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BharatPe Gold Loan 🥇, RIL acquires Lithium Werks 🔋, Byju's $800 Mn round 💰
BharatPe enters gold loan segment, Reliance Industries acquires Lithium Werks, Byju's raises $800 mn--CEO invests $400 mn, What are NBFCs?, Funding Deals & more.
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BharatPe enters gold loan segment; hopes to disburse ₹500 cr this year🥇
BharatPe, the fintech player, has entered the gold loan segment for its merchant partners, marking its entry into the secured credit category for a firm that hawks a slew of unsecured small-ticket credit products.
For launching gold loans, BharatPe has partnered with a few NBFCs 💡 and will be offering loans of up to ₹20 lakh against the gold pledge.
The service is already available to its merchant customers in Delhi-NCR, Bengaluru and Hyderabad, and it will be scaling this to 20 cities by the end of this year when it hopes to disburse ₹500 crores, BharatPe said in a statement on Monday.
Its interest rate at the lowest band is 0.39% per month, working out to be 4.7% per annum. The loan application and disbursal are all done digitally within 30 minutes.
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What are NBFCs?
NonBank Financial Companies (NBFCs), also known as nonbank financial institutions (NBFIs) are financial institutions that offer various banking services but do not have a banking license. Generally, these institutions are not allowed to take traditional demand deposits—readily available funds, such as those in checking or savings accounts—from the public.
Reliance Industries acquires all assets of Lithium Werks for $61 million🔋
Reliance New Energy Limited, a subsidiary of Reliance Industries Ltd, on Monday informed that it has acquired all of the assets of Lithium Werks BV for USD 61 million, including funding for future growth.
The assets include the entire patent portfolio of Lithium Werks, manufacturing facility in China, key business contracts and hiring of existing employees as a going concern.
With the resurgence in demand for Lithium Iron Phosphate batteries and Lithium Werks' integrated portfolio of LFP solutions, Reliance aims to take advantage of the global opportunities before it.
Incorporated in 2017, Lithium Werks is a cobalt-free lithium battery technology and manufacturing company, with operations in the US, Europe and China and customers worldwide.
Revfin, an e-mobility consumer lending platform has raised Rs 100 crore in a debt funding round led by Northern Arc, Liquiloans, and others.
Commerce marketing automation engine Xeno has raised $1.6 million in a seed round from global funds including early TJ Mahony’s Vinyl Capital, Ankur Nagpal’s Vibe Capital, Java Capital and Angel Invest Ventures.
honc, a car wash at doorstep company, has secured $400,000 in a pre-seed round, led by Amey Mashelkar (Head of JioGenNext), Jasminder Singh Gulati (Co-founder at NowFloats), Dholakia Ventures, and 100X.VC.
IPO-bound Byju's raises $800 mn in funding, CEO Byju Raveendran invests $400 mn💰
India's most valuable startup Byju’s has raised $800 million in a funding round led by Sumeru Ventures, Vitruvian Partners, and BlackRock. The edtech decacorn's founder and CEO Byju Raveendran also participated in the funding round and made a personal investment of $400 million.
"I have always believed that edtech is a sector where India has the potential to create global champions by solving the trilemma of cost, quality, and scale. We will continue to invest in multiple learning models to provide students with quality education across the world," Raveendran said in a statement.
The company last year acquired US-based edtech companies Osmo, Tynker, and Epic. The fundraise comes ahead of BYJU’s plan for a US listing this year.
Byju's has also announced its foray into the phygital space. The firm has decided to open 500 physical tuition centers across 200 cities in 2022. The startup has already made in-roads in the USA, UK, Australia, Brazil, Indonesia, and Mexico and will expand to more geographies in the near future.
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