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<ul><li>Start-ups should shift focus from billion dollar valuations to becoming proficorns. <keyword id="3339370" type="General" weightage="20" keywordseo="freshtohome" source="Orion">FreshtoHome</keyword> is one such proficorn that is talking about a public listing soon after its Series D fund raise of $104 mn. </li><li>Entry valuations are now more about science and not art. Start-ups are getting valued on the basis of revenue or profit unlike the past two years. </li><li>FreshtoHome believes that start-ups that are profitable should not feel the compulsion of raising capital time and again. </li></ul> During the heydays of the unicorn boom in India (at the peak of the pandemic), start-ups spent more time talking about their sky-high valuations no sooner had they raised a fresh round of capital rather than their business. Blue-sky opportunity also meant unprecedented valuations back in the day, but a lot has changed since then. Start-ups are now antsy about valuations and their unicorn status even if they have raised a fresh round that would put them in the league. The preferred word now is ‘proficorns.’ Revenue and profitability are now key metrics that founders want to talk about. Now that the pixie dust of crazy valuations has started settling down in a post-pandemic world, both start-ups and their investors are being forced to smell the coffee. Shan Kadavil, the co-founder and chief executive officer of FreshtoHome, a start-up that sells fresh meat and fish, refuses to talk about valuations even after raising $104 million in a Series D funding, led by Amazon Smbhav Venture Fund. Kadavil says: “Valuations cannot be the only North-star metric. Media has so far focused on unicorns. For the start-up community in India, we have to push for proficorns, which are tailored to be profitable.” At the peak of the venture boom over 2020 and 2021, start-ups raised capital at crazy entry valuations. India birthed 40 unicorns in 2021 alone and experts say that the entry valuations of these are now beginning to look unsustainable. Then the sky looked blue and the opportunity seemed bottomless. Despite the exuberance, some players played it safe and did not raise capital at unrealistic valuations. Explains Kadavil: “We have been careful about entry valuations. Entry valuations have to be a multiple of revenues or profit. If you apply art to this science, then entry valuations will go sky-high like multiples of 10x, which makes exits very hard.” <div type="image" title="kadavil 2" msid="98544755" hostid="261" sizebytes="71512" caption="&amp;lt;p&amp;gt;Shan Kadavil, the co-founder and chief executive officer of FreshtoHome&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> Final destination for FreshtoHome is a public listing, not joining the Unicorn club Consumers know of this fresh meat and fish seller but its founders believe that what is not talked about is its technology chops. It has always focused on profitability, which is why it is aiming to hit the bourses for a public listing. FreshtoHome’s proposition is to give preservative- and antibiotic-free meats and fish. Kadavil, who has worked in the Silicon Valley and has taken a few companies public too, joined hands with other colleagues to start FreshToHome back in 2015. The target is to take this direct-to-consumer or D2C start-up public in the next three years. He says: “Our ultimate goal is public listing in 3 years and we want to now become PAT (profit after tax) profitable. It is too early to say the kind of capital we are looking to raise. It could be 10-20% of the total capital raised.” The start-up has raised $254 million in total since inception. The latest round could well have created India’s next unicorn, but Kadavil refuses to spell it out due to confidentiality reasons. Instead he prefers to talk about the company’s revenue, which currently stands at ₹1,100 crore, making it the country’s largest organised player from a revenue perspective. With gross margins at 40%, the start-up has attained operational profitability. The next milestone is to become profitable at the net level. On raising further rounds of capital, Kadavil says, “IPO (initial public offering) is the final destination for valuing the company. I would suggest companies to be operating-margin profitable and reduce the need for frequent fundraising.” FreshtoHome is operationally profitable unlike the ecosystem, he adds. The company has positioned itself as a player that delivers fresh fish and meat that is devoid of chemicals and antibiotics. He says, “The work we have done with fishermen and farmers is what is not known. We use technology to source directly from the fishermen such that they get a 20% higher price than they get from the market.” FreshtoHome has patented its own technology platform called Commodities Exchange, which it uses to bring fishermen and farmers online so that they can sell their produce directly. Building moats before a public listing FreshtoHome’s top team has spent some time building the Commodities Exchange platform, which gives them an “unfair advantage” over competition. The way delivery works is based on a supply chain that is efficient. So when a consumer in Delhi orders online, the product is delivered within 24 hours from catch. Once orders are placed, produce is transported and processed in the local centres and then delivered. “We are replicating the same model in GCC (Gulf Cooperation Council). We will go to countries that are accessible by air within 3-5 hours from India,” explains Kadavil. The $104 million raised will be deployed in expanding the network of physical stores from 30 to 100. Physical stores help because India still prefers to buy fresh fish from wet markets. This has helped convert customers to online more easily. Boats keep coming to harbours and fishermen sell their catch to the middlemen, who in turn, sell fish at auctions. It is not practical to set up a brick-and-mortar presence across 5,000 harbours, so FreshtoHome has an electronic exchange where it buys fish from fishermen. The exchange allows farmers to sell the fish online by taking a photo and uploading it and getting a better price. There is always a demand and supply mismatch at harbours, which helps organised players use technology to get best prices. He says that the category is riddled with middlemen. The middlemen are also money lenders to the smaller fishermen. FreshtoHome goes to harbours and auctions directly to buy fresh fish, which accounts for 43% of sales. “We built our moat on these lines,” explains Kadavil. Market opportunity for meat and fish retailers like FreshtoHome and Licious India consumes 10 million metric tonnes of fish valued at $50 billion. Fresh catch from India is not just sold in India’s wet markets, but is also exported to the GCC (Gulf countries) region. A large part of the GCC region’s fish imports are from India – fish alone accounted for $5 billion in exports from India to the GCC region. FreshtoHome believes that they have a scalable business with unit economics that are profitable. The company is present in 160 cities and its scale is large. The company aims to further fortify its business case before hitting the public markets. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/startup-fundraising-hits-an-8-month-low-in-february-falls-over-83-yoy/articleshow/98390347.cms">Startup fundraising hits an 8-month low in February, falls over 83% YoY</a> <a href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a>

Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation

<ul><li>In Q1 2023, Indian <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> raised a total of $2.8 billion, which is 75% lower compared to the same period in the previous year ($11.9 billion).</li><li>The report attributes the drop in funding to rising inflation and interest rates, which have impacted investments significantly.</li><li>There were no new unicorns created in January to March 2023, compared with 14 unicorns created during the same period last year, as per Tracxn report.</li><li>The report highlighted that India is the second highest-funded geography after the US in Q1 2023.</li><li>Though India is in second place, the funding is still on a declining trend.</li></ul>The ongoing macroeconomic challenges have hit the Indian startup industry in terms of funding from investors. In Q1 2023, Indian startups raised a total of $2.8 billion, which is 75% lower compared to the same period in the previous year ($11.9 billion), according to Tracxn Geo Quarterly Report: India Tech - Q1 2023. The report attributes the drop in funding to rising inflation and interest rates, which have impacted investments significantly. <keyword id="17097014" type="General" weightage="20" keywordseo="Early-stage-startup-funding" source="Orion">Early-stage startup funding</keyword> dropped 4% to $844 million in Q1 2023 as compared to the previous quarter. Meanwhile, seed funding slipped 16% to $153 million from the previous quarter. Adding to it, <keyword id="17097015" type="General" weightage="20" keywordseo="late-stage-rounds" source="Orion">late-stage rounds</keyword> in Q1 of 2023 also witnessed a sharp fall of 79% to $1.8 billion from a year ago. There were no new unicorns created in January to March 2023, compared with 14 unicorns during the same period last year. Although funding has decreased on a yearly basis, the month-on-month comparison is encouraging as Indian startups saw a significant uptick in funding – a 54% rise to $1.2 billion in March 2023 from $777 million in February. India is second highest-funded geography after US The report highlighted that India is the second highest-funded geography after the US in Q1 2023. Despite taking second place, the funding in India is still on a declining trend. The total overall funding in India declined by 21% in Q1 2023 as compared to Q4 2022 and by more than 75% when compared with Q1 2022. The number of funding rounds in Q1 2023 experienced a drop of 10% and 63% when compared with Q4 2022 and Q1 2022 respectively. Companies like PhonePe, Lenskart, Mintify, Insurance Dekho, FreshtoHome Foods, TI Clean Mobility and KreditBee were big ticket deals in the January-March quarter, the report said. As per the report, Bangalore cornered the largest share of the total funds raised in the March quarter, followed by Delhi and Mumbai. The leading sectors in terms of funding this quarter were fintech, retail and enterprise applications. The fintech segment witnessed a funding growth of 150% compared to Q4 of 2022. However it saw a drop of 51% compared to Q1 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/interest-on-home-loans-of-75-lakh-and-above-can-increase/articleshow/99397263.cms">Looking for a home loan of ₹75 lakh or above? The RBI rate hike pause might not bring you relief</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/super-20-equity-funds-that-have-managed-to-not-only-beat-benchmarks-but-delivered-the-best-returns-in-the-last-one-year/articleshow/99388892.cms">Super 20 equity funds that have managed to not only beat benchmarks but delivered the best returns in the last one year</a>

