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Sequoia Capital-backed <keyword id="3903861" type="PERSON" weightage="20" keywordseo="Indigo-Paints">Indigo Paints</keyword> has received capital markets regulator Sebi's approval to raise about Rs 1,000 crore through an initial public offering. The IPO comprises fresh issuance of shares aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, through its two funds SCI Investments IV and SCI Investments V, and promoter Hemant Jalan, according to the draft red herring prospectus (DRHP). Indigo Paints, which filed its preliminary IPO papers with Sebi in November, obtained its observation on December 31, an update with the capital markets watchdog showed on Monday. Sebi's observation is very necessary for any company to launch public issues, including initial share-sale, follow-on public offer and rights issue. Proceeds from the fresh issuance of shares would be used for expansion of the existing manufacturing facility at Pudukkottai in <keyword id="20154" type="PERSON" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, purchase of tinting machines and gyro shakers, and repayment/prepayment of borrowings. According to market sources, the initial public offering (IPO) is expected to fetch Rs 1,000 crore. <keyword id="106209" type="COMPANY" weightage="20" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword>, <keyword id="6364901" type="DOMAIN" weightage="20" keywordseo="Edelweiss-Financial-Services">Edelweiss Financial Services</keyword> and ICICI Securities are the book running lead managers to the issue. The Pune-based company manufactures a range of decorative paints and has an extensive distribution network across the country. As of September 30, 2020, the company has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms" data-type="tilCustomLink">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/business/news/kishore-biyani-lashes-out-at-amazon-says-future-group-was-disillusioned-and-fed-up-with-the-companys-lackadaisical-attitude/articleshow/80107540.cms" data-type="tilCustomLink">Kishore Biyani lashes out at Amazon, says Future Group was disillusioned and fed up with the company's lackadaisical attitude</a>

Sequoia Capital-backed Indigo Paints gets green light from SEBI for ₹1,000 crore IPO

The price of cement is hardening across the country and since August this year, the rates have gone up by ₹16/per bag, said <keyword id="152070" type="General" weightage="20" keywordseo="Emkay-Global-Financial-Services-Ltd" source="Orion">Emkay Global Financial Services Ltd</keyword>. According to a report by the company, in November the prices went up by about ₹6-7/bag. While the prices remained flat in Western and Central parts of the country, the rates hardened in Northern, Eastern and Southern regions, Emkay Global said. According to the report, the cement companies are attempting further price hikes of ₹10-15/bag across the country this month. "Absorption of the price hikes will get revealed over the next few days. With the financial-year change (from December to March) by ACC and Ambuja, volume push by these companies is likely to be limited in December. This is positive for the pricing trend in the near term," Emkay Global said. "We expect the industry's profitability to increase by move r than ₹200/ton QoQ (even higher for Eastern region players) in Q3FY23, with improving cement prices along with peakout of operating cost in Q2FY23," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/only-half-of-indian-listed-companies-set-net-carbon-emissions-commitments-wtw/articleshow/96032489.cms" style="">Only half of Indian listed companies set net carbon emissions commitments: WTW</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-beauty-brand-rene-cosmetics-raises-25-million-in-series-b-funding-led-by-evolvence-india-edelweiss-group/articleshow/96031563.cms" style="">Indian beauty brand RENÉE Cosmetics raises $25 million in Series B funding led by Evolvence India, Edelweiss Group</a>

