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Soon after <keyword id="10862" type="CITY" weightage="60" keywordseo="Wipro">Wipro</keyword> has hit headlines for change in its top executive level, this time <keyword id="648852" type="COMPANY" weightage="60" keywordseo="Premji-Invest">Premji Invest</keyword>, family investment office of Wipro's billionaire founder <keyword id="6419840" type="PERSON" weightage="60" keywordseo="Azim-Premji">Azim Premji</keyword> has added to vibrancy. With nearly, $100 million (Rs 620 crore), Premji Invests is planning to invest in the US, after betting on some startups and Alibaba's massive public offering in September last year. 
 
"The family office is looking hungrier to invest in the US, especially after hiring Sandesh Patnam who brings local connections," a person familiar with Premji Invest's strategy has told the Economic Times. "Public markinvestments such as those in Alibaba are very tiny, but form a growing portion of the portfolio," he added. 
 Patnam, who joined Premji Invest in March last year, managed over $6 billion (aboutRs 36,000 crore) in investments during his last assignment at <keyword id="2286970" type="UNKNOWN" weightage="60" keywordseo="Seligman-Technology-Group">Seligman Technology Group</keyword>. 
Since joining Premji, he has already made some investments in Silicon Valley startups. Last month, the family office participated in Series C financing in mobile operating system firm Cyanogen, the first such investment by Premji Invest ever. "The idea is to build a more diverse investment portfolio, beyond just India," another person familiar with the development told the financial daily. 
 With over $2.5 billion under its management, Premji Invest has made investments in over 60 companies including eCommerce firms Snapdeal and Myntra. The investments range from fixed income instruments to <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> and listed equities. There are around 40-50 family offices in India with a corpus of $15-20 billion (about Rs 88,000-1,20,000 crore), according to industry estimates. Premji's family office has been testing the waters in the US since 2011. 
 
(Image: India Times)

Premji Invest eyeing startups

<keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>’s sale to <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> may get delayed as <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> has sought clarity. The investment arm of Premji- <keyword id="1430452" type="ORGANIZATION" weightage="20" keywordseo="PremjiInvest">PremjiInvest</keyword> – that holds a minorty stake in Snapdeal wants to know how rights of minority shareholders will be protected in the event of the sale being finalised. As per reports, Premji has sought more clarity on the terms. Meanwhile, PremjiInvest is also approaching other minor stakeholders who plan to oppose special payouts to certain shareholders. Such payouts are expected to be made to early investors like Nexus Venture Partners and Kalaari Capital, besides company founders Kunal Bahl and Rohit Bansal, ET quoted a source as saying. PremjiInvest has asked questions regarding transactions and special payments. This delay from PremjiInvest may not go down well with <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword>.

Snapdeal sale may get delayed. Here’s why

The family office of <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, <keyword id="648852" type="COMPANY" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, pumped $90-million funding into cloud firm <keyword id="2240135" type="UNKNOWN" weightage="20" keywordseo="Anaplan">Anaplan</keyword>. 
 
Now, Anaplan values at $1.09 billion. This funding will also give the US-based company a firm ground in India. 
 
Anaplan, which was founded in 2006 by Guy Haddleton and Michael Gould, gives enterprise planning and modelling software to businesses. 
 
"Premji Invest is thrilled to lead this investment round because we have seen a broad range of companies around the world transform their businesses with Anaplan's agile planning and modeling platform," said Sandesh Patnam, partner and lead US investor, at Premji Invest. 
 
Premji Invest has also pumped funds in Cyanogen, Zuora and Service-Max. 
 
