{"id":18575,"date":"2024-04-04T21:58:03","date_gmt":"2024-04-04T21:58:03","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/04\/sachin-bansals-navi-eyes-2b-valuation-byjus-seeks-arbitration-in-investor-battle\/"},"modified":"2024-04-04T21:58:03","modified_gmt":"2024-04-04T21:58:03","slug":"sachin-bansals-navi-eyes-2b-valuation-byjus-seeks-arbitration-in-investor-battle","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/04\/sachin-bansals-navi-eyes-2b-valuation-byjus-seeks-arbitration-in-investor-battle\/","title":{"rendered":"Sachin Bansal\u2019s Navi eyes $2B valuation; Byju\u2019s seeks arbitration in investor battle"},"content":{"rendered":"
\"Sachin<\/div>


\n<\/p>\n

Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today\u2019s ETtech Top 5.<\/p>\n

Also in the letter:
<\/span>\u25a0 Cert-In flags vulnerabilities in Apple iOS
\u25a0 Centre Court Capital\u2019s Rs 350 crore fund
\u25a0 Mobile gamers ride nippy 5G<\/p>\n

\n

Sachin Bansal\u2019s fintech Navi in talks to raise new funding at $2 billion valuation<\/p>\n

<\/div>\n

Flipkart cofounder Sachin Bansal\u2019s fintech venture, Navi Technologies, is in talks to raise<\/a> an external round of funding at a valuation of about $2 billion, sources have told ETtech.<\/p>\n

Deal details: <\/span>Bansal has discussed raising nearly $200-300 million from private investors, but this may increase depending on how the talks progress. People in the know said the $2-billion valuation is lower than that sought in previous funding discussions Navi had with investors two years ago.<\/p>\n

\u201cThat\u2019s what he thinks is the right valuation after the recent divestment of group companies like Chaitanya India Fin Credit<\/a>,\u201d one of the people said.<\/p>\n

Background: <\/span>This comes after Navi had filed for an initial public offering (IPO<\/a>) and secured Sebi\u2019s nod for the same. However, the company didn’t go ahead with the planned listing.<\/p>\n

In 2018, Bansal sold his entire stake in Flipkart, at the time of its sale to US retail giant Walmart. He went on to use most of these funds to launch Navi where he owns nearly 98% stake. Bansal has never raised external capital despite having made attempts previously.<\/p>\n

Try and try again:<\/span> Sources said Bansal was in talks with Temasek and other investors to raise a pre-IPO round, but it did not materialise \u2013 especially as the Reserve Bank of India (RBI) rejected the company\u2019s banking licence application<\/a>.<\/p>\n

Also read | <\/span>Home loan, insurance business drag Sachin Bansal\u2019s Navi into slow lane<\/a><\/p>\n

\"Funding<\/div>\n

Funding alert:<\/span> This development comes on the same day that ET reported on big-ticket deals<\/a> in new-economy companies. Several startups are in talks to raise capital via primary and secondary share sales.<\/p>\n

\n

Byju\u2019s seeks arbitration in dispute with investors; NCLT adjourns hearing to April 23<\/p>\n

\"Byjus\"<\/div>\n

In the ongoing dispute between Byju\u2019s and its investors, the National Company Law Tribunal (NCLT) in Bengaluru heard arguments on Thursday and adjourned the case to April 23<\/a>.<\/p>\n

Driving the news:<\/span> Separately, Byju\u2019s senior counsel on Wednesday filed a plea to transfer the matter to arbitration, an agreement clause that may take the case away from the NCLT\u2019s jurisdiction. In this case, a court-appointed arbitrator will take over proceedings on the matter.<\/p>\n

Prosus, one of the investors in Byju\u2019s, is spearheading a group of investors seeking to block the company’s $200-million rights issue<\/a> and remove founder Byju Raveendran as CEO<\/a>.<\/p>\n

\"Byjus<\/div>\n

Insider details: <\/span>The NCLT judge raised concerns during Thursday\u2019s proceedings that if Byju\u2019s issued shares to investors for the rights issue before finalising the authorised share capital increase, it would be a \u201cblatant violation\u201d of its interim order dated February 27. This stemmed from allegations by the investors\u2019 lawyer that Byju\u2019s had already done so.<\/p>\n

Byju\u2019s had assured the NCLT it wouldn’t allot shares until the company’s share capital increase was completed as per the Companies Act of 2013.<\/p>\n

What else? <\/span>The tribunal directed the investor counsel to file a fresh affidavit in writing to inform of the allegations, and also for Byju\u2019s senior counsel to follow it up with its objections on the same.<\/p>\n

Recap: <\/span>On March 28, the NCLT had refused to grant a stay on investor pleas<\/a> seeking to stop Byju\u2019s extraordinary general meeting (EGM) to increase the authorised share capital. The final result of the EGM resolution is expected to be filed on April 6.<\/p>\n

Byju’s had told shareholders on March 29 that it had secured over 50% votes<\/a> to increase the share capital in an email, which was reviewed by ET.<\/p>\n

Also read | <\/span>Byju\u2019s lays off about 500 staffers, nearly half from tuition centre business<\/a><\/p>\n

\n

Cert-In flags vulnerabilities in Apple iOS, warns about devices being compromised<\/p>\n