Cement makers plan to hike price by ₹10-15 per bag

New Delhi, Jan 14 () Financial services firm Edelweiss Financial Services on Tuesday said it has received a communication from the Enforcement Directorate (ED) to represent and appear before it on Wednesday.
 The development follows the statement by the company's Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation.
 "The company has received a communication from the Office of the Enforcement Directorate to represent and appear before them on January 15, 2020 and the company shall do the needful," Edelweiss Financial Services said in a filing to BSE.
 Earlier in a regulatory filing, Shah said the allegation of FEMA (Foreign Exchange Management Act) violation is "false" and the company will fully cooperate in the investigation.
 The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
 Informing shareholders about the development, Shah had said: "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex Pvt ltd and all allegations of FEMA violations are false".
 The chairman also said that he was unable to go in person to the ED and authorised senior representative had attended in person with the requisite information.
 "Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he had added.
 Shah also denied media reports of him having any relation with Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of the group companies.
 "Let me reiterate that he (Sanjay Nathalal Shah) has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name," he had said.
 He had also accused media of sensational reporting on "false allegations".
 The company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss, he had added.
 Edelweiss is a home-grown professional financial services group built over 25 years by more than 11,000 employees and 2 million customers.
 The shares of Edelweiss Financial Services Ltd were trading at Rs 109.30 a piece on BSE in morning trade. SID SID ANS
ANS

Edelweiss Financial Services asked to appear before ED on Wednesday: Co

New Delhi, Jan 12 () Financial services firm Edelweiss Edelweiss Chairman Rashesh Shah on Sunday said the company has no relationship with Capstone Forex, which is being investigated by the Enforcement Directorate for foreign exchange rules violation.
In a BSE filing, Shah said the allegation of FEMA (Foreign Exchange Management Act) violation is "false" and the company will fully cooperate in the investigation.
The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.
Informing shareholders about the development, Shah said: "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex Pvt ltd and all allegations of FEMA violations are false".
The chairman also said that he was unable to go in person to the ED and authorised senior representative had attended in person with the requisite information.
"Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.
Shah also denied media reports of him having any relation with Sanjay Nathalal Shah, Chartered Accountant and an independent director of a few of the group companies.
"Let me reiterate that he (Sanjay Nathalal Shah) has no other association with the Edelweiss Group, nor is he in any way related to me; you will appreciate that Shah is a common name," he said.
He also accused media of sensational reporting on "false allegations".
The company will take appropriate legal action against the concerned media group in order to protect and reinforce the reputation of Edelweiss, he added.
Edelweiss is a home-grown professional financial services group built over 25 years by more than 11,000 employees and 2 million customers. LUX AA BAL

Edelweiss CEO denies dealings with Capstone, FEMA violations charge

<ul><li><keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> completed the acquisition of 51% stake in TP Central <keyword id="6357961" type="LOCATION" weightage="20" keywordseo="odisha">Odisha</keyword> Distribution Ltd (TPCODL) for ₹178.5 crore.</li><li>The shares of the company climbed over 4% on June 2.</li><li>Tata Power has a market cap of nearly ₹10,697.38 crore. </li><li>The acquisition will see Tata Power taking over the power supply business of five cities in Odisha. </li></ul>The shares of Tata Power, a subsidiary of Tata Group, climbed over 4% within a few minutes of trading on June 2 after the company completed acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for ₹178.5 crore. Tata Power has a market cap of nearly ₹10,697.38 crore. At 12:10 am, the shares were trading 4.18% higher at ₹41.10 a piece on the BSE. <div type="image" title="Tata power share price" msid="76150589" hostid="261"></div> Meanwhile, the company is hoping to raise about ₹3,000 crore from divestment of non-core operations and restructuring the renewable energy business as it aims to cut the debt by around 40% in the current financial year. “Our attempt is to reduce the debt to the levels of ₹25,000 crore by the end of this fiscal year from ₹44,000 crore; it is an indicative target. We are looking at various means to do it. We have already started our divestment process,” <a href="https://economictimes.indiatimes.com/industry/energy/power/tata-power-eyes-3k-cr-divestment-revamp-of-green-assets-to-cut-debt/articleshow/76143531.cms">Managing Director Praveer Sinha told ET</a>. ‘<keyword id="250122" type="COMPANY" weightage="20" keywordseo="CESU">CESU</keyword> tie-up a huge development for Tata Power’ Tata Power said that the Grid Corporation of Odisha (<keyword id="297737" type="COMPANY" weightage="20" keywordseo="Gridco">GRIDCO</keyword>) would hold the remaining 49% stake in TPCODL, which operates Central Electricity Supply Utility of Odisha (CESU). However, now Tata Power has taken over the management of CESU, and will now be responsible for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal. In the fourth quarter ended March 31, Tata Power posted a two-fold jump in its consolidated net profit at ₹475 crore. As per the agreement, the company will retain all the existing employees of CESU and will govern them by their existing policy structure. "Our tie-up with CESU is a huge development for Tata Power. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. The success of our Delhi, Mumbai and Ajmer distribution businesses are testament to this fact," Tata Power CEO &amp; MD Praveer Sinha said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/sebi-has-ordered-a-special-audit-of-the-six-debt-funds-shut-down-by-franklin-templeton-in-may/articleshow/76148899.cms" data-type="tilCustomLink">SEBI orders special audit of Franklin’s six debt funds – with ₹30,800 crore wealth locked in, wary investors demand reopening</a> <a href="https://www.businessinsider.in/india/news/pm-modi-speech-highlights-during-cii-anniversary/articleshow/76149631.cms" data-type="tilCustomLink">‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders</a> <a href="https://www.businessinsider.in/india/news/india-coronavirus-news-and-updates-for-june-2-2020/articleshow/76149118.cms" data-type="tilCustomLink">India records more than 8,000 cases for the third straight day— over all tally inches closer to 2 lakh</a>

