Tag: fundraising

Exotel raises $35 million funding from IIFL AMC, Sistema Asia Fund, others, BFSI News, ET BFSI

Personal Finance

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Customer communication platform Exotel on Wednesday said has raised USD 35 million (about Rs 259.5 crore) in funding from IIFL AMC, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund and others.

Existing investors, Blume ventures and A91 capital along with angel investors also participated in the series C round, a statement said.

Arun Sarin, former CEO of Vodafone, has also joined the round as an angel investor and a mentor, it added.

The fresh funds will be used primarily to boost the growth of the company, it said.

“We’re investing heavily in building the market’s first vertically integrated full-stack engagement suite with interoperability of channels and convergence of customer data to enable enterprises to have multimodal conversations with customers. We are going to be expanding our team and doubling our headcount over the next 12 months,” Exotel CEO and co-founder Shivakumar Ganesan said.

Exotel, which had recently announced a merger with Ameyo, said the organisation is currently growing at 70 per cent year-on-year and is at an ARR (annual run rate) of USD 45 million. Exotel is looking to hit an ARR of 200 million USD over the next five years.

“CPaaS (Communications Platform as a Service) is a USD 6 billion market in India and SEA (South East Asia) and one of the fastest growing technology areas in the post-COVID world. Exotel has quietly emerged as the CPaaS platform of choice in India through their market-best reliability and comprehensive product suite,” Sumit Jain, Senior Partner at Sistema Asia Fund, said.



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UCO Bank sees ‘improved investor appetite’

Banking & Finance

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UCO Bank, which recently came out of the purview of the Reserve Bank’s Prompt Corrective Action, is expecting an “improved investor appetite”, which is likely to help its proposed capital raising plan.

The bank had recently received the board approval to raise close to ₹3,000 crore capital in 2021-22. The fundraise can take place through various modes, such as follow-on public offer, qualified institutional placement and preferential issue, subject to necessary approvals, it had said in a regulatory notification to stock exchanges.

According to Atul Kumar Goel, MD and CEO, UCO Bank, it would go for capital raising plans at an “opportune time”. “Earlier when we were in PCA there was less appetite from investors but now it is better. We have the board approval to raise around ₹3,000 crore and we will go for it when the market is right. We may look at QIP or preferential issue for raising funds,” Goel told BusinessLine.

As on June 30, 2021, the bank’s capital adequacy ratio stood at 14.24 per cent and CET-I ratio at 11.32 per cent.

PCA is triggered when banks breach certain regulatory requirements such as minimum capital, return on asset and quantum of non-performing asset.

The bank has been witnessing an improvement in profitability as well as asset quality.

Its net NPA reduced to 3.85 per cent (4.95 per cent) as on June 30.

Credit growth

The bank is expecting 8-10 per cent growth in advances during the current fiscal primarily on the back of a good demand from retail, MSME and agriculture sectors. During Q1FY22, the bank witnessed five per cent growth in advances at ₹1,20,849 crore as against ₹1,15,236 crore same period last year.

It has achieved 75 per cent of a targetted ₹2,500 crore loans by end September.

“We have seen a better response and demand for credit for housing loan and gold loan as compared to last year. There is also a demand from NBFC and infrastructure sectors. We are expecting 8-10 per cent growth in credit this year,” he said.

Loan restructure

UCO Bank, Goel said, has restructured loans to the tune of ₹2,500 crore upto June this year under RBI’s resolution framework 2.0.

Under the framework, banks and non-banking financial companies (NBFCs) can restructure loans of up to ₹50 crore.

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SBI to raise up to ₹14,000 cr via AT-1 capital

Banking & Finance

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State Bank of India’s Central Board on Monday accorded approval for raising fresh Additional Tier 1 (AT-1) capital up to an amount of ₹14,000 crore.

The fundraising, subject to the Government’s concurrence, will be through the issuance of Basel III compliant debt instruments in US Dollar and /or Indian Rupee during FY 22, India’s largest bank said in a regulatory filing.

During FY21, SBI mopped up ₹6,500 crore via Basel III compliant debt instruments under AT-1 and ₹20,931 crore via Tier – 2 capital, as per the bank’s annual report.

During FY21, the bank redeemed AT-1 Bonds aggregating to ₹200 crore and Tier-2 Bonds aggregating to ₹16,647.83 crore.

In the annual report, Dinesh Kumar Khara, Chairman, said: “The bank is comfortably placed in terms of growth capital. Opportunities for lending in promising sectors will be explored to diversify the portfolio and contain risk.”

Capital adequacy

The report observed that the capital adequacy of the bank improved during the last financial year on the back of better capital planning, internal resource generation and containment of risk in banking books as reflected in 202 basis point (bps) reduction in credit risk-weighted assets on advances to gross advances ratio.

The capital adequacy position of the bank improved from 13.06 per cent in March last year to 13.74 per cent in March 2021. The CET (Common Equity Tier) 1 capital and AT-1 capital ratios put together increased by 44 bps to 11.44 per cent.

The bank also increased its Tier-II capital base to 2.30 per cent in March 2021 from 2.06 per cent the previous year.

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