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<ul><li>The funding will fuel the company’s ongoing transition into a global business with significant operations in the USA, the Gulf region and Europe.</li><li>Last May, Fashionza had raised $100 million in a Series B round of funding led by Prosus Ventures and Westbridge Capital.</li><li>The company helps brands to connect with manufacturers and produce new collections within a short turnaround time.</li></ul><keyword id="10583871" type="General" weightage="20" keywordseo="Fashinza" source="Orion">Fashinza</keyword>, a B2B marketplace and global supply chain for fashion brands and retailers, on Tuesday said it has raised $30 million from <keyword id="16965823" type="General" weightage="20" keywordseo="Mars-Growth-Capital-and-Liquidity-Group" source="Orion">Mars Growth Capital and Liquidity Group</keyword>. The funding will fuel the company’s ongoing transition into a global business with significant operations in the USA, Gulf countries and Europe. Gurgaon-based Fashinza will use the capital to meet its growing international working capital requirements. "Our capital is non-asset based and will hence support Fashinza to grow their business internationally in the most capital-efficient manner," said Navas Ebin, managing director of APAC for Mars Growth Capital and Liquidity Group. Mars Growth Capital is a Singapore-based technology fund, created to provide access to non-dilutive, affordable and liability-free growth capital for fast-growing startups and tech companies in the Asia-Pacific and EMEA region. Last May, Fashinza had raised $100 million in a Series B round of funding led by Prosus Ventures and Westbridge Capital. "Fashinza is transforming the global fashion supply chain. Their performance since inception, the strength of their founding team, and their existing global network of manufacturers and customers gave us enough confidence in their ability to scale this business and sustain in the medium- to long-term," added Ebin. Fashinza is an artificial intelligence (AI)-driven business-to-business (B2B) marketplace for global fashion supply chains. The company says it helps brands to connect with manufacturers and produce new collections within a short turnaround time. "As we focus on expanding our presence in international markets, including the USA, we are excited to partner with Liquidity Group to support our growth and to bring our innovative manufacturing solutions to a global audience," said Abhishek Sharma, co-founder and chief operating officer of Fashinza. “With their flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide,” added Sharma. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-eroding-53291-crore-market-capitalisation-today/articleshow/99057169.cms">Adani group stocks tumble, eroding ₹53,291 crore market capitalisation: All ten stocks in red</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/two-multibagger-stocks-under-nifty500-doubled-investors-money-in-last-six-months/slidelist/99049670.cms">Two multibagger stocks under Nifty500 doubled investors money in last six months</a>

Fashinza raises $30 million from Mars Growth Capital and Liquidity Group

New Delhi, Indian startups have raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits. According to TheKredible's data, there were 70 early-stage deals with a total value of $314.4 million, and 21 growth-stage deals worth $418.3 million. There were 16 undisclosed rounds. In January, the total funding for startups experienced a significant decrease from $1.7 billion in the last month of 2023. It was also the lowest funding amount for January when compared to the last three years, reports Entrackr. Notably, no startup managed to secure funding above $100 million in January. <keyword id="20320433" type="General" weightage="20" keywordseo="vivifi" source="keywords">Vivifi</keyword>, a fintech startup, received the most funding in January, totalling $75 million. AiDash, wow! Momo, <keyword id="20450793" type="General" weightage="20" keywordseo="impact-analytics" source="keywords">Impact Analytics</keyword>, and BluSmart were among the five most funded companies last month. Three companies in the growth stage, OneCard, Infra.Market, and Yulu, have raised debt funding, as per the data. <keyword id="20450792" type="General" weightage="20" keywordseo="krutrim-si-designs" source="keywords">Krutrim SI Designs</keyword>, led by Bhavish Aggarwal, has announced $50 million in funding, making it the fastest unicorn in the Indian startup ecosystem. International Battery Finance and three fintech startups - StockGro, FinAGG, and Ecofy - made the top five list. StockGro raised the most debt last month, the report noted. Layoffs continued to stalk startups, with more than 600 layoffs across three companies. Online food delivery platform Swiggy led the way with 350 layoffs, followed by Cult.fit and InMobi. Flipkart, an e-commerce marketplace, was also in the news for firing over 1,000 employees. In addition to layoffs, several top-level employees left Indian startups. Udaan alone saw two departures, including CFO Aditya Pande and FMCG business head <keyword id="20400665" type="General" weightage="20" keywordseo="vinay-shrivastava" source="keywords">Vinay Shrivastava</keyword>. The CEOs of Indus Appstore and KnowledgeHut, both owned by PhonePe, and the co-founders of DealShare and Fashinza have left. Besides layoffs, cricket non-fungible token (NFT) platform Rario and ByteDance's <keyword id="20158260" type="General" weightage="20" keywordseo="resso" source="keywords">Resso</keyword> announced to shut down operations.