Indian startup funding slumps 75% YoY to $2.8 billion in Jan-Mar, as macro challenges weigh

Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list

<ul><li><keyword id="3339370" type="PERSON" weightage="20" keywordseo="Freshtohome">FreshToHome</keyword>, the fresh fish and meat e-commerce platform, has raised $121 million in a Series C round.</li><li>FreshToHome co-founder and CEO Shan Kadavil told Business Insider that the company is the world’s largest vertically integrated platform. </li><li>Kadavil said that the company has grown over four times in the last 12 months, and specifically during the lockdown, they saw a 2.5X growth.</li></ul>FreshToHome, the fresh fish and meat e-commerce platform, has raised $121 million in a Series C round. The <keyword id="6357455" type="UNKNOWN" weightage="20" keywordseo="Funding">funding</keyword> was led by Investment Corporation of Dubai (ICD) – the investment arm of the Dubai government, U.S. Government’s development finance institution – DFC, Investcorp, Allana Group and others. While the company said that this is the largest series C round of funding in consumer tech, FreshToHome co-founder and CEO Shan Kadavil told Business Insider that the company is the world’s largest vertically integrated platform. “Given our value proposition, we have seen viral growth. In addition to that, we are not hyperlocal, we are not just a marketplace or a frontend for the end consumer. We have grown so fast because of the health, immunity and safety aspect. If you go to a wet market today, it’s not really the safest thing to do,” Kadavil told Business Insider. FreshToHome sources from over 1,500 fishermen and farmers from across the country and also does contract farming.The startup also uses its patent-pending AI-powered supply chain technology and is aided by a state-of-the-art cold chain. “At ICD, we seek to partner with companies like FreshToHome that are able to break new ground for the greater good while also enjoying a large shareholder value creation opportunity” said Khalifa Al Daboos, Deputy CEO of Investment Corporation of Dubai, in a statement. With the latest investment, the company is also planning to expand across India and the Middle East. Fast growth Kadavil said that the company has grown over four times in the last 12 months, and specifically during lockdown, they saw a 2.5X growth. “What that reflects is how consumer buying has changed. Our category is very huge, it’s a $94 billion market and despite the market size, mostly everything is sold through wet markets,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Orders per month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annualized revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹600 crore </td></tr></tbody></table> The biggest hesitation for people so far had been they didn’t know or had assurance about the quality of food bought online – whether it’s fresh or not. But Kadavil shared that by deleting the middlemen in the process, they offer fresh produce to their users. He shared an example that when a user from Delhi places an order at 11 am, the fish is still in Cochin and is processed overnight and delivered to the user. “The online purchase behaviour is such that once you try the first order, then you get hooked on to our page. We have over 96% retention which is really a measure of how consumers buyback from us. It’s one of the largest retention rates in the industry,” said Kadavil. With the growing number of users and orders, over the next 12 months, Kadavil is targeting annualized sales of ₹1,500 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/after-katrina-kaif-alia-bhatt-invests-in-e-commerce-unicorn-nykaa/articleshow/78888581.cms">After Katrina Kaif, Alia Bhatt invests in e-commerce unicorn Nykaa</a>

