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<ul><li><keyword id="164924" type="General" weightage="100" keywordseo="mumbai-angels" source="Orion">Mumbai Angels</keyword> also announced the launch of two new funds -Category 1 <keyword id="239993" type="General" weightage="80" keywordseo="venture-capital-fund" source="Orion">Venture Capital Fund</keyword> - Angel Fund and Category 1 Venture Capital Fund (<keyword id="1349305" type="General" weightage="80" keywordseo="vcf" source="Orion">VCF</keyword>). </li><li>Mumbai-headquartered wealth and asset management firm 360 ONE has aggregate assets of more than ₹3.33 lakh crore under management. </li><li>Mumbai Angels, a platform for early-stage venture investments, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. </li></ul>Wealth and asset management firm 360 ONE (previously IIFL <keyword id="16106147" type="General" weightage="20" keywordseo="wealth-asset-management" source="Orion">Wealth &amp; Asset Management</keyword>) on Wednesday said it had acquired a controlling stake in Mumbai Angels, a platform for early-stage venture investments. Financial details of the transaction were not immediately available. However, the investment platform Mumbai Angels also announced the launch of two new funds on Wednesday – Category 1 Venture Capital Fund - Angel Fund, and Category 1 Venture Capital Fund (VCF). The Category 1 VCF - Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme giving investors the freedom to invest in a larger number of select deals, the company statement said. The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform, the statement added. Mumbai Angels will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool through this acquisition, it said. "Mumbai Angels has built an enviable platform to tap quality companies at an early stage. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries," said <keyword id="142120" type="General" weightage="50" keywordseo="karan-bhagat" source="Orion">Karan Bhagat</keyword>, founder, MD and CEO, 360 ONE. Mumbai-headquartered wealth and asset management firm 360 ONE had aggregate assets of more than ₹3.33 lakh crore under management, as of September 30, 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-vitamin-d-deficiency-can-affect-your-childs-mental-and-physical-health/articleshow/97078105.cms">Vit-D deficiency in children rose multifold after Covid — here’s how it can affect your child’s mental and physical health</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistan-is-south-asias-weakest-economy-world-bank-report/articleshow/97079183.cms">Pakistan is South Asia's weakest economy: World Bank report</a>

360 ONE takes controlling stake in Mumbai Angels; two new funds announced

As high net worth Indians are interested in startups, <keyword id="2186498" type="ORGANIZATION" weightage="60" keywordseo="IIFL-Wealth-Management">IIFL Wealth Management</keyword> is going to raise a fund of Rs 1,000 crore to be invested in <a href="http://www.businessinsider.in/searchresult.cms?query=startups+">startups</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=venture+capital+funds+">venture capital funds</a> in the country. 
 
The firm has roped in stalwarts from the startup sector as it aims to be first-off-the block amongst peers who are planning similar moves, reported the Economic Times. 
 "It's an ecosystem that we cannot ignore," said <keyword id="142120" type="PERSON" weightage="60" keywordseo="Karan-Bhagat">Karan Bhagat</keyword>, managing director of <keyword id="82050" type="COMPANY" weightage="80" keywordseo="IIFL">IIFL</keyword> Wealth. Bhagat said that about 40% of the corpus to be invested directly in startups or as co-investments with other funds while 60% of the capital will be allocated for investment in venture funds. 
 IIFL is a part of the Mumbai-based financial services company that also owns mid-market-focussed <keyword id="34499" type="POSITION" weightage="100" keywordseo="private-equity">private equity</keyword> firm <keyword id="2186495" type="UNKNOWN" weightage="100" keywordseo="India-Alternatives">India Alternatives</keyword> and a slew of realty funds. 
 "Their clientele, who are hearing a lot about startups, (get) access to part of the action while <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> funds (can) raise money more quickly from HNIs (high net worth individuals)," said Aprameya Radhakrishna, co-founder of taxi aggregator <a href="http://www.businessinsider.in/searchresult.cms?query=TaxiForSure">TaxiForSure</a>, who will join the investment board of the venture fund. 
 