(Image: Thinkstock)

Azim Premji just pumped in $90million into cloud firm Anaplan

<ul><li>SaaS platform <keyword id="1836134" type="COMPANY" weightage="20" keywordseo="Icertis">Icertis</keyword> has raised $115 million, and is the latest entrant into the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club. </li><li>The startup has raised the funding from <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>’s <keyword id="648852" type="COMPANY" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword> and US-based VC firm Greycroft.</li><li>Earlier in June, another SaaS platform <keyword id="741520" type="COMPANY" weightage="20" keywordseo="Druva">Druva</keyword> had raised funds to be a unicorn.</li></ul>India and US-based Software-as-a-Service (SaaS) platform Icertis is the latest startup to join the unicorn club following a <a href="https://tech.economictimes.indiatimes.com/news/startups/icertis-becomes-indias-third-saas-unicorn-with-115m-funding/70256989">funding </a>from Azim Premji’s Premji Invest and US-based VC firm Greycroft. The startup has raised $115 million in its latest fundraising. With its total funding standing at $211 million, the company, which offers contract management, has raced past the $1 billion mark in value, to enter the unicorn club. The startup has 5.7 million contracts so far across 90 countries. Its clients include Adobe, Airtel, Cognizant, Infosys, Microsoft and others. According to <a href="https://tech.economictimes.indiatimes.com/news/startups/icertis-becomes-indias-third-saas-unicorn-with-115m-funding/70256989">reports</a>, with the new funds, the company will invest in building new technologies like blockchain, artificial intelligence and machine learning. It also plans to expand its global presence. In June 2019, another Indo-US-based SaaS startup Druva had entered the unicorn club after raising $130 million in a round led by Viking Global Investors and Nexus Venture Partners. Meanwhile, Premji Invest, which is the family office of Azim Premji, has been investing since 2006 and has placed its bets across 40 countries. See Also: <a href="https://www.businessinsider.in/wipro-azim-premji-in-his-last-agm-spoke-about-technologies-that-the-company-would-focus-on/articleshow/70254296.cms">Azim Premji announces four technologies that Wipro will focus on as he bid adieu</a>

Azim Premji leads an investment in Indo-US startup Icertis, turns it into a unicorn

<keyword id="557690" type="UNKNOWN" weightage="100" keywordseo="L-Capital">L Capital</keyword> is exiting <keyword id="2657760" type="UNKNOWN" weightage="80" keywordseo="Fabindia-Overseas">Fabindia Overseas</keyword> with over 100% returns and <keyword id="648852" type="COMPANY" weightage="100" keywordseo="Premji-Invest">Premji Invest</keyword> has bought its 8% stake for nearly Rs 360 crore. 
 L Capital, the private equity arm of leading luxury goods conglomerate Louis Vuitton MoHennessy (LVMH), had bought 8% stake in <keyword id="6492243" type="COMPANY" weightage="100" keywordseo="Fabindia">Fabindia</keyword> in 2012 for nearly Rs 150 crore. 
 
Meanwhile, Premji Invest was ahead of other private equity investors to buy the 8% stake. 
 
Fabindia has over 200 stores across 79 locations, having customer base of three million. 
 
Ravi Thakran, chairman of L Capital Asia, had said Genesis Luxury and Fabindia demonstrated strong revenue growth. 
 
Reportedly, in October 2015, LVMH registered an 18% increase in global revenue, reaching 25.3 billion euros, for the first nine months of 2015. 
 
(Image credits: Thinkstock)

Premji Invest buys 8% of exiting L Capital’s stake in Fabindia

<ul><li>Premji Foundation, <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> along with SIDBI have led an investment of ₹960 crore in venture debt fund <keyword id="4844054" type="PERSON" weightage="20" keywordseo="Alteria-Capital">Alteria Capital</keyword>. </li><li>This makes Alteria Capital the largest venture debt fund in India. </li><li>Alteria invested in <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> like Dunzo, Vogo, Stanza Living, toppr among others.</li></ul>Former Wipro Chairman <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>’s Premji Foundation, Flipkart co-founder Binny Bansal along with SIDBI,invested ₹960 crore in the venture debt fund, <a href="https://timesofindia.indiatimes.com/business/india-business/premjis-ngo-bansal-put-rs-960cr-in-venture-debt-co/articleshow/70424468.cms">Alteria Capital</a>. This investment has made Alteria Capital the biggest venture debt fund in the country. According to reports, it is also SIDBI’s single largest investment, as the government nodal agency pumped in as much as ₹160 crore. Alteria Capital was founded by Ajay Hattangdi and Vinod Murali who had earlier led Innoven Capital. The firm has so far invested in hyperlocal delivery startup Dunzo, electric bike startup Vogo, student accommodation startup Stanza Living among others. The firm also placed its bets on cricketer Virat Kohli’s apparel brand Wrogn. Meanwhile, ace entrepreneur and investor Binny Bansal has been on an investment spree. In July, he invested in fashion designer Masaba Gupta’s brand. In June, Bansal sold some of his shares in Flipkart for $76.4 million, according to filings sourced by paper.vc. That leaves him with a residual share of 3.52% in the company he co-founded. He made personal investments too, like in insurtech startup Acko and legal startup Spotdraft amongst others. Interestingly, earlier Bansal for his own fund had raised money from his co-investor in the round for Alteria Capital – Premji Foundation. Bansal formed 021 Capital with his financial adviser Sailesh Tulshan for which he had raised $32 million from Premji Foundation and a few former Flipkart colleagues.

