MobiKwik Gets Board Nod To Set Up New Units Amid Plans To Foray Into Insurance Distribution - Related to insolvency:, nclt, distribution, mn, foray

BYJU’S Insolvency: NCLAT Directs NCLT To Clear BCCI’s Plea In A Week

This follows the NCLT, last month, initiating disciplinary proceedings against the RP of BYJU’S and setting aside his decision to exclude Glas Trust and Aditya Birla Finance from the CoC.

Riju argued that the NCLT cannot order the reconstitution of the CoC due to the pendency of the BCCI’s proposed settlement with BYJU’S.

The NCLAT was hearing an appeal filed by Riju Raveendran challenging the reinstatement of Glas Trust and Aditya Birla Finance into the CoC of BYJU’S.

The National firm Law Appellate Tribunal (NCLAT) reportedly issued directions to the National firm Law Tribunal (NCLT) to dispose of the application filed by the Board of Control for Cricket in India (BCCI) to withdraw insolvency proceedings against troubled edtech giant BYJU’S in a week.

“The NCLT is directed to decide the application (for withdrawal by BCCI) preferably in a week’s time. It is very much made clear while deciding this appeal, we have not made any observations on the facts,” the appellate tribunal stated on Friday (February 7), as per Bar and Bench.

The directions were issued by a coram comprising Member (Judicial) Justice (retd) Rakesh Kumar Jain and Member (Technical) Jatindranath Swain. This came as the NCLAT disposed of an appeal filed by Riju Raveendran challenging the reinstatement of Glas Trust and Aditya Birla Finance into the committee of creditors (CoC) of BYJU’S.

This follows the NCLT, last month, initiating disciplinary proceedings against the resolution professional (RP) of BYJU’S, Pankaj Srivastava, and setting aside the RP’s decision to exclude Glas Trust and Aditya Birla Finance from the CoC.

The NCLT also issued orders for the removal of Srivastava and the constitution of a new CoC, comprising Glas Trust and Aditya Birla Finance. Not just this, the Tribunal also quashed all the decisions made by the former CoC and directed the new committee to take a call on appointing a new resolution professional.

However, the NCLT is yet to rule on the plea filed by the BCCI to settle its dispute with BYJU’S.

Meanwhile, earlier this month, Riju Raveendran filed an appeal challenging the admission of Glas Trust and Aditya Birla into the CoC. In his petition, Riju argued that the NCLT cannot order the reconstitution of the CoC due to the pendency of the BCCI’s proposed settlement with BYJU’S.

He also argued that a full settlement was reached with the BCCI before the CoC was even formed, making the cricket board’s withdrawal application the most pressing matter.

As per Riju’s plea, the NCLT’s decision to reconstitute the committee effectively dismisses the withdrawal application without a formal ruling.

Citing Supreme Court’s (SC) previous directions which granted the BCCI and Raveendran the liberty to pursue appropriate remedies following the settlement, Riju argued that the NCLT’s order to prioritise CoC formation over the withdrawal application contradicted the SC’s mandate. He also claimed that the Tribunal should have first addressed the withdrawal application, adding that its outcome would determine the “necessity of CoC reconstitution”.

Eduvanz plans to use the fresh proceeds for its working capital requirements and shore up product development and marketing initiatives.

In terms of top line, the 98 startups posted a cumulative operating revenue of over INR [website] Lakh Cr during the fiscal year ended March 2024.

MobiKwik Gets Board Nod To Set Up New Units Amid Plans To Foray Into Insurance Distribution

MobiKwik posted a net loss of INR [website] Cr in Q3 FY25 against a profit of INR [website] Cr, impacted by lower financial services revenue and higher lending-related costs.

This comes days after MobiKwik’s cofounders noted in a post-earnings call that the enterprise is looking to foray into the insurance aggregator and insurance distribution segments.

MobiKwik has obtained the board’s nod to incorporate and invest in one or more wholly-owned subsidiaries as the fintech enterprise aims to expand its business.

Fintech enterprise MobiKwik has received approval from its board to incorporate and invest in one or more wholly-owned subsidiaries as it explores new avenues to expand its business.

“The revealed investment will be in compliance with Section 179 and all other applicable provisions of the Companies Act and necessary approvals, as required,” the corporation revealed in an exchange filing.

While the digital wallet provider did not disclose the fine print of its expansion plans, the announcement comes only days after cofounders Upasana Taku and Bipin Preet Singh mentioned MobiKwik is eyeing an entry into new fintech verticals this year.

In a post-earnings call for the December quarter, Taku noted MobiKwik’s immediate priority is expanding its spend analytics platform Lens and foraying into the insurance aggregator space.

“We have made a lot of investments in Lens, which we see as a digital financial advisor for the masses. The platform could lead to an increase in user investments in financial instruments like fixed deposits, digital gold, etc, using MobiKwik,” she added.

