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PhonePe gets $100 Mn more💰, Zerodha 🤝🏻 Smallcase, TCS Q4 profit up 15%📈
PhonePe bags another $100 mn, Zerodha forms JV with Smallcase, TCS Q4 net profit up 15%, Funding Deals and more.
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PhonePe bags another $100 million from General Atlantic, more expected
Zerodha forms JV with Smallcase for mutual fund business
TCS Q4 net profit up 15% to Rs 11,392 crore
PhonePe bags another $100 million from General Atlantic, more expected💰
Digital payments major PhonePe has received another fresh infusion of $100 million from existing backer General Atlantic and its affiliate funds as part of its $1 billion primary funding.
The new tranche has been raised at a $12-billion pre-money valuation, just as in the previous tranches. With this, the digital payments firm has stacked up $750 million to date in its ongoing fundraise, with General Atlantic and its affiliate funds pouring in a total of $450 million.
This is PhonePe’s fourth tranche of funding after it announced the separation of ownership from Flipkart last December. Its last tranche, in March, was worth $200 million, which it raised from Walmart.
Zerodha forms JV with Smallcase for mutual fund business💼
Online stock brokerage firm Zerodha has formed a joint venture (JV) with wealth management platform Smallcase for the mutual fund business, founders of both entities announced on Wednesday.
Zerodha, India’s largest stock brokerage in terms of the number of customers, already has the initial clearance for an asset management company (AMC) from the Securities and Exchange Board of India (Sebi) and is awaiting the regulator’s final approval.
Zerodha had received Sebi’s in-principle approval to set up an AMC in 2021. The AMC will “use learnings and shared values from both companies to build an enduring fund house”, said Smallcase founder Vasanth Kamath.
TCS Q4 net profit up 15% to Rs 11,392 crore📈
Tata Consultancy Services (TCS) said its net profit for the final quarter of fiscal 2023 rose 15% on-year, but India’s largest software exporter pointed to macroeconomic concerns, especially in its largest market of North America, which dragged down its quarterly performance.
For the January-March quarter, the Mumbai-headquartered company's net profit rose to Rs 11,392 crore from Rs 9,926 crore a year back. Sequentially, net profit grew 5%.
Revenue came in at Rs 59,162 crore, up 16.9% year on year, led by strong performance in continental Europe and the retail vertical.
SaaS platform SimpliContract, operating in Contract Lifecycle Management (CLM) market, has raised $3.5 million in Pre-Series A funding round led by Emergent Ventures.
Agritech startup INI Farms has raised Rs 16 crore or $1.95 million in its maiden funding round from ESG First Fund, managed by Aavishkaar Capital (Aavishkaar), an Aavishkaar Group company.
Edtech startup Oneistox has raised $1.2 million in seed funding co-led by Y Combinator, Powerhouse Ventures, and Soma Capital along with angels: Amit Ranjan, and Deepak Menon among others.
Armour Heavy, a performance wear brand, has recently raised Rs 1.6 crore in pre-seed funding led by India Accelerator.
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