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EXCLUSIVE
SBI LAUNCHES ITS FIRST DEDICATED BRANCH FOR START-UPS IN BENGALURU
State Bank of India (SBI) on Tuesday announced the launch of its first
"state-of-the-art" dedicated branch for start-ups in the country here, to
facilitate and support them.
* PTI
* August 17, 2022, 08:00 IST
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State Bank of India (SBI) on Tuesday announced the launch of its first
"state-of-the-art" dedicated branch for start-ups in the country here, to
facilitate and support them. The branch launched by SBI Chairman Dinesh Khara is
located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar
are the biggest start-up hubs in the city.
"...overall we are in a position to provide end-to-end services to start-ups,
with that in mind this particular start-up branch is the first start-up branch
we are starting, from the capital city of start-ups- Bengaluru. I'm sure it will
further enhance the start-up potential," Khara said.
Speaking to reporters here, he said, based on the experience which the bank
gathers from here, it will keenly evaluate the opportunity that exists in other
cities for such a start-up initiative.
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"After Bengaluru, the next branch we will be opening in Gurgaon and third one
will be in Hyderabad- these are the three locations where start-up activities
are there and we will be covering them....we will do it in next six months," he
added.
Further stating that SBI has already funded 104 start-ups through the debt
route, Khara in response to a question said, "cumulatively it should be
aggregating to Rs 250 crore."
Stating that the bank has some equity allocations, which is both for listed and
unlisted space, he said, "it is not specifically for start-ups, it is for both
space, which is as per RBI regulated norms. We have already done some
investment, it is over all around Rs 5,000 to 6,000 crore."
According to SBI, the branch would act as a hub with various stakeholders
assisting in providing solutions acting as spokes and supporting the hub branch
in enabling the start ups to avail end-to-end financial and advisory services.
It will leverage the large presence of the bank in the market by bringing the
synergy among all the entities and various departments of the State Bank group
to offer one-stop solution to these corporates and start-ups starting from the
formation of the entity till IPOs and FPOs of the companies.
Noting that the branch will serve as the vital 'go-to-place' for meeting any
business needs emanating from the start-up ecosystem, officials said, besides
the banking services, the branch would also have specialist teams for capital
markets assisting in equity raise and registration facilities.
The branch will also house specialist officers for the forex, treasury
solutions, wealth management and credit needs of the start-ups, they said,
adding that the bank's subsidiaries like mutual funds and custodial services
would also be partnering in the initiative.
The branch would support the needs of the entire start-up ecosystem. Besides the
start-ups themselves, the branch would also be catering to all the requirements
of the private equity (PE) and venture capital (VC) funds and the Alternative
Investment Funds (AIFs).
The branch has also entered into MOUs with the government of Karnataka
initiatives like Karnataka Innovation and Technology Society (KITS) and
Karnataka Digital Economy Mission (KDEM) to support the entire start-up
ecosystem in the state of Karnataka. PTI KSU KSU SS SS
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EXCLUSIVE
‘EMPHASIS ONLY ON COMPLIANCE CAN HAVE IMPLICATIONS FOR BANK SOUNDNESS,’ SAYS RBI
STUDY
The study highlighted that although banks in India have made significant
progress in adhering to governance standards over recent years, the current
level of compliance is not adequate to mark the existing governance structure as
“socially efficient”.
* ETBFSI
Click Here to Read This Story
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The Reserve Bank of India (RBI) in a study said that an emphasis only on
stringent compliance with board attributes without due attention to other
important aspects of governance, including risk management and audit functions,
can have implications for bank soundness.
The study reveals that traditional equity governance principles not only
determine bank soundness in India, but compliance with debt governance standards
also assumes an important role in determining bank soundness, particularly in
the aftermath of 2014.
The study highlighted that although banks in India have made significant
progress in adhering to governance standards over recent years, the current
level of compliance is not adequate to mark the existing governance structure as
“socially efficient”.
