Rural insurtech start-up GramCover raises $7 million in Series A funding

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Leading rural insurtech start-up GramCover has raised $7 million through its Series A funding, led by Siana Capital and Inflexor Ventures. Stride Ventures also participated in this round of Series A, the first round of institutional funding led by one or more investors.

Omidyar Network India, Flourish Ventures and Emphasis Ventures (EMVC) have already invested in GramCover. Unitus Capital acted as the exclusive financial advisor for the funding.

Are farmers reaping the benefit of PM Fasal Bima Yojana?

GramCover, a tech-enabled insurance marketplace for rural India, has adopted a unique technology-led distribution and servicing model customised for rural India to minimise the inefficiencies and transaction costs involved in protecting people’s assets and families.

Scale-up plans

With the latest funding, GramCover will strengthen its technology and product offerings to scale up its business and support functions. The start-up will also increase the availability of various insurance products and services on “GramCover Partner” application and expand its point of sale network, tech, sales and operation teams across multiple geographies.

Insurtech InsuranceDekho eyes $40-50 million capital raise in Series A round

Dinesh Goel, Partner, Siana Capital, said GramCover is well-positioned to continue its high growth trajectory. “Further, the business model helps achieve the twin objectives of profitable growth and providing livelihood risk protection to a large rural population of India,” he said.

Pratip Mazumdar, Partner of Inflexor Ventures, said: “Our investment in GramCover stems from Inflexor’s conviction in backing technology-led enterprises working towards deepening insurance penetration, to create a meaningful impact in a large, under-insured market.”

Launched in 2018 by insuring 1,000 farmers, GramCover has worked with over 1.7 million rural customers providing insurance across products like crop, motor, livestock and health worth ₹110 crore in premiums. The company aims to insure over 10 million farmers in the next two to three years with a premium target of ₹1,000 crore.

GramCover is currently present in Bihar, West Bengal, Assam, Uttarakhand, Andhra Pradesh and Maharashtra. It plans to extend its presence across the country further.

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Reserve Bank of India – Tenders

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Reserve Bank of India, Gangtok had invited request for submission of price quotations for sale of Bank’s car (Hyundai Creta) on July 02, 2021.

In this regard it has been decided to cancel the tender process. A fresh tender will be uploaded shortly. Interested parties may follow up with fresh notification.

General Manager & Officer-in-Charge
Reserve Bank of India
Gangtok

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Sept records 35% rise in BNPL loan applications, BFSI News, ET BFSI

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Chennai: Demand for Buy Now Pay Later (BNPL) loans from new borrowers rose 35% on an average in September as more Indians stepped out of lockdown and indulged in revenge purchases.

This surge in new customer acquisition is much higher than the last three months. With the festive season kicking in, lenders expect disbursement to double in the next two months.

ZestMoney’s CEO & co-founder Lizzie Chapman said, “We expect this to be a (festive) dhamaka festive season and the signs are already visible. In September alone, we had 50% more new customers sign up and transact with us.”

There is an increase in interest from retailers wanting to enable BNPL at their stores. BNPL offers at physical stores doubled in September, with new customer applications rising by 10X over the last three months, Chapman said. Besides metro cities, tier-2 and 3 markets have recorded three times more demand compared to metros. “As for consumer demand, we expect TVs and smartphones to be one of the largest categories followed by home appliances, online fashion, home decor etc. Demand for electric vehicles is also high and we are expecting to double our electric two-wheeler business next month,” she said.

Most borrowers come from the age category of 22-36 years.

With a month-on-month customer growth for new loans at a healthy 35%, fintech lender CASHe anticipates the next few months to witness higher demand for products led by the BNPL offering. Its CEO Yogi Sadana said,“We have approved over 40,000 loans in September which has been its best month of the year so far. Around 70% of the demand is currently from metros. However, new customer acquisition from tier-2 & 3 cities is rapidly increasing.”