FreshToHome raises $121 million – founder says they are looking to double their revenue to ₹1,500 crore in the next one year

<ul><li><keyword id="3246584" type="PERSON" weightage="20" keywordseo="Iron-Pillar">Iron Pillar</keyword> invests in Series B to Series C rounds of technology-focused startups.</li><li>Its portfolio includes conversational AI startup Uniphore, online jewellery seller BlueStone and edtech Testbook.</li><li>The company has made 12 investments since 2016 and has received one exit to date. </li></ul>Technology-focused <keyword id="189401" type="PERSON" weightage="20" keywordseo="Investment-firm">investment firm</keyword> Iron Pillar is expecting to double its assets under management (AUM) by the end of 2022, as its portfolio companies continue to thrive during the pandemic. The company currently has a AUM of $500 million and is expected to hit $1 billion by December 2022. Iron Pillar is also looking to close 2021 with seven to eight investments. The investment firm has already closed four fresh deals so far, which includes edtech startup Skill-Lync that offers upskilling courses for engineers, conversational artificial intelligence (AI) startup Uniphore and cloud-based automation platform Ushur. The investment firm typically invests $5 million to $15 million in Series B and Series C rounds — or in companies with an average revenue run rate (ARR) of $4 million to $10 million. “On the breakout companies, we continue investing till they [go for an] IPO/M&amp;A [initial public offering or mergers and acquisitions] and can invest $50-100 million in each company as they scale up,” Iron Pillar’s managing partner Anand Prasanna told Business Insider. “Nothing has fundamentally changed in our investment thesis since we were investing primarily in cloud software companies building from India for the world, right from 2016. But COVID has further solidified our conviction in the space with our portfolio recording a 2.4 times average growth over last year, maintaining strong unit economics. This strong performance is continuing as we speak and so we are more bullish on the space,” Prasanna said. Iron Pillar’s portfolio has 12 startups including — device management platform Servify, cloud governance and compliance platform CoreStack, vegetables and meat e-commerce platform FreshtoHome, online jewellery platform BlueStone and competitive exams preparation platform Testbook. The investment firm does not have any unicorn — startups valued at or above $1 billion — to its portfolio, yet. However, a recent report by investment firm Chiratae Ventures and consulting firm Zinnov <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">highlighted</a> that Uniphore is going to be among the next software-as-a-service (SaaS) unicorns soon. The report, released in July 2021, also named MindTickle and workforce management software FarEye to be next in line of the unicorn club. Of this, MindTickle has already <a href="https://www.businessinsider.in/business/startups/news/mindtickle-is-the-third-saas-firm-from-india-to-enter-the-unicorn-club-in-2021/articleshow/85069737.cms">announced</a> its unicorn round of $100 million led by SoftBank. Iron Pillar, founded in 2016, closed its first fund at $90 million in October 2018. It later raised another $45 million in May 2020 to top up the first fund. The investment firm launched its fund II in April-June quarter of 2021. The fund II has received $10 million from Indian exporter of processed foods and agro commodities Allana Group. Iron Pillar has not shared the total targeted corpus of fund II due to international regulations. “Our first fund was closed in October of 2018. So, it is early for us to talk about large exits. We have already had one exit, where [sic] NowFloats was acquired by Reliance Jio. We made a good IRR [internal rate of return] on this investment,” Prasanna said. NowFloats offers SaaS solutions to small and medium enterprises (SMEs) to expand their digital presence. The company was acquired by Reliance for<a href="https://www.businessinsider.in/business/news/mukesh-ambani-targets-to-take-50-million-msmes-online-as-reliance-launches-jiobusiness/articleshow/81412975.cms"> ₹141.6 crore</a> ($19 million) in 2019. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/what-if-vodafone-idea-dies/articleshow/85127937.cms" data-type="tilCustomLink">What if Vodafone Idea dies?</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-shares-fall-as-sc-rejects-agr-dues-re-computation-appeal/articleshow/84668288.cms">Vodafone Idea sinks nearly 10% and Airtel tumbles a bit after India’s Supreme Court denies a discount on past dues</a> <a href="https://www.businessinsider.in/stock-market/markets/news/cost-cutting-is-not-helping-vodafone-idea-fresh-funds-might-but-nothing-is-coming/articleshow/84092610.cms">Cost cutting is not helping Vodafone Idea, fresh funds might ⁠— but ‘nothing is coming’</a>

FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management

In a step aimed at protecting the US economy by strengthening public confidence in the country's banking system, the Biden administration has announced that depositors of the failed <keyword id="630197" type="General" weightage="100" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> will have access to their money from Monday. After receiving recommendations from the boards of the Federal Deposit Insurance Corporation (<keyword id="115108" type="General" weightage="80" keywordseo="fdic" source="Orion">FDIC</keyword>) and the <keyword id="6355253" type="General" weightage="80" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword>, and consulting with the president, Treasury Secretary Janet Yellen on Sunday approved actions enabling the FDIC to complete its resolution of the <keyword id="6357722" type="General" weightage="80" keywordseo="silicon-valley" source="Orion">Silicon Valley</keyword> Bank, Santa Clara, California, in a manner that fully protects all depositors, an official statement said. California-based Silicon Valley Bank, the 16th largest bank in the United States, was closed on Friday by the California Department of Financial Protection and Innovation which later appointed the FDIC as its receiver. <keyword id="675965" type="General" weightage="80" keywordseo="svb" source="Orion">SVB</keyword> was deeply entrenched in the tech startup ecosystem and the default bank for many high-flying startups; its abrupt fall marked one of the largest bank failures since the 2008 global financial crisis. The bank failed after clients -- many of them venture capital firms and VC-backed companies that the bank had cultivated over time -- began pulling out their deposits, creating a run on the bank (among the biggest US bank runs in more than a decade). Bank runs occur when customers or investors gripped by panic start withdrawing their money, causing the bank to be incapable of paying its obligations as they come due. "The depositors will have access to all their money starting Monday, that is, March 13. No losses associated with the resolution of the Silicon Valley Bank (SVB) will be borne by the taxpayer," said a joint statement issued by the Department of the Treasury, Federal Reserve, and FDIC. "We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole," it said. According to the interagency federal statement, shareholders and certain unsecured debt holders, however, will not be protected. "The senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law," it said. Finally, the Federal Reserve Board had on Sunday announced it would make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors, it said. "This step will ensure that the US banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth," the statement noted. According to the statement issued by Yellen, Federal Reserve Board chair Jerome Powell and FDIC Chairman Martin Gruenberg, the United States' banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. "Those reforms combined with today's action demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe," it added. The abrupt collapse of the SVB has left Silicon Valley entrepreneurs unnerved and jittery. It has also pushed tech investors and startups to scramble to figure out their financial exposure and the impact on their ability to operate, at a time when many businesses were already on edge from widespread layoffs. Seeking to ward off the impact on Indian enterprises, Minister of State for Electronics and IT Rajeev Chandrasekhar on Sunday that he will meet representatives of start-ups this week to assess the impact of their exposure to Silicon Valley Bank which was deeply entrenched in the tech startup ecosystem. According to various industry players and experts, most Indian software-as-a-services startups with a presence in the US and firms linked to incubator Y Combinator are among entities that will feel the heat of the Silicon Valley Bank collapse but the impact is likely to be short-term. "The SVB_Financial closure is certainly disrupting startups across the world. Startups are an imp part of NewIndia Economy. I will meet with Indian Startups this week to understand the impact on them n how @narendramodi govt can help during this crisis," Chandrasekhar tweeted on Sunday. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a> <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a> <a href="https://www.businessinsider.in/retail/news/reliance-brings-back-the-iconic-campa-beverage-brand/articleshow/98520789.cms">Reliance brings back the iconic Campa beverage brand</a>