Earlier this year, Radhakrishna sold his startup to market leader <a href="http://www.businessinsider.in/searchresult.cms?query=Ola">Ola</a> in a deal estimated at Rs 1,250 crore. 
 Others who will join the initiative include <keyword id="127478" type="PERSON" weightage="80" keywordseo="Sandeep-Tandon">Sandeep Tandon</keyword> of online recharge platform FreeCharge (acquired by <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal+">Snapdeal</a> for Rs 2,800 crore) and Ashutosh Taparia of specialty women's healthcare company Famy Care (acquired by Mylan forRs 5,000 crore). 
 
Incubation centre: IIFL Wealth also plans to set up an incubation centre for startups and will invest Rs 25-50 crore in the fund itself which expects to make a first close by September. 
 
This move to set up a startup fund by one of India's largest wealth management companies — which manages and advises over Rs 75,521 crore in assets — could set a precedent for other financial services players such as Edelweiss Financial Services which is also eyeing the sector. 
 
Valuation have jumped: Valuation of e-tailers such as <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="541988" type="COMPANY" weightage="80" keywordseo="SnapDeal">Snapdeal</keyword> have jumped 3-4 times in less than 12 months, outpacing market capitalisation of brick-and-mortar retailers like <keyword id="375475" type="COMPANY" weightage="60" keywordseo="Future-Retail">Future Retail</keyword> and <keyword id="64373" type="CITY" weightage="80" keywordseo="Shoppers-Stop">Shoppers Stop</keyword> by miles. While most of these businesses are funded by foreign capital, potential returns which could be made are also attracting domestic capital primarily from HNIs. 
 
(Image: Indiatimes)

Another helping hand for startups! IIFL sets up Rs 1,000 crore fund for them

<keyword id="143" type="CITY" weightage="100" keywordseo="Bollywood">Bollywood</keyword> has finally come up with a fun-filled, breezy rom-com that features the Gen Y with a genuine frankness and without the traditional trappings of a boy-meets-girl story. But this time, the man is from the North, the woman is from the South and the cultural clashes, strongly upheld by the two pairs of in-laws, nearly ruin the relationship. Inspired by <keyword id="6390428" type="PERSON" weightage="100" keywordseo="Chetan-Bhagat">Chetan Bhagat</keyword>’s best-selling novel, <keyword id="694041" type="UNKNOWN" weightage="100" keywordseo="2-States-The-Story-of-My-Marriage">2 States: The Story of My Marriage</keyword>, the Arjun Kapoor-Alia Bhatt-starrer <keyword id="72970" type="UNKNOWN" weightage="100" keywordseo="2-States">2 States</keyword> sparkles on-screen (at least during the first half) and has made a big bang at the <keyword id="827271" type="UNKNOWN" weightage="100" keywordseo="Domestic-Box-Office">domestic box office</keyword>, collecting around Rs 38 crore nett over its debut weekend. The first Monday (Day 4, April 21) did not disappoint either and earnings stood at around Rs 6 crore, as per Koimoi. Total <keyword id="1996079" type="UNKNOWN" weightage="100" keywordseo="Overseas-collections">overseas collections</keyword> during the first weekend amounted to an estimated Rs 13.66 crore. 
 
“2 States has a FANTABULOUS weekend. Friday Rs 12.42 crore, Saturday 12.13 crore, Sunday 13.51 crore. Total: Rs 38.06 crore nett. SUPER HIT,” tweeted trade analyst Taran Adarsh. According to <keyword id="255727" type="COMPANY" weightage="100" keywordseo="Box-Office-India">Box Office India</keyword>, the film has emerged as the biggest hit of 2014 and has the potential to be the first Super Hit film of the year, depending on how well it can sustain over the next 10 days or so. 
 