LenDenClub saw the average ticket size of BNPL loans increase from Rs 9,500 in July to Rs 13,000 in September. Its co-founder and CEO Bhavin Patel said, “We have disbursed about 3.5 lakh loans given till now, of which 80% of loans are completely closed or repaid. We have received over 1.60 lakh applications in September month, of which 18%-20% from new customers, higher august growth 10%-15%.”

Capital Float’s co-founder & MD Gaurav Hinduja said they saw a 30% increase in new customer acquisition in September. “We find the number of new customers signing up for BNPL very encouraging. About 50% of our customers are from non-metro cities,” Hinduja said.



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Reserve Bank of India – Press Releases

Press Releases

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Sr. No. State/UT Notified Amount
(₹ Cr) 		Amount Accepted
(₹ Cr) 		Cut off Price (₹) /Yield (%) Tenure
(Yrs)
1 Andhra Pradesh 1000 1000 7.04 13
1000 1000 7.09 18
2 Assam 600 600 6.91 10
3 Bihar 2000 2000 6.87 9
4 Chhattisgarh 1000 1000 6.59 7
5 Goa 100 100 6.89 10
6 Gujarat* 1000 1500 6.89 10
7 Jharkhand 1000 1000 7.00 12
8 Karnataka 1000 1000 6.88 10
1000 1000 6.93 11
9 Kerala 2000 2000 7.05 15
10 Meghalaya 100 100 99.37/6.9109 Re-issue of 6.82% Meghalaya SDL 2031 Issued on April 16, 2021
100 100 99.42/7.0740 Re-issue of 7.02% Meghalaya SDL 2041 Issued on September 08, 2021
11 Mizoram 104 104 7.06 13
12 Punjab** 750 750 99.43/6.9197 Re-issue of 6.84% Punjab SDL 2031 Issued on September 29, 2021
500 55.022 99.84/6.9997 Re-issue of 6.98% Punjab SDL 2033 Issued on September 29, 2021
13 Rajasthan 1000 1000 6.01 5
1000 1000 6.91 10
14 Tamil Nadu 1000 1000 6.90 10
15 Telangana 1500 1500 7.09 19
16 Uttar Pradesh 2500 2500 6.92 10
17 West Bengal 2500 2500 7.05 15
  TOTAL 22754 22809.022    
* Gujarat has accepted an additional amount of ₹ 500 crore
** Punjab has accepted ₹ 55.022 crore for the re-issue of 6.98% Punjab SDL 2033

Ajit Prasad
Director   

Press Release: 2021-2022/987

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ED files charges against Thapar, Rana Kapoor in bank loan fraud, BFSI News, ET BFSI

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The Enforcement Directorate (ED) has named 21 people and entities in its first charge-sheet in an alleged bank loan fraud involving Avantha Group promoter Gautam Thapar.

Besides Thapar, the people named include former chief executive of Yes Bank Rana Kapoor, said people with direct knowledge of the matter.

The agency on Monday informed a local court that it has so far unearthed Rs 514 crore of “proceeds of crime” from Rs 2,435 crore of loans taken by Thapar’s group from a consortium of banks, led by State Bank of India. The ED alleged that the funds were spent on purposes other than the ones the loans were sought for and that substantial funds had been stashed abroad.

Names of some employees and associates of the Avantha Group and Yes Bank, and three companies linked to Thapar also figure in the charge-sheeted.

A trunk full of documents, around 3,000 of them, has been submitted by the agency to the court, the people said.

The agency has elaborated upon the alleged modus operandi, role of bank employees and the evidence collected by it during its investigation so far. Appearing on behalf of Thapar, advocate Vijay Aggarwal urged for an early hearing of the case since Thapar’s bail is slated for hearing on October 7.

The court verbally observed that since the charge-sheet was voluminous and would decide the fate of 21 individuals and entities charged by the agency, it court would peruse all the documents before deciding on taking cognisance of the charge-sheet.

