Finance
Clix Capital raises Rs 220 crore equity from existing investors including Apollo Global
The company plans to utilise these funds to strengthen its lending capabilities across the MSME, Education, and Healthcare Equipment sectors, enhance its credit profile & significantly invest in new-age AI & ML technologies. “Our investment in Clix Capital has seen significant value creation and we are delighted to have participated in this equity round. We see ample headroom for growth in Clix Capital’s journey as it expands its footprint in India’s growing MSME sector,” said Utsav Baijal, Partner and Head of India Private Equity, Apollo Global Management.
Angel One invests Rs 250 crore in wealth management arm
Angel One Wealth has three business verticals, including HNI (high net-worth individuals), UHNI (ultra HNI) and alternate assets, it said. It can be noted that some of its peers, including IIFL, already have successful wealth management arms. The Angel One statement said there has been a rapid increase in the HNI population in the country, and is pegged to grow 16 per cent every year to 16.5 lakh by 2027.
Hinduja Group ready to pay Rs 2,750 crore now for Reliance Capital resolution, files intervention application before NCLT
In an email communication from IIHL’s CEO, Moses John, to RCap administrator Nageswara Rao, IIHL emphasized the need to complete multiple action points before transferring the amount to the escrow account. John urged both sides to coordinate and finalize the formalities promptly.
About 6 crore ITRs filed for FY24; 70% under new tax regime
Currently, India has two p ersonal income tax regimes. In the old income tax regime, the tax rates are relatively high but taxpayers can claim several exemptions and deductions. However, in the new tax regime, tax rates are lower but fewer deductions. Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said there were apprehensions as to whether people would shift to the simplified tax regime.
Ruloans reports 40% growth in FY24, reaching Rs 37,500 crore business volume
For FY25, Ruloans aims to achieve a growth rate of 30% and reach a business volume of Rs. 50,000 crore. Ruloans have forayed into education loans as well as solar & machinery loans this financial year and will go more focussed and aggressive on the same.
Fintech personal loan sizes decrease as youth borrowing rises: RBI Report
More than 59% of the total loans disbursed by fintechs were given to users below the age of 35, and the average ticket size of personal loans decreased to Rs. 9,861 in the first half of fiscal 24, from Rs. 10,955 in fiscal 22. However, delinquency rates are higher among younger age groups.
Spandana Sphoorty Financial stops adding new-to-credit customers
Microfinance company Spandana Sphoorty Financial has halted acquiring new-to-credit customers and stopped onboarding new clients in 14% of its branches due to increased delinquencies and asset quality concerns.
NPST Q1 FY 25 results: Net profit surges by 202%, marking best-ever quarterly performance
NPST announced its best quarterly performance in Q1 FY 2025, with net profit surging 202.96% and revenue increasing by 142.2%. Key drivers were the rise in demand for digital payment solutions and new customer accounts. Co-Founders are optimistic about continued growth, focusing on strategic investments and enhancing their business model.
EQT closing in on Aavas Financiers, Rs 7,000 cr deal up for grabs
Bain, CVC Capital also in fray; 51% stake in play in 2nd largest Housing Finance company as current promoters Kedaara & Partners Group seek to exit 8 year old investment.
Deposits growth continues to lag credit growth, as per latest RBI data
The Reserve Bank of India (RBI) governor Shaktikanta Das expressed his concerns about structural changes taking place in the financial sector as a faster pace of credit growth than deposit growth potentially exposes the banking system to structural liquidity issues, while speaking at a media event last week.
Must Watch
RBI fines Visa, Ola Financial and Manappuram for contravention of PPI, KYC rules
In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments, per a Reuters report. The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies.
Feasible & prudent to have three GST slabs: CBIC chief
India's GST structure is set to move towards three tax rate slabs, according to CBIC chairman Sanjay Kumar Agarwal. The GST Council will finalize the plan in its next meeting. Customs duty overhaul is also planned, aiming for simplification and fewer disputes. The online gaming sector’s GST contribution is growing.
Offshore loans turn cheaper as global investors widen exposure
Indian corporates found raising funds through offshore syndicated loans more affordable in 2024 due to increased global investor interest. The volume remained stable at $13.3 billion. HSBC emerged as the top bookrunner, followed by DBS Group, Mitsubishi UFJ Financial Group, and Taipei Fubon Commercial Bank. Firms like Union Bank, JSW Steel, and Hero Fincorp have utilized this route.
Hinduja Leyland Finance to go public via reverse merger with NXTDigital
The merger will make HLF an NBFC, said KM Balaji, chief financial officer, Ashok Leyland. The current book value of HLF is Rs 3,200 crore-based on Ashok Leyland's holding rate of Rs 60 per share in the balance sheet but when it gets listed, it could be much higher, he said.
Budget 2024: Variable capital companies could attract fund managers to India, say experts
Experts in the investment management industry and tax and legal professionals suggest that the introduction of variable capital companies (VCC) in India as announced in the union budget. This could boost private equity and venture capital investments, with potential to attract more fund managers and reduce compliance requirements. It will provide greater flexibility for pooling funds and accommodating investors with different needs, addressing limitations of current trust structures.
NCLT grants extension till Aug 10 to IIHL for completing RCapital resolution plan
IIHL made the highest cash offer of Rs 9,661-crore in the auctions and secured as much as 99 per cent of the lender's votes. The bid also included the Rs 500-crore cash balance with Reliance Capital going to the lenders, taking the overall recovery to Rs 10,200 crore or about 65 per cent as against Rs 16,000 crore principal secured debt the crippled company owed to lenders.