“There exist noticeable asymmetries in the policy priorities of banks on the
dimensions of governance and soundness. Private banks demonstrated relatively
better performance in adhering to governance norms pertaining to audit function,
followed by risk management and board effectiveness during the study period.”
the RBI study said.
The study further said that the profit-efficient banks are sufficiently sound to
keep up capital buffers and absorb shocks, which may diminish destabilising
effects. Therefore, to avoid the risk of bank failure in the long run, business
practices that assure sustainable profits with proportionate risk need to be
encouraged.
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EXCLUSIVE
RBL BANK INTRODUCES SUPER SENIOR CITIZEN FD WITH 7.75% INTEREST
As part of the recently introduced product, the Bank will give super senior
citizens an additional interest rate on fixed deposits of 0.75% per annum.
* Sneha Kulkarni
* ET Online
Click Here to Read This Story
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On the occasion of International Senior Citizens Day (which was on August 21,
2022), RBL Bank launched a Super Senior Citizen Fixed Deposits Product.
According to the RBL Bank press release, “RBL Bank has been offering highly
competitive Interest rates on all Fixed Deposits, especially in the 15 months
bucket. Under the newly launched product, the Bank will be offering an
additional interest rate of 0.75% p.a. on Fixed Deposits to Super Senior
Citizens i.e. age group of 80 years and above. Hence taking the 15 month
interest rate to 7.75% p.a.”
For the same tenure (15months), the bank offers 7 percent to general public, 7.5
percent to senior citizens. According to the website, “RBL bank Fixed Deposit
rate applicable for a monthly interest option will be discounted rate over the
applicable rate.”
Senior Citizen interest rate
The bank offers interest rates between 3.75 Percent to 7.50 percent for tenure
ranging from 7 days to 10 years.
Super Senior Citizens who are 80 years and older are eligible for an additional
interest rate of 0.75% per annum, while Senior Citizens who are 60 to under 80
years old are eligible for a rate of 0.50% per annum.
Please take note that senior and super senior citizen rates do not apply to
NRE/NRO non-resident fixed deposits.
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EXCLUSIVE
DICGC TO MAKE PAYMENTS TO DEPOSITORS OF 17 CO-OP BANKS IN OCTOBER
Mumbai, Aug 21 (PTI) The Deposit Insurance and Credit Guarantee Corporation
(DICGC) will be making payments to the eligible depositors of 17 cooperative
banks, including eight from Maharashtra, in October.
* PTI
Click Here to Read This Story
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Mumbai, Aug 21 (PTI) The Deposit Insurance and Credit Guarantee Corporation
(DICGC) will be making payments to the eligible depositors of 17 cooperative
banks, including eight from Maharashtra, in October. The Reserve Bank of India
(RBI) had imposed several restrictions, including on withdrawals, by depositors
of these 17 banks in July in view of their deteriorating financial positions.
DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover of up
to Rs 5 lakh on bank deposits.
Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh,
two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal.
The cooperative banks from Maharashtra are: Sahebrao Deshmukh Co-operative Bank,
Sangli Sahakari Bank, Raigad Sahakari Bank, Nashik Zilla Girna Sahakari Bank,
Saibaba Janata Sahakari Bank, Anjangaon Surji Nagari Sahakari Bank, Jaiprakash
Narayan Nagari Sahakari Bank, and The Karmala Urban Co-op Bank.
As per the DICGC, the banks from Uttar Pradesh whose eligible depositors will be
paid in October are: Lucknow Urban Co-op Bank, Urban Co-operative Bank
(Sitapur), National Urban Co-op Bank (Bahraich), and United India Co-op Bank
(Nagina).
The banks in Karnataka are: Sri Mallikarjuna Pattana Sahakari Bank Niyamita
(Maski) and Shri Sharada Mahila Co-operative Bank (Tumkur).
