Round Table India celebrated Independence Day in over 96 cities with more than 500 schools in donating 70,000 underprivileged kids with lunch packets. RTI president Christopher Aravinth said, "RTI believes bringing together the different sections of society is the first step toward defeating a systemic problem like hunger, illiteracy and lack of basics – which goes beyond caste, religion and nationality. We promise to be a platform for the youth to set a strong example for creating widespread impact." As part of their project MISSION 700K – 70 years of Independence, serve 700,000 hungry citizens – Robin Hood Army has approached RTI to distribute Food on Independence Day across the nation. Through fellowship, these endearing young men of this organization have been serving the community for over 50 years, according to a statement. RTI has and continues to put in efforts to create and refurbish primary FTE school blocks by establishing processes, systems and providing educational tools in the hands of young aspiring India through its established network. In the past 20 years RTI have built over 2,300 classrooms with an outlay of Rs 212.50 crore rupees impacting more than 6.3 million children.
Yardi Launches Hurricane Harvey Relief Website
To help the tens of thousands of people affected by Hurricane Harvey and to assist its multifamily clients in the region, Yardi has leveraged its RENTCafé property marketing and leasing platform to create a housing registry website that will help displaced residents find temporary and permanent homes. The website, www.RENTCafe.com/HurricaneHarvey, allows housing providers to post available units along with special concessions and for displaced residents to search for housing. There is no charge for housing providers to list their properties on the website or for residents to use it. Yardi has also launched a hotline that evacuees looking for housing can call for housing assistance. The toll-free number is (844) 363-6317. The company is also offering disaster response assistance for clients on the RENTCafé platform. “We have many valued clients in the affected area, and it is important to us to assist those clients as well as their residents who may have been displaced. Thousands of people have lost their housing due to this devastating natural disaster, and we want to help in any way we can,” said Anant Yardi, president and founder of Yardi.
Hersha Hospitality Trust Closes $475M Facility
Hersha Hospitality Trust, owner of upscale hotels in urban gateway markets and coastal destinations, announced that the company has closed on a new $475 million senior unsecured credit facility that is expandable to $875 million. The facility consists of a $250 million senior unsecured revolving line of credit and a $225 million senior unsecured term loan. Said India American CEO Jay H. Shah, “We appreciate our lending group’s continued support of Hersha’s growth initiatives and strategic direction. The strength of the new facility reflects the significant capital recycling efforts undertaken to optimize our portfolio and balance sheet along with providing additional financial flexibility to execute our current business plans. We were particularly encouraged by the oversubscription of the facility by the bank group. The level of interest demonstrated confidence in the inherent value of our high quality hotel portfolio. Furthermore, the new facility and recent refinancing efforts address the entirety of our debt maturities through 2018 and improves the company’s overall weighted average cost of capital.”
SoftBank Helps Flipkart Battle Amazon
India's Flipkart has secured nearly $2.5 billion in funding from Japan's SoftBank Group in an effort to compete with Amazon. Flipkart, which raised $1.4 billion in April, will now have more than $4 billion of cash. The investment is part of the same funding round that had raised the $1.4 billion and will make SoftBank's tech fund one of Flipkart's top shareholders, Reuters reported. A source said in the report that once the current round of financing closes, SoftBank Vision Fund would own roughly one-fifth of the company and displace Tiger Global as Flipkart's largest investor.
SVAcademy Launches New Program for Diversity
SVAcademy launched an outcomes-based, new economy apprenticeship focused on providing people of color, women, minorities and Middle America with access to business development and sales careers at top technology companies, including Salesforce, Box and dozens of high-growth, VC-backed SaaS startups. SVAcademy’s goal is to equip those groups typically underrepresented in the tech industry with valuable skill sets to break through the insular network that typifies Silicon Valley hiring. SVAcademy is a 15-month program. Rahim Fazal co-founded the academy motivated by a desire to solve tech’s diversity problems while leveraging their background in sales to bring a SaaS model to education. “College is not the golden ticket it used to be. Employers expect candidates to have years of experience for entry-level positions. ... With SVAcademy, we’re changing that, by providing a diverse cohort of students — already displaying success-predicting traits like resilience, coachability and hustle — with the work experience and connections to land top jobs in tech.”
Dallas Bank Gives $7M for Hurricane Harvey Relief
The Federal Home Loan Bank of Dallas has provided $6.7 million in grants and another $275,000 in donations to help with Hurricane Harvey recovery efforts in Southeast Texas counties designated for assistance by the Federal Emergency Management Agency. “We have several member institutions with offices in the FEMA-declared disaster areas in Southeast Texas. As our members, their families and friends deal with this calamitous event, in a small way we want to help with the recovery efforts,” said FHLB Dallas president and CEO Sanjay K. Bhasin. “Internally, our employees are collecting clothing, toiletries and other supplies, as well as making donations to several charities helping with the recovery. We will be providing a two-to-one match of their monetary donations.” In addition to the $7 million in grants and donations, FHLB Dallas and the other Federal Home Loan Banks have committed $1 million to assist with immediate disaster relief efforts. FHLB Dallas also said $1 billion in low-cost loans are available to members to support their customers in communities affected by the hurricane.