Kalaari Capital investments, Sumitomo Mitsui Financial Group of Japan acquitisions and other Business Deals Updates
=Kalaari Capital has provided Digantara, a start-up in space technology with $2.5 million in seed funding. With this finance, the Bengaluru-based start-up hopes to speed product development and launch its first demonstration satellite. Anirudh Sharma and Rahul Rawat launched the space tech start-up with the goal of developing a space situational awareness platform that will aid satellites in low-earth orbit in avoiding space debris and reducing the chance of colliding with other satellites. After winning one of the Aatmanirbhar Atal New India Challenges, Digantara earned a Rs 50 lakh grant from the Indian Space Research Organisation.
Unlike today's methods, which are mostly done from the ground or via satellite sensors, the business wants to deploy a hybrid technique of tracking objects using its own satellites. Sharma stated that this investment will give their spaceflight payload development a boost and help them launch their maiden mission sooner. Apart from providing precise orbital insights to satellite operators, Digantara also claims to provide space weather monitoring capabilities to yield far more accurate prediction models.
Digantara's product development will be accelerated, allowing them to launch their first satellite (technology demonstration mission) to LEO earlier than projected. Overall, Digantara's efforts to make space activities safer and increase orbital sustainability will be bolstered. The Society for Innovation and Development (SID) at the Indian Institute of Science (IISc) is incubating the startup.
Sumitomo Mitsu has agreed to purchase a 74.9 percent ownership holding in Fullerton India from Fullerton Financial Holdings Pte. Ltd (FFH). The non-banking financial firm in India is a wholly-owned subsidiary of FFH, which is a wholly-owned subsidiary of Temasek Holdings in Singapore. Sumitomo Mitsui has stated that it will eventually purchase a 100% share in Fullerton India. It did not, however, provide the deal's financial terms. Bloomberg reported that Sumitomo Mitsui would pay nearly $2 billion for the Fullerton India share, citing sources.
Sumitomo Mitsui has been working to grow its franchise and develop its digital banking skills throughout Asia, as part of a three-year medium-term business plan that began in FY2020. Sumitomo Mitsui stated “To achieve this goal, in addition to its continuous efforts to solidify Indonesia's business platform, we have also considered expanding our franchise in other Asian countries through inorganic means.”
Fullerton India has a robust pan-India distribution network with over 650 locations, and it primarily serves small and medium businesses, self-employed people, and mass market customers with unsecured loans and loans against property. The Mumbai-based firm owns distinct brands for each of its four business divisions which are urban, rural, digital, housing finance, and provides services tailored to each segment's demands. Sumitomo Mitsui will obtain a retail finance platform in India as a result of this investment, which is critical for the extension of its Asia franchise, and will endeavour to contribute to the overall development of India's financial industry.
Written by: Kovid Gopikaramanan
Edited By: Ronojoy Borpujari