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Funding news

Cricketer Yuvraj Singh invests in F&B startup Greto

Former cricketer, entrepreneur, and philanthropist Yuvraj Singh invested an undisclosed amount in the Gurugram-based FMCG brand Greto, a part of Mahu Tasty Foods Pvt. Ltd. Besides being a stakeholder in the company, Singh will also support the brand in its promotional activities.

Singh added, “My journey in the world of sports has taught me the importance of dedication, perseverance, and teamwork, and I can see all these values resonate strongly with what Greto represents. Investing in Greto is not just about endorsing a brand; it is about supporting a vision.”

Mahu Tasty Foods has ambitious plans for its Greto brand. Over the next 6-12 months, the company intends to establish a franchise network, commencing with Delhi-NCR and aims to inaugurate 100 Greto franchises.

Other news 

Spice Money, NSDL Payments Bank partner to revolutionise rural banking

Fintech startup Spice Money has partnered with NSDL Payments Bank to facilitate the opening of zero-balance accounts in rural India.

Through this strategic alliance, Spice Money intends to empower rural citizens by enhancing their financial inclusion, granting them access to essential banking services, and nurturing economic growth in these regions. By offering the convenience of zero balance accounts, a larger number of individuals in rural India will gain entry into the formal banking system, thereby unlocking the potential for improved financial stability and expanded opportunities.

Speaking on the partnership, Sanjeev Kumar, Co-founder, Executive Director, and CEO at Spice Money, said, “We are thrilled to collaborate with NSDL Payments Bank, a significant milestone in our mission to revolutionise banking accessibility for rural citizens in India.”

Manappuram Finance inks MoU with JCB India

Manappuram Finance recently signed an MoU with construction equipment manufacturer JCB India to provide financing solutions for the latter’s extensive range of equipment and engineering products.

According to the terms, the financing options will be made available across the entire country, promising significant benefits for both parties involved. “This partnership is poised to drive substantial growth in volume for both partners, enabling us to capitalise on each other’s strengths in our respective markets,” said VP Nandakumar, MD and CEO of Manappuram Finance.

He highlighted that the deal will allow Manappuram Finance to expand its branch network and enhance the reach of JCB India’s dealership network throughout India. He added that this move is a pivotal step towards diversifying its portfolio and entering new verticals to stimulate business growth, particularly in the field of construction equipment finance. 

OYO elevates Rakesh Kumar to deputy CFO

OYO has elevated Rakesh Kumar to deputy chief financial officer (CFO), where he will be responsible for overseeing critical operational finance functions, including treasury, controllership, shared services, execution of results, etc., and will be reporting to CFO Abhishek Gupta.

Kumar joined OYO five years ago as the head of financial reporting. Through his strategic acumen, he has developed risk and control matrices, defined standard operating procedures, established accounting manuals and policies, and helped prepare the company for public listing from a financial reporting standpoint.

“Rakesh’s journey at OYO has been nothing short of remarkable. From spearheading our financial reporting efforts to leading complex acquisitions and driving our finance function’s strategic transformation, his dedication and expertise have played an instrumental role in the growth of the company. I look forward to his continued leadership and partnership,” Abhishek Gupta, CFO of OYO, said.

(This article will be updated with the latest news throughout the day.)

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