Sumitomo Mitsui takes a stake in Fullerton
Japan’s second largest bank Sumitomo Mitsui Financial Group (SMFG) to invest $ 2 billion in Fullerton India Credit Co for 74.9% stake in the Indian Non-Bank Financial Corporation (NBFC).
Fullerton India will become a consolidated subsidiary of the Japanese bank, with SMFG eventually expanding its 100% stake in NFBC. It seeks to capture growth in Asian markets such as Vietnam, Philippines, Indonesia and IndiaSMFG said in a statement.
Japanese banks are eyeing opportunities beyond their home market, which is grappling with slow economic growth and an aging population.
Kotak Securities considering stake in fintech company
Kotak Securities will invest Rs 10 crore in Kredent InfoEdge, a financial technology company focused on educating investors through its learning and analytics platform, for a 9.96% stake.
Kredent, based in Kolkata, saw a absolute revenue growth of over 162% from Rs 5.38 crore in 2018-19 to Rs 14.1 crore in 2020-21.
Founded in July 2006, it operates three brands: Online Markets (in financial education), StockEdge (a data analysis platform for stock markets), and Club Stock Edge (a social market platform for investors and traders).
The deal with Kotak Securities is expected to close by the end of the month and will help Kotak Securities deliver value-added e-learning and digital services to its clients. Based on Kredent’s latest tax revenues, the agreement multiple turnover is 0.71 for Kotak Securities.
GST collection falls below Rs 1 lakh-crore
Gross tax on goods and services Revenue Collection (GST) for June 2021 was Rs 92,849 crore—About 2.13% more than the Rs 90,917 crore collected in June 2020.
Monthly GST collections had been higher than Rs 1 lakh-crore mark for eight months immediately since October 2020.
GST collection for June indicates business transactions in May while several states and Union territories were in total or partial containment due to the second wave, the finance ministry said in a statement.
He cited the number of electronic invoices generated in May 2021: 3.99 crore, compared to 5.88 crore of electronic invoices generated in April 2021. However, the number fell to 5.5 crore in electronic invoices in June, which indicates a recovery in trade and business.
Info Edge to acquire Axilly Labs
Info Edge (India) announced the acquisition of Axilly Labs in Bengaluru for total cash consideration of approximately Rs 21 crore.
Axilly delivers technical assessment services to clients for recruitment and learning purposes via its ‘doselect.com’ platform.
In the last three fiscal years Axilly’s revenue increased by 98.9%, from Rs 1.76 crore in 2018-19 to Rs 3.50 crore in 2019-2020, then by 20.9% at Rs 4.23 crore in 2020-21. The deal’s revenue multiple at the acquisition cost of Rs 21 crore equates to just over 4.96 times for Info Edge (India).
Great Eastern Shipping’s meeting with the WFH
Technology transformation initiatives such as modernized infrastructure, cloud-centric strategy and setting up a complete disaster recovery site have helped Great Eastern Shipping Co run their business in Work From Home (WFH) mode, without compromising employee productivity.
In its latest annual report, the 70-year-old company emphasized that it guarantees zero cybersecurity incidents, 100% application availability and 24/7 remote assistance to vessels for smooth business operations.
“Cybersecurity will remain a top priority in the international maritime sector, ”the company said. It has strengthened the cybersecurity posture for ships and ashore to protect the integrity of the organization’s information and IT assets.
TCS launches SaaS tool for agile planning
Tata Consultancy Services (TCS) has released the fifth version of Jile, an agile, cloud-based planning and delivery tool that enables businesses to simultaneously manage distributed teams.
The collaboration tool gives companies a unified view of portfolios and programs. Separated from standard edition for medium and large enterprises, Jile is also available in a Edition for business for large companies that have mature agile practices and are considering agility at the business layer.
“The business edition allows teams to monitor budget allocation in relation to consumption as well as portfolio, program and team performance using customizable dashboards, ”according to a press release from TCS.
Indiabulls Housing Finance eHome loans
Indiabulls Housing Finance (IBHF), the third largest real estate finance company in India, said it has taken the lead in introducing “eHome Loans”, its end-to-end online mortgage application and execution platform, three years ago.
IBHF printing and stationery cost per eHome loan file has been reduced by nearly 60 percent in this period. The company is training its employees on how to get customers to use the app, so it can increase the share of digital home loan applications from 30% to 55% by 2027 and 75% by 2032.