Eligible depositors of Ramgarhia Co-operative Bank (New Delhi), Suri Friends
Union Co-op Bank (Birbhum, Suri, West Bengal), and Durga Co-op Urban Bank
(Vijayawada, Andhra Pradesh) too will be paid by the DICGC in October.
The DICGC said the eligible depositors should support their claims by valid
document/s of identity and written consent to receive the amount lying in credit
of their deposit accounts subject to a maximum of Rs 5 lakh, along with
alternate bank account details into which the said amount will be credited.
Depositors will be paid by credit to the alternate bank account specified by
depositors, or on their consent, to their Aadhaar linked bank account, it said.
Deposit insurance extended by the DICGC covers all commercial banks, including
local area banks and regional rural banks as well as co-operative banks in all
the states and UTs.
The entity has been extending insurance cover to depositors with the objective
of maintaining the confidence of small depositors in the banking system of the
country and promoting financial stability.
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, passed
by Parliament in 2021, made significant changes in the landscape of deposit
insurance in India.
The Corporation is liable to pay the insured deposit amount to depositors of an
insured bank. Such liability may arise when an insured bank undergoes
liquidation, reconstruction or any other arrangement under a scheme, and merger
or acquisition by another bank.
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EXCLUSIVE
CENTRAL BANK OF INDIA LIKELY TO EXIT RBI PCA FRAMEWORK SOON
Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78
crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore
in the same quarter a year ago.
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Central Bank of India, the only public sector lender under the RBI's prompt
corrective action (PCA) framework, may see an exit from restrictions soon
following an improvement in its financial health.
The bank has already made a representation to the Reserve Bank of India (RBI)
based on the improvement in financial parameters on a sustained basis for the
past five quarters, sources said.
According to sources, the RBI is looking at the bank's request and may take a
view on this soon based on quantitative and qualitative parameters.
Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78
crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore
in the same quarter a year ago.
In the latest quarter, the bank's gross NPA fell to 14.9 per cent of the gross
advances as compared to 15.92 per cent in the year-ago period. Net NPAs too
declined to 3.93 per cent from 5.09 per cent in the first quarter of the
previous year.
Of the three PSU lenders under the RBI's watch, Indian Overseas Bank and UCO
Bank were removed from the framework in September 2021.
The Central Bank of India was put under the PCA framework in June 2017 due to
its high net non-performing assets (NPAs) and low Return on Assets.
PCA is triggered when banks breach certain regulatory requirements such as
return on asset, minimum capital and quantum of the non-performing assets
including on lending, management compensation and directors' fees.
The bank under PCA faces RBI restrictions on dividend distribution, branch
expansion, management compensation or requiring promoters to infuse capital.
Last year, the RBI issued a revised Prompt Corrective Action (PCA) framework for
banks to enable supervisory intervention at "appropriate time" and also act as a
tool for effective market discipline.
As per the revised guidelines, capital, asset quality and leverage are the key
areas for monitoring in the revised framework.
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EXCLUSIVE
RUSSIAN BANKS LINE UP FOR CUSTOMISED TRADE A/CS WITH INDIAN LENDERS
Centro Credit Bank, Bank Soyuz and MTC Bank are also said to be part of the
group of Russian lenders that are not under global economic sanctions and are
negotiating with their local counterparts, such as the State Bank of India,
IndusInd Bank, Bank of Baroda and Yes Bank.
* Saikat Das
* ET Bureau
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More than 15 Russian banks are in advanced talks with Indian lenders to
facilitate bilateral business in their respective local currencies, bypassing
the established trade mechanism tied to the US dollar, and are working on
building a bespoke reference exchange-rate framework between the rupee and the
rouble, people familiar with the matter told ET.
Petersburg Social Commercial Bank, Zenit Bank and Tatsotsbank are among the
Russian lenders likely to open these customised trade accounts. Bank of India,
Canara Bank and Uco Bank are likely to be the local partners of the lenders from
Moscow.
Indian Banks’ Association (IBA) is reportedly engaged in facilitating the talks.