The court has fixed the matter for resumed hearing on October 9.

Last week, ET reported about ED’s claim that the alleged bank loan fraud was mutually beneficial for the Avantha Group and Yes Bank.

In its response opposing the bail application of Thapar, the federal agency told a court that proceeds of crime totalling Rs 131 crore had been routed out to companies based in Mauritius.

To buttress its charge that the fraud benefitted Avantha and Yes Bank, the agency had referred to emails dated August 4, 2017 and August 8, 2017, purportedly sent by Thapar to Rana Kapoor, the then managing director and chief executive of Yes Bank. In one of the emails, the agency had alleged, Thapar wrote to Kapoor “hinting that a PE investor has interest in the (Avantha Group) companies and due diligence is ongoing and they will endeavour to provide a safe exit to Yes Bank from the Avantha Group”.

The agency has claimed that a loan transaction between Yes Bank and Oyster Buildwell — a company it said was controlled by Thapar — was a result of “criminal conspiracy hatched by officials of Avantha Group and Yes Bank”.

The ED had arrested Thapar on August 3 on charges of playing a “key role” in laundering more than Rs 500 crore in a bank loan fraud case.

Thapar had denied the allegations, calling himself a “victim” of fraud allegedly played upon him by officials of Yes Bank.



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HDFC Bank launches festive offers, partners with over 10,000 merchants, BFSI News, ET BFSI

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Private lender HDFC Bank on Tuesday said that it has partnered with over 10,000 merchants for its Festive Treats 3.0 campaign, a near 10 fold increase from 2020. Customers can choose from 10,000 offers on cards, loans and easy EMIs.

“As India unlocks, we are also trying to spread a little cheer in the lives of people and help the overall national economic good,” said Arvind Kapil, Group Head – Retail Assets, HDFC Bank. “This is reflected in our range of offers spanning Personal loans, Car loans, two-wheeler loans as well as the Business Loan & working capital loans for really small businesses.”

Some of the key national partners include Apple, Amazon, Shoppers Stop, LG, Samsung, Sony, Titan, Central, Ajio, Reliance Digital, Reliance Trends, Lifestyle among others.

The bank will use its ATM, branch network, partnerships with stores & websites and digital media campaigns to reach its customers.

“Our range of offers on credit cards is not just about coming back with a bang. It is about spurring India’s consumption story,” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking, and IT, HDFC Bank. “We are encouraged to do this since about one-third of spends on credit, debit and prepaid cards in India happens on an HDFC Bank card.”

The bank said it has a cash back offer of Rs Rs 6,000 on iPhone 13. It is also offering upto 22.5% CashBack & No Cost EMI on electronics & consumer goods like washing machines and refrigerators.

The bank will offer personal loans starting at 10.25% with instant disbursal in customers account. Its car loans will start at 7.50% with Zero Foreclosure charges.

It is also giving options of funding of up to 100% on two-wheeler loans and 90% funding on tractor loans with zero processing fee.

“This has been one of the most challenging periods for people due to the pandemic. Festive Treats 3.0 is not just about spending for oneself but also about helping others, Festive purchases will benefit many others employed in small businesses and create a chain of recovery across the spectrum,” said Ravi Santhanam, CMO, Head -Corporate Communications, Liability Products & Managed Programs, HDFC Bank.



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Multibagger Metal Stocks; 5 Metal Stocks Doubled Share Holders’ Money In A Year

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Multibagger Metal Stock: Adani Enterprises

The Adani Group is a multinational conglomerate based in Ahmedabad, India. Gautam Adani started it in 1988 as a commodity trading corporation, with Adani Enterprises Limited as its centerpiece. Only 5.04 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 1072.54 percent over three years, compared to 58.78 percent for the Nifty 100.

In the most recent quarter, the company generated a net profit after tax of Rs 196.78 crore. Adani Enterprises Ltd. has declared an equity dividend of Rs 1.00 per share in the last 12 months.