Tata Power shares jump 4% after company takes over Odisha’s power distribution and announces plans to reduce debt

Indiabulls Housing Finance Ltd plans to raise up to Rs 1,000 crore, which includes Rs 900 crore through issue of public issue bonds. The Tranche II Issue offers various series of NCDs for subscription with coupon rates ranging from 8.33 per cent to 9.55 per cent per annum. The Issue will open for subscription on Monday, September 5 and closes on September 22. The NCDs under the Tranche II Issue have tenures of 24 months (Series I, II, III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective yield (per annum) for the <keyword id="131571" type="General" weightage="80" keywordseo="ncd" source="Orion">NCD</keyword> holders in Category I (Institutional Investors) &amp; Category II (Non-Institutional Investors) ranges from 8.64 per cent to 9.05 per cent and for <keyword id="2776570" type="General" weightage="80" keywordseo="category-iii" source="Orion">Category III</keyword> (High Net-worth <keyword id="171067" type="General" weightage="80" keywordseo="individual-investors" source="Orion">Individual Investors</keyword>) and Category IV (Retail Individual Investors) holders ranges from 9.04 per cent to 9.54 per cent. Edelweiss Financial Services Limited, A.K. Capital Services Limited, IIFL Securities Limited and Trust Investment Advisors Private Limited are lead managers tp the issue. IDBI <keyword id="14901049" type="General" weightage="80" keywordseo="trusteeship-services-limited" source="Orion">Trusteeship Services Limited</keyword> is the Debenture Trustee to the Tranche II Issue. The NCDs are proposed to be listed on BSE Limited and <keyword id="163934" type="General" weightage="80" keywordseo="national-stock-exchange-of-india" source="Orion">National Stock Exchange of India</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/chromium-waste-dumping-tn-to-form-panel-to-monitor-pollution-hazards/articleshow/93999457.cms" style="">Chromium Waste Dumping: TN To Form Panel To Monitor Pollution Hazards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/the-great-indian-festival-of-hiring-e-commerce-companies-gear-up-for-indias-shoppers/articleshow/94000346.cms">The great Indian festival of hiring: E-commerce companies gear up for India’s shoppers</a>