Azim Premji, Binny Bansal join government’s startup fund to invest in Alteria Capital

<ul><li>The Indian <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> granted a stay in the criminal proceedings against <keyword id="10456485" type="UNKNOWN" weightage="20" keywordseo="indian-billionaire-azim-premji">Indian billionaire Azim Premji</keyword> that were supposed to kick off tomorrow, on December 19. </li><li>Premji and four others have been accused of financial fraud and siphoning of funds to the tune of over ₹13,000 crore by the Indian Awake for Transparency NGO.</li><li>According to Premji, the complaints are motivated by personal vendetta under R. Subramanian who is using the NGO as a corporate façade to file frivolous litigation. </li></ul>Indian billionaire and founder of IT giant <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, and his wife are facing allegations of financial fraud alongside two others. But, the Supreme Court has put a stay on the criminal proceedings against him and declared that Premji won’t have to physically appear in court on December 19. This comes after the Karnataka High Court dismissed petitions against the summons issued to Premji and four others for alleged criminal breach of trust and illegal transfer of funds. The case was registered after the Chennai-based non-governmental organisation (NGO) India Awake for Transparency accused them of illegally transferring funds from 3 different companies to a new company. “The issue is limited to amalgamation, your lords,” senior advocate AM Singhvi representing Azim Premji told the bench headed by SK Kaul. According to him, the allegations made in the complaints, even if they are taken at their face value and accepted in their entirety, do not prima facie constitute any offences or make out a case. Allegations of financial fraud against Azim Premji Premji, the IT czar of India, is generally lauded for being the man <a href="https://www.businessinsider.in/azim-premji-gives-more-the-charity-than-his-net-worth/articleshow/71306177.cms">who gave away half of his net worth to charity. </a> However, India Awake for Transparency accused Premji of siphoning away ₹13,602 crores from three shadow banks — Napean Trading &amp; Investment Company, Vidya Investment &amp; Trading Company, and Regal Investments &amp; Trading Company — in the form of gifts between 2010 and 2012. The three companies were eventually merged into a fourth privately-owned trust called Hasham Investment and Trading Company. This gave the accused control over the remaining assets of the company worth ₹31,342 crore and it’s been losing money ever since. According to the plea, filed by a businessman in Bangalore, these actions violate several sections of the Indian Penal Code (IPC) and Prevention of Corruption Act. Alleged violations under the Prevention of Corruption Act: <ul><li>Sections 34, 120B: criminal conspiracy</li><li>Section 34: acts done by several persons in furtherance of common intention </li><li>Section 409: criminal breach of trust </li></ul>A summons was subsequently issued by an Additional City Civil and Sessions Court in January. Premji, his wife, Yaseem Premji and Pagalthivarthi Srinivasan initially approached the Karnataka High Court with petitions questioning the summons. However, they were shortly dismissed. According to Premji, the complaints against him are motivated by a personal vendetta. He believes that India Awake for Transparency is being used by a man called R. Subramanian as a corporate façade to file frivolous litigation against him and his affiliates. Hasham had earlier taken Subramanium to court for loan default and dishonoured cheques. SEE ALSO:

Azim Premji heaves a sigh of relief — Supreme Court stays criminal proceedings against the Wipro founder for siphoning off crores