Market Cap (Rs. in Cr.): 170223.11

Earning Per Share: Rs. 6.43

Price To Earnings (P/E) Ratio: 240.79

Book Value Per Share: Rs. 35.33

Multibagger Metal Stock: Hindustan Copper

Multibagger Metal Stock: Hindustan Copper

Central Public Sector Enterprise under India’s Ministry of Mines. Only 4.12 percent of trading sessions in the last 11 years had intraday gains of more than 5%. Annual sales growth of 104.95 percent surpassed the company’s three-year CAGR of 2.08 percent.

The stock returned 156.99 percent over three years, compared to 75.85 percent for the Nifty Midcap 100. Over a three-year period, Hindustan Copper gained 156.99 percent, while Nifty Metal provided investors a 59.83 percent gain. In the most recent quarter, the company generated a net profit after tax of Rs 45.63 crore.

Market Cap (Rs. in Cr.): 11546.27

Earning Per Share: Rs. 1.31

Price To Earnings Ratio: 91.30

Book Value Per Share: Rs. 6.97

Multibagger Metal Stock: Tata Steel

Multibagger Metal Stock: Tata Steel

Tata Steel Limited, headquartered in Mumbai, Maharashtra, India, is an Indian multinational steel-making corporation centered in Jamshedpur, Jharkhand. The Tata Group owns the company.

The stock returned 133.13 percent over three years, compared to 58.78 percent for the Nifty 100. Over a three-year period, the stock returned 133.13 percent, while the Nifty Metal provided investors a 59.83 percent gain. In the most recent quarter, the company generated a net profit after tax of Rs 9,646.07 crore. Tata Steel Ltd. has issued an equity dividend of Rs 25.00 per share in the last 12 months.

Market Cap (Rs. in Cr.): 158931.72

Earning Per Share: Rs. 159.40

Price To Earnings Ratio: 8.28

Book Value Per Share: Rs. 658.30

Multibagger Metal Stocks: Steel Authority of India

Multibagger Metal Stocks: Steel Authority of India

Steel Authority of India (SAIL) Ltd., founded in 1973, is a Large Cap business in the Metals – Ferrous sector with a market cap of Rs 49,463.04 crore. Only 4.05 percent of trading sessions in the last 16 years had intraday gains of more than 5%. Annual sales growth of 11.83 percent surpassed the company’s three-year CAGR of 6.4 percent.

The stock returned 82.55 percent over three years, compared to 58.78 percent for the Nifty 100 index. In the last three-year period, the stock returned 82.55 percent, while the Nifty Metal provided investors a 59.83 percent return. In the most recent quarter, the company posted a net profit after tax of Rs 3,835.81 crore.

Market Cap (Rs. in Cr.): 49525.00

Earning Per Share: Rs. 21.72

Price To Earnings Ratio: 5.52

Book Value Per Share: Rs. 94.18

Multibagger Metal Stocks: National Aluminium

Multibagger Metal Stocks: National Aluminium

National Aluminium Business Ltd., founded in 1981, is a Mid Cap company in the Metals – Non-Ferrous sector with a market capitalization of Rs 19,229.53 crore. Only 3.83 percent of trading sessions in the last 16 years had intraday gains of more than 5%.

In the fiscal year ended March 31, 2021, the company generated a return on equity of 12.16 percent, surpassing its five-year average of 9.99 percent. The stock returned 61.37 percent over three years, compared to 75.85 percent for the Nifty Midcap 100. In the last three-year period, the stock delivered a 61.37 percent return, while the Nifty Metal provided investors a 59.83 percent return. In the most recent quarter, the company generated a net profit after tax of Rs 347.73 crore.

