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Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

<keyword id="19913963" type="General" weightage="100" keywordseo="Indian-startups" source="keywords">Indian startups</keyword> have experienced a remarkable surge in funding during the first eight months of 2024, with a significant increase of 53.1% compared to the same period in 2023, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. From January to August 2024, Indian startups secured $7.5 billion in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> funding, a sharp rise from the $4.9 billion raised during the same timeframe in the previous year. The report highlighted that not only did the total funding amount grow, but the average deal size also increased. A total of 780 venture capital deals were completed between January and August 2024, compared to 742 deals in the same period in 2023. These deals contributed to the $7.5 billion raised this year, marking a 5.1% rise in deal volume alongside the impressive 53.1% growth in funding value. GlobalData's report emphasised India's growing prominence in the Asia-Pacific region as a major hub for venture capital investments, ranking second only to China. Globally, India secured a spot among the top five countries in terms of both the number of venture capital deals and the total funding value. "The marked increase in venture funding value highlights the burgeoning investor confidence in India's <keyword id="19930407" type="General" weightage="20" keywordseo="startup-ecosystem" source="keywords">startup ecosystem</keyword>,” explains Aurojyoti Bose, lead analyst at GlobalData. "India's performance signals a promising landscape in the <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> market". From a global perspective, India accounted for 7.3% of the total venture capital deals between January and August 2024, with a 4.6% share of the total funding value. Additionally, India saw a notable increase in high-value VC deals, with several investments exceeding $100 million. Some of the standout funding rounds this year included <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, which raised $665 million and $340 million in two separate rounds, Meesho's $300 million round, <keyword id="20201450" type="General" weightage="20" keywordseo="pharmeasy" source="keywords">PharmEasy</keyword> securing $216 million, OYO raising $173.5 million, and Radiance receiving $150 million. These impressive funding rounds underscore the continued momentum and strength of India’s startup ecosystem in 2024, setting the stage for further growth and innovation in the coming years. (With inputs from ANI)

Indian startup finance ecosystem still going strong, report shows over 50% growth in VC funding over last year

New Delhi: <keyword id="20845764" type="General" weightage="100" keywordseo="Indias-startup-ecosystem" source="keywords">India's startup ecosystem</keyword> experienced a surge in <keyword id="19913965" type="General" weightage="20" keywordseo="venture-capital" source="keywords">venture capital</keyword> (VC) funding during the first seven months of 2024, raising a total of USD 6.3 billion through 672 deals. This marks a 42.1 per cent year-on-year (YoY) increase in funding value, despite a modest 1.2 per cent rise in deal volume, according to a report by <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>. The uptick in funding underscores investor confidence in India's <keyword id="21354516" type="General" weightage="20" keywordseo="startup-landscape" source="keywords">startup landscape</keyword>, even as global market conditions remain cautious. An analysis of GlobalData's Deals Database reveals that during the same period in 2023, India saw 664 VC deals with a disclosed funding value of USD 4.4 billion. Aurojyoti Bose, Lead Analyst at GlobalData, commented on the findings and said, "The massive jump in funding value, despite a modest 1.2 per cent growth in deal volume, can be attributed to some of the big-ticket deals announced during the review period. This also proves that even though VC investors remain cautious there is no dearth of money for promising startups." Some of the most notable <keyword id="20948843" type="General" weightage="20" keywordseo="VC-funding" source="keywords">VC funding</keyword> deals in India during January-July 2024 include USD 665 million raised by Zepto, USD 300 million by Meesho, USD 216 million by PharmEasy, USD 150 million by Radiance, USD 148 million by Kogta Financial, and USD 120 million by Rapido. India continues to stand out as a key player in the Asia-Pacific (APAC) region for VC funding, trailing only China. It is also among the top five global markets in terms of both VC deal volume and value. During the January-July 2024 period, India accounted for 7 per cent of the total VC deals announced worldwide, while its share of the disclosed funding value was 4.3 per cent. Bose concluded, "Despite global economic uncertainties, India remains a pivotal market for VC activity, driven by a robust pipeline of promising startups that continue to attract significant capital. This trend reinforces India's position as a critical player in the global venture ecosystem, demonstrating resilience and growth even amid cautious investment sentiment."

First 7 months of FY25 see significant surge in VC funding to India's startups: GlobalData

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said foreign fund outflows from Indian equities following the government's decision to hike the tax rate on <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">capital gains</keyword> weighed on the local currency and restricted the move upwards. At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close. On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar. "The rupee remains under significant pressure, hovering near all-time low levels. This strain is due to the government's recent decision to hike the tax rate on capital gains, sparking major outflows of Foreign Institutional Investments (FIIs). "However, the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has been actively capping the downside, preventing further depreciation by maintaining the rupee at around 83.75," CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.30, lower by 0.05 per cent. Brent crude futures, the global oil benchmark, rose 0.18 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.52 per barrel. In the domestic <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword>, the 30-share BSE Sensex was trading 291.71 points, or 0.36 per cent higher at 80,331.51 points. The broader NSE Nifty was up 114 points, or 0.47 per cent, to 24,520.10 points. <keyword id="19932515" type="General" weightage="100" keywordseo="Foreign-Institutional-Investors" source="keywords" meta.keywordsubtype="org" meta.entityname="Foreign Institutional Investors" meta.hostid="261" meta.entityid="Foreign Institutional Investors">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, according to exchange data.

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Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

PTI

Indian startup finance ecosystem still going strong, report shows over 50% growth in VC funding over last year

BI India Bureau

First 7 months of FY25 see significant surge in VC funding to India's startups: GlobalData

ANI

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

ANI

Rupee recovers from all-time low, rises 9 paise to 83.69/USD in early trade

PTI

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