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> founder <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> had earlier in June announced his resignation from his post of executive chairman and Managing Director. </li><li>Premji said that Digital, Cloud, Engineering Services and <keyword id="137092" type="PERSON" weightage="20" keywordseo="cyber-security">Cyber Security</keyword> would be areas of big investments for Wipro. </li><li>He also added that the operating margins of the company had improved by 1.8%. </li></ul>Wipro Chairman Azim Premji attended his last annual general meeting and addressed its employees and shareholders. Premji mentioned that Digital, Cloud, Engineering Services and Cyber Security are going to be the four big areas of investments for the company. “To lead in this time of rapid change, we have sharpened our strategy into four pillars based on what our clients need i.e. Business Re-imagination, Engineering Transformation and Modernization, Connected Intelligence, and Trust. In order to build capabilities that are needed to deliver these strategies, we have been investing significantly in four areas - Digital, Cloud, Engineering Services and Cyber Security,” he said according to <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">reports</a>. He also addressed that technology in terms of going digital and artificial intelligence is the need of the hour and that employees at Wipro have been reskilled to do so. The company which is in its 75th year, had organised its 73rd AGM. Azim Premji, founder of Wipro, had resigned from his post of executive chairman and Managing Director. His son Rishad Premji, who is currently on the board of Wipro and its Chief Strategy Officer, will be taking over as executive chairman. Premji Senior will continue to be on the board of the company. He had served as the executive chairman of the IT giant for a long period of 53 years. Premji also gave stock of the company’s financial reports during his speech. He said that the operating margins of the company had improved by 1.8%. “On a full year basis, we grew 5.4 percent in constant currency. Two of the business units - BFSI and CBU grew by 16 percent and 10 percent respectively. Our digital revenues grew by 33 percent YoY in constant currency. We won our largest ever deal of $1.5bn from Alight in US,” he <a href="https://www.moneycontrol.com/news/business/full-text-azim-premjis-address-at-wipros-73rd-agm-4212621.html">said.</a>

Azim Premji announces four technologies that Wipro will focus on as he bid adieu

<ul><li>Pharmacy retail chain <keyword id="11881163" type="UNKNOWN" weightage="20" keywordseo="medplus-healthcare-services">Medplus Healthcare Services</keyword> filed a draft red herring prospectus (DRHP) with SEBI to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>The company offers a wide range of products, including pharmaceutical and wellness products and fast-moving consumer goods.</li><li>Azim Premji’s PI Opportunities Fund is among promoters in the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Healthcare Services has filed the draft red herring prospectus (DRHP) with India’s market regulator to raise ₹1,639 crore through an initial public offering (IPO). The offer comprises ₹600 crore of fresh issue and an offer for sale (OFS) of ₹1,039 crore by existing promoters. Promoter Lone Furrow Investments will sell equity shares worth ₹450 crore through the IPO issue followed by ₹500 crore by PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, chairman of Wipro. The company sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The 15-year-old company was founded by Gangadi Madhukar Reddy, managing director and chief executive officer, with the vision “to set up a trusted pharmacy retail brand that offers genuine medicines and delivers better value to the customer by reducing inefficiencies in the supply chain using technology,” the company said in its DRHP filing. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2284 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2887 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3090 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr></tbody></table> The company offers both offline and online sales of pharmaceutical products through website and mobile application. Medplus Healthcare Services intends to use ₹467 crore from the IPO proceeds for working capital requirements of its subsidiary Optival Health Solutions and the rest for general corporate purposes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/e-commerce/news/walmart-to-prioritise-flipkarts-diwali-sale-big-billion-days/articleshow/85418923.cms">Walmart to prioritise Flipkart’s Diwali sale ‘Big Billion Days’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/shares-of-apollo-hospitals-have-surged-178-in-the-last-one-year-and-103-so-far-in-2021/articleshow/85398007.cms">Apollo Hospitals gives multibagger returns in last one year on growth in pharmacy business, vaccination revenue</a>

