntrackr · 4m ago
Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games
Medial

Paytm to invest Rs 455 Cr in subsidiaries, discontinue First Games The board cleared investments of up to Rs 300 crore in Paytm Money and Rs 155 crore in Paytm Services through rights issues. One 97 Communications Limited, the parent company of Paytm, approved a series of strategic measures at its board meeting on August 25. The board cleared investments of up to Rs 300 crore in Paytm Money and Rs 155 crore in Paytm Services through rights issues. Both are wholly owned subsidiaries and the infusion will not change the shareholding, the company informed through a stock exchange filing. The company also approved the 100% acquisition of Foster Payment Networks for up to Rs 61 crore to make it a fully owned subsidiary. The Noida-based company also proposed transfer of equity in First Games Technology from Paytm Cloud Technologies to Paytm Services for up to Rs 140 crore. Meanwhile, Paytm’s gaming arm First Games has discontinued its real money gaming business after the government notified the Promotion and Regulation of Online Gaming Act 2025. The company said that First Games contributes nothing to consolidated revenues and carries a nil book value. The new Online Gaming Act bans all real money games in India. Platforms including Dream11, MPL, Zupee, Gameskraft, My11Circle, Probo, WinZo and others have already shut their RMG verticals.

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