Indian startups raised $732 million across 107 deals in January

The Supreme Court has dismissed the customs department appeal against <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Power Maharashtra Ltd. (<keyword id="334816" type="General" weightage="80" keywordseo="apml" source="Orion">APML</keyword>), Adani Power Rajasthan Ltd. (<keyword id="14511074" type="General" weightage="80" keywordseo="aprl" source="Orion">APRL</keyword>) and others in alleged over-valuation of imported goods matter. A bench comprising Justices Krishna Murari and <keyword id="1726232" type="General" weightage="50" keywordseo="sanjay-karol" source="Orion">Sanjay Karol</keyword>, after hearing detailed arguments in the matter from both sides, dismissed the appeal filed by the customs department against APML, APRL and others. According to the counsel familiar with the development, the apex court found that the project cost of APML and APRL was either similar or lower than the price of peers/competitors. The counsel added that the price was lesser than the benchmark per megawatt cost fixed by Central Electricity Regulatory Commission (CERC) and the contract was an EPC contract awarded to the lowest bidder following worldwide bidding called International Competitive Bidding (<keyword id="318416" type="General" weightage="80" keywordseo="icb" source="Orion">ICB</keyword>). According to the counsel, the apex court upheld the findings of both the lower authorities, i.e., adjudicating authority as well as appellate tribunal and confirmed that there was no overvaluation in import of capital goods. The top court dismissed the custom's appeal on Monday. APML &amp; APRL following ICB, imported goods required for setting up of thermal power projects in Maharashtra and Rajasthan. Likewise, consortium led by PMC Projects (India) pvt. ltd., which was awarded the contract following ICB, imported goods for setting up of transmission line and substation package for Maharashtra Eastern Grid Power Transmission Co. Ltd. (MEGPTCL). The Directorate of Revenue Intelligence (DRI), in May 2014, issued show cause notices (SCNs) to APML, APRL, MEGPTCL and others alleging over-valuation in import of capital goods. The adjudicating authority of DRI in 2017, the same authority which issued the SCNs after dealing with it in detail, held that all the imports were genuine and concluded that the value declared is correct and is not required to be re-determined. Later, SCNs were dropped. In 2022, the appellate tribunal dismissed the plea filed by the customs department and confirmed that there was no overvaluation while importing the equipment by Adani. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fashinza-raises-30-million-from-mars-growth-capital-and-liquidity-group/articleshow/99057241.cms">Fashinza raises $30 million from Mars Growth Capital and Liquidity Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-covid-cases-show-a-slight-drop-with-only-1539-new-infections-and-four-deaths-in-the-last-24-hours/articleshow/99057573.cms">India's Covid cases show a slight drop, with only 1,539 new infections and four deaths in the last 24 hours</a>

SC dismisses custom's plea claiming overvaluation in import of capital goods by Adani

<ul><li><keyword id="241594" type="General" weightage="100" keywordseo="magma" source="Orion">Magma</keyword> is a B2B supply chain enablement startup operating in the building and construction materials space. </li><li>The funding round also saw participation from Unicorn founder angels Aayush Phumbhra (Chegg), <keyword id="4549709" type="General" weightage="50" keywordseo="varun-alagh" source="Orion">Varun Alagh</keyword> (Mamaearth) &amp; Srini (BigBasket, Bluestone). </li><li>The company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist and grow the team. </li></ul>B2B manufacturing and supply chain enablement platform for building materials, Magma has raised $3.3 million in its seed round led by <keyword id="1153745" type="General" weightage="80" keywordseo="general-catalyst" source="Orion">General Catalyst</keyword>, with participation from Accion Venture Lab and <keyword id="8830555" type="General" weightage="50" keywordseo="titan-capital" source="Orion">Titan Capital</keyword>. The funding round also saw participation from Unicorn founder angels including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) &amp; Srini (BigBasket, Bluestone). Existing investors <keyword id="543048" type="General" weightage="50" keywordseo="weh" source="Orion">WEH</keyword> ventures and All in Capital also doubled down in this round. Founded in February 2022, the company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist and grow the team. The company’s product stack includes factory and supplier specific applications that aid partner factories in procuring raw materials, finding global buyers and getting access to energy and resources. “Post covid, factories and suppliers are moving their base from China to Southeast Asia, with India being on the forefront. Additional efforts have been put in by international buyers to diversify their sourcing, further presenting an opportunity for local manufacturers to take a significant wallet share,” <keyword id="16410942" type="General" weightage="50" keywordseo="neal-thakkar" source="Orion">Neal Thakkar</keyword>, founder and CEO, Magma said. Magma has onboarded over 80 factories and is projecting to close its first financial year in March 2023 with an annualised GMV run rate of ₹150 crores ($18 million). “We believe that India is emerging as a global manufacturing hub. This is leading to the digitization and upskilling of factories, such as those Magma is empowering in Morbi, Gujarat and other parts of India. We are excited to partner with Magma on their journey to digitise the ceramics and industrial chemicals industry in India and help their customers compete on a global scale,” <keyword id="1973987" type="General" weightage="50" keywordseo="anand-chandrasekaran" source="Orion">Anand Chandrasekaran</keyword>, partner at General <keyword id="80023" type="General" weightage="80" keywordseo="catalyst" source="Orion">Catalyst</keyword>, said. In August 2022, Magma raised funding of $515K in pre-seed round with participation from WEH ventures, All in capital, <keyword id="9908414" type="General" weightage="50" keywordseo="pointone-capital" source="Orion">PointOne Capital</keyword>, Angelist India, along with notable angel investors including founders of Groyyo, Fashinza, ManMatters and more. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/entropik-raises-25-mn-from-bessemer-venture-partners-sig-others/articleshow/97724062.cms">Entropik raises $25 mn from Bessemer Venture Partners, SIG &amp; others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-will-grow-at-6-4-in-fy24-says-rbi-projects-fy23-growth-rate-at-7/articleshow/97722702.cms">India will grow at 6.4% in FY24 says RBI, projects FY23 growth rate at 7%</a>

