Funding
Aditya Birla Sun Life AMC raises Rs 893 Cr For India Equity Services Fund
Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited—an investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF), has fetched a commitment of Rs 893 crore for its India Equity Services Fund, a close-ended Category III Alternate Investment Fund. The fund was launched on October 31, 2022 and closed on June 14, 2023.
The fund seeks to invest in companies in the services sector having strong service-driven business models by leveraging in-house research for identifying leading companies in the service sector.
It has already deployed Rs 504 crore as of June 21, 2023 across 30+ companies with a service-driven business strategy. Top sectoral bets of the fund include financial services, information technology, energy, services, FMCG, and healthcare.
“The services sector is the core growth engine of our economy, and this fund serves as a platform for investors to become a part of India’s growth story,” said A Balasubramanian, Managing Director and CEO, Aditya Birla Sun Life AMC. “The fund’s concentrated portfolio, coupled with flexible drawdown plans, empowers investors to navigate market volatility and mitigate the risk associated with timing the markets.”
Other news
Zoho launches student edition of Zoho Books
On the 75th CA Day, which falls on July 1, Zoho Books, the company’s cloud accounting solution, is launching a free student edition.
The edition is being launched to enable future accounting professionals with practical knowledge and enhance their digital literacy through a modern solution. It entails all the key features required for a finance professional’s accounting needs, along with business insights necessary to grow their firms and their client’s businesses in the future.
Zoho has also partnered with 25 educational institutes where experienced CAs will train students to use Zoho Books in Bengaluru, Coimbatore, Pune, Ahmedabad, and multiple cities in Kerala. Students can practice accounting on the go by downloading the Zoho Books app for iOS, Android and Windows devices.
Web3 infrastructure provider Zeeve partners with MELD
MELD has partnered with Zeeve, a Web3 infrastructure-as-a-service (IaaS) platform provider. The collaboration aims to streamline the MELD Node operation process, making it accessible and straightforward for the community, as per MELD—a blockchain-based, non-custodial liquidity protocol.
Zeeve’s ingenious platform aims to allow for effortless onboarding of new Node operators for MELD, removing the requirement for complex coding or intensive technical undertakings.
“Zeeve’s scalable services and easy onboarding mechanism have been pivotal in our success of becoming the largest subnet on Avalanche. This collaboration will undoubtedly propel us further in our commitment to our community and the broader Avalanche ecosystem,” said Ken Olling, Co-founder of MELD.
“We applaud MELD’s vision of empowering financial independence in the DeFi Ecosystem and are excited to support such initiatives with powerful and reliable infrastructure,” said Ravi Chamria, Co-founder of Zeeve.
Ness Digital Engineering acquires MVP Factory
Ness Digital Engineering has acquired MVP Factory—a German-headquartered corporate venture builder and product design studio.
“MVP Factory’s expertise in helping clients incubate and scale digital ventures and design software products further strengthens our strategy to be a specialist in digital engineering,” said Ranjit Tinaikar, Chief Executive Officer, Ness. “We have been deeply impressed by MVP Factory’s leadership and team in their distinctiveness and design-based approach to digital innovation,” he added.
MVP Factory provides an end-to-end service for digital venture and product building and has pioneered the venture studio model with global clients such as DB Schenker. It allows clients to ideate, validate, launch and scale digital ventures using lean and agile methodologies.
“Joining Ness Digital Engineering, backed by KKR, offers a fascinating opportunity for the global expansion of MVP Factory,” said Philipp Petrescu, MVP Factory’s Founder and CEO. “Through our combined offering, Ness can further solidify its position as one of the few at-scale pure digital engineering players that seamlessly manages projects from new venture ideation and incubation to technical execution.”
The transaction is expected to close at the end of June 2023. Financial details were not disclosed.
(This article will be updated with the latest news throughout the day.)