Other two releases of the week include <keyword id="1135108" type="UNKNOWN" weightage="100" keywordseo="Dekh-Tamasha-Dekh">Dekh Tamasha Dekh</keyword>, a brutally honest and vitriolic political <keyword id="1462374" type="COMPANY" weightage="100" keywordseo="Satire">satire</keyword> directed by theatre icon Feroz Abbas Khan (of Tumhari Amrita fame), and <keyword id="1167288" type="UNKNOWN" weightage="100" keywordseo="Lucky-Kabootar">Lucky Kabootar</keyword>, a <keyword id="24069" type="UNKNOWN" weightage="100" keywordseo="romantic-comedy">romantic comedy</keyword> starring <keyword id="1364986" type="UNKNOWN" weightage="100" keywordseo="Eijaaz-Khan">Eijaaz Khan</keyword> and <keyword id="3212" type="PERSON" weightage="100" keywordseo="Kulraj-Randhawa">Kulraj Randhawa</keyword>. The latter, directed by <keyword id="1660883" type="UNKNOWN" weightage="100" keywordseo="Shammi-Chhabra">Shammi Chhabra</keyword>, has been released after too many delays and depicts how <keyword id="6369280" type="COMPANY" weightage="100" keywordseo="Lucky">Lucky</keyword> (Eijaaz) ends up marrying the Plain Jane <keyword id="1734" type="PERSON" weightage="100" keywordseo="Laxmi">Laxmi</keyword> (Kulraj), instead of the glam babe <keyword id="190428" type="PERSON" weightage="100" keywordseo="Kammo">Kammo</keyword> (<keyword id="33221" type="PERSON" weightage="100" keywordseo="Shraddha-Das">Shraddha Das</keyword>). But for both the movies, the collections are hardly notable, thanks to very little promotion and near-zero hype. While Lucky Kabootar collected a little over Rs 1 crore in the first two days (Sunday and Monday numbers are still <keyword id="6357415" type="ENTERTAINMENT" weightage="60" keywordseo="missing">missing</keyword>), Dekh Tamasha Dekh garnered around Rs 4.7 crore during the same time span. But we will take a closer look at these two after decoding the tremendous <keyword id="25892" type="ORGANIZATION" weightage="100" keywordseo="box-office">box office</keyword> success of 2 States. 
 
 
 With the <keyword id="6364416" type="COMPANY" weightage="80" keywordseo="Good-Friday">Good Friday</keyword> fervour adding to its charm, <keyword id="2208706" type="UNKNOWN" weightage="100" keywordseo="Abhishek-Varman-directed">Abhishek Varman-directed</keyword> 2 States saw 50-60% occupancy at multiplexes on the first day and also did well in the mass belt. Till date, the best performers are Mumbai and Mysore, with Mumbai amassing over Rs 13 crore nett and Mysore collecting around Rs 3 crore nett. The movie’s opening is the second biggest ever for a non-star-cast film after <keyword id="6621270" type="UNKNOWN" weightage="100" keywordseo="Grand-Masti">Grand Masti</keyword> (2013). <keyword id="127336" type="ENTERTAINMENT" weightage="100" keywordseo="Bhaag-Milkha-Bhaag">Bhaag Milkha Bhaag</keyword> (2013), <keyword id="549195" type="ENTERTAINMENT" weightage="100" keywordseo="Student-of-the-Year">Student Of The Year</keyword> (2012) and <keyword id="1710502" type="UNKNOWN" weightage="100" keywordseo="Shuddh-Desi-Romance">Shuddh Desi Romance</keyword> (2013) are the next in order after 2 States. 2 States is also one of the highest grossers of 2014 and has already surpassed the lifetime collections of some noted <keyword id="569603" type="UNKNOWN" weightage="100" keywordseo="Bollywood-flicks">Bollywood flicks</keyword> including <keyword id="1520199" type="UNKNOWN" weightage="100" keywordseo="Hasee-Toh-Phasee">Hasee Toh Phasee</keyword>, <keyword id="853887" type="UNKNOWN" weightage="100" keywordseo="Shaadi-Ke-Side-Effects">Shaadi Ke Side Effects</keyword>, <keyword id="6354768" type="ORGANIZATION" weightage="100" keywordseo="Highway">Highway</keyword> and <keyword id="1434830" type="UNKNOWN" weightage="100" keywordseo="Yaariyan">Yaariyan</keyword>. That is definitely good news for producers <keyword id="27326" type="PERSON" weightage="100" keywordseo="Sajid-Nadiadwala">Sajid Nadiadwala</keyword> and <keyword id="3778" type="PERSON" weightage="80" keywordseo="Karan-Johar">Karan Johar</keyword>. 
 Going by its <keyword id="1996031" type="UNKNOWN" weightage="100" keywordseo="Box-office-performance">box office performance</keyword>, 2 States seems to have done a commendable job, with <keyword id="6354526" type="UNKNOWN" weightage="100" keywordseo="Alia-Bhatt">Alia Bhatt</keyword> (<keyword id="2204646" type="UNKNOWN" weightage="100" keywordseo="Ananya-Swaminathan">Ananya Swaminathan</keyword>) and <keyword id="114453" type="PERSON" weightage="100" keywordseo="Arjun-Kapoor">Arjun Kapoor</keyword> (<keyword id="2204645" type="UNKNOWN" weightage="100" keywordseo="Krish-Malhotra">Krish Malhotra</keyword>) showing a rare on-screen chemistry that rocks and sizzles. The young people meet at the <keyword id="6429635" type="ORGANIZATION" weightage="100" keywordseo="IIM-Ahmedabad">IIM-Ahmedabad</keyword> campus and fall in love, but it is, by no means, a campus romance as harsh social realities await them outside. And the movie, too, stumbles at that point as we are led to <keyword id="122267" type="UNKNOWN" weightage="80" keywordseo="orthodox">orthodox</keyword> households (Krish is a <keyword id="5105" type="ORGANIZATION" weightage="100" keywordseo="Punjabi">Punjabi</keyword> lad and Ananya is a <keyword id="6356629" type="COMPANY" weightage="100" keywordseo="tamil">Tamil</keyword> lass from Chennai as all of you must know by now), instead of modern abodes housing millennial open culture, and two pairs of stereotype Bollywood parents. The rest of the struggles and tribulations faced by the young lovers follow the beaten path until the final-and-inevitable reconciliation that makes everyone happy. 
 