B2B manufacturing platform Magma raises $3.3 million in seed funding led by General Catalyst

<ul><li>The finance bill has brought the debt repayment component of distribution income by <keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword> and <keyword id="6425787" type="General" weightage="20" keywordseo="InvITs" source="Orion">InvITs</keyword> under tax.</li><li>However, only a small portion of the amount will attract tax as the taxed amount will be calculated after deducting the cost of acquisition of units at the time of sale of units.</li><li>With this, analysts are positive REITs and InvITs and consider it as an attractive investment product.</li></ul>One of the major amendments in the finance bill softened the tax impact on unitholders of <keyword id="6425721" type="General" weightage="20" keywordseo="Real-Estate-Investment-Trusts" source="Orion">Real Estate Investment Trusts</keyword> (REITs), and Infrastructure Investment Trust (InvITs). REIT is an investment product that lets you invest in real estate without buying an actual property. REITs are companies that own commercial real estate such as office buildings, retail spaces, apartments and hotels and tend to pay high dividends. InvITs are the same, but invest in infrastructure assets instead. The finance bill has brought the debt repayment component of distribution income by REIT and InvIT under tax. Now only a portion of the amount will attract tax as the taxed amount will be calculated after deducting the cost of acquisition of units at the time of sale of units. “The amendment to the Finance Bill has led to moderation in tax incidence for repayment of capital, as the same would now be reduced from the cost of acquisition to the extent of issued capital. The amended stance substantially reduces the tax incidence, as a capital gains tax at the point of sale rather than marginal tax rate on receipt of payment,” said a report by Kotak Institutional Equities. With this, analysts are positive REITs and InvITs and consider it as an attractive investment product. Prior to the union budget FY24, the unit holder was not taxed on dividend distribution and return on capital, only the interest income was taxed at the marginal tax rate, said analysts at JM Financial. “Finance Bill 2023 has proposed that the tax will be levied on the distributed proceeds net of issue price (capital) in the hands of the REIT/InvIT unit holders, making the capital distribution tax free for an extended period of time, thus improving post-tax yield. This new amendment increases the relative attractiveness of REITs / InvITs as the major taxation overhang is removed. However, the proceeds will be taxed at slab rates and not as capital gains (10% on long-term gains and 15% on short-term gains),” said a report by JM Financial. A report by Kotak Institutional Equities says they are positive on the sector as “leasing momentum continues to be strong and current REIT prices imply attractive FY2024E yields of 7-8%. We remain positive on the sector.” The proposed amendment is largely in line with the representations made by the industry to the government. Commercial real estate in top Indian cities in 3QFY23 saw the second-highest quarterly gross absorption in the past 10 years at 20 million square feet. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/fashinza-raises-30-million-from-mars-growth-capital-and-liquidity-group/articleshow/99057241.cms">Fashinza raises $30 million from Mars Growth Capital and Liquidity Group</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-tumble-eroding-53291-crore-market-capitalisation-today/articleshow/99057169.cms">Adani group stocks tumble, eroding ₹53,291 crore market capitalisation: All ten stocks in red</a>

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Fashinza raises $30 million from Mars Growth Capital and Liquidity Group

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Indian startups raised $732 million across 107 deals in January

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SC dismisses custom's plea claiming overvaluation in import of capital goods by Adani

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B2B manufacturing platform Magma raises $3.3 million in seed funding led by General Catalyst

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REITs and InvITs become attractive after major taxation overhang removed

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IIT Kharagpur, IIT Delhi have bred the most number of future unicorn founders

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