The Indian Economic Trade Organization (IETO) is coordinating with local
companies that are keen on trade with Russia. Banks and the respective
regulators are considering setting up a customized common reference exchange
rate that will be announced daily by both the Reserve Bank of India (RBI) and
the Central Bank of Russia.
By contrast, in the ordinary course of global trade, the prevailing rate of a
currency in relation to the US dollar is typically the peg used to derive the
exchange rate with a third monetary unit.
Centro Credit Bank, Bank Soyuz and MTC Bank are also said to be part of the
group of Russian lenders that are not under global economic sanctions and are
negotiating with their local counterparts, such as the State Bank of India,
IndusInd Bank, Bank of Baroda and Yes Bank.
Officials at the RBI could not be immediately reached for their comments.
Individual banks could not be contacted immediately for comments. IBA and Indian
lenders did not respond to ET’s queries.
"A host of Russian lenders are in talks with select Indian banks as they are
going through several permutations and combinations," said Asif Iqbal,
president, Indian Economic Trade Organization. "While the rupee-denominated
trade with Russia will pave the way for cheaper oil imports, small to mid-sized
public sector banks will look at this as an opportunity to expand their
operations to territories where they were never present."
With a strong dollar-denominated balance sheet, the SBI may not be able to
participate in these bilateral trades bypassing Western sanctions, sources said.
Unlike small local lenders that have minimum exposure to dollar assets, SBI
would not like to risk its sizable presence in the US and Europe’s richer
neighborhoods by entering into trade deals that bypass the world’s reserve
currency.
The RBI, on July 11, allowed invoicing and payments for international trade in
rupees, potentially facilitating greater bilateral business with Russia that is
facing a wide range of Western sanctions and is virtually cut off from standard
cross-border payment platforms.
The move paved the way for settlement of payments in rupees for trades between
Indian and Russia by giving greater flexibility in the operation of vostro
accounts that Russian banks open with Indian banks for the purpose. A vostro
account is one a foreign bank opens with an Indian bank in domestic currency
i.e. rupees.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up
nearly seven times compared with last year. Crude oil worth $3.02 billion was
reportedly imported in June, which translates into a share of 71% of the total
imports from Russia.
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EXCLUSIVE
AFTER POWERFUL QUARTER, BANKS READY FOR STRONG FISCAL AHEAD
A latest report by Bank of Baroda shows massive growth in the net profits and
NII of banks in the first quarter of FY23 due to the rising interest rate regime
and pick-up in credit demand. Other data by RBI also suggests renewed demand for
bank loans taken by large corporations to support credit growth
* Sheersh Kapoor
* ETBFSI
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According to the latest report by Bank of Baroda, the net profit of banks rose
by 37.1% year-on-year to Rs 44,048 crore in the first quarter of the current
financial year, while the Net interest income (NII) of the industry also grew
over 14.5%.
The research report analyses the financial performance of 35 banks of which 12
are public, 19 private, and the remaining are small finance banks. "We looked at
key indicators of profitability, margins, and efficiency ratios for the
consolidated groups," it added.
Findings from the report highlight that the net profit of private banks
increased at a faster pace compared to the public sector banks. While the
private players recorded a 54.9% uptick to Rs 28,165 crore in profits, PSU banks
saw a 9.2% rise to Rs 15,307 crore in Q1FY23.
During the quarter under review, the weighted average lending rate on fresh
loans for scheduled commercial banks rose by 31 basis points, it added.
The uptick in performance is attributed to the rising interest rate regime,
picking up in credit demand, and higher opportunities to invest in new
capacities.
Most banks have raised their growth guidance for FY23, factoring in a strong
June quarter and improving growth impulses in retail, home, and personal
portfolios. The corporate demand is also showing signs of revival, data shows.
"The overall growth outlook looks quite positive going forward as we see a
strong credit demand, especially from the retail segment," Suresh Khatanhar,
DMD, IDBI Bank told ETBFSI while adding that the consumption is further expected
to grow with the festive season nearing.