Silicon Valley Bank depositors will have access to their money starting Monday: US Treasury Secretary

<ul><li>Shares of private sector lender Yes Bank tanked more than 12% in early trade on Monday as a Reserve Bank of India (RBI)-mandated three-year lock-in for investors ended today.</li><li>In March 2020, RBI had imposed a reconstruction scheme and superseded Yes Bank’s board due to a steady decline in the lender’s financial position.</li><li>The institutional investors who came to the rescue of Yes Bank were mandated by RBI to hold 75% of their shares in Yes Bank, bought as part of the rescue plan, until March 13, 2023. SBI was to hold at least a 26% stake till March 2023.</li><li>Yes Bank’s financials have been improving since the crisis in 2020. The bank reported a net profit in FY22, its first full-year of profit since FY19.</li></ul>Shares of private sector lender Yes Bank tanked more than 12% in early trade on Monday as a Reserve Bank of India (RBI)-mandated three-year lock-in for investors – who had infused funds into the struggling private-sector lender in 2020 in exchange for an equity stake – ended today. At 12:54 a.m, Yes Bank shares had recovered some of the losses to trade at ₹15.75, lower by 4.55%. Meanwhile, the benchmark indices were also under pressure with all sectoral indices in the red. The Sensex and the Nifty were down 0.5% each while the Nifty Bank index fell 0.80%. For context, in March 2020, the Reserve Bank of India (RBI) had imposed a reconstruction scheme and superseded Yes Bank’s board due to a steady decline in the lender’s financial position, which struggled to raise adequate capital to make provisions for potential non-performing assets. As part of the reconstruction scheme, a consortium of 10 institutional investors led by State Bank of India (SBI) had infused ₹10,000 crore in Yes Bank to bail out the lender. Besides SBI, Axis Bank, IDFC First Bank and ICICI Bank are the other major banks that took part in the bailout. The institutional investors were mandated to hold 75% of their shares bought as part of the rescue plan for three years until March 13, 2023. RBI had also asked SBI to hold at least a 26% stake in Yes Bank till March 2023. As of December 31, SBI held 26.14% stake, IDFC First Bank had 1%, Axis Bank had 1.57% and ICICI Bank held a 2.61% stake in Yes Bank. Meanwhile, LIC held a 4.34% stake in the private-sector lender. In December 2022, Yes Bank concluded the sale of stressed assets to JC Flowers Asset Reconstruction Company on loans worth ₹48,000 crore, which led to a substantial reduction in the bank’s gross non-performing assets. Also, Yes Bank’s financials have been improving since the crisis in 2020. The bank reported a net profit of ₹1,066 crore in FY22 after a net loss of ₹3,462 crore in the previous fiscal year. In fact, FY22 was the first full-year of profit since FY19. In Q3 FY23, Yes Bank said it has recorded a "sustained improvement" in non-performing asset ratios. The gross non-performing asset (GNPA) ratio stood at 2% in the December quarter, as against 14.7% last year. The net NPA ratio came down to 1%, as compared to 5.3% in Q2 FY23. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-stocks-rally-after-group-prepays-2-15-billion-margin-linked-loans/articleshow/98601176.cms">Adani stocks rally after group prepays $2.15 billion margin-linked loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a>

