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B9 Beverages Ltd, Bira 91's parent company, on Wednesday said it is raising $25 million in new funding from <keyword id="20841250" type="General" weightage="20" keywordseo="tiger-pacific-capital" source="keywords">Tiger Pacific Capital</keyword>, an Asia-focused fund headquartered in New York and Hong Kong. The new investment is part of a $50 million round raised by the company, with participation from its existing investor, <keyword id="20635955" type="General" weightage="20" keywordseo="kirin-holdings" source="keywords">Kirin Holdings</keyword> of Japan, and Tiger Pacific Capital from New York, it said in a statement. "As Bira 91 takes next steps to drive growth across markets and strengthen its supply chain, this new partnership will strengthen the company's balance sheet considerably," said <keyword id="20841253" type="General" weightage="20" keywordseo="ankur-jain" source="keywords">Ankur Jain</keyword>, Founder and CEO, Bira 91. With this capital, "we will expand our manufacturing footprint to new regions, including Uttar Pradesh," he added. The company has six large-scale manufacturing plants in the country. Bira 91 is now the fourth largest beer company in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, behind only multinationals like Heineken, AB-Inbev and Carlsberg, and has experienced strong double-digit growth since its inception 9 years ago. The company also owns the country's largest beer-focused pub chain, The Beer Cafe. "We are excited to partner with emerging companies in India, especially brands like Bira 91 with a unique understanding of the new Indian consumer, and a strong local manufacturing footprint," said <keyword id="20847970" type="General" weightage="20" keywordseo="run-ye" source="keywords">Run Ye</keyword>, Founder of Tiger Pacific Capital. Founded in 2015, B9 Beverages is backed by leading investors including Japan's leading beer company, Kirin Holdings, Japan's largest bank, MUFG Bank, Sofina of Belgium, and Peak XV Partners (formerly Sequoia India). SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a>

Bira 91 raises $25 mn to expand manufacturing footprint

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

Sequoia Capital offloads 2% of its stake in Zomato

D2C home and sleep solutions platform Wakefit.co on Thursday launched a 'No Questions Asked' wellness leave policy for its employees. The policy extends a no-questions-asked leave to all employees once a month. These wellness leaves can be availed by the workforce to support their physical, mental, or emotional well-being by taking time off to unwind and rejuvenate themselves, the platform said in a statement. The employees can also utilise their wellness leaves to opt for leisurely activities. "With this policy, we hope to encourage our employees to unwind, focus on their health, and spend time with their loved ones by taking their wellness leave with no questions asked," said <keyword id="2800926" type="General" weightage="80" keywordseo="umanath-nayak" source="Orion">Umanath Nayak</keyword>, Head of HR, Wakefit.co. With the onset of the Covid-19 pandemic, the company overhauled its existing policies to mould them into the digital-first world. It unveiled its landmark 'Right to Nap' policy in May 2022 to enable employees to take a power nap between 2 and 2.30 p.m. Additionally, Wakefit.co also launched the flexi work policy for new parents. "These initiatives are impactful steps towards enabling a healthy work-life balance among its workforce," it said. Founded by Ankit Garg and <keyword id="1639108" type="General" weightage="80" keywordseo="chaitanya-ramalingegowda" source="Orion">Chaitanya Ramalingegowda</keyword> in March 2016, the company received Series A funding from marquee investor <keyword id="136147" type="General" weightage="80" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword>, Series B funding from <keyword id="2248588" type="General" weightage="80" keywordseo="verlinvest" source="Orion">Verlinvest</keyword> and Sequoia Capital India, and recently received Series C funding from US-based <keyword id="857014" type="General" weightage="50" keywordseo="sig" source="Orion">SIG</keyword>, while existing investors, Verlinvest and Sequoia Capital India also participated. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cognizant-closes-q3-with-4-9-bn-revenue-to-acquire-onesource-ld/articleshow/95275456.cms">Cognizant closes Q3 with $4.9 bn revenue, to acquire OneSource (Ld)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-recovers-some-growth-momentum-it-lost-in-september/articleshow/95273704.cms">India's services sector recovers some growth momentum it lost in September</a>