Indiabulls Housing Finance to raise up to Rs 1,000 cr via public issue of bonds

Mumbai, Jan 22 () Edelweiss Finance &amp; Investments (EFIL) on Wednesday said it is looking to raise up to Rs 250 crore through bonds.
The base size of the issue is Rs 125 crore with an option to retain over-subscription up to Rs 125 crore.
"The funds raised will be primarily used for the purpose of onward lending and the repayment of interest and principal of existing borrowings of the company and for general corporate purposes," the NBFC arm of Edelweiss group said in a release.
The company is offering bonds maturing in 18, 36, 60 and 120 months with monthly, annual and cumulative interest payment option.
Bonds will be offering an effective yield up to 10.25 per cent per annum. An additional interest of 0.20 per cent will be given to existing holders of bonds previously issued by the company or by Edelweiss Financial Services (EFSL) or ECL Finance, it said.
The issue will open for subscription on January 23, 2020 and close on January 31.
Lead managers to the issue are IDBI Capital Markets &amp; Securities and Edelweiss Financial Services (EFSL).
The NCDs will be listed on the BSE.
EFIL gives loans against securities, ESOP finance, margin trade financing and IPO financing.
It also provides loans to its customers against the pledge of certain specified securities held by customers. The product is offered to them who require liquidity against their investments in certain specific marketable securities. HV BAL
BAL

Edelweiss Fin plans to raise Rs 250 crore via bonds

Mumbai, Jan 15 () Financial services company Edelwesiss Group Chairman Rashesh Shah on Wednesday appeared before Enforcement Directorate (ED) officials for questioning with regard to a case of FEMA (Foreign Exchange Management Act) violation. 
 Shah was summoned for the second time by ED after failing to appear last week.
 The businessman arrived at ED office in south Mumbai's Fort area around noon. Details on the information that will be sought from him were not immediately available.
 Shah, in a statement on Sunday, had denied any wrongdoing in the case and added that Edelweiss has no relationship with Capstone Forex, which is being investigated by the ED.
 He had said that his relationship with Sanjay Nathalal Shah, whose role is being investigated in the case, is limited to the chartered acountant being an independent director in multiple companies in Edelweiss Group.
 He had promised to fully cooperate in the investigation started by ED.
 Informing shareholders about the development, Shah had said, "I am writing to you directly to assure you that Edelweiss has no relationship with Capstone Forex and all allegations of FEMA violations are false."
 The chairman had also said he was unable to go in person to ED and had authorised senior representatives to be present with the requisite information.
 "Needless to say, if in the future any assistance or support to the investigation is requested from us, we will cooperate fully," he added.
 He had also accused media of sensational reporting on "false allegations" and warned of taking appropriate legal action against a media group for reporting on the case. 
 Shares of Edelweiss Financial Services Ltd on Wednesday closed 1.59 per cent higher at Rs 108.50 on the BSE. DC AA