Yes Bank shares tank over 12% as 3-year shareholder lock-in period ends

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> (<keyword id="675965" type="General" weightage="100" keywordseo="svb" source="Orion">SVB</keyword>). </li><li>All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. </li><li>IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO.</li></ul>India’s benchmark indices Sensex and Nifty50 tumbled in the second half of trading on Monday amid a sharp surge in volatility due to concerns of a fallout from the run on Silicon Valley Bank (SVB). All but one sectoral indices were in the red, with bank, auto, realty and FMCG stocks falling the most. Both the benchmark indices were down 1.2% midway on Monday – Sensex fell 705 points to 58,345, Nifty50 declined 200 points to 17,218. <a href="https://www.businessinsider.in/stock-market/news/explained-what-is-india-volatility-index-or-vix-and-why-is-it-important-now/articleshow/93935633.cms">India VIX</a>, which measures the volatility in the markets, rose sharply by over 13% on Monday. IT services company Tech Mahindra emerged as the top gainer in the Nifty50 pack on the appointment of Mohit Joshi as its new MD and CEO. In the week ended on Friday, March 10, bears wiped out the gains of the preceding two weeks – Sensex closed 0.52% lower, while Nifty50 fell 0.31%. Most of the sectoral indices were in the red on Monday morning, with media, banks, auto and pharma sectors declining the most. IT was flat, while metals and financial services sectors were in the green. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.29% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.43% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.35% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.39% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.31% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.35% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.03% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.21% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid Corp </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.73% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.17% </td></tr></tbody></table> Source: NSE, March 13, 2023 <cmsannotation type="cmsannotation" annotationid="US authorities step in to protect SVB depositors" comment="subhead" text="US authorities step in to protect SVB depositors">US authorities step in to protect SVB depositors</cmsannotation> The run on the Silicon Valley Bank left the startup ecosystem on the edge over the weekend – SVB caters to nearly half of all the venture capital-funded startups in the US. However, the US authorities rushed to step in before the bank opens on Monday, announcing that the money of all the depositors will be available when the bank opens on Monday. That said, market sentiments were mixed on Monday morning. While Hang Seng rose 1.84%, Taiwan Weighted was flat. Shanghai Composite edged up 0.57%, while KOSPI was up 0.27%. Nikkei 225, however, fell the most, down by 1.58%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Nazara Technologies: The gaming platform reported that two of its subsidiaries have deposits worth ₹64 crore at the collapsed Silicon Valley Bank. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>: The Gautam Adani led group said it has completed full prepayment of margin-linked share backed financing aggregating to $2.15 billion, before the committed timeline of March 31, 2023. Also, promoters have prepaid a $500 million facility availed for financing the acquisition of Ambuja Cements. <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>: Media <a href="https://economictimes.indiatimes.com/industry/banking/finance/ten-more-banks-set-to-join-syndication-for-reliance-industries-ltds-3-billion-loan/articleshow/98591608.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral">reports</a> suggest that Reliance Industries’ $3 billion loan is in the final stages of completion, in a consortium consisting of three dozen banks. ICICI Bank: RBI has granted approval of extending the deadline to divest its shareholding in ICICI Lombard General Insurance to less than 30%. The deadline has been extended till September 9, 2024. M&amp;M: As per reports, the automaker is likely to sell 4.6% stake in automotive component supplier Mahindra CIE Automotive at a floor price of ₹355 per share through a block deal. Bank of Baroda: The lender plans to divest 49% stake in credit card subsidiary, BoB Financial Solutions. The bank is aiming at a 12 month timeline to bring in a partner for technology, distribution and sourcing knowledge. Sona BLW: Private equity firm Blackstone is likely to completely exit the investment in the auto component maker through a block deal on Monday. According to reports, the floor price has been set at ₹400 per share. Tech Mahindra: The IT company announced the appointment of Mohit Joshi as MD &amp; CEO to take over after CP Gurnani’s retirement on December 19, 2023. Joshi has two decades of experience in enterprise technology software &amp; consulting space. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a> <a href="https://www.businessinsider.in/business/startups/news/unicorns-a-bad-word-now-freshtohome-eyes-listing-in-3-years-as-ceo-says-ipo-is-final-test-of-valuation/articleshow/98544597.cms">Unicorn’s a Bad Word Now: FreshtoHome eyes listing in 3 years as CEO says IPO is final test of valuation</a>

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