Wakefit.co announces 'No Questions Asked' wellness leave policy for staff

<keyword id="744121" type="PERSON" weightage="20" keywordseo="minimalist">Minimalist</keyword>, a new-age homegrown <keyword id="2782303" type="PERSON" weightage="20" keywordseo="skincare-brand">skincare brand</keyword>, has raised Series A funding of Rs <keyword id="73571" type="PERSON" weightage="20" keywordseo="110-crore">110 crore</keyword> through multiple international investors in just nine months of its inception. The round was led by <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>, with participation from <keyword id="2919607" type="ORGANIZATION" weightage="20" keywordseo="Unilever-Ventures">Unilever Ventures</keyword>. The brand plans to utilise the funds to enhance its infrastructure and R&amp;D capabilities, launch in global markets, as well as double down on its content creation efforts by sharing well-researched knowledge about skincare with its consumers. Launched in 2020 by Mohit and Rahul Yadav, Minimalist, which is a mission-driven brand committed to bringing high-levels of efficacy and transparency to the personal care segment, is rapidly gaining popularity due to its values and ethos. So far, they have served over one million customers and is the fastest growing skincare brand in India. Their products are popular among both women and men looking for solutions to acne, pigmentation, excess sebum, dull skin. Speaking about the fundraise, Mohit Yadav, Co-founder - Minimalist, said, "Consumers today are looking beyond marketing claims and are seeking efficacy based skincare products. Our growth so far proves that a radical change in skincare industry is underway. Together with our customers, we are creating 'Skincare 2.0' by offering proven solutions driven by scientific innovations." Having a portfolio of diverse skincare and hair care products, the brand retails through its own website, along with e-commerce giants like Amazon, Nykaa, Flipkart, Myntra, and numerous other marketplaces. Minimalist currently offers 20 products ranging from serums, toners, face acids and moisturizers that are well researched, backed by proven science, safe, effective, mindfully created, and suited for all skin types. "Minimalist's products take an efficacy-first approach using transparency and science as underpinnings to improving personal care outcomes. This has resulted in a strong following and business momentum. Having seen the power of Mohit and Rahul's execution over many years, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword> India is thrilled to lead the Series A financing in the company," said Shailesh Lakhani, Managing Director, <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword>. "Minimalist is trailblazing science-backed clean beauty formulations in India, a trend that has gained massive consumer acceptance worldwide and with growing consumer traction in India. We look forward to working with the founders and management team along with our fellow investors in supporting the brand's ambitions over the coming years," said Pawan Chaturvedi, Partner at Unilever Ventures. Sequoia Capital India operates in India and Southeast Asia, where they actively partner with founders across sectors from idea to IPO. Unilever Ventures is the venture capital arm of British multinational consumer goods company <keyword id="261686" type="COMPANY" weightage="20" keywordseo="Unilever-plc">Unilever PLC</keyword> that invests in fast growing companies across consumer and enterprise technology. SEE ALSO <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

Skincare brand Minimalist raises ₹110 crore in Series A funding led by Sequoia Capital India

