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Bottomline: How Arjas Steel’s fortunes turned around under ADV Partners

VCCircle

VCCircle · 1y ago

Bottomline: How Arjas Steel’s fortunes turned around under ADV Partners

Private equity firm ADV Partners has successfully exited from Arjas Steel Pvt Ltd, an Andhra Pradesh-based steelmaker, through a two-stage transaction. In April, ADV sold 80% of its stake in the company to The Sandur Manganese & Iron Ores Ltd, which is publicly listed. The remaining stake was sold later, marking a fruitful turnaround for Arjas Steel under ADV's leadership.

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ADV, NewQuest-backed U Gro snags capital from Dutch investor

VCCircle

VCCircle · 2y ago

ADV, NewQuest-backed U Gro snags capital from Dutch investor

U Gro Capital, a non-banking lender backed by ADV Partners and TPG NewQuest, has secured new debt capital of around Rs 250 crore ($30 million) from Dutch investor FMO. The funds were raised through the issuance of non-convertible debentures with a tenor of four years. U Gro Capital aims to utilize the funds to further strengthen its lending operations.

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

VCCircle

VCCircle · 1y ago

Bottomline: Lenskart reaps benefits of new stores, FY24 revenue up over 30%

Eyewear retailer Lenskart Solutions Pvt. Ltd has reported a significant increase in revenue for fiscal year 2024. The company, backed by investors including PremjiInvest and KKR, saw a 34% rise in revenue due to the success of its new stores. Lenskart, an omnichannel retailer based in India, successfully turned around its operational business. The company is known for selling eyewear, including glasses and contact lenses.

Google's open culture collides with the Israel-Hamas war

Economic Times

Economic Times · 2y ago

Google's open culture collides with the Israel-Hamas war

The internal strife within Google as employees express their opinions and concerns regarding the recent conflict between Israel and Palestine. It highlights how discussions around this sensitive topic have turned hostile and intolerant, leading to accusations of a double standard in allowing freedom of expression for Israeli employees while suppressing criticism from Muslim employees. The article also mentions tensions surrounding Google's contract with Israel for the supply of technology, with some employees calling for its cancellation. The employees behind an open letter demand a public condemnation of the ongoing conflict.

Neo Asset hits first close of second special situations fund, sets final close target

VCCircle

VCCircle · 11m ago

Neo Asset hits first close of second special situations fund, sets final close target

Neo Asset Management, under Peak XV Partners and backed by MUFG Bank, announced the first close of its second special situations fund, having raised around 40% of its target corpus. Known for investments in special situations, performing credit, and infrastructure via different funds, the firm is progressing towards its financial goals.

Apis Partners scripting nearly $300 mn showcase India exit

VCCircle

VCCircle · 2y ago

Apis Partners scripting nearly $300 mn showcase India exit

Private equity firm Apis Partners has decided to sell its showcase India portfolio company as part of its strategy to focus on financial services and fintech in Asia and Africa. The UK-based firm, which is in the process of raising its third fund, aims to increase its total assets under management to around $1.4 billion. The decision to sell the portfolio company aligns with Apis Partners' investment goals and growth plans in the region.

Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners

Entrackr

Entrackr · 16d ago

Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners

Exclusive: KaarTech raises Rs 100 Cr from Playbook Partners Digital transformation consulting company KaarTech has raised around $11 million (Rs 100 crore) from Playbook Partners, the backer of Renee Cosmetics. The new round came on the back of its profitability and 56% year-on-year growth in FY25, with revenue surpassing Rs 700 crore. KaarTech’s regulatory filings with the Registrar of Companies (RoC) show that its board approved the issuance of 4,00,520 Series B CCPS at an issue price of Rs 2,496.75 apiece to raise Rs 100 crore from Playbook Partners. The proceeds will be utilised towards capital expenditure, business expansion, and general working capital requirements, the filings said. According to Entrackr’s estimates, KaarTech is valued at around Rs 2,100 crore or around $231 million (post-money). In July 2023, KaarTech raised $30 million from A91 Partners. Founded in 2006 by Maran Nagarajan, Ratnakumar N, Selvakumaran M, and Guardian George, KaarTech is a technology and consulting company focused on SAP-led digital transformation. It provides services like SAP implementation and support, cloud and data services, AI and automation, analytics, and managed services to help enterprises manage and optimize business operations. A91 Partners continued to be the largest external shareholder with a 32.78% stake, while Playbook Partners held 4.76% following the allotment of this round. The company’s co-founders Maran Nagarajan, Ratnakumar N, Selvakumaran Manickam, and Guardian George held 14.90%, 9.99%, 7.31%, and 8.01% stakes, respectively. The Chennai-based firm’s revenue grew 56.8% to Rs 718 crore in FY25 from Rs 458 crore in FY24. It also turned profitable in FY25, reporting a net profit of Rs 7.74 crore in FY25 compared to a loss of Rs 66.93 crore in FY24.