Interestingly, Bhagat’s work has managed to ward off the cliché that lies inherent in cultural clashes and generation gaps. However, the movie has an overdose of everything although it manages to retain some kind of charm that will keep you hooked. As Saibal Chatterjee of NDTV so rightly pointed out, “2 States is a <keyword id="2208734" type="UNKNOWN" weightage="100" keywordseo="Cross-culture-love-story">cross-culture love story</keyword> that strives to be sweet, funny and emotionally wrenching all at once. It is occasionally funny and sweet in parts all right, but the <keyword id="1204454" type="UNKNOWN" weightage="100" keywordseo="family-drama">family drama</keyword> at the film’s core has a severely stultified feel… It sets out to be a slice-of-life drama about a real couple grappling with the politics of <keyword id="2208729" type="UNKNOWN" weightage="100" keywordseo="Inter-community-marriage">inter-community marriage</keyword>, but it fails to generate enough energy and warmth to draw the audience into a tight clinch.” 
 
In stark contrast to 2 States, Dekh Tamasha Dekh (starring <keyword id="317266" type="PERSON" weightage="100" keywordseo="Vinay-Jain">Vinay Jain</keyword>, <keyword id="2218" type="PERSON" weightage="100" keywordseo="Satish-Kaushik">Satish Kaushik</keyword> and <keyword id="1559" type="PERSON" weightage="100" keywordseo="tanvi-azmi">Tanvi Azmi</keyword>) is based on a true story and ruthlessly reveals a nation’s <keyword id="2208740" type="UNKNOWN" weightage="100" keywordseo="Political-hypocrisy">political hypocrisy</keyword> and <keyword id="877158" type="UNKNOWN" weightage="100" keywordseo="Communal-Disharmony">communal disharmony</keyword> with the help of its twin tools – satire and <keyword id="424300" type="UNKNOWN" weightage="100" keywordseo="Irony">irony</keyword>. Too many human elements are woven here in a complex tapestry, but the very core of <keyword id="6355987" type="ORGANIZATION" weightage="100" keywordseo="violence">violence</keyword>, <keyword id="6388475" type="UNKNOWN" weightage="100" keywordseo="tragedy">tragedy</keyword> and hopelessness would hit us hard and keep us wondering about the multi-layered reality we are compelled to confront every day. Although not a typical art house film, this movie is meant for a niche audience and offers a <keyword id="2208742" type="UNKNOWN" weightage="100" keywordseo="Gripping-tale">gripping tale</keyword> of the <keyword id="911828" type="UNKNOWN" weightage="100" keywordseo="dark-forces">dark forces</keyword> that we are not likely to forget in a hurry. 
 
