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Fed must manage rate cut timing judiciously in election year; Oil may top $90/bbl: Peter McGuire

Money ControlMoney Control · 1y ago
Fed must manage rate cut timing judiciously in election year; Oil may top $90/bbl: Peter McGuire
Medial

The US Federal Reserve has maintained its guidance of three rate cuts for the year, bringing more certainty to the market and sparking a rally in equities and gold. The first rate cut is predicted to come in June, and the Fed's dovish stance has boosted confidence in the market. Oil prices are also expected to continue rising, possibly surpassing $90 per barrel. Gold and Bitcoin are performing well, with gold showing strong momentum and Bitcoin likely to increase in value by the end of the month. The Bank of Japan's decision to hike interest rates may still make the yen carry trade attractive, but attention should be paid to the trajectory of the US dollar.

Seed funding drops 25% in 2024 as VCs retreat

Economic TimesEconomic Times · 6m ago
Seed funding drops 25% in 2024 as VCs retreat
Medial

Seed funding in India experienced a 25% decline in calendar year 2024 as investors remained cautious. Despite this, startups managed to secure $11.3 billion in overall funding, marking a 6% increase compared to the previous year. Pre-IPO and late-stage funding rounds gained popularity due to the shorter paths to liquidity and stronger returns they offer. Seed-stage funding dropped to $971 million from $1.3 billion in the previous year. The decline in seed funding can be attributed to new venture capitalists pulling back from the market, while institutional investors continue to invest steadily. Deep-tech funding, on the other hand, saw an 11% growth. Late-stage funding and early-stage startups performed well in 2024.

Exclusive: Rupeek raises fresh funds at 60% valuation cut

EntrackrEntrackr · 1y ago
Exclusive: Rupeek raises fresh funds at 60% valuation cut
Medial

Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.

Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B

EntrackrEntrackr · 9m ago
Exclusive: Giva raises $12 Mn from Premji Invest in extended Series B
Medial

Omnichannel jewelry startup Giva has raised Rs 100 crore ($12 million approximately) in an extended Series B round from Premji Invest. With this, the company has marked its first fundraise in 2024. Giva’s board has passed a resolution to offer and issue 68,028 Series B1 compulsorily convertible preference shares (CCPS) at a price of Rs 14,700 per share to PI Opportunities Fund II (Premji Invest). This marks the third investment by Premji Invest in the Bengaluru-based Giva. The family office of Wipro founder Azim Premji had previously led a Rs 270 crore Series B round in Giva in July last year. According to TheKredible’s estimates, Giva has been valued at approximately Rs 2,000 crore. This appears to be part of an ongoing funding round, and with the infusion of additional capital, the company’s valuation is expected to adjust accordingly. Following the fresh capital, the company has raised over $60 million to date from the likes of Aditya Birla Venture, A91 Partners and others. Giva, which initially launched as an affordable jewelry brand, has since expanded its offerings to include gold jewelry and lab-grown diamonds. In addition to its website and app, the Ishendra Agarwal-led company now operates around 110 physical stores across the country. Giva’s revenue from operations saw a significant growth of 96.4%, reaching Rs 165 crore in FY23. However, the company’s expenditure doubled, rising to Rs 212 crore in FY23. This sharp increase in costs led to a 2.36X spike in its losses which widened to Rs 45 crore in FY23. The company has not disclosed its FY24 numbers officially. Of late, the omnichannel jewelry space has garnered significant investor attention. Lab-grown jewelry brand Aukera recently raised Rs 26.7 crore (approximately $3.2 million) in its Series A round, while Vermeil jewelry brand Trisu secured an undisclosed amount in pre-seed funding. Giva competes with several notable players: Melorra, Bluestone, CaratLane, and a range of other funded and family-led brands.

RBI grants brief relaxations to Paytm Payments Bank customers

EntrackrEntrackr · 1y ago
RBI grants brief relaxations to Paytm Payments Bank customers
Medial

The Reserve Bank of India (RBI) made brief relaxations on Friday for customers affected by its business restrictions imposed on Paytm Payments Bank Limited (PPBL). The central bank has also released a FAQ section to address key concerns over the move. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Other elements of the original January 31 directive have remained unchanged. For instance, withdrawal or utilization of balances by customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., are allowed without any restrictions, up to their available balance. The bank, however, also maintained that the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated at the earliest, in any case not later than February 29, 2024. The central bank further directed that the PPBL should ensure withdrawals upto available balance from all accounts and wallets except for those frozen or flagged by the law enforcement authorities or judicial authorities. “Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the bank said. Earlier this week, RBI deputy governor Swaminathan J clarified that the crackdown on Paytm’s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. “When constructive engagement doesn’t work or when the regulated entity does not take effective action, we go for imposing business restrictions,” Das is quoted as saying. Paytm has said it is working with the authorities to resolve the matter. According to reports, Paytm founder Vijay Shekhar Sharma held meetings with Finance Minister Nirmala Sitharaman over the crisis faced by the company’s banking vertical. But it appears there has been no immediate relief for the company. Following the RBI notification, Paytm’s shares have continued to nosedive to hit all-time low. Though on Friday, it surged 5% to Rs 341.50 from the previous close of Rs 325.25 on the BSE. Some of the key question- answers posted by the RBI on the business restriction on the Paytm bank are as follows: Q: My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience. Q: I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption. Q: I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024? RBI: Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. You can check out the complete FAQs here.

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