\"Apple\"<\/div>\n

Apple\u2019s operating system for iPhone and iPad, particularly its flagship offerings such as the Safari web browser, have been flagged by the Indian Computer Emergency Response Team<\/a> (Cert-In) for multiple vulnerabilities that can even compromise devices operating remotely.<\/p>\n

Driving the news:<\/b> In a vulnerability warning issued on Tuesday, Cert-In has said the flaws in Safari web browser versions before version 17.4.1, iOS and iPadOS versions before version 17.4.1 could allow attackers to \u201cexecute arbitrary code\u201d on targeted devices.<\/p>\n

Warning signs: <\/span>\u201cA remote attacker could exploit this vulnerability by persuading a victim to visit a specially crafted request. Successful exploitation of this vulnerability could allow an attacker to execute arbitrary code on the targeted system,\u201d Cert-In said in its warning.<\/p>\n

Android, too, at risk:<\/span> On Wednesday, Cert-In also issued vulnerability warnings for mobile devices using the Android operating system. In its warning, the government\u2019s nodal agency for cybersecurity said that flaws in the framework, system, MediaTek components, and Qualcomm components could be exploited by attackers to obtain sensitive information and cause denial of service on the targeted device.<\/p>\n

Not the first time: <\/span>In March, Cert-In said operating software for iPhone 8, iPhone 8 plus, iPhone X, iPhone XS, iPad 5th generation, and other devices were vulnerable to attack<\/a>s that could trigger denial of service conditions.<\/p>\n

\n

Sports-focussed Centre Court Capital launches maiden Rs 350-crore fund<\/p>\n

\"1644989470398\"<\/div>\n

Mustafa Ghouse, general partner, Centre Court Capital<\/em><\/p>\n

Centre Court Capital, a gaming and sports-focussed venture firm, has launched its maiden Rs 350 crore fund<\/a>. The firm said it has received Rs 200 crore in commitments from its limited partners (LPs), with the family trust of JSW Steel managing director Sajjan Jindal acting as the anchor investor. <\/p>\n

Quote, unquote:<\/span> \u201cThe Jindal family is very bullish about the gaming and sports sectors in India, and anchoring this fund is an extension of that belief\u2026 however these investments won\u2019t have any direct relation to JSW Sports (sic),\u201d said Mustafa Ghouse, general partner at Centre Court Capital. <\/p>\n

Tell me more:<\/span> Other LPs include the Small Industries Development Bank of India (SIDBI), PremjiInvest, USK Capital, GMR Sports, and SG Sports. <\/p>\n

The fund has a ten-year maturity period and will invest in gaming and sports-adjacent firms, looking to take up shareholding in the mid-teens alongside other rights and board seats. Centre Court Capital aims to raise the entire fund by the end of 2024.<\/p>\n

Also read | <\/span>Indian gaming likely to hit $7.5 billion, create 250,000 jobs by 2025: Meta India head<\/a><\/p>\n

Investment mantra: <\/span>The fund will invest in pre-series A and series A firms in ticket sizes of $1-3 million, making a total of 15 to 18 investments. Half of these funds will be reserved for follow-on investments. \u201cThis sector is still nascent, so we will require more fluidity when it comes to investments\u2026 we will also consider pre-revenue firms,\u201d Ghouse added.<\/p>\n

Also read | <\/span>Real-money gaming companies look for an ace to beat tax blues<\/a><\/p>\n

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No noobs here! Mobile gamers ride nippy 5G<\/p>\n

\"egaming<\/div>\n

India\u2019s fast-paced rollout of high-speed mobile broadband services through 5G has brought in a surge of mobile gamers<\/a>, in what is already the world\u2019s second-largest gaming market. High-end AAA titles like BGMI, Call of Duty: Mobile, and others are seeing huge demand.<\/p>\n

Data decoded: <\/span>As per a report from Ookla, game latency that affects a gamer\u2019s reaction time, improved from 109 ms (millisecond) on 4G to 77 ms on 5G for Reliance Jio users in 2023, while Airtel users reported a 15% improvement, from 108 ms to 92 ms.<\/p>\n

\"Playing<\/div>\n

According to data.ai, an app analytics platform, Singapore-based Garena\u2019s Free Fire and Korea-based Krafton\u2019s Battlegrounds Mobile India (BGMI) were the top games in terms of total time spent on them in India.<\/p>\n

Jargon buster: <\/span>Game latency, or the time taken for data to travel from the device to the game\u2019s servers, is a crucial metric to measure responsiveness in online gaming, especially in high-octane action games where every second counts.<\/p>\n

Also read | <\/span>Small-town edge: How 5G is driving demand for data centres beyond big cities<\/a><\/p>\n

Today\u2019s ETtech Top 5 newsletter was curated by Gaurab Dasgupta in New Delhi and Vaibhavi Khanwalkar in Bengaluru.<\/em><\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today\u2019s ETtech Top 5. Also in the letter:\u25a0 Cert-In flags vulnerabilities in Apple iOS\u25a0 Centre Court Capital\u2019s Rs 350 crore fund\u25a0 Mobile gamers ride nippy 5G Sachin Bansal\u2019s fintech Navi […]<\/p>\n","protected":false},"author":2,"featured_media":18576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109040090\/Sachin%20Bansal.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[24048,24046,3601,8076,24045,1587,918,21362,20011,24047,24044,10252,24043,5113,3585],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/18575"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=18575"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/18575\/revisions"}],"predecessor-version":[{"id":18577,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/18575\/revisions\/18577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/18576"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=18575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=18575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=18575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}