Dec 29 2023, 06:47
3 insights to kick-start the day, featuring EVs FAME moment:
FAME Il may be extended; InCred turns unicorn; and Godrej Properties strikes gold.
The government is considering extension of the FAME II scheme to FY25.
Since the government introduced the Production Linked Incentive (PLI) scheme initially for three sectors which was scaled up to 14 sectors this year - large organised EV players have received considerable sops for local manufacturing.
The purpose of the PLI schemes was to attract investments in key sectors and bring economies of scale in manufacturing. Puneet Gupta, director-automotive at S&P Mobility Outlook, says when FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) was introduced in 2019, the PLI schemes did not exist.
Fintech startup InCred has become the newest unicorn with a fresh fundraise of USD60 million.
Interestingly, the NBFC saw its ultra-high-networth clients from its wealth division infuse around USD37 million in the round. InCred also saw participation by Ranjan Pai through his family office, along with Ravi Pillai, chairman at RP Group of Companies, and Ram Nayak, global co-head at Deutsche Bank. With this round, the company's valuation stands at USD1.04 billion.
InCred is only the second unicorn minted this year, after Zepto, as the startup sector sees continued correction and rationalisation of valuations.
Godrej Properties sells INR2,600 crore worth of flats in Gurugram project:
Godrej has sold more than 600 apartments in this 750-unit luxury project. Each apartment is priced at around INR4 crore, according to reports. This is the most successful launch ever for the company, surpassing the INR2,000 crore sales it clocked at the launch of its project in Noida. Godrej Properties is hopeful that it will exceed its sales booking guidance of INR14,000 crore for FY24. In the first six months ending September, the Mumbai-headquartered company booked sales of nearly INR7,300 crore. For FY23, Godrej Properties had guided for sales booking of INR10,000 crore but reported sales of INR12,200 crore.
source: et
Dec 30 2023, 05:01