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India’s Maritime Development Fund likely to be in place by year-end

Thehindubusinessline

Thehindubusinessline · 1y ago

India’s Maritime Development Fund likely to be in place by year-end

India is working towards establishing a Maritime Development Fund to support indigenous ship-building and reduce the country's dependency on foreign ships. The fund aims to provide long-term, low-cost financial assistance and will have participation from industry stakeholders, financial institutions, and ministries. The proposed options include setting up a dedicated maritime vertical under a development finance institution or a standalone company with multi-agency equity. The fund is expected to promote cruise tourism, mechanization, and capacity expansion of existing ports. It will initially have a corpus of INR 25,000 crore over seven years.

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Oman sovereign wealth fund's total assets rise to $49.9 bn in 2023

VCCircle

VCCircle · 10m ago

Oman sovereign wealth fund's total assets rise to $49.9 bn in 2023

Oman's sovereign wealth fund, Oman Investment Authority, reported that its assets increased to $49.9 billion at the end of 2023, up from $17.2 billion the previous year. The fund recorded a profit of over $4.4 billion and contributed $2.1 billion to the state's general budget. Its assets include state-owned companies in various sectors such as energy, aviation, maritime, and telecommunications.

Sadhav Offshore raises Rs 25 Cr in equity round led by Negen Capital

Entrackr

Entrackr · 2m ago

Sadhav Offshore raises Rs 25 Cr in equity round led by Negen Capital

Sadhav Offshore, a maritime services company operating in India, has raised Rs 25 crore in an equity round led by the Negen Undiscovered Value Fund. The round also saw participation from family offices and high-net-worth individuals (HNIs). The proceeds will be used to support capital expenditure focused on launching a floating dry dock facility. Sadhav Offshore currently services a wide range of vessels, including over 70% of the Indian Coast Guard’s FPV fleet on the eastern seaboard. The firm operates a repair facility at Paradip Port and has past experience servicing international clients such as Svitzer-Maersk. It also maintains technical partnerships with firms like Kongsberg Maritime for propulsion system servicing. This expansion aligns with national maritime development goals under Sagarmala and Maritime India Vision 2030. The planned dry dock will help fill a critical gap in India’s ship repair infrastructure, which currently lacks enough domestic facilities and often forces ships to go abroad for maintenance. A dry dock is a special structure that lets ships be lifted out of the water so that work can be done on parts that are normally underwater, such as cleaning, repairs, or inspections. By offering reliable, local repair services for both commercial and defence vessels, the new facility is expected to reduce delays and improve operational efficiency.

JSW Cement backer Synergy Capital hits first close of $1 bn private credit fund

VCCircle

VCCircle · 2m ago

JSW Cement backer Synergy Capital hits first close of $1 bn private credit fund

Synergy Capital, led by Sudhir Maheshwari, marked the first close of its Asia-focused private credit fund, raising $715 million towards a $1 billion target. The Dubai-based firm, specializing in private equity, credit, and special situations, has prior success with a $1.2 billion deployment and $850 million through nine exits. The new fund will focus on industrial and infrastructure assets, aiming to deploy $400 million by year-end, including acquisitions from India’s GMR Group.

India head of PE firm CVC Capital on his way out, firm might appoint new MD

Livemint

Livemint · 12m ago

India head of PE firm CVC Capital on his way out, firm might appoint new MD

Amit Soni, the India head of private equity firm CVC Capital, is expected to leave the company by the end of the year. This will be the second major exit from the firm, following the departure of Mohit Goyal earlier in the year. Siddharth Patel, the current managing partner based in Singapore, is likely to oversee the India operations. The firm is looking to strengthen its presence in India and plans to increase its investment activity. CVC Capital has recently raised a $6.8 billion fund for Asia investments.

Visa acquires Brazilian fintech startup Pismo in $1B blockbuster deal

TechCrunch · 2y ago

Visa acquires Brazilian fintech startup Pismo in $1B blockbuster deal

Credit card giant Visa is acquiring Brazilian payments infrastructure startup Pismo for $1 billion in cash in what is likely one of the largest fintech M&A deals taking place this year so far.

