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Ireda eyes overseas lending, borrowing from green funds via GIFT City arm

LivemintLivemint · 10m ago
Ireda eyes overseas lending, borrowing from green funds via GIFT City arm
Medial

The Indian Renewable Energy Development Agency (Ireda) is exploring the possibility of financing projects abroad through its subsidiary, Ireda Global Green Energy Finance IFSC Ltd. The subsidiary, based in Gujarat's GIFT City, aims to finance solar component manufacturing and green hydrogen businesses in India, as well as cater to export demand. Ireda is planning to borrow and lend from its GIFT City office, eliminating the need for foreign currency conversion. It also intends to approach green funds for financing projects and make its debut in the international market. The company is awaiting approval for its proposed follow-on public offering to raise around INR 4,500-5,000 crore.

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default

EntrackrEntrackr · 2m ago
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Medial

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).

BlackSoil NBFC raises $12 Mn equity capital from existing backers

EntrackrEntrackr · 1y ago
BlackSoil NBFC raises $12 Mn equity capital from existing backers
Medial

Alternative credit platform BlackSoil NBFC, the flagship arm of BlackSoil Group, has raised equity of Rs 100 crore ($12 million) from its existing Indian investors and family offices through a rights issue. The capital injection will improve BlackSoil NBFC’s credit profile and boost its borrowing capabilities and growth, the company said in a press release. BlackSoil is backed by investors and family offices of Allcargo Logistics, Navneet Education, Mahavir Agency, and Mathew Cyriac-led Florintree Advisors. This latest funding also marks BlackSoil NBFC’s fourth capital infusion within eight years, bringing its total equity raise to approximately Rs 250 crore ($30 million). Additionally, it has secured debt financing of over Rs 1,700 crore (more than $200 million) from HNIs, banks et al. BlackSoil provides alternative credit solutions to growth companies, financial institutions, NBFCs and MSMEs across sectors. At the group level, BlackSoil has surpassed Rs 5,000 crore (over $600 million) disbursement across 214 deals by December 2023. Its portfolio includes ideaForge, Upstox, Bluestone, OYO, Udaan, Zetwerk, Spinny, Yatra, Dunzo, Purplle, Mobikwik and Cure Foods. As per BlackSoil, its AUM grew around 30% year-on-year in 2023 and it deployed Rs 1650 crore (nearly $200 million) across 63 deals and exited from over 20 deals in the last year. The firm also said that its portfolio companies collectively raised equity of $800 million in the last year while three of them including Yatra, ideaForge and Cellecor got listed on the stock exchange in 2023.

Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital

EntrackrEntrackr · 1y ago
Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital
Medial

Consumer lending app RING has raised Rs 100 crore in venture debt from Trifecta Capital. With this, the Mumbai-based company has marked its first fundraise in 2024. RING will utilize the debt facility for on-lending and growing its balance sheet loan book, the company said in a press release. With this funding, Trifecta is extending its partnership with founders Krishnan Vishwanathan, Ranvir Singh, and the RING team, for a second time and with a larger cheque. Previously, RING secured Rs 50 crore debt from Trifecta in early 2022. As per the data intelligence platform TheKredible, the company’s parent firm OnEMi Technologies has raised over $150 million (equity + debt) to date from the likes of Brunei Investment Agency, Vertex Ventures, Ventureast, and more. NBFC Kissht is also a part of OnEMi Technologies. Business model and legal structure of the company RING provides personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With its own NBFC license and access to third-party balance sheets, RING claims to have achieved an AUM of over Rs 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers, the company said in a statement. RING offers loans up to Rs 5 lakh with flexible repayment options. It enables online and offline payments, bill payments, and UPI transactions. Kissht, on the other hand, provides instant credit for purchases at digital points of sale. It partners with NBFCs to offer easy loans through a network of more than 3,000 offline merchants and over 50 online stores in 40 cities. Recent developments In February last year, the website of Kissht was blocked following a notice from the Ministry of Electronics and Information Technology (MeitY) targeting over 200 gambling and lending apps, most of which appeared to be operated from China. Later, however, a government official clarified that this block might have been done inadvertently. It could be due to an error when dealing with apps that sound similar. After witnessing a dip in FY21, Kissht RING’s parent company managed nearly two-fold growth in scale to Rs 1,020.9 crore in FY23 from Rs 513.6 crore in FY22. The company’s profits shrank 5.8% to Rs 59 crore in FY23 against Rs 62.6 crore in FY22, which can be attributed to ESOP-related expenses. Visit here for more information.

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