 RVK

FEMA violation case: Edelweiss Group Chairman appears before ED

Mumbai, Jul 5 () Edelweiss Group has reported Rs 2,245 crore loss in the quarter to March due to higher upfront provisioning for COVID-19 for possible credit losses across three lending and asset reconstruction verticals. The diversified financial services player had reported a net income of Rs 232 crore in the year-ago period. During the quarter, the group has made an additional provisioning of Rs 900 crore towards possible loan losses due to the pandemic taking the total provisions to Rs 2,549 crore. Of this pre-COVID impairment stood at Rs 1,200 crore, and an additional impairment for the planned sell down of its NBFC assets worth Rs 500 crore, the company said. The group's full year income plunged to Rs 9,603 crore from Rs 11,161 crore in FY19, while full year 2020 net income slipped to negative Rs 2,045 crore against Rs 995 crore net profit in FY19. Group chairman and chief executive Rashesh Shah told on Sunday that the numbers are not comparable as the group had in February decided to change the accounting standard because of changes in reporting to entity-wise to factor-in expected credit losses and also to include upfront impairment charges across verticals so that there are no shocks and instead of spreading it through FY21. "Impairment is not cash loss, but only a buffer to prepare for any negative eventuality. In fact, this helps us conserve cash and also gain by way of lower tax outgoes," Shah underlined. He also said upfront provisioning has helped them conserve cash by way of tax benefits, which in FY20 amounts to Rs 400 crore. "We have taken a conservative impairment charges in the March quarter preponing any future impairment. The higher provision is one-time for future impairments," Shah said. Edelweiss has been since the IL&amp;FS bankruptcy steadily reducing exposure to wholesale credit, which is down 43 per cent from peak levels, Shah said, adding the firm is adopting an accelerated strategy to mark down and sell down corporate assets and the pandemic has come in handy to speed up the same. Edelweiss has three credit business subsidiaries, Edelweiss Capital Finance, Edelweiss Housing Finance and Edelweiss Retail Finance that offer retail mortgage, SME and business loans, ESOP and margin financing, agri and rural finance, structured collateralised credit and wholesale mortgages. Edelweiss Capital loan book stood at Rs 13,388 crore, that of housing arm at Rs 4,326 crore and retail arm at Rs 1,391 crore as of March 2020, netting a net interest income of Rs 1,191 crore, Rs 188 crore and Rs 115 crore, respectively. Their respective credit loss stood at Rs 2,335 crore, Rs 41 crore, and Rs 73 crore, while net income was minus Rs 1,414 crore, Rs 2 crore and Rs 1 crore. Gross NPAs of these firms were 3.8 per cent, 1.7 per cent and 2.4 per cent. Noting that the past eight quarters have been challenging for the financial services industry, he said the pandemic has only further weakened an already slowing economy. Shah further said, they have decided to markdown and sell-down of their corporate asset book, accelerating to capital light model in retail credit, and to raise equity in Edelweiss and in wealth &amp; asset management businesses. "These measures will further strengthen both our balance sheet and dominant franchises. As the economy recovers over the next few quarters, our businesses will be well-poised to grow strongly," he said. During April and May, we had up to 45 per cent of our customers on the moratorium, but the repayment has clawed back to 75 per cent in June, which means only 25 per of the loans are in moratorium now. Also, we have resumed lending to MSMEs under the government scheme with monthly disbursals touching Rs 70-80 crore now, Shah said. "Wealth and asset management and asset reconstruction businesses continue to perform well with a stable and a large fee income base and an increase in customer count," he said, adding insurance businesses outperformed the industry to remain one of the fastest growing. Capital adequacy of key credit subsidiaries Edelweiss NBFC stood at 21 per cent, housing arm at 28.6 per cent and retail credit at 29.4 per cent and that of ARC at a high 32.5 per cent. Wealth &amp; asset management and asset reconstruction businesses contributed Rs 491 crore net income on a pre-minority interest basis in FY20 on a robust fee income of Rs 1,900 crore, Shah said. BEN BAL BAL

Edelweiss Group books Rs 2,245 cr net loss on upfront COVID provisioning

New Delhi, Nov 28 () <keyword id="702805" type="ORGANIZATION" weightage="20" keywordseo="Edelweiss-Housing-Finance">Edelweiss Housing Finance</keyword> Ltd (<keyword id="784798" type="ORGANIZATION" weightage="20" keywordseo="EHFL">EHFL</keyword>) and <keyword id="6358007" type="COMPANY" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> have tied up for co-lending of home loans to self-employed and salaried persons. EHFL, a subsidiary of Edelweiss Financial Services Ltd, has entered into a strategic agreement with Bank of Baroda (BoB) for co-lending of home loans to self-employed and salaried customers, a statement said on Thursday. Under the pact, EHFL and BoB will share risks and rewards in creating a conducive lending ecosystem for home loan seekers, the statement added.
 For Edelweiss, co-lending represents an alternative model of disbursals that is asset light and creates a sound revenue model for sustainable business.
 For self-employed and salaried customers, co-lending provides benefits of dealing with a single entity for their financing and convenient access to a blended cost-effective rate of interest.
 Bank of Baroda Executive Director Vikramaditya Singh Khichi said the pact is in line with the bank's objective to increase its reach to maximum number of prospective borrowers.
 "Easy availability of home loans will lead to higher demand in the real estate sector, which is a key driver of economic growth because of the jobs it creates and the industries and small-scale businesses it sustains," said EHFL Chief Executive Officer Rajat Avasthi. KPM HRS

