Tag: fundraising

  • India’s NIIF Taps Ex-PAG Executive Gauravjit Singh to Lead Global Fundraising

    India’s NIIF Taps Ex-PAG Executive Gauravjit Singh to Lead Global Fundraising

    India’s National Investment and Infrastructure Fund Limited (NIIF) has appointed Gauravjit Singh, a former executive at private markets firm PAG, as Managing Partner and Global Head of Capital Formation. The move underscores NIIF’s push to expand its investor base for infrastructure, private markets, and climate-related investments.

    Gauravjit Singh to Drive NIIF’s Capital Strategy

    Singh brings nearly two decades of experience in institutional fundraising across global, India-focused, and pan-Asian investment strategies. He most recently served as Head of Investor Relations and Fundraising for PAG’s private equity business in Singapore, where he also sat on PAG’s Investment and Exit Committees. Prior to PAG, Singh held roles at True North and KKR. At True North, he led investor relations and supported the firm’s expansion into private credit and new institutional markets across the United States, Europe, the Middle East, North Africa, and Japan.

    Strengthening Investor Ties and Mobilizing Capital

    NIIF said Singh will focus on deepening existing investor relationships while identifying new sources of capital. The appointment follows a period of increased fundraising activity: the sovereign-anchored asset manager has raised approximately $3 billion in new equity commitments over the past 24 months across its strategies covering infrastructure, private markets, growth equity, and climate-related investments.

    Sanjiv Aggarwal, Managing Director and CEO of NIIF, emphasized the importance of expanding the investor network. “Deepening our relationships with existing investors, bringing new investors into the NIIF ecosystem and broadening our sources of capital will be important priorities,” Aggarwal said.

    Recent Fund Closings Highlight Momentum

    NIIF has closed several large funds in 2026. Its Private Markets Fund II secured commitments of up to $750 million at its first close earlier this year, targeting a total of $1 billion. In August, NIIF announced a ₹19,000 crore (about $2 billion) first close for Infrastructure Fund II, exceeding 60% of its ₹30,000 crore (roughly $3.2 billion) target. The fund received backing from the Government of India, sovereign wealth funds, pension funds, insurance companies, and Indian financial institutions.

    Singh commented on India’s appeal to global investors: “India has become an important market for global institutional investors seeking long-term investment opportunities. NIIF’s role is to create meaningful and investable pathways to accelerate the flow of capital into India’s growth.” He added that he plans to build on relationships with existing investors while bringing new institutional partners to the platform.

  • Canara Bank Eyes $2.5 Billion in Foreign Currency Funding via FCNR(B) and Overseas Borrowings

    Canara Bank Eyes $2.5 Billion in Foreign Currency Funding via FCNR(B) and Overseas Borrowings

    Canara Bank has announced plans to raise between $2.3 billion and $2.5 billion in foreign currency funding through a combination of FCNR(B) deposits and overseas borrowings. The bank aims to secure $1.3–$1.5 billion specifically via FCNR(B) deposits by September 2026, with the remainder coming from external commercial borrowings (ECBs) and overseas foreign currency borrowings (OFCBs).

    As of July, the bank has already raised approximately $775 million through the FCNR(B) window and mobilized nearly ₹7,300 crore under the scheme. This fundraising initiative follows the Reserve Bank of India’s (RBI) decision to lift the interest rate cap on fresh FCNR(B) deposits with tenures of three to five years. The special deposit window remains open until September 30, 2026, and banks can increase overseas borrowings under RBI guidelines until December 31, 2026.

    Strong Q1 FY27 Performance

    Canara Bank reported robust business growth for the quarter ending June. Total advances grew 18% year-on-year to ₹12.93 lakh crore, while total deposits rose 12% YoY to ₹16.11 lakh crore. Global business value increased 14% to ₹29.05 lakh crore. Net interest income (NII) reached ₹10,215 crore, marking a 13% increase. Managing Director Brajesh Kumar Singh noted that NII crossed the ₹10,000 crore milestone for the first time in a quarter.

    Improving Asset Quality

    The bank’s asset quality continued to strengthen. Gross non-performing assets (GNPA) fell to 1.57% from 2.69% a year ago, and net NPAs declined to 0.36% from 0.63%. The provision coverage ratio (PCR) improved to 94.76%. Credit quality gains were supported by a lower slippage ratio of 0.60% and recoveries of ₹2,500 crore during the quarter.

    Analysts expect the combination of stronger profitability, healthier asset quality, and additional foreign currency funding to bolster Canara Bank’s lending capacity and liquidity position in the coming quarters.

  • Ather Energy Eyes $200 Million QIP to Boost EV Expansion in India

    Ather Energy Eyes $200 Million QIP to Boost EV Expansion in India

    Electric two-wheeler maker Ather Energy is reportedly preparing to raise approximately $200 million (around Rs 1,700 crore) through a qualified institutional placement (QIP) as the company seeks to strengthen its expansion plans following its listing on Indian stock exchanges earlier this year. According to sources familiar with the matter, the share sale could begin as early as next week.

    The Bengaluru-based EV manufacturer has reportedly appointed HSBC, Axis Capital, and Nomura to manage the institutional fundraising. While the final size and timing of the issue remain subject to market conditions, the offering is expected to attract both domestic and global institutional investors.

    Expansion Plans Drive Fundraising

    The fresh capital is anticipated to be used for expanding Ather Energy’s manufacturing capacity, widening its retail footprint, and accelerating the development of new electric vehicle platforms. The company has been progressively increasing its presence in India amid intensifying competition in the electric two-wheeler segment.

    Ather has made aggressive investments in production, dealer network expansion, and innovative product development, as it competes with both established automobile giants and emerging EV startups.

    Increasing Competition in the EV Industry

    India’s EV industry has become increasingly competitive with the entry of new players such as Ola Electric, TVS Motor, and Bajaj Auto. These companies have invested heavily in developing new products, distribution channels, and manufacturing facilities to meet rising consumer demand for electric vehicles.

    Analysts note that further investment will be required for companies to scale operations, improve profitability, and roll out products across various price segments, rather than focusing solely on one market tier.

    Shift in Focus from IPO

    Ather Energy’s new plan to raise funds through an institutional equity offering follows its recent IPO, signaling the company’s determination to push ahead with its expansion strategy despite intense industry competition. This sequence of fundraising efforts indicates a proactive approach to securing capital for growth initiatives.