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Startups are moving their overseas holding entities to India ahead of their forthcoming public listings, especially in the fintech sector which is governed by the countrys central bank regulations.
The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday. The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL's Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates.
The funding includes a combination of fresh equity as well as the conversion of existing debt (convertible notes) into equity. Udaan plans to use the funds to strengthen customer experience, market penetration, strategic vendor partnerships, and to reinforce long-term capabilities of supply-chain and credit, the release read.
Commenting on the fall in Udaan’s overall FY23 revenue and the impact on FMCG business, he said, “The contribution of FMCG in Udaan is expected to grow further from 30%. With a wider selection, reach and more acceptance, I see FY23 to be much stronger than 22.”
Even small Chinese investments likely to face government scrutiny SECTIONS Share Synopsis In April, the government had made changes to the FDI policy to scan all investments from neighbouring countries with an eye on Chinese inflows that had begun to dominate certain sectors, especially those related to technology. AFP The government is keen to ensure that companies do not float multiple layers or route funds via a third country to circumvent the new regulations. (This story originally appeared in on Jan 07, 2021)NEW DELHI: B2B e-commerce startup Udaan’s fresh fund-raise from Chinese pla...