InnoVen Capital Announces Cross-Border Funding
InnoVen Capital has closed a cross-border funding deal of $15.4 million with Yatra, one of India’s leading online travel companies. Yatra recently announced the acquisition of Air Travel Bureau Ltd., which is one of India's largest independent corporate travel services providers, making the combination the largest corporate travel services platform in India. This financing round by InnoVen Capital is the largest venture debt funding provided to any Indian business and also the largest venture debt deal funded by any venture debt firm in India. “Having observed Yatra and its excellent progress over the last five years, we are proud to again partner with the company, this time at a different stage in its lifecycle," Chin Chao, interim CEO, InnoVen Capital India and CEO of InnoVen Capital South East Asia, said. Added Yatra Group CFO Alok Vaish, “We are very happy to partner again with InnoVen in the largest venture debt deal for any Indian business. After having raised $92 million through our Nasdaq listing in December 2016, this debt funding provides us additional capital for our growth needs.”
Tech Mahindra Looks at Atlanta for Solutions
Tech Mahindra Ltd., a specialist in digital transformation, consulting and business reengineering, announced that the company has hired more than 100 local, full-time employees at its Alpharetta office in suburban Atlanta, Ga. This hiring initiative, which is in response to a new contract for a major U.S. company, demonstrates Tech Mahindra’s commitment to hiring American workers and makes Atlanta one of the largest offices for Tech Mahindra in North America, it said. “As a trusted Digital Transformation partner, Tech Mahindra is dedicated to helping global corporations ‘run’ their existing businesses better, ‘change’ faster in response to evolving business needs and ‘grow’ greater revenues and market share through our differentiated D.A.V.I.D. (Digitalization, Automation, Verticalization, Innovation and Disruption) strategy,” said Arvind Malhotra, global head, strategic accounts at Tech Mahindra. “Getting access to the right kind of talents is key to the success of this strategy, and we are thrilled that we could source so much qualified local talent from the Atlanta area. We expect to continue to grow as we expand our operations in the region,” he added. Tech Mahindra is also looking at deepening its relationship with the thriving startup ecosystem in Atlanta and the surrounding area. Co-innovation or joint go-to-market products are possible areas of collaboration with the local startups – especially in next generation technologies, solutions and platforms.
Reobee Launches Peer-to-Peer Real Estate Marketplace
Peer-to-peer real estate company Reobee recently launched an online marketplace that helps connect non-resident Indians with their peers to buy and sell real estate in India. Reobee's goal is to establish itself as the trusted, truthful solution to the many hurdles that plague Indian Americans, expats and temporary immigrants who may want to take advantage of the booming market for buying and selling apartments in India, it said. The company said the total amount of expat investment in India's eight largest cities was nearly $10 billion by the end of the calendar year 2016. But finding a reliable, trustworthy connection to their peers has been a struggle for Indian expats. Reobee is poised to solve that problem by offering a standardized, reliable marketplace in which expat Indians can introduce themselves and communicate securely with peers who are also interested in Indian real estate, and examine properties from afar.
Home Dynamix Brings India to Its New Bedding Line
Home Dynamix recently presented its new bedding line in collaboration with visual artist, Bollywood musician and storyteller Amrita Sen. The new bedding collection is inspired by the colors and fashions of Jaipur, India, and by patterns found in romantic corners of the Eastern world. The collection offers three unique looks that bring India’s old majesty and splendor to life. The Varkala collection is inspired by Sen’s coloring book, Cosmic and Eternal Love. “We are thrilled about this unique collection with Amrita Sen,” says Yuval Evar, executive VP for Home Dynamix. “Amrita is the epitome of a multi-talent. She did such an amazing job turning her vision into reality, orchestrating the entire design process and truly putting her personal stamp on the final products. I couldn’t be prouder.”
Bristol-Myers Squibb Foundation Provides $1.7M Grant
The University of North Carolina School of Medicine cardiologist Dr. Anil Gehi will use a $1.7 million grant from the Bristol-Myers Squibb Foundation to further innovate a care model, launched in 2015, that reduced hospitalizations for patients with atrial fibrillation presenting in the emergency room by more than 30 percentage points in its first year. Atrial fibrillation, which affects more than 2.7 million Americans, is characterized by an irregular heartbeat and is associated with an increased risk for blood clots, stroke, heart failure and multiple other heart complications, according to Gehi, who serves as associate professor of medicine at the UNC School of Medicine, and program director of UNC’s Clinical Cardiac Electrophysiology Fellowship. The three-year grant will enable Gehi to continue development of a new protocol he established at UNC Medical Center through a pilot grant from the UNC Center for Health Innovation and adapt and evaluate its application primary care and urgent care settings as well. “We’re trying to address the problem of poor access by setting up a new pathway for care for patients who have the most challenging and urgent medical needs, primarily those who are coming into the emergency room,” Gehi said. “We have set up a new pathway here at UNC Medical Center by developing a new protocol for the emergency room so that ER physicians can triage Afib patients. Those patients who aren’t particularly high risk for poor outcomes might be discharged from the ER and sent to an Afib transition clinic.”
GE India Order to Move Ahead as Planned
There’s been some uncertainty over the fate of a $2.5 billion order for 1,000 GE Transportation locomotives in India. According to numerous accounts in the international press, India railways minister Piyush Goyal expressed an interest in having GE Transportation supply him instead with electric locomotives. The order, placed in late 2015, calls for most of those locomotives to be built in the Bihar region of India, an agricultural area in eastern India that borders Nepal. Despite holdups, Goyal said the project will go as planned.