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News on Medial
IIFL Home's CEO Ratra on growth drivers, high cost of funds, IPO plans and more
VCCircle
·
10m ago
Medial
IIFL Home Finance, a subsidiary of IIFL Finance, has experienced a 50% year-on-year increase in assets under management to Rs 35,975 crore in the first quarter of FY25. This growth follows the acquisition of a 20% stake in the company by the Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund. Monu Ratra, CEO of IIFL Home Finance, discusses the company's growth drivers, challenges related to high cost of funds, and potential IPO plans.
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Another Top-Level Exit At Ola: Now, CFO Karthik Gupta Resigns Within Seven Months
Inc42
·
1y ago
Medial
Ola Cabs, the ride-hailing major, is going through a restructuring exercise ahead of its IPO. Chief Financial Officer Karthik Gupta has resigned, joining a growing list of high-level exits at the company. The departure is part of the company's efforts to strengthen cost structures and increase profitability. Ola Cabs recently laid off around 200 employees, and CEO Bhavish Aggarwal stated that the focus would be on AI and technology. Ola Cabs aims to raise $500 million through its IPO, with plans to file the draft red herring prospectus with SEBI within three months.
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CRISIL removes IIFL Finance from ‘Rating Watch’, reaffirms long-term rating as RBI lifts embargo on gold loan business | Mint
Livemint
·
10m ago
Medial
- Credit rating agency CRISIL removed IIFL Finance from its 'Rating Watch with Developing Implications' list. - IIFL Finance's long-term ratings were reaffirmed at 'CRISIL AA/CRISIL AA-/CRISIL PPMLD AA' with a 'Stable' outlook. - The company's short-term rating was also reaffirmed at 'CRISIL A1+'. - CRISIL stated that IIFL Finance has a strong track record in the gold loan business and is expected to regain market share and profitability after the regulatory embargo was lifted. - The ratings are supported by the group's strong capital position, operational track record, and stable profitability, although challenges remain in terms of the resource profile and higher cost of funds compared to competitors. - IIFL Finance's President and Group CFO, Kapish Jain, sees the rating as validation of the company's sound business model and governance standards.
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E-commerce SaaS platform Unicommerce files DRHP with SEBI
Entrackr
·
1y ago
Medial
Unicommerce, a subsidiary of AceVector Group, has submitted a draft red herring prospectus (DRHP) to the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The company plans to raise funds through an offer for sale (OFS) of up to 2,98,40,486 equity shares. The DRHP does not include fresh issues, and the proceeds will go to the selling shareholders. The book-running lead managers for the IPO are IIFL Securities Limited and CLSA India Private Limited. Unicommerce offers e-commerce enablement SaaS solutions and generated significant revenue and profits during FY23 and H1 of FY24.
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Simplismart Bags $7 Mn To Simplify AI Adoption For Enterprises
Inc42
·
9m ago
Medial
Simplismart, a startup in the AI space, has raised funding in a round led by Accel. Other participants include Shastra VC and Titan Capital. The company plans to use the funds to support its research and development efforts and fuel its growth. Simplismart offers a platform that helps enterprises streamline AI adoption, offering a combination of high performance and cost-effectiveness. The company was founded in 2022.
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Intel is taking another of ASML's High NA tools, says CEO
Economic Times
·
1y ago
Medial
Intel has confirmed that it is receiving the second of ASML's new High NA EUV tools, which are anticipated to enhance the development of more powerful computer chips. The tools, which cost €350 million ($383 million) each, take several months to install. This is a positive sign of Intel's technology investments, said CEO Pat Gelsinger. ASML, the largest supplier of equipment to chipmakers, has shipped more than a dozen High NA machines to leading chipmakers such as TSMC, Samsung, Intel, SK Hynix, and Micron. Intel plans to use the technology in commercial production by 2027.
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Aris Infra files draft IPO papers, plans to raise Rs 600 crore
Economic Times
·
11m ago
Medial
Indian construction material procurement platform, Aris Infra, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an IPO aiming to raise up to Rs 600 crore ($80 million). The company, which connects property developers and vendors through AI and machine learning, plans to use the funds for repayment of debt, working capital requirements, investment in its subsidiary, and potential acquisitions. Aris Infra counts Tata Group, JSW, UltraTech Cement, and Larsen & Toubro as clients and recorded revenues of Rs 700 crore ($93 million) in FY2024. JM Financial, IIFL Securities, and Nuvama Wealth Management are the book-running lead managers for the IPO.
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Exclusive: GenAI Startup Ayna Bags Funding From Inflexor To Redefine Ecommerce Photoshoot
Inc42
·
1y ago
Medial
Bengaluru-based product photography startup Ayna has raised $1.5 million in seed funding, led by Inflexor Ventures. The startup utilizes AI technology to create high-quality product images without the need for human models, making it more cost-effective and efficient for businesses. Ayna plans to use the funds to enhance its AI capabilities, grow its team, and make its product photography services accessible to businesses of all sizes.
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Jewellery retailer Bluestone files for IPO, to sell fresh shares worth $118 million
Economic Times
·
7m ago
Medial
Bluestone Jewellery and Lifestyle, a leading jeweller in India, has filed for an initial public offering (IPO). They aim to raise funds through fresh shares valued at Rs 10 billion ($117.8 million). Additionally, existing shareholders, including Accel and Kalaari Capital, will sell 24 million shares in the offering. India's jewellery market, estimated at $85.52 billion in 2023, is expected to grow 5.7% annually by 2030. Bluestone is the latest company to join the booming IPO market in India, with over 300 companies raising $17.5 billion in 2024. The funds from the IPO will be used for working capital requirements. Axis Capital, IIFL Capital, and Kotak Investment Banking will act as book-running lead managers for the IPO.
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IIFL looks to raise $1.2 bn in debt amid RBI ban
VCCircle
·
10m ago
Medial
IIFL Finance, an Indian non-bank lender, plans to raise INR 100 billion ($1.2 billion) in debt over the next six months in an effort to diversify its borrowing sources and recover from a recent ban. The Reserve Bank of India had banned IIFL Finance from sanctioning and disbursing gold loans, citing supervisory concerns. The ban was recently lifted, prompting the company to reassess its funding needs. IIFL Finance aims to reduce bank borrowing to under 50% and explore external commercial borrowings, dollar bonds, local bonds, and other non-bank sources for its incremental borrowing needs. The company also plans to diversify its loan products and recruit more employees.
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Salesforce's new data and AI hires are coming from areas of the country with 'high talent pools, low cost of living'
Business Insider
·
1y ago
Medial
Salesforce has seen an increase in its employee count, reporting 72,682 employees as of January 31, up from 70,843 in the previous quarter. The company plans to hire more people as it shifts its focus to artificial intelligence. In 2023, Salesforce laid off around 8,000 employees as part of a restructuring effort. The new hires are being made in a cost-effective manner, targeting areas with high talent pools and lower cost of living. This strategy is similar to that of Oracle, where Salesforce CEO Marc Benioff started his career.
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