Mfine Raises $48 Million In Series C Fundraise


SBI has invited expression of curiosity from asset reconstruction corporations and financial institutions to promote two non-performing accounts to recover dues of over INR 423 crore. The e-auction for the NPA accounts — Kamachi Industries and SNS Starch — is scheduled for April 25, 2019. The reserve price for sale of Kamachi Industries is mounted at INR one hundred sixty five crore and for SNS Starch, at INR 36.56 crore. IFC is offering a USD 3 million loan to SLCM Limited, the Yangon-based subsidiary of Sohan Lal Commodity Management, a Delhi-based agri­ logistics group. The goal is to assist the corporate expand its warehousing services and allied companies in Myanmar, thereby enhancing the livelihoods of the rural inhabitants that rely on agriculture. International Finance Corporation is to take a position USD one hundred fifty million in the type of senior debt investment inPiramal Capital & Housing Finance Limited .

The ministry of corporate affairs , which is liable for implementation of IBC, is anticipated to initiate motion towards the promoters, administrators and even auditors in some cases. Apart from siphoning of funds, instances of transactions with associated events and a quantity of other different irregularities have been found, including involvement of banks. Bengaluru-headquartered private-equity backed Cloudnine, which runs a series of maternity, childcare and fertility care hospitals, has appointed Raviganesh Venkataraman as its Chief Executive Officer. Raviganesh was until recently a director on the board of Metro Cash & Carry India and has held management roles prior to now with Bharti Airtel, Subhiksha Retail, Coca Cola India, Titan Industries and Godrej Boyce. State-owned Hindustan Copper will contemplate a proposal to raise funds through an issue of fairness shares to qualified institutional buyers.

Harness, a San Francisco-based agency that offers a “steady delivery-as-a-service” platform has closed a USD 60 million Series B funding spherical led by IVP, GV, and ServiceNow Ventures. The agency plans to make use of the new funding for R&D as well as to grow its engineering, sales, and buyer success teams. Sheth’s has raised INR four crore from Mumbai Angels Network and different traders.

Jerome Merchant + Partners was the authorized advisor to IIFL on the deal, whereas Samvad Partners suggested the company. Bengaluru-based automotive and bike pooling app makerQuick Ride has raised approximately $15 M from Naspers Ventures, Sequoia Capital India and VH Capital . Jerome Merchant + Partners was the authorized advisor to VH Capital on the deal.

The company connects resellers instantly with raw materials suppliers utilizing social media companies similar to WhatsApp and Facebook. It additionally facilitates trade for particular person sellers and small businesses with customers. In 2017, GlowRoad had raised USD 2 million in a Series A funding spherical pixel 3xl minimal image from Accel. MFine’s imaginative and prescient of digital health as a solution to scale quality healthcare supply has been accelerated by two years. “The complete ecosystem is now on an accelerated transformation with the Indian authorities also introducing the National Health Stack.

Incorporated in 1999, the goal – which employs one hundred seventy professionals – is engaged within the business of producing and advertising of advanced drug intermediates, fantastic chemicals and custom synthesis molecules. Its complete earnings stood at INR seventy five.89 crore for FY19 with a EBITDA of INR 9.18 crore and Net Profit of INR 3.01 crore. The deal will assist Ipca grow its API business with the chance of forward-integrating with its dosage formulations business for the worldwide market. IIT Madras incubated, Chennai-basedGUVI, an internet platform the place college students study to code in Vernacular Indian languages, has raised its first institutional spherical of funding at INR 1 crore from US based Gray Matters Capital.

On April 4, the model new board of IL&FS said gross NPAs (non-performing assets) of IL&FS Financial Services have been at 90% of the whole loans as of December 2018. Swedish tools maker Ericsson must refund the INR 576 crore including curiosity it was paid, again to Reliance Communications if the insolvency proceedings against the cell phone operator are revived. While agreeing to usher in the money, ArcelorMittal claimed there may be reluctance on the a half of the lenders to execute the debt assignment agreement. Cairn India chief govt Sudhir Mathur has resigned from the company. Pankaj Kalra, the chief monetary officer of Cairn India, which is now a part of Vedanta Ltd after its merger with the parent, has additionally resigned.

Murali Ramaswami, one other government director at Vijaya Bank, will move to Bank of Baroda. The firm is eyeing a turnover of INR 200 crore by the top of this fiscal. The HC1 portfolio, comprising seven highway assets—five toll roads and two annuity roads, is spread throughout seven states and generates consolidated income of INR 620 core.