Images: Indiatimes

Box Office: 2 States Raking
In Big Bucks; Dekh Tamasha Dekh Offers A Gripping Tale

<ul><li>India's market regulator SEBI has made some sweeping changes to segregate investment advisory and mutual fund distribution that brokers have been carrying out.</li><li>As per the new rules, while the same individual or a firm can offer both services but not to the same customer. </li><li>This is a step in the right direction and will bring in transperance, says wealth advisory firm IIFL Wealth Management.</li><li>Over a period of time, people will make more money from investment advisory than by selling mutual funds.</li></ul>India's market regulator SEBI made some sweeping changes last week to segregate investment advisory and mutual fund distribution that brokers have been carrying out. As per the new rules, while the same individual or a firm can offer both services but not to the same customer. To reinforce the point, if your investment advisor can't sell you mutual funds but he can sell them to others who he/she doesn't offer advisory services to. The brokers and firms have three months to segregate their customers. There is also cap on fees per client under an advisory model— 2.5% of the assets under advice or a fixed fee of ₹75,000 per year per family across all products and services provided. The market regulator has also set minimum net worth to be an investment advisor and their educational qualifications. Every investment advisor must clearly document the needs of the customer. "This will improve the mapping oof products to clients will improve," Karan Bhagat, the Managing Director and CEO of IIFL Wealth, told Motilal Oswal. "Most individual/corporate distributors opted for the RIA (<keyword id="5250808" type="POSITION" weightage="20" keywordseo="registered-investment-advisor">registered investment advisor</keyword>) license to take direct feed from funds in order to understand activities under the client portfolio. With the changes, we expect RIA licenses to be surrendered and intermediaries retaining distributor relationships," he added. The strategic intent will be to shift customers to an advisory model, and over a longer period, especially in the case of the super rich—people with investments of over ₹15 crore ($2 million)— the advisory model is likely to emerge as a big driver of business. according to Bhagat. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/exclusive-heres-how-tatas-new-mutual-fund-plans-to-use-ai-to-beat-the-market-and-how-it-will-react-if-a-war-breaks-out/articleshow/73476096.cms" data-type="tilCustomLink" target="_blank">Exclusive: Here's how Tata's new AI-driven mutual fund plans beat the market and how it will react if a war breaks out</a>