"This would keep the market sentiment upbeat. The hike in lending rates is also
unlikely to have a major impact on the credit demand since there are now visible
signs of inflation easing out," he said.
On the asset quality front, the gross non-performing asset ratio of the industry
improved to 5.72 per cent in Q1FY23 from 7.57 per cent in Q1FY22, owing to a
sharp improvement in the gross NPA ratio of PSBs to 6.94 per cent from 9.13 per
cent in the same quarter of last year. For private banks, it improved to 3.82
per cent from 5.04 per cent, BoB data shows.
Renewed corporate demand
The latest data released by RBI also shows that the bank loans taken by large
corporations grew 3.3% year-on-year in June, which is the highest growth since
the outbreak of Covid-19. Same time last year, large corporate loans shrank by
3.4% as compared to what it was in the year back.
"Not only is credit demand picking up, customers, particularly large corporates,
are shifting to banks for their credit requirement, as opposed to other forms of
borrowing,” Shyam Srinivasan, Managing Director, Federal Bank told ET.
Bank credit recorded 14.5% year-on-year growth at the end of July supported by
demand from large and medium corporations. As per the RBI data, Large corporate
loans grew Rs 76464 crore incrementally in the past one year to Rs 23.93 lakh
crore while mid-sized corporate loans rose Rs 71115 crore to Rs 2.21 lakh crore.
“In an increasing interest rate scenario, corporates are looking for long-term
borrowing instead of short-term loans and this has helped banks improve credit
growth,” AS Rajeev, Managing Director, Bank of Maharashtra added.
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EXCLUSIVE
CASTLER PARTNERS YES BANK FOR DIGITAL ESCROW SERVICES
The company said the tie-up will further strengthen its digital leadership
position and is part of an effort to make banking more inclusive and accessible
to its growing consumer base.
* ET Bureau
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Global escrow banking solution provider Castler has partnered Yes Bank to offer
digital escrow services for the bank’s customers.
The company said the tie-up will further strengthen its digital leadership
position and is part of an effort to make banking more inclusive and accessible
to its growing consumer base.
“Prevalent business requirements and related digitization needs have accentuated
the demand for digital escrow services, and we are certain that our customers
will find this newly launched service using Castler’s digital escrow services
platform of great significance in ensuring timely and trustworthy monetary
transactions,” Ajay Rajan, Country Head, Transaction Banking Group, Yes Bank
said.
Operational since April 2021, Castler is the escrow solution for over 150
enterprises and manages over Rs1000 crore in transactions every month. In June,
Castler raised $1 million from Zerodha’s venture capital arm Rainmatter, with
participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
The bank said escrow banking is generally quite complex and Castler with its
digital offering has demonstrated that technology and innovation can provide
solutions to even the most complex requirements.
“Trust is the most important component as businesses and transactions become
completely digital. Castler is building the epitome of trust through its digital
escrow platform. Yes Bank's dominance in developing digital-first strategies for
SMEs, MSMEs, fintechs and startups will help Castler serve a larger audience of
customers," Vineet Singh, co-founder & CEO, Castler said.
In July 2021, the startup launched the country's first white-label digital
escrow solution – Castler SmartEscro – to make financial transactions safe and
secure.
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EXCLUSIVE
BANKS RUSH TO RAISE FUNDS VIA CDS AMID CREDIT DEMAND
Bank credit expanded 14.5% year-on-year to Rs 123.7 lakh crore as on July 29
this year. By contrast, deposit mobilisation climbed 9.1% to Rs 169.7 lakh
crore. Banks are required to mandatorily set aside a part of deposits to meet
prudential norms.
* Saikat Das
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* ET Bureau
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Banks are rushing to raise funds in the short-term money market to meet
increasing credit demand, which has lately outpaced deposit mobilisation amid a
pronounced shrinkage in surplus liquidity.