<ul class="summary-list"><li>VC firm <keyword id="13647765" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has spoken out about fraud allegations at multiple <keyword id="6362513" type="UNKNOWN" weightage="60" keywordseo="startups" source="Orion">startups</keyword> it's backed.</li><li>The firm said it was difficult to conduct due diligence on early-stage businesses.</li></ul><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> India, a major investor in Southeast Asian startups, has said due diligence on early-stage startups is tough as four of its portfolio companies face fraud or misconduct allegations.<a href="https://india.sequoiacap.com/build/corporate-governance-the-cornerstone-of-an-enduring-company/">In a blogpost not attributed to a particular author</a>, the firm said: "Recently some portfolio founders have been under investigation for potential fraudulent practices or poor governance. These allegations are deeply disturbing."The post added: "It is easy to think of this issue as ascribed to poor due diligence. But let's remember that when investments are made at seed or early stage there is hardly a business to diligence. Even later stage investors can face negative surprises, post investment, if there is willful fraud and intent."<keyword id="12116150" type="UNKNOWN" weightage="60" keywordseo="sequoia" source="Orion">Sequoia</keyword> didn't name check any firms, but one of these negative surprises has been <a href="https://www.businessinsider.com/zilingo-ceo-suspended-accounting-probe-singapore-startup-report-2022-4">Zilingo</a>, a Singapore-based fashion e-commerce startup first backed by Sequoia in 2015 and estimated to be worth $970 million. <keyword id="13616941" type="UNKNOWN" weightage="60" keywordseo="zilingo" source="Orion">Zilingo</keyword> earlier this month suspended its cofounder and CEO Ankiti Bose amid a financial probe into its accounting practices. A lawyer acting for Bose called her suspension "unfair" in <a href="https://www.bloomberg.com/news/articles/2022-04-14/sequoia-s-singh-leaves-zilingo-board-amid-accounting-probe">a statement to Bloomberg</a>.Sequoia and another backer, Temasek, raised their concerns with Zilingo's board. Sequoia's Shailendra Singh subsequently resigned as director of Zilingo's board, Bloomberg reported.Three other Sequoia-backed startups are also under scrutiny.In mid-March, Indian news media reported that EY India was investigating social e-commerce platform <a href="https://inc42.com/buzz/trells-founders-under-scrutiny-for-financial-irregularities/">Trell</a> for alleged financial irregularities. The same month, <a href="https://economictimes.indiatimes.com/tech/startups/tax-officials-raid-zetwerks-offices-founders-homes-suspecting-tax-evasion/articleshow/90293975.cms?from=mdr">Zetwerk Manufacturing</a> was reportedly raided by Indian tax officials over alleged tax evasion concerns. Also in March, financial platform <a href="https://www.businessinsider.in/business/startups/news/ashneer-grover-loses-singapore-arbitration-bharatpe-probe-to-continue/articleshow/89887218.cms">BharatPe's</a> cofounder Ashneer Grover was <a href="https://techcrunch.com/2022/03/01/bharatpe-founder-ashneer-grover-siphoned-off-money-fintech-startup-says/">accused of misappropriating funds</a> by the firm and quit as CEO. Sequoia in its post called for better "guardrails" for the startup ecosystem, such as agreeing new rules around corporate governance, and said startup "boards can only work with the information shared with them" to uncover wrongdoing.Sequoia's post highlights the risks of investing in early-stage startups, where <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms plow cash into unproven companies, often trusting in a founder's vision more than the solidity of their business model. The firm wrote that a startup's board "is not responsible to investigate on an ongoing basis" for potential bad behavior unless it's explicitly flagged up.But some regional investors shot back at suggestions that the wider ecosystem was at fault."Sequoia India, caught with their pants down with 4 portfolio companies. Decides to blames the 'eco-system,'" wrote Sam Gibb, managing partner of Singapore-based fintech investor Resolution Ventures, <a href="https://twitter.com/samngibb/status/1515837214499827714">on Twitter</a>. He said that bigger investors encourage a "growth-at-all-costs" mentality at startups, leading founders to step "over gray lines" to hit metrics."The interests of career VCs (where a bulk of remuneration is fixed) diverge from founders as status is more important to them than building lasting economic value," he wrote.Sequoia could not be reached over the phone for further comment.

Big-name investor Sequoia says startup due diligence is hard as 4 of its Asian portfolio companies face allegations of fraud or misconduct

<keyword id="8901041" type="UNKNOWN" weightage="20" keywordseo="FamPay">FamPay</keyword>, a <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup focussed on teenagers, on Wednesday said it has raised USD 38 million (about ₹278.4 crore) in funding, led by Elevation Capital and existing investor <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>. Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> also participated in the Series A round, a statement said. FamPay will use the latest round of funding to build a leadership team to further fuel growth, it added. FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard. In addition to payment products, FamPay also offers gamified savings experiences. "FamPay is creating a market segment that a lot of brands don't focus on today. It's their (teenage users) first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow," Kush Taneja, co-founder of FamPay, said. The company has crossed 2 million registered users within 8 months of its launch and has been averaging 100 per cent month-on-month growth. In March 2020, the company announced raising USD 4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia Capital <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and Global Founders Capital, as well as angel investors, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword> and <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> CEO Amrish Rau. Launched in 2020 by Kush Taneja and Sambhav Jain, FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. "With around 40 per cent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand," Sambhav Jain, co-founder of FamPay, said. "We are privileged and delighted to partner with Sambhav, Kush and the entire FamPay team as they march ahead in their mission to reimagine banking for teenagers. We have been extremely impressed by FamPay's product innovations, growth trajectory and customer love - all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond," said Mridul Arora, Partner, Elevation Capital. India today has a sizable population of adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business, Arora added. "It was apparent to us they (FamPay) understood their users and had very nuanced views on how to serve them best. The team is excited to double down in this round and is looking forward to working with them to help build FamPay over the next many years," Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly responsible for every single tweet in India</a> <a href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