In India, you can't buy mutual funds from your investment advisor anymore

<ul><li>Arun Attri, a professor of Shaheed Bhagat Singh College, said the new exam mode has ended uncertainty for over 2 lakh students who now know that since they have taken the exams, they will get their results and can apply for Masters.</li><li>He, however, said the open book exam is not a feasible option in the long run for the varsity which is known for its commerce and humanities courses. </li><li>A professor, requesting anonymity, said such a mode of examination also raises concerns over cheating and use of fraudulent means by students. </li><li>He said teachers have learnt about students sharing answers on social messaging platforms like WhatsApp. </li></ul> As Delhi University's online open book examinations began on Monday, the teachers expressed doubts over its feasibility in the long run and also flagged the lack of guidelines to evaluate students under the latest exam mode. The varsity has maintained that it is opting for the open book examination mode as a one-time measure in view of the coronavirus pandemic. Arun Attri, a professor of Shaheed Bhagat Singh College, said the new exam mode has ended uncertainty for over 2 lakh students who now know that since they have taken the exams, they will get their results and can apply for Masters. He, however, said the open book exam is not a feasible option in the long run for the varsity which is known for its commerce and humanities courses. "Such exams may be feasible for engineering and science students, but won't serve the purpose for commerce and humanities courses. They are more like assignments rather than exams," Attri said. A professor, requesting anonymity, said such a mode of examination also raises concerns over cheating and use of fraudulent means by students. He said teachers have learnt about students sharing answers on social messaging platforms like WhatsApp. "There is no way to check such instances. The answers to many questions are easily available on the internet and students will just copy them. How do we know whether a student has actually understood what he has written? It is disadvantageous for those who actually put in hard work and prepare for the exams," the professor added. "The students are in touch with each other over WhatsApp. Even those students, who may not be willing to share answers, are forced to do so in the name of friendship. There is no way we can check this or keep a tab on it. If I get the same answer in 10 answer sheets, how am I supposed to evaluate them?" another professor rued. <keyword id="587567" type="COMPANY" weightage="20" keywordseo="Delhi-University-teachers">Delhi University Teachers</keyword>' Association treasurer Abha Dev Habib said all students have the same study material. "Earlier, the students would visit libraries and take additional notes, but due to the pandemic that has not been possible. I have sent the same notes to every student and they will be relying on similar material," she said. Abha, who teaches at Miranda House, said teachers are awaiting clarity on how they will evaluate the answer sheets. "We do not know whether we will be sent the answer sheets or given a login to the portal. We do not know which software will we be using to evaluate the answer sheets. There has been no training given to us on this," she said. Pankaj Garg, former academic council member and a professor of Rajdhani College, concurred with Abha and said teachers will face difficulties in evaluating the examinees. "There is a fair possibility that there would be swapping of the pages while scanning and uploading, this would disturb the sequence... teachers will have to be very careful in connecting all those pages which belong to the same question," he said. While scanning, some pages may be blurred and it would be difficult to read them carefully. It would be equally difficult to connect to the next page and hence, the continuity of the answer would be lost, Garg said. For teachers, the most challenging point would be marking of pages, it seems that evaluation would take much longer, he added. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/trump-was-rushed-from-the-briefing-room-by-secret-service-after-a-shooting-outside-of-the-white-house/articleshow/77474005.cms">Trump was rushed from the briefing room by Secret Service after a shooting outside the White House</a> <a href="https://www.businessinsider.in/careers/news/mckinsey-facebook-amazon-nokia-and-some-other-companies-looking-for-a-product-manager-right-now/slidelist/77464438.cms">McKinsey, Facebook, Amazon, Nokia — and some other companies looking for a product manager right now</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

Delhi University teachers doubt feasibility of open book exams — await clarity on evaluation guidelines

New Delhi, Apr 14 () Donation platform GiveIndia on Tuesday said it has launched the 'India COVID Response Fund' (ICRF) with initial donations worth Rs 75 crore to support the on-ground COVID relief efforts being carried out by its network of verified non-profits.Some of the early donors to the fund include the Bill &amp; Melinda Gates Foundation, Google.org, HSBC India, Omidyar Network India, UBS Optimus Foundation, Marico, Uber India (through Uber Care driver fund), Binny Bansal and A.T.E. Chandra Foundation.The fund will use a data-backed approach to identify the most critical areas of intervention and scale the relief efforts pan India, a statement said.The donation platform is aiming at creation of a larger corpus that can support up to 10 million people nationally, it added."Since we started fundraising for COVID relief work on March 22, we have received donations from more than 2 lakh people globally, raised Rs 75 crores, partnered with over 40 organisations, onboarded more than 100 non-profits, and these initial efforts will impact one million people," GiveIndia Director and ICRF Advisor Govind Iyer said.However, the on-ground requirement is much larger and the fund is an open platform for all to come together and support the most critical need of the hour, he added.Other partners in the collective are CSIP (Centre for Social Impact and Philanthropy) from Ashoka University, Bridgespan, Indiaspora, Sattva, Dasra and IIFL Wealth, the statement said.An expert advisory group has been set up to guide fundraise and allocations, including Dr Devi Shetty, (Chairman, Narayana Health), Kiran Mazumdar-Shaw (Chairman, Biocon), Sanjiv Mehta (Chairman, HUL), Surendra Rosha (CEO, HSBC India), Binny Bansal (Co-founder, Flipkart), Manoj Kohli (Country Head, Softbank) and Amitabh Chaudhry (CEO, Axis Bank).Shilpa Kumar (Investment Partner, Omidyar Network India), Ingrid Srinath (Director, CSIP, Ashoka University), Arun Seth (former Chairman-BT), Amita Chauhan (Chairperson, SVP Mumbai), Shailesh Haribhakti (CA), Haigreve Khaitan (Managing Partner, Khaitan &amp; Co), V Vaidyanathan (MD &amp; CEO, IDFC First Bank), Neeraj Aggarwal (Head APAC, BCG) and Karan Bhagat (MD &amp; CEO, IIFL Wealth) are also part of the effort."ICRF will focus on preventing the spread of the coronavirus, providing humanitarian aid, supporting our health workers and enabling the COVID-hit families to rebuild their livelihoods. GiveIndia will be working with and supporting non-profits across health, disaster relief, rural livelihoods, etc including Akshaya Patra, Goonj, HelpAge India, ActionAid, Oxfam, CRY, Srijan and many others through this fund," the statement said. SR RSN RUJ