Lenders are issuing certificates of deposit (CD), a money market instrument of
which mutual funds are emerging as primary buyers. Recent issuers of CDs
included Indian Bank, HDFC Bank, Axis Bank, Canara Bank, Punjab National Bank
and State Bank of India, showed data from the Clearing Corporation of India and
compiled by India Ratings.
Outstanding CD sales are up nearly three times to about Rs 2.49 lakh crore at
the end of July against Rs 84,702 crore at the end of December last year, data
from the Reserve Bank of India (RBI) showed.
The recent surge in CD issuance is largely to address the liquidity issue as
credit demand continues to outpace deposit growth. Raising funds through CDs is
up to 50 basis points cheaper than bulk deposits, bank executives said.
One basis point is 0.01%.
For investors, CD rates are more attractive than shorter duration government
debt securities.
CDs raised by banks in a month have shown a sharp rise to Rs 40,000 crore in the
June quarter compared with the average Rs 8,000 crore in December quarter and Rs
26,000 crore in March quarter in FY22, India Ratings data showed.
“A sharp pick-up in credit demand is forcing banks to raise resources from money
markets amid contracting surplus liquidity,” said Soumyajit Niyogi, director at
India Ratings. “Retail and corporate deposits will take time to expand.”
The credit rating company believes if credit growth continues to outpace deposit
growth, reliance of scheduled commercial banks on bulk deposits is also likely
to increase, leading to a higher cost of funds and volatility in the
asset-liability structure of banks.
Bank credit expanded 14.5% year-on-year to Rs 123.7 lakh crore as on July 29
this year. By contrast, deposit mobilisation climbed 9.1% to Rs 169.7 lakh
crore. Banks are required to mandatorily set aside a part of deposits to meet
prudential norms.
“Bank CDs are offering reasonable spreads over one-year Treasury Bills and are
trading at similar levels as AAA bonds, which makes it incrementally attractive
to invest on a relative basis, more so as these money market instruments are
quite liquid,” said Rajeev Radhakrishnan, chief investment officer – debt at SBI
Mutual Fund, India’s largest asset management company.
CDs up to 12-month maturities offered rates in the range of 5.33-6.38 percent
compared with 5.56-6.20 percent range yielded by Treasury Bills in the primary
market with 91-day, 182-day and 364-day maturities.
CD issuances had dried down in the absence of credit demand and excess
liquidity. “These factors have changed, leading to a revival in issuances,” said
Radhakrishnan.
Surplus liquidity in the banking system is now around Rs 1.30 lakh crore versus
Rs 6.73 lakh crore on December 31, 2021.
"Raising funds through CDs is more cost effective than raising bulk deposits,”
said the managing director at a midsized public sector lender.
“As compared to retail deposits, there may not be much cost savings, but
compared to bigger deposits, ie, bulk deposits, banks could save at least 50
basis points in funds raised through CDs," the official said.
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EXCLUSIVE
SBI SELLS KSK MAHANADI POWER LOAN ACCOUNT TO ADITYA BIRLA ARC FOR RS 1,622 CRORE
New Delhi, Aug 19 (PTI) SBI has sold the non-performing loan account of KSK
Mahanadi Power Company to Aditya Birla ARC for Rs 1,622 crore, accepting a
haircut of almost 58 per cent against the total outstanding. KSK Mahanadi Power
Company had total loan outstanding of Rs 3,815.
* PTI
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New Delhi, Aug 19 (PTI) SBI has sold the non-performing loan account of KSK
Mahanadi Power Company to Aditya Birla ARC for Rs 1,622 crore, accepting a
haircut of almost 58 per cent against the total outstanding. KSK Mahanadi Power
Company had total loan outstanding of Rs 3,815.04 crore towards State Bank of
India (SBI) as of April 2022.