EHFL and Bank of Baroda have tied up for co-lending of home loans

Mumbai, May 13 () Financial services-focused Edelweiss Group has restricted spending to the minimum because of liquidity concerns arising out of the inability to get benefits of loan repayment moratoriums, its chairman Rashesh Shah has said."While we have extended EMI (earnest monthly instalments) non-payment benefits to our clients, the same has not necessarily been available for us. It is therefore important in these times to be cautious, conservative and prudent wherever possible," Shah said in a letter to Edelweiss Group employees.He said the group has "restricted spending to the minimum possible" and urged employees to be measured in their spending both professionally and personally. It can be noted that liquidity has been identified as one of the key concerns by policymakers amidst the COVID-19 pandemic. However, non-bank lenders - Edelweiss also has a presence in the segment - have not been able to get relief as the moratoriums have not been extended to them and dedicated liquidity lines like the ones through targeted long term repo operations have been met with limited success."I am confident that Edelweiss will emerge out of this stronger, leaner and more resilient than ever before," he said. Shah said businesses are facing a challenging time staying afloat as the squeeze on liquidity affects organisations across all sectors and of all sizes and pitched for a calibrated and gradual easing of the lockdown restrictions so that the economy can start once again."We are amidst a disruption that is similar to 1991, maybe even bigger. Striking the right balance between re-starting the economy and maintaining social discipline will be key to determining the path we take," he said.He said the return to normalcy for the economy will also take some time and warned that it will not be a very smooth recovery either. "The year ahead will be a bumpy road and the same will hold true for all organizations including ours," he told employees. The chief of the group which started out as a brokerage and has presence in asset reconstruction, mutual funds and insurance, commended the imposition of the lockdowns saying India's healthcare infrastructure is limited in its ability to handle a rapid surge in COVID-19 cases. However, the flipside of the lockdowns has been that the economy has come to an "absolute halt" in this period and it is an especially challenging time for the economically weakest segments of our society, he said.He added that safety and hygiene will become even more important in the new world and the key is to embrace the new normal. Learnings from the crisis include frugality and conservatism, need to build resilience for long-term sustainability and the need to stay connected, he said, adding that the group was early to adopt aspects like work-from-home for employees even before the lockdown started. AA DRRDRR

COVID-19: Time to be cautious, conservative, prudent wherever possible says Edelweiss' Rashesh Shah

PrimeMover Mobility Technologies, a Gurugram based startup, which owns and operates self-drive car rental platform <keyword id="3018623" type="ORGANIZATION" weightage="20" keywordseo="Revv">Revv</keyword>, has raised $9 million in equity and debt financing. 
 
According to an official statement released by the company, the proceeds from Series A round will be used for launching its services in fresh markets , develop new products, and to come up with proprietary technology to enhance customer experience. 
 The financial terms of the transaction were not disclosed, but it follows the Rs 160 crore raised by bigger rival <keyword id="6368965" type="UNKNOWN" weightage="20" keywordseo="ZoomCar">Zoomcar</keyword> in a round led by Ford Smart Mobility, a subsidiary of <keyword id="64455" type="COMPANY" weightage="20" keywordseo="Ford-Motor-Company">Ford Motor Company</keyword>, earlier in August. 
 "The number of people giving up traditional assownership is set to grow exponentially. The rise of taxi-hailing apps has been an important market-creator, weaning people away from traditional car ownership. The key would be to address the highly varied needs of a shared-mobility user, through a suite of products tailored for each need," <keyword id="358005" type="PERSON" weightage="20" keywordseo="Anupam-Agarwal">Anupam Agarwal</keyword>, co-founder, Revv said in a statement. 
 
