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Drip Capital raises $175 mn to enter new markets like South Asia, LatAm

Drip Capital, a leading digital cross-border trade finance platform for small and medium businesses (SMBs), said that it has raised $175 million in fresh capital to power its next phase of growth. Funds raised include a $40 million Series C investment and $135 million in warehouse debt facilities. To date, with this fundraise, Drip Capital has raised about $525 million in equity and debt funding.

Bajaj Finserv posts 14% rise in net profit at Rs 1,122 crore in Q2

Bajaj Finserv on Thursday reported a nearly 14 per cent increase in its consolidated net profit at Rs 1,122 crore in the second quarter ended September 2021. The company had posted a net profit of Rs 986 crore during the same period a year ago. Consolidated total income during Q2 FY22 rose to Rs 18,008 crore, from Rs 15,052 crore in Q2 FY21, Bajaj Finserv said in a release.After the disruption caused by the second wave of Covid-19 in Q1 FY22, recovery gathered momentum in the second quarter of this fiscal on the back of reopening of the economy in most states, rapid vaccinations and continued policy support, Bajaj Finserv said.

Acko raises $255 mn at unicorn valuation from General Atlantic, CPPIB

Digital insurer Acko has raised $255 million in a Series D fundraise, valuing the fintech startup at $1.1 billion, led by General Atlantic and Multiples Private Equity. The round also saw participation from Canada Pension Plan Investment Board (CPPIB) and Lightspeed, among others. The transaction is subject to approval by the country’s insurance regulator, IRDAI The total funds raised by Acko now stand at $450 million. Varun Dua, founder and CEO, said, “We have succeeded on the auto insurance front and will continue to scale and innovate in this flagship segment. We also continue to deepen our health strategy and intend to invest over $150 million in the health insurance segment in the near future”.

Drug maker Lupin reports consolidated net loss of Rs 2,098 cr in Q2

Drug maker Lupin on Thursday reported a consolidated net loss of Rs 2,098 crore for the second quarter ended September 30. The company had posted a net profit of Rs 211 crore in the July-September period of previous fiscal. Total revenue from operations stood at Rs 4,091.3 crore in the second quarter as compared with Rs 3,835 crore in the year-ago period, Lupin said in a statement During the quarter, the company booked a provision of Rs 1,879.6 crore for Glumetza (diabetes drug) business compensation expense to settle the dispute with two plaintiff groups as well as impairment expense of Rs 707.7 crore for Solosec, a drug indicated for the treatment of bacterial vaginosis ​(BV), it added.​​​​​​ 

Adani Green Energy Q2 profit jumps nearly six-fold to Rs 100 crore

Adani Green Energy Ltd (AGEL) on Thursday posted a nearly six-fold increase in consolidated net profit at Rs 100 crore in the September quarter on the back of higher revenues. The net profit of the company was Rs 17 crore in the quarter ended on September 30, 2020, according to a BSE filing. The company's total income stood at Rs 1,411 crore in the second quarter of the current fiscal as against Rs 718 crore in the same period a year ago. 

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