Medplus Healthcare Services looks to raise ₹1,639 crore via IPO

<ul><li>Premji has earmarked all economic benefits for philanthropy, setting aside 34% of <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> shares worth $7.5 billion. </li><li>This takes his total contribution to charity to a total of $21 billion, including 67% of economic ownership of Wipro. </li><li>Earlier this month, the <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> Trust had sold over ₹26 million Wipro shares. </li></ul><keyword id="10946" type="POSITION" weightage="20" keywordseo="Wipro-Chairman">Wipro Chairman</keyword> Azim Premji has announced an increased contribution to his charity – <keyword id="120063" type="ORGANIZATION" weightage="20" keywordseo="Azim-Premji-Foundation">Azim Premji foundation</keyword>. Premji has earmarked all economic benefits for philanthropy, setting aside 34% of Wipro shares worth $7.5 billion. His total contribution to philanthropy now stands at a whopping $21 billion, including 67% of economic ownership of Wipro Limited. According to an official statement from the company, the aim is to now scale up the efforts of the Azim Premji foundation. “The team driving the field work in education is expected to grow significantly from the current 1600 people, while the University will expand to have 5000 students with 400 faculty members across multiple programs. Thereafter, another University in the northern part of India may be set up by the Foundation,” said the statement. Earlier this month, the Azim Premji Trust had sold over ₹26 million Wipro <a href="https://economictimes.indiatimes.com/markets/stocks/news/azim-premji-trust-sells-over-2-66-crore-wipro-shares/articleshow/68321580.cms">shares</a> in a block deal. In its <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/wipro-reports-32-yoy-jump-in-q3-profit-at-rs-2545-crore-announces-bonus-issue-dividend/articleshow/67588095.cms">Q3</a> earnings report, the IT major had reported a 32% year-on-year rise with ₹25.44 billion recorded profit for the quarter that ended on December 31. See Also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/wipro-formally-lists-trump-as-a-potential-threat/articleshow/59066533.cms">Wipro formally lists Trump as a potential threat</a> <a href="https://www.businessinsider.in/wipro-invests-24-5-million-in-9-start-ups-2-years/articleshow/58996522.cms">Wipro invests almost a quarter of corporate venture fund in nine start-ups over two years</a>

Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro

Bengaluru, Bengaluru-headquartered <keyword id="2461546" type="DOMAIN" weightage="20" keywordseo="FinTech">FinTech</keyword> lending startup <keyword id="6557529" type="UNKNOWN" weightage="20" keywordseo="KreditBee">KreditBee</keyword> on Monday said it has concluded its Series C equity round worth $75 million (about ₹545 crore) from <keyword id="648852" type="LOCATION" weightage="20" keywordseo="Premji-Invest">Premji Invest</keyword>, Mirae Asset Naver Asia Growth Fund, Alpine Capital and <keyword id="9361494" type="COMPANY" weightage="20" keywordseo="Arkam-Ventures">Arkam Ventures</keyword> consisting of both primary and secondary investment. With the current round of fund raise, the company wants to drive credit uptake in the economy especially for the unserved and underserved segment of the population. "With a larger portfolio of loan products, our objective is to provide credit to over 180 million New-to-Credit customers who were not provided formal credit earlier. This investment would help us take more positive steps towards achieving that," <keyword id="229206" type="DOMAIN" weightage="20" keywordseo="Madhusudan">Madhusudan</keyword> E, Co-Founder &amp; CEO of KreditBee, said in a statement. The holding entity previously raised over $43 million cumulatively in equity from marque investors including ICICI Bank and Arkam Ventures. Registered in March 2016, the group entity also holds Krazybee Services Private Limited -- a non-deposit taking non-banking financial company (NBFC-ND-SI). The group launched its flagship brand KreditBee in May 2018, focused on full-stack digital lending for young professionals. The platform specialises in providing digital personal loans and consumer durable loans to both salaried and self-employed. The loan amount disbursed can go as high as ₹2 lakh while the tenures range from two months to 15 months. The company said it currently has over 1,200 employees and a user base of over 20 million with over 4 million credit customers. The platform plans to diversify its product offering by venturing into digitally-enabled secured loans, home loans and credit line. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-ultra-5g-review-the-best-android-smartphone-yet/articleshow/80913148.cms">Samsung Galaxy S21 Ultra 5G review – the best Android smartphone, yet</a> <a href="https://www.businessinsider.in/business/startups/news/this-startup-helps-you-watch-shows-shop-online-and-access-the-internet-even-without-a-data-connection/articleshow/80918896.cms">This startup helps you watch shows, shop online and access the internet even without a data connection</a> <a href="https://www.businessinsider.in/science/research/news/worlds-oldest-beer-factory-discovered-in-egypt-was-producing-50000-pints-at-a-time/articleshow/80920087.cms">Drink like an Egyptian: Historians discover the world’s oldest beer factory in Egypt</a> <a href="https://www.businessinsider.in/stock-market/news/elon-musk-wants-major-holders-of-cryptocurrency-dogecoin-to-sell-most-of-their-coins/articleshow/80920866.cms">Elon Musk wants major holders of cryptocurrency Dogecoin to sell ‘most of their coins’</a>