According to the press release, a major amount used for developing technological capabilities on two-sided sharing platforms, predictive inventory management, dynamic pricing and driver behaviour monitoring. 
 The funding round is a mix of equity and debt funding, the latter from financing partners such as Mahindra &amp; Mahindra Financial Services; and vehicle leasing from <keyword id="656315" type="COMPANY" weightage="20" keywordseo="LeasePlan-India">LeasePlan India</keyword>. 
 "We believe that Revv's approach to creating use-case based products will meet customers' needs without compromising the convenience and flexibility of owning the vehicle, while allowing for better utilization of assets on the supply side," said <keyword id="2863114" type="UNKNOWN" weightage="20" keywordseo="Pranav-Parikh">Pranav Parikh</keyword>, managing partner, Edelweiss <keyword id="34499" type="POSITION" weightage="20" keywordseo="private-equity">Private Equity</keyword>. 
 Revv is currently present in four cities across the country - Delhi NCR, <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>, Hyderabad and Chandigarh.

Self-drive car rental startup Revv raises $9 million

<ul><li>The <keyword id="6462365" type="UNKNOWN" weightage="20" keywordseo="spectrum-auction">spectrum auction</keyword> has the potential to change the landscape of the Indian telecom industry – both for the telcos as well as subscribers.</li><li>As a 2G or 3G user, this could result in better offers as Airtel and Vodafone Idea look to switch their users over to 4G.</li><li>As an existing 4G user, this auction could result in better quality of service thanks to improved network capacities.</li><li>For those waiting for 5G, do not expect the same kind of competitive tariffs because 5G could be a duopoly between Jio and Airtel.</li></ul>The 2021 spectrum auction witnessed participation from Reliance Jio, Airtel and Vodafone Idea, with Jio emerging as the biggest bidder, accounting for nearly two-thirds of the total spectrum sold in the auction. How much spectrum the companies add to their existing kitty, and how much they pay for it, has a direct impact on your mobile bills, and the offers that you get as a prepaid customer. The Indian government sold a total of ₹77,800 crore worth of spectrum, out of which Jio accounts for approximately ₹57,100 crore, Airtel for ₹18,700 crore and Vodafone Idea for ₹2,000 crore. Here’s a summary of the spectrum auction: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Spectrum purchased </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Reliance Jio </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">488.35 MHz </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹57,123 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Airtel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">355.45 MHz </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹18,699 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Vodafone Idea </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">11.80 MHz </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,993 crore </td></tr></tbody></table> It is worth noting that this was an auction of 4G spectrum, but both Reliance Jio and Airtel hold spectrum in the sub-GHz band – 800MHz and 900MHz – which they say can be used for 5G services as well. <div type="Article" hostid="261" msid="81107239" title="Mittal vs Ambani battle heats up as Airtel beats Reliance Jio to become the top telco in the country" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Spectrum auction – what does it mean for my phone bills?" comment="subhead" text="Spectrum auction – what does it mean for my phone bills?">Spectrum auction – what does it mean for my phone bills?</cmsannotation> With the technicalities out of the way, let’s decode the cues that the spectrum auction holds for your future phone bills. 1. Possible offers for 2G and 3G users to switch to 4G The switch to 4G and beyond is inevitable and this spectrum auction could further accelerate it. Jio has only 4G subscribers, so it leaves only Airtel and Vodafone Idea with the legacy 2G and 3G networks. Switching over their 2G and 3G customers to 4G will also help Airtel and Vodafone Idea bring down their cost of operations, as they will have to maintain only one network instead of the existing three. To make the switch to 4G, Airtel and Vodafone Idea could offer targeted plans to make it lucrative enough for their subscribers. This could help them boost their average revenue per user (ARPU), since a 4G plan with a daily data limit is more than four times expensive when compared to a standard 2G plan. (₹219 vs ₹49). For subscribers, switching to 4G will result in an increase in phone bills. According to Nitin Soni, Director, Fitch Ratings, 4G penetration is still around 50-55% in India, so that leaves plenty of room for telcos to improve their ARPU. 2. For existing 4G users – an improvement in quality of service Both Jio and Airtel have purchased spectrum in the sub-GHz band and 2300MHz to improve their network coverage and expand their capacities. This, according to an Edelweiss Research report dated March 2, will help both the telcos in improving the quality of service as well as enhancing network capacity. “Reliance Jio’s subscriber addition has decelerated lately; hence, improving spectrum holding can help it improve subscriber addition,” the report noted. As the competition narrows down to Jio and Airtel⁠— and the tariffs being competitive already⁠— the quality of service will give one operator the edge over the other. And as data shows, <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-record-5-5-million-and-reliance-jio-added-3-2-million-subscribers-in-december-2020-month/articleshow/81107239.cms">Airtel has performed better in the previous two quarters</a>. “We believe Bharti has made adequate investments in the spectrum as well as network; hence it is likely to continue to gain market share in the smartphone segment,” the report said. If you have been noticing call drops and lower data speeds, this spectrum auction might just improve your experience. 3. 5G could end up as a duopoly It has been argued for some time now that the Indian telecom sector could become a duopoly between Jio and Airtel, since Vodafone Idea has been in a bad shape for a long time now. Both Jio and Airtel have already <a href="https://www.businessinsider.in/business/telecom/news/simply-put-airtel-says-all-it-now-needs-is-spectrum-to-deliver-5g-services-at-a-speed-of-up-to-900-mbps/articleshow/80511946.cms">announced</a> that they are ready for 5G, at least on the network side of things. Now, with both the telcos acquiring sub-GHz bands – 800MHz and 900MHz – they have the spectrum to start testing out their 5G networks, subject to government approval. Vodafone Idea, on the other hand, is staring at a bleak outlook. “Vodafone idea has very limited financial flexibility to invest in 5G in future,” Soni added. This could result in 5G being dominated by two private players – Jio and Airtel. “Recent spectrum auction and 5G launch in next 2 years will further accelerate revenue market share consolidation in the hands of Jio and Bharti,” Soni explained further. And with the number of companies likely to reduce to just two, users like you and me could be a relative disadvantage. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/the-indian-government-reaped-a-record-77000-crore-on-the-first-day-of-2021-telecom-spectrum-auctions/articleshow/81290489.cms">India reaps a bounty on the first day of spectrum auctions – but it's a lot less than what the government wanted</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-record-5-5-million-and-reliance-jio-added-3-2-million-subscribers-in-december-2020-month/articleshow/81107239.cms">Mittal vs Ambani battle heats up as Airtel beats Reliance Jio to become the top telco in the country</a> <a href="https://www.businessinsider.in/business/telecom/news/simply-put-airtel-says-all-it-now-needs-is-spectrum-to-deliver-5g-services-at-a-speed-of-up-to-900-mbps/articleshow/80511946.cms">Simply put, Airtel says all it now needs is spectrum to deliver 5G services at a speed of up to 900 Mbps</a>

