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Impavid Bulletin

finance

Virat Kohli's stake in Agilitas Sports has increased significantly following the merger with his one8 brand. The merger was approved by the National Company Law Tribunal, enhancing Agilitas’ product development capabilities. Kohli invested Rs 40 crore in Agilitas and remains a co-founder of one8. Agilitas aims to build a leading global sportswear brand from India through this integration.

Indian companies have sought to raise a total of $8.13 billion in external commercial borrowings. This amount represents a 6% increase from the previous month's $7.70 billion. Notable proposals include Flipkart Internet Pvt Ltd aiming for $1.14 billion through a foreign loan. Additionally, the Power Finance Corporation and several other firms are looking to raise significant amounts for various purposes.

Unified Fintech Forum is developing a framework to encourage best practices among technology service providers. This initiative aims to improve cybersecurity preparedness and operational resilience in the fintech sector. Banks and fintech companies increasingly rely on third-party vendors for various services and their failures can impact regulated entities. Registration with the Forum may provide these vendors with preference during selection by financial institutions.

NSIC Chairman-cum-Managing Director Subhransu Sekhar Acharya presented a dividend of ₹47.76 crore to Union Ministers. Acharya highlighted NSIC's strong financial performance, including a revenue of ₹3,767 crore and Profit After Tax of ₹159 crore. The Union Minister of MSME praised NSIC's role in empowering MSMEs and supporting government initiatives. Discussions on improving MSME partnerships with the Netherlands were also mentioned by Union Commerce Minister Piyush Goyal.

Around 45.6 percent of Indian households currently utilize online shopping and digital payments for various purchases. Despite this growth, 54.4 percent still prefer traditional payment methods for their transactions. Digital adoption varies significantly across categories, with consumables and services leading at 39.68 percent. The report shows that higher Monthly Per Capita Consumption Expenditure correlates with increased online shopping.

Vivek Kannan has been appointed as the chief executive officer of Hinduja Housing Finance Limited. He succeeded Sachin Pillai, who stepped down but remains on the board as a non-executive director. Kannan joined the company as Chief Operating Officer in 2020 and contributed significantly to its growth and transformation. With over two decades of experience, he has held leadership roles in various financial institutions.

Wealthy Indian investors are holding liquidity and planning phased investments across diverse market segments. The focus is on both domestic and international markets, including the US, China, and South Korea. Private markets and credit opportunities are also gaining traction among ultra-high-net-worth individuals. Real estate investments are evolving with increased interest in Alternative Investment Funds, which have doubled over the last year.

In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.