Finova Capital secures Rs 1,135 crore from Avataar Venture Partners, Sofina, Madison India others

Economic Times

Economic Times · 1y ago

Finova Capital secures Rs 1,135 crore from Avataar Venture Partners, Sofina, Madison India others

Jaipur-based lender Finova Capital has raised $135 million in a funding round led by Avataar Venture Partners, Sofina, and Madison India Capital, with participation from Norwest Venture Partners. The funding will be used to expand Finova Capital's loan book, invest in technology, and enter new markets. The company, founded in 2015, offers credit to micro entrepreneurs and semi-skilled professionals who have limited access to credit from traditional financial institutions. Finova Capital has assets under management of INR 3,000 crore and serves around 100,000 customers through a network of 400 branches.

Lisa Su is CEO of AMD — and Jensen Huang's cousin. Here's how she became a billionaire.

Business Insider

Business Insider · 1y ago

Lisa Su is CEO of AMD — and Jensen Huang's cousin. Here's how she became a billionaire.

Lisa Su, the CEO of Advanced Micro Devices (AMD), has recently become a billionaire amid the generative AI boom. Su, who joined AMD in 2012 and became CEO in 2014, successfully turned the company around by focusing on the design of CPUs known as Zen. Under her leadership, AMD's stock rose more than 60-fold. Despite being overshadowed by rival Nvidia, Su is determined to take on the challenge. AMD recently introduced the MI300X chip to rival Nvidia's offering and aims to reach $1 billion in sales by mid-2024. With the continuous growth of the AI industry, Su's billionaire journey may just be beginning.

KaarTech raises $11 Mn led by Playbook Partners

Entrackr

Entrackr · 11d ago

KaarTech raises $11 Mn led by Playbook Partners

News All Stories KaarTech raises $11 Mn led by Playbook Partners Digital transformation consulting company KaarTech has raised $11 million (about Rs 100 crore) in a funding round led by Playbook Partners. The round also saw participation from existing backer A91 Partners. Entrackr had exclusively reported the current round last week. According to Entrackr’s estimates, KaarTech is valued at around Rs 2,100 crore or around $231 million (post-money). In July 2023, KaarTech raised $30 million from A91 Partners. As per an ET report, the proceeds will be used to expand KaarTech’s presence in North America and Europe, strengthen hiring in those regions, and explore acquisitions that can enhance its product stack. Founded in 2006 by Maran Nagarajan, Ratnakumar N, Selvakumaran M and Guardian George, the company helps enterprises migrate legacy systems to cloud-based infrastructure and build AI-ready technology stacks. KaarTech provides SAP-led digital transformation services to enterprises, including cloud migration, data platforms, AI and automation, analytics, and managed services. The company works with large global clients across sectors such as aviation, energy and government. The Chennai-based firm’s revenue grew 56.8% to Rs 718 crore in FY25 from Rs 458 crore in FY24. It also turned profitable in FY25, reporting a net profit of Rs 7.74 crore in FY25 compared to a loss of Rs 66.93 crore in FY24. The company primarily serves international markets, including the Gulf region, North America and Europe, and is targeting revenue of more than Rs 1,000 crore in FY26.

Healthcare startup Abridge raises $250 million to enhance AI capabilities

Economic Times

Economic Times · 1y ago

Healthcare startup Abridge raises $250 million to enhance AI capabilities

Abridge, a healthcare startup that automates clinical notes with AI, raised $250 million in a funding round co-led by Elad Gil and IVP. Backers included Lightspeed Venture Partners and Nvidia’s NVentures. Founded in 2018 and valued at $850 million last year, Abridge aims to enhance AI capabilities and expand commercially. The company's products are deployed in around 100 U.S. healthcare systems. AI startups now capture nearly half of U.S. startup funding, up from under 10% a decade ago.

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