GiveIndia starts India COVID Response Fund with Rs 75 cr in initial donations

New Delhi, Dec 11 () Piramal Group and IIFL Wealth Management on Wednesday said they have set up Rs 2,000 crore corpus for last-mile funding in real estate projects across major cities.
Piramal and IIFL Wealth Management announced a "co-investment on an Alternative Investment Fund (AIF) platform to fund select advance stage / last-mile real estate projects across Tier-1 cities in India".
This AIF with a target size of Rs 2,000 crore will be used to provide capital to tier-I developers in key markets, the company said in a statement.
Real estate sector is facing multi-year slowdown, especially in housing segment, and developers are cash-starved following liquidity crisis in non-banking finance companies, which have been a major sources of funding for builders in the last few years.
"The market today presents many opportunities for last-mile finance across projects that require a minimum amount of gap funding for completion," the statement said.
Piramal Group is engaged in primary development as well as wholesale funding in real estate. It also has a fiduciary fund management business across multiple funds and mandates across structured, preferred and pure equity.
IIFL Wealth is one of the leading wealth managers in the country, with aggregate assets of around Rs 1,70,000 crore under management, advice and distribution. It has more than 950 employees and presence in 6 major global financial hubs and 23 locations in India.
"The creation of this AIF is in line with Piramal Group's strategy to build newer platforms for co-lending with liked-minded reputed institutions. We will initially seed the fund with existing loans from Piramal Group's portfolio, while continuing to explore quality deals from the market in future," said Khushru Jijina, Managing Director, Piramal Capital &amp; Housing Finance Ltd.
With this, Piramal will also be facilitating external capital (on a fund or co-investment basis) alongside its lending business. This will enable Piramal Group to continue to further grow the lending business through a new co-investment/co-origination model.
Karan Bhagat, Founder, MD &amp; CEO, IIFL Wealth Management said: "Piramal's deep domain expertise in real estate and IIFL Wealth's ability to seize the best market opportunities have resulted in well-structured investment idea which will provide clients an ideal risk-adjusted return".
IIFL Asset Management has raised a cumulative AUM (asset under management) of around Rs 7,000 crore across 8 real estate funds, till date. Of which, it has fully exited first two funds, generating gross IRRs (internal rate of returns) of 18-22 per cent.
Piramal group, led by Ajay Piramal, has presence in industries such as healthcare, financial services, healthcare information management, glass packaging and real estate. Valued at around USD 7.3 billion, with operations in 30 countries and brand presence in over 100 markets, the group's turnover is USD 2.2 billion in FY2019. MJH BAL

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360 ONE takes controlling stake in Mumbai Angels; two new funds announced

Eetika Kapoor

Another helping hand for startups! IIFL sets up Rs 1,000 crore fund for them

BI India Bureau

Box Office: 2 States Raking In Big Bucks; Dekh Tamasha Dekh Offers A Gripping Tale

Sanghamitra Mandal

In India, you can't buy mutual funds from your investment advisor anymore

Sriram Iyer

Delhi University teachers doubt feasibility of open book exams — await clarity on evaluation guidelines

PTI

GiveIndia starts India COVID Response Fund with Rs 75 cr in initial donations

PTI

Piramal grp, IIFL Wealth Management create Rs 2,000 cr fund for realty projects

PTI

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