<keyword id="6354630" type="General" weightage="50" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>'s <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) on Wednesday announced a partnership with VC fund <keyword id="1397792" type="General" weightage="80" keywordseo="kalaari-capital" source="Orion">Kalaari Capital</keyword> to upskill and scale young, invested businesses in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> by providing them with timely business skilling support. The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said <keyword id="3056724" type="General" weightage="50" keywordseo="ajit-mohan" source="Orion">Ajit Mohan</keyword>, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru. "As startups scale, they need to leverage several tools and platforms like Meta to support their growth," said <keyword id="1397790" type="General" weightage="50" keywordseo="vani-kola" source="Orion">Vani Kola</keyword>, Founder and Managing Director, Kalaari Capital. In the last three years, Meta has tied up with 16 VC funds, including Kalaari Capital, and has successfully skilled and mentored more than 500 small businesses at various stages of their growth journey. In April, Meta onboarded <keyword id="122716" type="General" weightage="50" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword>. Other VC firms are Fireside Ventures, Elevation Capital [SAIF Partners], DSG Consumer Partners, Matrix Partners, Anthill Ventures and <keyword id="6306883" type="General" weightage="50" keywordseo="stellaris-ventures" source="Orion">Stellaris Ventures</keyword>, to name a few. With Kalaari Capital, Meta said it is going to have several young, invested businesses from emerging sectors such as ed-tech, social commerce, gaming, and fin-tech, among others participate in the initiative. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/if-you-place-an-order-youre-accepting-the-service-charge-restaurant-body-says/articleshow/91779455.cms">If you place an order, you’re accepting the service charge, restaurant body says</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-avinya-renders-reveal-the-expected-design-of-the-concept-electric-car/articleshow/91765348.cms">Tata Avinya renders reveal the expected design of the concept electric car</a>

Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

Merchant payment and lending service provider <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Thursday said it has acquired <keyword id="1917213" type="COMPANY" weightage="20" keywordseo="PAYBACK-India">Payback India</keyword> from <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword> and ICICI Investments Strategic Fund. The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> a wholly-owned subsidiary of BharatPe, a statement said. Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets. The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added. Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all Payback India employees will become part of the BharatPe group. Suhail Sameer and Gautam <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> (Group Presidents at BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India. The role of the senior leadership team at Payback India will be expanded to also work on the loyalty programme for the six-million plus merchants of BharatPe, it added. The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will be working closely with Gautam Kaushik to build a new version of Payback India. Notably, Kaushik was the CEO and MD of Payback India prior to joining BharatPe in February this year. The company (Payback India) will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India, the statement noted. "With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores," BharatPe co-founder and CEO Ashneer Grover said. He added that the company is committed to build India's largest and most engaged merchant network and this acquisition will be a "game-changer" in that regard. "...Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator," Markus Knorr, CFO of Payback Global, said. BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves over 60 lakh merchants across 100 cities. It processes over 10 crore UPI transactions per month (annualised Transaction Processed Value of more than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its merchants since launch. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, <keyword id="6497288" type="COMPANY" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>, Beenext, Amplo and <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