Here’s how the latest spectrum auction may affect your mobile phone bills and quality of service

Edelweiss, which is a financial services firm, is looking forward to tap engineering students who might suggest some innovative ideas and technologies. The company has also created an internal board which would evaluate these ideas. 
 
The step has been taken because the fear of technological disruption which has reached the boards of large companies. These companies are now trying to join the start-up boom, which they plan to do either through funding or collaborations. Edelweiss is open to trying both these ideas and believes that not all innovative ideas can come from inside, the company's technology chief told ET. 
 
"We have a programme called Edelweiss Springboard. We go to engineering colleges and ask students to come up with innovative ideas for our business using few technologies. If the idea has potential, we will mentor the shortlisted teams in implementing their ideas and reward the successful ones," said Kalpana Maniar, who is the president and chief information officer of Edelweiss Financial Services. 
 
For reaching out to the engineering students, the company has been to two engineering colleges this year, and is planning to expand the programme so that more colleges can be included in the coming years. 
In the recent years, the boom in the start-up sector has given tough competition to financial services firms across the globe. 
 
Last week, we reported about Mahindra Group’s <a href="http://www.businessinsider.in/Mahindra-Group-wants-its-employees-to-be-entrepreneurs-too-Heres-how/articleshow/49841964.cms">plans to help aspiring entrepreneurs</a> among its employees so that start-ups can be built in-house with seed funding and incubation facilities. 
 
<a href="http://blog.askiitians.com/wp-content/uploads/2014/01/4.jpg">Image Source</a>

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