HSBC acquires SVB-UK🏦, Rs 1.18 Trn J&K budget💰, AI startups raise over $50 Bn💸
HSBC acquires Silicon Valley Bank UK unit, Sitharaman unveils J&K budget, AI startups raise over $50 billion VC funding, Funding Deals and more.
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HSBC acquires Silicon Valley Bank UK unit for £1🏦
HSBC said on Monday it is acquiring the UK subsidiary of Silicon Valley Bank for £1 hours after US regulators said all deposits are safe to stem any wider fallout from the sudden collapse of the tech-focused lender Silicon Valley Bank.
As of March 10, Silicon Valley Bank UK Limited had loans of around £5.5 billion and deposits of around £6.7 billion, HSBC said.
SVB UK's tangible equity is expected to be around £1.4 billion, HSBC said. It will complete the transaction immediately and fund it from the bank's existing resources.
Sitharaman unveils Rs 1.18 trillion J&K budget for FY24📊
Union finance minister Nirmala Sitharaman unveiled ₹1.18 trillion budget for the Jammu & Kashmir Union Territory for FY24 which will include the developmental capital expenditure of ₹41,491 crore.
The Budget which has aimed at doubling the UT’s GDP within five years has outlined good governance, strengthening grass-root democracy, promoting sustainable agriculture, facilitating investment & industrial growth, employment generation, accelerated development & inclusive growth, women empowerment, and social inclusion as its key pillars.
T.A.C – The Ayurveda Co., a D2C omnichannel Ayurvedic lifestyle brand, has raised Rs 100 crore in its Series A round led by Sixth Sense Ventures.
Bioprocess engineering company OmniBRx Biotechnologies received Rs 30 crore in a Series A funding round from SIDBI Venture Capital.
On-demand intercity trucking marketplace Raaho has raised Rs 20 crore or $2.4 million from Inflection Point Ventures (IPV), Roots Ventures, and Blume Founders Fund as part of its extended pre-Series A round.
AI startups raise over $50 billion venture capital funding in 2022: GlobalData💰
With the rise of artificial intelligence (AI) in the global market, it has caught the attention of venture capital (VC) investors.
According to leading data and analytics firm GlobalData, 3,198 AI startups received $52.1 billion in funding across 3,396 VC funding deals during 2022.
In comparison to 2021, VC funding deal volume as well as value in the AI space declined in 2022, but the impact was more prominent in terms of value.
Some of the notable VC deals announced in the AI space during 2022 include $1.5 billion fundraising by Anduril Industries, $580 million raised by Anthropic, and $500 million fundraising by Black Sesame Intelligent Technology.
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