Lending startup KreditBee gets ₹545 crore from Premji invest, Mirae Asset and others

New Delhi, June 18 () The Future Group is in advance talks with Mukesh Ambani's Reliance Industries to sell stakes in Future Retail and some other units, according to industry sources. The Kishore Biyani-led group, which already has a partnership with e-commerce giant Amazon, and Reliance Industries Ltd (RIL) had initiated talks in this regard some times back, they said. "Talks are going on but nothing has been finalised so far," a person privy to the development said. Earlier, the Future Group was also exploring stake sale opportunities in Future Retail with PremjiInvest, the family investment arm of Wipro Chairman Azim Premji, and private equity firm Samara Capital. Stating that the Future Group was in talks with PremjiInvest and Samara Capital for stake sale in Future Retail, he said the negotiations with RIL also include other retail units. When contacted, the Future Group declined to comment on the development. While a Reliance Industries spokesperson said: "As a policy, we do not comment on media speculation and rumours", adding that the company "evaluates various opportunities on an ongoing basis". If any deal is finalised, then it would be a breather for the Future Group, as promoter Kishore Biyani had defaulted on loans in March. Various rating agencies like Standard &amp; Poor's and Fitch downgraded credit ratings of Future Retail after the default and invocation of pledged shares by lenders. The Promoter &amp; Promoter Group held 40.31 per cent stake in Future Retail as of March 31, 2020. Future Retail operates 1,500 retail stores that cover over 16 million square feet of retail space in 400 cities. It has large format stores, Big Bazaar, its flagship chain, besides small store neighbourhood retail chains, EasyDay Club and Heritage Fresh. On the other hand, Reliance Retail operates a network of 11,784 stores covering 28.7 million square feet and reported a revenue of Rs 38,211 crore in the January-March quarter. KRH MKJ

Future Group in advance talks with RIL to sell stake in Future Retail, other units: Sources

<ul><li>Pharmacy retail chain Medplus Health Services is looking to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>Azim Premji’s PI Opportunities Fund is among the promoters of the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Health Services’ ₹1,398 crore initial public offering (IPO) is all set to open today, December 13, and close on December 15. The IPO consists of a fresh issue of ₹600 crore worth of shares and an offer for sale of shares worth ₹798.29 crore by selling shareholders. 18 shareholders will be selling shares in the IPO including PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, founder chairman of Wipro. The company is India's second-largest pharmacy retailer in terms of the number of stores and revenue. It sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The company has over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra. Here are some of the important details related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹780 to ₹796 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 13 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 15 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 20 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 21 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 22 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 23 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">18 </td></tr></tbody></table> The proceeds from the fresh issue will be utilised for working capital requirements of material subsidiary Optival. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. Medplus’s profit went up sharply in FY21 to ₹63 crore from just ₹1.79 crore last year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,284 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,887 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,090 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63.11 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/from-mukesh-ambani-to-gautam-adani-indias-billionaires-and-big-corporations-made-huge-promises-this-year-to-fight-climate-change/slidelist/88208860.cms">From Mukesh Ambani to Gautam Adani, India's billionaires and big corporations made huge promises this year to fight climate change</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-enabled-broking-firms-like-zerodha-raise-concerns-over-sebis-views-on-algo-trading/articleshow/88208031.cms">Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading</a>

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