Sector: Banks & FIs
PhonePe raises $350 mn from General Atlantic; now bigger than Swiggy, Paytm
Payments and financial services unicorn PhonePe has raised $350 million in funding from General Atlantic — a leading global growth equity firm — at a pre-money valuation of $12 billion, making the Walmart-owned start-up the most-valued financial technology (fintech) player in India. The investment is the first tranche of the company’s latest fundraise that … Read more
Warren Buffett Bet $5 Billion on Bank of America in 2011, Made Fortune
Warren Buffett plowed $5 billion into Bank of America during the US debt-ceiling crisis in 2011. The famed investor and Berkshire Hathaway CEO had the idea to invest while taking a bath. Buffett’s Berkshire Hathaway counts Bank of America as its number-two holding after Apple. Warren Buffett struck one of the must lucrative deals of … Read more
Private equity major exiting out of Shriram Finance
Apax Partners is rumoured to sell its entire stake in Shriram Finance through block deal in secondary market on January 13, 2023. Apax currently holds 4.63% stake in the Company. This is in lieu of the 16.73% that it held in Shriram City Union Finance (SCUF) as on September 30, 2022. Subsequently, SCUF had merged … Read more
Jack Ma to cede control of Ant Group following China’s tech crackdown
Jack Ma is giving up controlling rights of Ant Group Co., as the billionaire further retreats from his online empire following the country’s unprecedented tech crackdown. The company will give 10 individuals, including the founder, management and staff, voting rights independently, effectively removing Ma’s voting control of Ant, according to an announcement on Saturday. The … Read more
Six big banks of Wall Street score $1 trillion of profit in a decade
Malick Diop felt something shifting on Wall Street. He’d joined Morgan Stanley in the grim days of 2009, when big banks were trying to pay back taxpayer bailouts and deflect public fury. But four years later, the ire was fading and ambition was the order of the day. “It really felt like, for the first … Read more
Poonawalla Fincorp sells housing unit to TPG at an attractive price
Poonawalla Fincorp (PFL) is selling 100% of it’s housing subsidiary Poonawalla Housing Finance Limited (PHFL) to TPG. Consideration is Rs 3,900 cr PHFL reported financials for FY 22 Revenues of Rs 470 cr Net Worth at Rs 1082 crore Above implies a valuation of 8.3x on trailing revenues and 3.6x on Net Worth. (This is … Read more
Paytm announces buyback. Controversial step.
Paytm has announced buyback totalling maximum of Rs 850 crore @ maximum price of Rs 810/ share. Buyback price is at 57% premium to the closing price on December 13, 2022 (before the announcement); It will be an open market buyback; Will be executed over a maximum period of 6 months; Company’s directors and Key … Read more
IIFL group reorganises business between 5Paisa and IIFL Securities
IIFL has decided to streamline the focus and remove the business overlap amongst it’s group entities, 5Paisa Capital and IIFL Securities (IIFLS). Pursuant to the reorganisation, Online Retail Trading (ORT) Business of IIFLS is being transferred to 5Paisa. The business being transferred is where customers are digital savvy and/ or millennials. They only need a … Read more