Tag: invests

PB Fintech arm invests ₹10.8 crore more in Visit Health, holds minority stake

Banking & Finance

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Docprime, a fully-owned subsidiary of PB Fintech, has made a further investment of over ₹10.8 crore in healthcare and wellness services provider Visit Health (VHPL) for a minority stake.

The board of directors of PB Fintech approved the proposal at a meeting held on Tuesday, the company said.

The board has approved further investment of over ₹10 crore by Docprime Technologies in Visit Health, PB Fintech said in a regulatory filing. In lieu, VHPL will issue 1,44,511 compulsorily convertible debentures (CCDs) of ₹748 each to Docprime.

“Docprime is making further investment in Visit Health to acquire a minority stake as part of strategic investments. As VHPL is an associate company, it is related party of the company. The transaction is done on the basis of a valuation report obtained and is at arm’s length,” PB Fintech said.

Docprime, VHPL and others had entered into a share purchase agreement on September 10, 2021 for this acquisition for a cash consideration, expected to be completed within six months.

The shareholding of Docprime stands at 30.46 per cent on a fully diluted basis.

Firm’s services

Visit Health is engaged in the business of providing healthcare and wellness through website and mobile application. It also provides access to medical services such as diagnostics, OPD, pharmacy through its network partners, and health risk assessment to the subscribers. The company had a turnover of ₹8.91 crore in FY21.

Besides, the board of directors of PB Fintech also approved the list of eligible employees of the company and its subsidiaries to whom 24,32,500 stock options and 1,54,94,500 stock options would be vested on December 1, 2021.

Shares of recently-listed PB Fintech closed at ₹1,214.20 a piece on BSE, down 1.18 per cent from the previous close.

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Capital A announces $25 m fund, invests in RoaDo

Banking & Finance

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Capital A, a venture fund for seed to early-stage start-ups, on Thursday said it has invested in Bengaluru-based B2B logistics-Tech startup RoaDo, its maiden investment from its proprietary corpus of $25 million (about ₹186.2 crore).

It, however, did not disclose the amount invested.

Every year, Capital A plans to invest in 8-10 companies with a ticket size of $50,000 to $500,000 and will participate in follow-on rounds as well, a statement said.

Firm’s services

RoaDo is a cloud-based platform aiming to optimise visibility, real-time control and efficiency in the supply chains. The platform also allows tracking and tracing of consignments without any need for GPS or sophisticated hardware, offers AI-enabled exceptions and alerts with actionable insights, and automated customer updates.

“Logistics is considered to be the backbone of any country’s economy… There is a need for a new generation of service providers who integrate infrastructure, technology and innovation to create solutions that help customers reduce operational costs and increase service efficiency,” Capital A founder Ankit Kedia said.

He added that Capital A’s strategic involvement with RoaDo is a step towards its mission to invest in diversified and high potential sectors.

“India is one of the biggest and fastest growing logistics markets in the world, and the potential is immense.

However, there is a lack of digitisation and optimisation of processes, RoaDo founder and CEO Murugan Manoj Kumar J said.

The early-stage support (pre-series A funding) from Capital A will help the company further expedite the development of its platform and take it to the markets in a more streamlined and impactful manner, he added.

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Xander Group invests ₹78 crore in Sanctum Wealth

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The Xander Group Inc., a global investment firm, invested ₹78 crore in Sanctum Wealth, a wealth management company.

The investment will be made through Xander’s Singapore-based financial services arm and the funds will be used to strengthen Sanctum’s operating platform and increase its client coverage. Sanctum oversees more than ₹16,000 crore in high-net-worth client assets and operates across six major cities in India.

Structural opportunity

Shiv Gupta, CEO at Sanctum, said in a statement , “Our partnership with The Xander Group, with whom we share our core values and see many synergies, should allow us to accelerate our growth and further strengthen our platform. The Indian wealth management sector represents a huge structural opportunity, and we look forward to working with Xander and our existing investors, which includes Multiples Alternative Asset management, to take our franchise to the next level in scope and scale.”

Sid Yog, Founder of The Xander Group, Inc., said, “We are big believers in the structural opportunities being created in the Indian financial services space by a young, upwardly mobile, and entrepreneurial population, against the backdrop of deepening reforms and positive regulatory change. This will result in exponential growth in wealth advisory and management over the next decade. We are, thus, very pleased to make this investment and look forward to helping Shiv and the Sanctum team achieve their next phase growth goals rapidly.”

Sanctum Wealth commenced business in April 2016 through the acquisition of the Royal Bank of Scotland’s Indian private banking business. It provides a range of wealth management services to high net-worth individuals in India and abroad. These include the full spectrum of investment services, estate planning solutions, real estate services and private market solutions.

Zanskar Advisors were the investment bankers for the Xander investment transaction.

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