<ul><li><keyword id="8164702" type="General" weightage="100" keywordseo="twid" source="Orion">Twid</keyword>, a payment solution platform, has raised $12 million in a series A funding round led by Rakuten Capital.</li><li>The round also saw participation from <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword>, ICMG Partners, JAFCO Asia, January Capital and many more.</li><li>The company will use the funds to build its merchant and issuer network and hire new talent.</li></ul>Bangalore-based payment solutions platform Twid on Wednesday said it had secured $12 million in a series-A funding round that was led by Rakuten Capital and also had Google Investing. The round also saw participation from ICMG Partners, JAFCO Asia, January Capital and Reddy Futures Fund along with existing investors BEENEXT and <keyword id="563136" type="General" weightage="20" keywordseo="Sequoia-India" source="Orion">Sequoia India</keyword>'s Surge. The company intends to use the funds to scale up and build its merchant and issuer network, expand product roll-outs, build tech capabilities – primarily in data science, and hire new talent. With this funding round, <keyword id="4385887" type="General" weightage="20" keywordseo="Rakuten-India" source="Orion">Rakuten India</keyword> CEO Sunil Gopinath will join Twid’s board of directors on behalf of Rakuten Capital – Rakuten Group’s corporate venture capital arm. “Twid is on a mission to revolutionise how rewards are viewed, understood and used across platforms by creating a completely new network. We are bringing together various industry stakeholders, nudging them towards a cashless ecosystem and future,” said <keyword id="2939430" type="General" weightage="20" keywordseo="Amit-Koshal" source="Orion">Amit Koshal</keyword>, co-founder and CEO of Twid. Founded in 2020 by Koshal, Rishi Batra, and Amit Sharma, Twid provides a platform that combines multiple loyalty/reward points of users across issuers such as banks, fintech firms, retail or e-commerce brands, and allows consumers to pay at offline and online stores using their reward points. According to the Q1 2022 Global Loyalty Programs survey, the loyalty programmes market in India is expected to grow by 12.6% on an annual basis to reach almost $143 billion in 2022. In India, loyalty and reward programmes have been used by brands and organizations – especially in the hospitality, tourism, aviation and retail sectors – as a strategy to broaden and deepen their customer base . Twid claims to have over 40 million registered users, and over 50,000 live merchants. It also has a payment network of banks, brands, payment gateways, merchants and customers. “By enabling reward points to be ubiquitous and fungible, we are witnessing very high customer delight. Customers are able to stay updated with their points and are able to save, earn and pay every time when using ‘Pay with Rewards’. This reaffirms our approach to delivering long-term value to merchants, issuers and customers,” Koshal added. ‘Pay with rewards’ is Twid’s payment option that enables buyers to use their reward points as payment at the time of purchase. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-is-now-the-12th-biggest-listed-entity-other-adani-cos-are-not-far-away/slidelist/93317527.cms">Adani Transmission is now the 12th biggest listed entity; other Adani cos are not far away</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/inflation-weather-and-more-push-july-services-sector-growth-to-a-4-month-low/articleshow/93315248.cms">Inflation, weather and more push July services sector growth to a 4-month low</a>

Payment solutions company Twid raises $12 million in series A funding from Rakuten Capital, Google and others

