TPG Growth, the middle market and growth investment fund of TPG Group has invested $42 million in Ess Kay Fincorp, a Jaipur-based NBFC. Existing investors Norwest Venture Partners and Evolvence India Fund II Ltd are investing alongside TPG Growth. Ess Kay essentially targets rural and semi-urban customers to help them buy used vehicles including commercial vehicle, car, agricultural equipment, two and three-wheeler and MSME loans for small businesses.
Captain Zack, a pet grooming startup owned by EM Personal Care has secured $1.5 million in Pre-Series A round. The Mumbai-based startup plans to use the newly funds in marketing and brand awareness. The funding is led by industrialists Kushal Desai and Chaitanya Desai through their family office.
Venture Catalysts has invested in bike-sharing app Mobycy in an angel funding round. Mobycy allows users locate bikes around them on the app, unlock it by scanning the QR Code, ride and then park it at the destination to end the ride, managed by IOT and GPS-enabled smart devices.
Eleven state-run banks under the Reserve Bank of India’s (RBI) prompt corrective action (PCA) framework recorded higher interest income but lower asset quality, even as differences between the government and central bank over the framework have burst out into the open. RBI imposed PCA norms on these banks between February 2014 and January 2018. Under PCA, banks are mandated to cut lending to corporates and focus on reducing concentration of loans to certain sectors. They are also restricted from opening new branches and paying dividends. While the banks remain under the restricted-lending state, they have still been able to garner healthy interest income in the last one year, owing to the decline in deposit rates coupled with their ability to cut bulk deposits. In spite of their worse capitalisation and stressed assets ratio compared to other banks, PCA banks had credit growth that was as strong as that of other banks up until 2014. However, since the asset quality review (AQR) exercise and the imposition of PCA, the year on year growth in advances for PCA banks has declined from over 10% in 2014 to below zero by 2016 and remained in the contraction zone since.
Zydus Hospitals acquired the Columbia Asia Hospital Private Limited’s hospital facility in Ahmedabad. Zydus will convert the newly acquired property into exclusive and world class cancer care center. The 99-bed hospital of Columbia Asia is spread across 1 lakh square feet area. The property is in close vicinity of Zydus Hospitals’ 550-bed super specialty hospital.
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