5 Multibagger Metal Stocks Doubled Share Holders' Money In A Year

5 Multibagger Metal Stocks Doubled Share Holders’ Money In A Year

Metal Stocks Price in Rs. 1-Year Return (NSE)
Adani Enterprises 1,549.40 374.40%
Hindustan Copper 119.75 260.69%
Tata Steel 1,324 246.32%
S A I L 120.70 243.39%
Natl. Aluminium 104.15 222.95%

Disclaimer

Disclaimer

Investors should note that investing in stocks is risky and neither the author, nor Greynium Information Technologies Pvt Ltd, nor the brokerage would be responsible for losses based on a decision from the above article. The above article is only for educational purposes.



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Will Srei firms head for bankruptcy after RBI supersedes boards?, BFSI News, ET BFSI

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The Reserve Bank of India‘s move to supersede the boards of Srei group firms may see the companies head for the National Company Law Tribunal for corporate insolvency resolution under the IBC.

Most banks favour DHFL-type resolution for the group. However, the move may be opposed by Srei promoters, who have submitted a proposal to pay the full amount to banks under a scheme filed under Section 230 of the Companies Act 2013 in October 2020.

What Srei says

“We are shocked by the RBI’s move as banks have been regularly appropriating funds from the escrow account they have controlled since November 2020. Moreover, we have not received any communications from banks on any defaults,” Srei group said.

“The question of IBC does not arise because we have already submitted a debt realignment plan which has been accepted by some creditors. The plan involves paying every creditor their entire dues in a structured manner over time. in the past 10 months, the banks have collected Rs 3,000 crore through the TRA account. Hence, we are already repaying our loans. So the question of default does not arise. As banks had control over the company’s cash flow, we could not pay any other creditors. Nevertheless, the matter is sub-judice since it is with the tribunals and counts,” Srei had said. according to a report.

Srei Group was in talks for a debt realignment and lenders were waiting for the outcome of an ongoing forensic audit to take a call on debt realignment.

Related party lending?

In FY2020, RBI audit had flagged Rs 8,576 crore of probable related-party lending by Srei group.

“We had submitted a proposal to pay the full amount to banks under a scheme filed under Section 230 of the Companies Act 2013 in October 2020. However, they have neither accepted the scheme nor proposed a payment schedule acceptable to them. Banks have been controlling the company’s cash flow since November 2020. Almost Rs 3000 crore has been collected by them, out of which they have been disbursing to themselves, Srei said.

The loans

Srei Infrastructure, and its subsidiary Srei Equipment Finance, together owe lenders and debenture holders a total of Rs 30,000 crore. Kolkata-based UCO Bank is the lead lender, with more than Rs 2,000 crore of exposure. State Bank of India (SBI)’s exposure to the group is also more than Rs 2,000 crore.

The bank loans have turned non-performing assets after the end of the September quarter.

The company had earlier announced that Arena Investors, Makara Capital and others had evinced interest to invest in the company to the tune of Rs 2,200 crore. The company had formed a strategic coordination committee to coordinate, negotiate and conclude discussions with the investors.

The suitors

Till date, it received expressions of interest from 11 investors and has signed non-disclosure agreements with nine of them. Two Investors — Makara and Arena — had submitted non-binding term sheets indicating their intent for investment.

Srei Infrastructure, which is a listed entity, reported a net loss of Rs 971 crore in the June quarter as against Rs 23 crore net profit in the year ago period as provisions on loans rose nearly seven times to Rs 439 crore over the same period as repayment collections were hit due to the impact of the Covid 19 pandemic.

“The appointment of the administrator by the RBI paves the way for the corporate resolution process of the two Srei entities. Once the NCLT approves the same, the board of directors of these entities will stand suspended. A moratorium will be imposed on any proceedings against these entities, enforcement of any security or transfer of assets.

The CIRP will enable foreign creditors, including ECB lenders and bond holders to restructure their debts alongside domestic creditors. If a resolution plan is successfully approved under the CIRP, it will allow the companies to start on a clean slate, which is missing under the RBI stressed assets framework. This decision of RBI follows on the heels of a successful resolution process of DHFL,” Aashit Shah, Partner, J Sagar Associates, said.



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