Bengaluru, Manufacturing platform <keyword id="7466761" type="UNKNOWN" weightage="20" keywordseo="zetwerk">Zetwerk</keyword> has raised $120 million (nearly ₹880 crore) in its Series D round led by US-based <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> and <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword>. <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword> and Kae Capital also participated in the round, Zetwerk said on Tuesday. This Series D round comes after the company's $21 million Series C round in July 2020, bringing the total equity capital raised by the company to $193 million. "The <keyword id="6651103" type="UNKNOWN" weightage="20" keywordseo="Global-manufacturing-industry">global manufacturing industry</keyword> has had to swiftly adjust to the new normal, and digital solutions have become essential. Zetwerk accelerates this digital transformation with state-of-the-art productivity tools and remote project management," Amrit Acharya, Co-founder &amp; CEO, Zetwerk, said in a statement. "2021 will see further pace of growth as companies seek to diversify their procurement to minimise disruptions and become more agile and resilient." Zetwerk was founded in 2018 by <keyword id="6386086" type="COMPANY" weightage="20" keywordseo="Indian-Institutes-of-Technology">Indian Institutes of Technology</keyword> (IIT) alumni Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary with the aim of making it the go-to platform for the global manufacturing industry. It runs business-to-business marketplace for manufacturing parts. The platform is increasingly being adopted globally, with the company growing 3X year-on-year in 2020, despite the impact of the Covid-19 pandemic, said Bengaluru-based Zetwerk. Zetwerk is modernising the manufacturing industry using proprietary technology and project management techniques. Since its founding, Zetwerk has forged deep partnerships in three key segments - precision parts, capital goods and consumer goods, serving a diverse range of product categories including prefabricated structures for infrastructure projects, sheet metal parts for electric vehicles, precision parts for aerospace, assembly lines for consumer durables, etc. With this fundraising, Zetwerk said it will further strengthen its technology and continue its expansion into new categories and regions. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/home-first-finance-company-ipo-lists-at-618-19-premium-over-the-issue-price/articleshow/80662539.cms">Warburg Pincus-backed Home First Finance Company IPO lists at 19% premium over the issue price</a> <a href="https://www.businessinsider.in/tech/enterprise/news/indias-principal-economic-advisor-says-the-real-monopoly-to-be-worried-about-is-in-search-internet-and-social-media/articleshow/80663403.cms">INTERVIEW: Google and Facebook ahoy! India’s Principal Economic Advisor says the real monopoly to be worried about is in search, internet and social media</a> <a href="https://www.businessinsider.in/science/space/news/budget-2021-22-prioritises-gaganyaan-indias-human-spaceflight-mission-over-all-others-heres-why/articleshow/80663272.cms">Budget 2021-22 prioritises Gaganyaan, India’s human spaceflight mission, over all others — here’s why</a>

Zetwerk raises $120 million from Greenoaks Capital and Lightspeed Venture Partners

<ul><li><keyword id="6368035" type="General" weightage="100" keywordseo="essar" source="Orion">Essar</keyword> on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations.</li><li>The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and <keyword id="47654" type="General" weightage="50" keywordseo="arcelormittal" source="Orion">ArcelorMittal</keyword>.</li><li>With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid.</li></ul>In one of the largest post-pandemic M&amp;A deals in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets which are primarily captive to Hazira steel plant operations. The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal. <keyword id="124029" type="General" weightage="50" keywordseo="rewant-ruia" source="Orion">Rewant Ruia</keyword>, Director, Essar Ports &amp; Terminals Limited, said: "With this deal, which yields a multifold return on our investments, Essar Ports &amp; Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas." Prashant Ruia, Director, <keyword id="275818" type="General" weightage="50" keywordseo="essar-capital" source="Orion">Essar Capital</keyword>, said: "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last 4 years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." With this deal, Essar will conclude its planned asset monetisation programme and complete the debt repayment plan of $25 billion (Rs 2,00,000 crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas. These assets under Energy sector include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of Unconventional Hydrocarbons in India &amp; Vietnam and a 1,200 MW Power Plant in India; Infra sector assets include a storage terminal in UK of 3 million m3 capacity and a 20 MTPA Port in India; Metals &amp; Mining sector assets include a major iron ore mine and pellet project in the US; Technology &amp; Services sector assets include Global EPC business and IT solutions provider with centres across 30 plus countries. By monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, Essar is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades. Essar has planned significant investments in its core sectors of energy, infrastructure, metals &amp; mining, and technology &amp; services. While ongoing businesses will provide operational stability, our renewed focus will be to transition existing assets to green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-ipo-subscribed-56-68x-on-day-3-on-strong-institutional-retail-investor-demand/articleshow/93804359.cms">Dreamfolks Services IPO subscribed 56.68x on day 3 on strong institutional, retail investor demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sequoia-capital-offloads-2-of-its-stake-in-zomato/articleshow/93802868.cms">Sequoia Capital offloads 2% of its stake in Zomato</a>

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Bira 91 raises $25 mn to expand manufacturing footprint

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Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

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Zuckerberg's Meta partners with Kalaari Capital to upskill young startups in India

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BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

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Payment solutions company Twid raises $12 million in series A funding from Rakuten Capital, Google and others

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Arcelor Mittal Nippon Steel signs ₹19,000 crore deal to buy Essar's port and power assets

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