Bengaluru-based edtech giant Byju’s got a favourable order from a Bengaluru civil court that rejected a plea by its lenders challenging Manipal Group Chairman Ranjan Pai’s acquisition of a 40% stake in Byju’s subsidiary, Aakash Institute, The Economic Times reported, citing sources familiar with the matter.
The lenders had sought to block Pai's conversion of a $250-300 million loan into equity, citing undervaluation. The deal valued Aakash Institute at $600 million compared with the 2021 acquisition valuation of $950 million.
The court dismissed the injunction petition, citing incorrect jurisdiction.
Muvin
Youth-focused neobanking startup Muvin has ceased operations due to regulatory constraints imposed by the RBI, preventing UPI services in a co-branding setup, Entrackr reported.
Users were informed of the closure through a notification, stating available balances are being migrated to issuer Livquik app.
The RBI's directive in June 2023 compelled several PPI issuers, including Muvin, to halt UPI services as they lacked a PPI licence. Prior to shutting down, Muvin secured $3 million in a pre-Series A round led by WaterBridge Ventures in January 2022, and a seed round of over $1 million in April 2021.
Citi & JP Morgan
Arvind Vashistha, head of equity capital markets at Citi's India investment banking unit, has resigned after nearly 10 years and is expected to assume a senior position at rival investment bank JP Morgan, Moneycontrol reported, citing sources familiar with the matter.
The exact role at JP Morgan is yet to be disclosed. A replacement search is underway at Citi, where Vashistha joined as head of equity capital markets in November 2014. He shifted from UBS, where he served as an executive director in global capital markets since 2006.
Wishlink
Bengaluru-based creator-focused commerce startup, Wishlink, has secured a $7 million funding from The Fundamentum Partnership Fund and Elevation Capital after a 15-month hiatus, Entrackr reported citing regulatory documents.
Wishlink is now valued at approximately $30 million, post-allotment, with the latest round bringing its total funding to over $10 million. Elevation Capital has emerged as the largest external stakeholder with a 22.93% stake in the company, followed by The Fundamentum Partnership Fund with a 13.55% stake.
In October 2022, Wishlink closed its seed round, raising $3 million with Elevation Capital leading the investment, along with contributions from prominent angel investors such as Vidit Aatrey, Sanjeev Barnwal, Rahul Chaudhary, Ankush Sachdeva, and Ghazal Alagh.