"SBI initiated open offer e-auction towards sale of fund based exposure of KSK
Mahanadi Power Co. Ltd on 100 per cent cash basis on April 20, 2022 for a
reserve price of Rs 1,544.08 crore," SBI said in a regualtory filing on
Thursday.
The state-owned lender had received a total of 15 expression of interests
(EoIs), while only one bid was received from Aditya Birla ARC for an amount of
Rs 1,544.08 crore in an auction in end-May.
In a Swiss challenge auction process in June, the lender said it received no
competing bids and based on subsequent discussions, Aditya Birla ARC improved
the offer to Rs 1,622 crore.
SBI said the sale concluded on August 12, 2022 after getting approval from
competent internal authorities.
Prior to this, the lender had put the e-auction of KSK Mahanadi on hold in
December 2021 citing administrative reasons.
At that time, the total outstanding against the company stood over Rs 4,100
crore.
Established in June 2009, KSK Mahanadi Power was undergoing the Corporate
Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 for
more than two years.
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EXCLUSIVE
SOFTBANK VISION FUND INDIA HEAD SUMER JUNEJA TO ALSO OVERSEE EUROPE, MIDDLE EAST
Juneja was elevated as a managing partner in the fund last year.
* ETtech
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SoftBank Vision Fund’s managing partner Sumer Juneja and India head will oversee
Europe, Middle East and Africa, according to sources in the know of the matter.
Juneja will report to Rajeev Misra, who is currently transitioning out of his
role as the chief executive (CEO) of the technology fund.
Misra, however, remains the CEO of Vision Fund 1.
Last year, Juneja was elevated as a managing partner in the fund. He will
shuttle between Mumbai and London, and be responsible for these markets which
were once helmed by Yanni Pipilis. Pipilis will be joining Misra’s new venture.
Juneja will lead the India operations of the Vision Fund - one the country’s
largest investors in new-age technology companies such as Delhivery, Swiggy, and
Meesho, among others.
Juneja joined SoftBank in 2018 as partner and head of India and has since led
investments in Swiggy, Meesho and edtech firm Eruditus. Before joining SoftBank,
he was at Norwest Venture Partners, where he was a director at the
US-headquartered venture capital’s India office.
Narendra Rathi and Sarthak Misra - who were promoted as investment directors
earlier this year - will assist Juneja in driving India, said a person in the
know of the development.
Europe is among the Vision Fund’s largest markets with companies such as buy now
pay later (BNPL) venture Klarna, robotics firm AutoStore, British fintech
Revolut being a part of its portfolio.
Recently, the valuation of Sweden’s Klarna was cut to $6.7 billion from $46
billion, one of the highly-priced startups seeing its valuations plummet amid
the funding downturn and ongoing tech winter.
In July, SoftBank founder Masayoshi Son said Misra, the chief executive officer,
SB Investment Advisers, which manages SoftBank Vision Fund, will step down from
his executive role in a major rejig at the conglomerate.
Son said he will transition from his current role and take on the responsibility
as a vice-chairman.
SoftBank’s Vision Fund has had a tumultuous few quarters amid a rout of
publicly-traded technology stocks and sliding portfolio leading to massive
losses of $17 billion in the June quarter of this year.
Following the June quarter results, Son had said unicorns that were unwilling to
take a valuation cut would likely be facing a prolonged ‘tech winter’.
“Our Vision Fund saw huge losses but unfortunately unicorn company leaders still
believe in their valuation and they would not accept the fact that they may have
to see their valuation (go) lower than they think. So, until the multiple of
unlisted companies is lower than [that] of listed companies, we should wait,”
Son had said in a post-earnings briefing.
To make matters more difficult for the Vision Fund and Son, shares of the
company fell - which are almost 50% off from its peak last year - after reports
suggested that hedge fund Elliott Management Corp. has sold off almost all of
its position in the Japanese conglomerate.
Elliott’s dumping of SoftBank shares comes as investors increasingly lose
confidence in Son and his ability to close the valuation gap between the company
and its portfolio holdings.
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