SIDBI and UP Startup Fund pledge Rs 40 Cr to Aroa Venture

Entrackr

Entrackr · 10m ago

SIDBI and UP Startup Fund pledge Rs 40 Cr to Aroa Venture

Aroa Venture Partners has received Rs 40 crore ($4.8 million) capital commitment from Small Industries Development Bank of India (SIDBI) under the Government of India’s Fund of Funds for Startups and the Uttar Pradesh Government’s UP Startup Fund schemes. The endorsement from two sovereign schemes reflects that the fund has garnered strong interest from government quarters as well. Aroa Venture has also roped in Sekhar Puli as a general and managing partner. Puli is a veteran entrepreneur who sold REAN Cloud to Hitachi Vantara in 2018. He was also an investor at America’s private equity firm BV Investment Partners. Founded in 2020 by Gaurav Gulati, Aroa Venture Partners invests in early and growth-stage investments across sectors. In its initial days, Aroa Ventures was sponsored by RACo Holding Company —a firm owned by Oyo’s founder Ritesh Agarwal. The investment firm has already deployed Rs 100 crore across 36 startups including CRED, MPL, and Magicpin. The Aroa is a Category-II AIF which claims to have commitments from family offices and institutions exceeding Rs 400 crore ($48 million). It plans to reach its final close by the end of the ongoing fiscal year (March 2025).

Africa-focused DPI eyes $4 bn AUM with new PE fund; taps returning LP

VCCircle

VCCircle · 6m ago

Africa-focused DPI eyes $4 bn AUM with new PE fund; taps returning LP

Development Partners International (DPI), an Africa-focused private equity firm managing over $3 billion in assets, is in the process of raising its fourth fund, aiming to be the largest private equity fund on the continent. Based in London, DPI is likely to secure participation from a returning limited partner. The firm is currently investing its resources to enhance its asset management capabilities to reach a target of $4 billion in assets under management.

Grovy-backed residential realty fund targets final close by year-end

VCCircle

VCCircle · 1m ago

Grovy-backed residential realty fund targets final close by year-end

Golden Growth Fund, a residential real estate-focused investment fund based in New Delhi, plans to complete its fundraising by the end of the year. Launched by GroTrustAdvisors, a subsidiary of Grovy Ltd, the fund has a target corpus of Rs 200 crore.

Arkam Ventures launches Fund II, targets $180 million total corpus

Money Control

Money Control · 2y ago

Arkam Ventures launches Fund II, targets $180 million total corpus

With Fund II, Arkam expects to deploy more capital and back its founders and companies in follow-on rounds as well. Arkam expects to close the fund by the end of this financial year.

Marine robotics startup EyeROV raises $1.2 Mn in pre-Series A

Entrackr

Entrackr · 10m ago

Marine robotics startup EyeROV raises $1.2 Mn in pre-Series A

Marine robotics deep-tech startup EyeROV has raised INR 10 Crore (about $1.2 million) in a pre-Series A round led by Unicorn India Ventures. The company had previously raised $788K from GAIL and others. The funds will be used to strengthen its geographical expansion into international markets and develop advanced marine robotics products and solutions, EyeROV said in a press-release. Co-founded in 2016 by Johns T Mathai and Kannappa Palaniappan P, EyeROV is a deep-tech company which is specialized in marine robotics and AI. The Company aims to empower industries such as energy, maritime, defense, and infrastructure through its cutting-edge unmanned technologies. According to the Kochi-based company, it has introduced commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) that provides solutions in both India and the MENA region. EyeROV also manufactures solutions for infrastructure inspections and collaborating with defense R&D labs and forces through the Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions. EyeROV claims that it serves prominent clients including Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, having completed over 100 underwater inspections. It intends to triple its revenue by the end of the financial year by boosting sales in both domestic and international markets.

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