RedLock officially launched a cloud infrastructure security offering designed to overcome challenges faced by every modern enterprise. The RedLock Cloud 360 platform features technology that enables organizations to accelerate digital business by managing security and compliance risks across their entire public cloud infrastructure, but without impeding DevOps. The platform automatically discovers workloads within an environment and enables continuous monitoring, anomaly detection, cloud forensics, adaptive response and compliance reporting. “Companies need to be confident that they can gain complete visibility into public infrastructure security to verify security policies, investigate incidents, or ensure full compliance in a cloud environment,” said Varun Badhwar, CEO and co-founder of RedLock. “This is a true business imperative and our singular mission at RedLock: to help customers achieve their cloud infrastructure security goals and serve as the catalyst for digital business advancement.” The company enters the market having raised $12 million from Sierra Ventures among other VC firms.
World Bank to Provide $600M for India Projects
The World Bank extended its support to the government of Jharkhand with a proposed assistance program of about $600 million for four new state-level projects over the next two to three years. The funding was announced by World Bank Country Director Junaid Ahmad following meetings with Jharkhand Chief Minister Raghubar Das. The new projects will help improve infrastructure and provide sustainable urban and rural services in the areas of water supply and sanitation for the people of Jharkhand; increase the power transmission capacity; and diversify household income through select farm and non-farm sectors. “Jharkhand is a key state in India’s growth trajectory and in its fight against poverty. The chief minister has identified a series of important reforms to hasten the pace of development in the state and the World Bank has committed its full support to these efforts,” said Ahmad.
World Bank Approves $116.2M Madhya Pradesh Project
The World Bank Board approved a $116.2 million loan for the Madhya Pradesh Urban Development Project to strengthen the financial and administrative capacity of the Madhya Pradesh Urban Development Company Ltd. MPUDC will serve as a nodal implementing agency for the state and support Urban Local Bodies to implement citywide infrastructure improvement projects. The Government of Madhya Pradesh sought World Bank support for the institutional development of the MPUDC to help improve key urban services provided by ULBs, mainly in the areas of water and sanitation. MPUDC will also support the government to prepare a plan for developing the Bhopal Indore Super Corridor region. Over 850,000 urban residents, of which at least 45 percent will be women, are expected to benefit directly through access to improved urban services across a range of urban sectors, mostly water and sanitation.
Edible Arrangements Founder Buys Back Ownership Stake
Tariq Farid, the founder and CEO of Wallingford, Conn.-based Edible Arrangements, has bought back an ownership stake that he sold to a Greenwich private equity firm five years ago. Terms of the deal were not disclosed. Farid co-founded the company in 1999 with his brother Kamran. Catterton Partners owned a minority stake as of 2012. Growth in the number of stores has continued over the last five years, but at a slower pace than earlier, Farid said in a Hartford Courant report, because of the focus on the relaunch of the brand. That has required an investment by franchisees. The core business will remain arrangements as the company seeks to expand by about 70 locations per year, he said in the report. Farid said he brought in Catterton in 2012 for the firm's ability to help Edible become more sophisticated, for its expertise in retail and for high-level contacts, according to the report.
Pandora Announces $150 Million Investment
Pandora announced it has entered into an agreement for a $150 million strategic investment from KKR. In connection with the investment, Richard Sarnoff, KKR’s head of media and communications private equity investing in the Americas, will join Pandora’s Board of Directors. "We are happy to be partnering with KKR on this investment," said Pandora CFO Naveen Chopra. "A strong balance sheet gives us the ability to accelerate growth investments when appropriate and to compete aggressively in a rapidly changing, complex market." Added Sarnoff “We are excited to support the long-term growth of Pandora with this investment. A true pioneer in digital music, we believe that Pandora is uniquely positioned over the long term given the sheer size of its user base, the quality of its new subscription services and the fact that it has created one of the few scaled streaming media businesses in the U.S. Under the terms of the investment, KKR will purchase an aggregate of $150 million in a new designated Series A convertible preferred stock of Pandora. Pandora will pay dividends to the holders of the preferred stock quarterly at an annualized rate of 7.5 percent if paid in cash or 8 percent if paid in kind, at its option. The offering may be upsized to a total of $250 million should the company determine to issue additional shares. The investment is being made by KKR through its sponsored investment funds.
Impact Guru Partners with GlobalGiving
Impact Guru, a Harvard Innovation Lab incubated fintech company and India's leading crowdfunding platform for nonprofits, medical or personal causes, has entered into a strategic partnership with U.S. and U.K.-based GlobalGiving, a nonprofit crowdfunding platform. This partnership will enable vetted Indian or Southeast Asian nonprofits or social enterprises raising money to offer tax benefits to international donors in U.S. and U.K., particularly the Indian diaspora, when they donate towards social causes using GlobalGiving's technology on the Impact Guru platform. Impact Guru's co-founder and CEO Piyush Jain said, "Having spent over a decade outside of India prior to starting Impact Guru, we can relate to the desire of Indian diaspora to give back while obtaining local tax benefits. Impact Guru is thrilled to be partnering with GlobalGiving to address this gap, thereby making us the platform of choice for crowdfunding by Indians globally."