Adani to acquire Air Works🛩️ | PhonePe’s revenue jumps 138%💸 | India’s biggest shopping mall🏬
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Adani Defence Systems to acquire Air Works at an enterprise value of ₹400 Cr🛩️
Adani Defence Systems & Technologies on Tuesday signed a definitive agreement to acquire Air Works, India’s biggest and highly diversified independent MRO with the largest pan-India network presence across 27 cities. The Adani Group-backed company will acquire Air Works at an enterprise value of ₹400 crores.
Ashish Rajvanshi, CEO of Adani Defence & Aerospace said, “Air Works has impeccable proven capabilities and over its 70-year aviation legacy has successfully delivered several India-first and industry-first projects.”
Air Works is the oldest MRO in India, and has developed extensive operational capabilities within the country for key defence and aerospace platforms.
PhonePe more than doubles its revenue💸
Walmart-owned payment services provider PhonePe’s consolidated operating revenue more than doubled (growing by 138%) to ₹1,646 crores during the year ended March 31, 2022.
Overall losses, excluding Employee Stock Ownership Plan (Esop) costs, narrowed marginally to Rs 827 crore in the same period.
PhonePe provides several financial services on its platform including investments and insurance and has over 400 million registered users. It has added more than 30 million offline merchants across Tier II, III and IV cities and towns.
- Electric scooter maker Ather Energy has raised $50 million, led by existing backer Caladium Investment.
- Shardeum, a layer 1 blockchain co-founded by Nischal Shetty, a co-founder of WazirX, India’s largest crypto exchange by trading volume, has raised $18.2 million in a seed funding round from more than 50 investors, including Jane Street, Struck Crypto and the Spartan Group.
- Data and analytics company Lumiq has raised Rs 44.1 crore or $5.5 million in its Series A round led by existing investor Info Edge.
- Eyewear brand ClearDekho has raised $5 million in its Series A round led by SphitiCap. The round also includes investments from Venture Catalysts, Dholakia Ventures, NB Ventures, Estrela Ventures, Cornerstone and others.
- Fashion trade platform Reevoy has secured Rs 48 crore in debt for its invoice financing arm from Kilde.
Lulu Group to infuse ₹3,000 cr to set up India’s biggest mall in Ahmedabad🏬
UAE-based Lulu Group International is likely to enter Gujarat with a capital infusion of ₹3,000 crores to set up India’s biggest shopping mall in Ahmedabad. Lulu Group Director of Marketing and Communications V Nandakumar stated that the construction of the shopping mall will commence in early 2023. This would be the third shopping mall of Yussuf Ali’s Lulu Group in India.
According to Nandakumar, the Ahmedabad-based mall will have more than 300 national and international brands, along with 15-screen multiplex cinemas with Imax. Also, the mall will have a 3,000-people capacity food court with multi-cuisine restaurants.
Lulu Group is a highly diversified conglomerate with successful business entities in strategic locations worldwide. The Group has an annual turnover of $8 billion and a staff force of more than 60,000.
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