The listed fintech giant is also planning to venture into the insurance distributor space, for which it has already obtained the necessary licence from the Insurance Regulatory and Development Authority of India (IRDAI).

Besides, MobiKwik also plans to scale up its prepaid payment instruments (PPI) offering, expand its lending product portfolio and launch a cobranded RuPay Credit Card on UPI.

It is pertinent to mention that MobiKwik slipped into the red in the third quarter of the fiscal year 2024-25 (Q3 FY25), hurt by lower financial services revenue and higher lending-related costs.

The business reported a consolidated net loss of INR [website] Cr during the quarter under review against a profit of INR [website] Cr in the year-ago quarter. On a quarter-on-quarter (QoQ) basis, net loss zoomed multifold from INR [website] Cr.

The bottom line took a hit even though MobiKwik posted an 18% jump in its operating revenue to INR [website] Cr in the December quarter of FY25 from INR [website] Cr in the same quarter last year. Sequentially, however, the top line saw a degrowth of 7% from INR [website] Cr.

Table of Contents Table of Contents Avicii – I’m Tim (2024) 2 Fast 2 Furious (2003) Definitely, Maybe (2008) Richie Rich (1994) When We First Met (201...

Table of Contents Table of Contents Amazon Prime Video Hulu Disney+ Apple TV+ Netflix Max (formerly HBO and HBO Max) Peacock.

The deal is expected to complete within the period of 90 days from the date of approval by the Zaggle’s board.

The financial terms of the deal remain ...

Dhan Eyes Up To $150 Mn Funding At A Unicorn Valuation

Dhan parent Raise Financial Services’ portfolio of products consists of stock broking app Dhan, the “Option Trader” app, an API platform for traders called DhanHQ API, among others.

The fresh fundraise will boost the Mumbai-based startup’s current cash reserves of $100 Mn and enable it to diversify it into other financial services businesses.

While ChrysCapital has already issued a term sheet to Dhan, two other undisclosed US-based investors have also submitted their bids.

Trading platform Dhan’s parent Raise Financial Services is reportedly in discussions with private equity (PE) firm ChrysCapital and two other US-based investors to raise $100 Mn to $150 Mn at a unicorn valuation.

The funding round is expected to be finalised in the next 30-45 days and could likely peg the trading platform at $1 Bn from $125 Mn currently, Economic Times reported, citing data.

This effectively means that Dhan will potentially see a 9X increase in its valuation and become the second unicorn of 2025, after Netradyne.

“There are three bids that’s come so far. ChrysCapital is keen to pick up a stake, given its broad focus on the financial services sector with bets like Bandhan Bank, Hero FinCorp and others,” a source was quoted as saying.

Meanwhile, the findings added that other investors, including US-based fund LeftLane Capital, have also held talks with Dhan in recent weeks but are yet to issue a term sheet. As per the findings, the fresh fundraise will boost the Mumbai-based startup’s current cash reserves of $100 Mn and enable it to diversify it into other financial services businesses.

Inc42 has reached out to ChrysCapital and Dhan for comments on the development. The story will be updated based on the responses.

The development comes six months after reports first surfaced that the trading platform was looking to raise nearly $100 Mn at a unicorn valuation of $[website] Bn to $[website] Bn.

Founded in 2021 by Paytm Money’s former CEO Pravin Jadhav and Alok Pandey, Raise Financial Services operates in the Indian stock broking space and primarily targets customers in Tier I and II cities. Its portfolio of products consists of stock broking app Dhan, the “Option Trader” app to facilitate options trading, an API platform for traders called DhanHQ API, among others.

In January 2022, the startup raised $22 Mn in a round led by BEENEXT. It is also backed by the likes of Mirae Asset Venture Investments as well as angel investors such as CRED’s Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe founders Sameer Nigam and Rahul Chari, Amrish Rau of Pine Labs, among others.

Raise Financial Services acquired Moneylicious Securities in 2021 and integrated it with the Dhan platform. Last month, Raise Financial Services also acquired new-age media startup Filter Coffee for an undisclosed amount.

Dhan competes with the likes of Zerodha, IPO-bound Groww and Angel One.

As per Care Ratings, trading app Dhan’s parent Moneylicious Securities Private Limited (MSPL) reported a net profit of INR 159 Cr in FY24 as against a loss of INR 27 Cr in the previous year. Total income jumped 677% to INR 373 Cr in the fiscal year under review from INR 48 Cr in FY23.

This year, thin is in, for the smartphone industry. Oppo will soon drop the world’s thinnest foldable phone in the market. Apple’s rumored iPhone 17 A...

Ahead of the IPO, investor Prosus is also looking to increase its stake in the enterprise, with its plans to invest $30 Mn (about INR 252 Cr) in Urban Co...

Table of Contents Table of Contents Underwater (2020) Phone Booth (2002) Dirty Grandpa (2016).

Hulu’s movie selection for February combines prestige p...