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Blackstone to invest Rs 5,000 crore in IIFL Finance for 16% stake as company raises Rs 6,414 crore
IIFL Finance will raise Rs 6,414 crore through a capital infusion led by Blackstone, which will invest Rs 5,000 crore for an approximately 16% stake. Co-promoters Nirmal Jain and R Venkataraman will contribute Rs 1,264 crore through warrants, while Anchorage Capital will invest Rs 150 crore.
Blackstone set to acquire 15% of IIFL for Rs 5,000 crore
Blackstone will invest around Rs 5,000 crore for a 15% stake in IIFL Finance, while promoters Nirmal Jain and R Venkataraman will invest Rs 1,200 crore to retain their combined holding at around 25%. Mumbai-based investor Rohit Kothari, through Anchorage Capital, will contribute about Rs 100 crore, taking the total capital infusion to over Rs 6,200 crore.
IIFL Finance board to weigh Blackstone, Advent proposals for Rs 5,000 crore capital raise
IIFL Finance's board will consider separate investment proposals from Blackstone and Advent International for a nearly Rs 5,000 crore capital raise, as the lender also explores a potential transaction involving Fairfax's stake sale.
Shiprocket posts maiden profit on strong core business growth
The company swung to a profit of Rs 60 lakh ($63,487) in the quarter ended September 30, from a loss of Rs 20.29 crore a year ago
Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses
Motilal Oswal Financial Services announced major leadership changes across alternatives, retail broking and private wealth businesses. The reshuffle coincides with strong Q2 performance, with operating PAT rising 29% year-on-year to Rs 718 crore.
Premji Invest goes big on strategic output & tech
Premji Invest and Singularity AMC are likely to lead a $30-40 million round in Sanlayan at a valuation of about $200 million, according to the people. Separately, Premji Invest is in advanced talks to lead Hical’s first institutional funding round of $30-40 million, alongside TVS Capital.
Pixxel's Indian ownership comes under scrutiny
Pixxel founder and chief executive Awais Ahmed in a blog post on X said the company remains “headquartered, owned, managed and controlled in India,” on Monday. Indian investors, including the founders, collectively hold the largest shareholding in the company, followed by investors from Singapore, the UK and the US, he added.
Gulf investors eye India’s AI infrastructure and space tech even as broader interest stays subdued
Gulf-based investors are exploring opportunities in India's artificial intelligence and space technology sectors, despite overall subdued interest. Yotta, a data centre operator, successfully raised $150 million earlier this year for expansion plans. Pixxel Space Technologies is also seeking funding in the UAE to capitalize on growing investor interest in technology. The Indian rupee's depreciation has contributed to the cautious investment sentiment among broader market participants.
PB Fintech, Delhivery improve Q2 profits; Binance's $6.3 billion caper
PB Fintech on Friday reported a strong jump in profit and revenue for the July-September quarter. This and more in today’s ETtech Top 5.
Atomberg gets Sebi nod for IPO; plans Rs 450 crore fresh issue
The Mumbai-based company filed its draft IPO papers in August. ET had reported in July that Atomberg was preparing for an offering of Rs 1,500-2,000 crore. The final issue size will depend on the price band, which has not yet been announced.
Pixxel sets up US subsidiary to serve federal agencies
Pixxel in September raised $100 million (around Rs 945 crore) in the largest funding round in India’s spacetech sector, co-led by Singapore sovereign wealth fund Temasek and UK-based space investor Seraphim, ET reported.
AI is changing online ads, and brands have a new fight on their hands: Report
As consumers increasingly use AI for product discovery and comparisons, brands must adjust their advertising strategies. Research shows that many users still conduct further research after receiving AI recommendations from standalone apps. Advertising platforms are introducing new tools to engage consumers within existing searches and social media.
Exclusive: Unacademy founders Gaurav Munjal, Roman Saini plan Rs 700 crore AI, deeptech fund
The fund, named Longshot Capital, has secured commitments of about Rs 300 crore and is targeting its first close in January 2027, following which it plans to begin investing, the people said. Fundraising discussions are continuing, and the size and timing of the first close could change.
Cult.fit gets Sebi nod for Rs 3,500-4,000 crore IPO
The IPO will comprise a fresh issue of shares worth Rs 950 crore and an offer for sale (OFS) of up to 178.6 million shares by existing investors and individual shareholders. The final issue size will be determined after the price band is set. Chiratae, Temasek, Fitness First, Tata Digital, Accel, Kalaari and cofounder Mukesh Bansal are among the entities divesting their stake. Chiratae plans to sell up to 28.1 million shares through two funds, while Temasek will offload up to 24.7 million shares. Actor Hrithik Roshan will also sell part of his stake.
SK Hynix seeks US nod to expand China chip output, ties approval to US plant: Report
SK Hynix is attempting to obtain approval from the US to export chipmaking equipment to China. This export is intended to facilitate an increase in production at its Dalian facility. Solidigm, the US arm of SK Hynix, is considering a factory in the US contingent on this approval. The US is enforcing restrictions on such exports to maintain technological superiority.
India first, orbit next: Skyroot eyes $300 million dual valuation plan
Skyroot is in talks with Indian family offices to raise $150 million at a valuation of $2.3-2.5 billion, while the company is seeking to mop up the same amount from global investors such as General Catalyst, General Atlantic and Silicon Valley venture fund Benchmark at a higher valuation of up to $3 billion, the people said.
FM Nirmala Sitharaman meets Singapore President, PM; discuss strengthening bilateral cooperation
Finance Minister Nirmala Sitharaman visited Singapore from October 9 to 11 for official discussions. She met President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to strengthen bilateral relations. Their discussions focused on economic developments and investment opportunities for Singaporean companies in India. Sitharaman also met Foreign Minister Vivian Balakrishnan, who highlighted the growth prospects in India. Singapore is India's largest source of foreign direct investment, significantly contributing to the economy.
Nvidia-backed Upscale AI launches platform to connect chips from rival suppliers
Upscale AI has unveiled Token Fabric, a pioneering platform designed for creating data centers powered by AI chips. This innovative solution enables seamless integration of AI processors from different vendors. CEO Barun Kar foresees robust revenue growth stemming from Token Fabric in the coming year. The platform's initial component is slated for release in Q4, with ongoing improvements projected through 2027.
KKR-owned Healthium, Temasek-backed Romsons in race to buy 70-80% stake in BL Lifesciences
KKR-owned Healthium Medtech and Romsons Group are reportedly competing to acquire a significant stake in BL Lifesciences. The company is expected to be valued between ₹1,800 and ₹2,000 crore during this stake sale. KPMG is providing advisory services to the promoters of BL Lifesciences for this transaction, which involves a family-owned business. BL Lifesciences specializes in various medical devices for surgeries, critical care, and more.
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