<ul><li>The latest series of funds raised by <keyword id="10721954" type="General" weightage="80" keywordseo="sarvagram" source="Orion">SarvaGram</keyword> Solutions saw investments from <keyword id="211885" type="General" weightage="50" keywordseo="elevar-equity" source="Orion">Elevar Equity</keyword>, Elevation Capital, Temasek and <keyword id="266068" type="General" weightage="50" keywordseo="tvs-capital" source="Orion">TVS Capital</keyword> Funds. </li><li>SarvaGram says that it provides a range of customised financial and capacity-enhancing products to an increasingly aspirational rural India. </li><li>The startup is headquartered in Mumbai, and currently operates out of eight hubs, over 50 outlets across four states. </li></ul>Digital lending platform SarvaGram Solutions, which focuses on lending to rural households raised $35 million in a Series C round, the startup said on Tuesday. Investors in this round include Elevar Equity, Elevation Capital, Temasek and TVS Capital Funds, with Elevar Equity being the largest investor in the company. SarvaGram closed its Series B round at $10 million in February 2021. “We found the strong experience of the founders, the focus of SarvaGram on the underserved rural middle class households and the increasing availability of data which makes for better underwriting, a differentiated story,” said <keyword id="2708998" type="General" weightage="50" keywordseo="anuradha-ramachandran" source="Orion">Anuradha Ramachandran</keyword>, managing partner, TVS Capital Funds. SarvaGram says that it provides a range of customised financial and capacity-enhancing products to an increasingly aspirational rural India. As per its own estimates, the target market is over 80 million households. “SarvaGram is at the cusp of two critical trends. First, the inflection point in rural markets as demonstrated by growing economic activity and aspirations seen across rural households and second, leveraging the entry point of financial services for a truly data led broader distribution strategy. This round provides aligned growth capital to help the company execute to their scale ambitions,” said Jyotsna Krishnan, managing partner, Elevar Equity. The startup is headquartered in Mumbai, and currently operates out of eight hubs, over 50 outlets across four states. It has over 250 franchise partners covering over 8,000 villages. With this funding round, SarvaGram plans to expand its distribution network by adding 75 more outlets by the end of FY24. It also plans to expand its on-ground franchisees — known as ‘SarvaMitra’ - to three times the current strength across different states. SarvaGram claims to take a 360-degree view of rural households as cohesive economic units. It applies data-driven intelligence to assess their overall potential including an in-depth understanding of their ground reality, balance sheets and multiple income streams. “Having successfully executed our household-centric hypothesis across tens of thousands of rural households, we now understand our customers much better. The fundraise will boost our mission of putting more power in the hands of rural households by enhancing our technology platform, strengthening the data analytics layer apart from growing our distribution and adding on-ground human capacity,” said Utpal Isser, co-founder, MD and CEO, SarvaGram. Its solutions include a high degree of de-risking as well as customization to serve the needs of the households as opposed to being restricted to a product selling paradigm. It also says that its high-touch, high-tech distribution platform leverages technology and data science along with a highly nimble on-ground presence. “Their lending offering is unique and creates the foundation to offer a range of solutions - unlike the urban salaried individual with a payslip, assessing income for a rural borrower is tricky - given multiple income streams, variability in agricultural earnings, and limited paper trails,” said <keyword id="10135369" type="General" weightage="50" keywordseo="mridul-arora" source="Orion">Mridul Arora</keyword>, partner, Elevation Capital. In most rural households, documentation is non-standardized. Consequently, the 150 million household-strong rural market is underserved by banks and large NBFCs, and SarvaGram wants to address it. “We are impressed by the team’s strong execution in a tough environment, scaling to ₹275 crore assets under management, while maintaining tight credit quality and approaching profitability,” said Mridul Arora, partner, Elevation Capital. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down five months after taking over</a> <a href="https://www.businessinsider.in/india/news/additional-restrictions-cant-be-imposed-on-freedom-of-speech-of-lawmakers-sc/articleshow/96701707.cms">Additional restrictions can't be imposed on freedom of speech of lawmakers: SC</a>

This startup which lends to the rural middle class raises $35 million in a Series C round

Leading venture capital firm <keyword id="10135370" type="General" weightage="80" keywordseo="elevation-capital" source="Orion">Elevation Capital</keyword> on Friday announced its eighth $670 million fund for early-stage startups in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and to help their founders realise their dreams. Over the past two decades, the company has invested almost $2 billion of capital in over 150 companies across seven funds, with 13 early-stage investments becoming unicorns. These include category leaders such as Acko, FirstCry, Makemytrip, Meesho, NoBroker, Paytm, Sharechat, Spinny, Swiggy, Unacademy, Urban Company, Xpressbees and several others. With the $670 million Fund VIII, the VC said in a statement that it will once again focus on the seed/Series A stage as its core. According to the company, its investment pace has been accelerating and went up by 100 per cent in the past 12 months. The firm has to date invested in over 150 companies across consumer internet, SaaS, fintech, consumer brands, edtech, healthtech and Web3/Crypto, and has offices in Bengaluru, Gurugram and Salt Lake City in the US. "Fund VIII will allow us to demonstrate a greater commitment to exceptional founders with a larger initial investment and continued support to them until much later in their journeys," said the VC. Elevation (earlier SAIF Partners) first started investing in India 20 years ago. India's equity market capitalisation is already the fifth-highest in the world, at $3.2 trillion, and is expected to approach $10 trillion over the next 10 years. "We have just scratched the surface of India's tech potential. The 100 unicorns in India alone have a combined valuation of $240 billion. We believe that this will grow over 10x over the next decade and Indian tech companies will have more than $2 trillion of market cap," said the company. The firm is led by co-managing partners <keyword id="304089" type="General" weightage="80" keywordseo="ravi-adusumalli" source="Orion">Ravi Adusumalli</keyword> and <keyword id="1700264" type="General" weightage="80" keywordseo="mukul-arora" source="Orion">Mukul Arora</keyword>, along with three managing directors <keyword id="10135369" type="General" weightage="80" keywordseo="mridul-arora" source="Orion">Mridul Arora</keyword>, Deepak Gaur and <keyword id="3039894" type="General" weightage="80" keywordseo="mayank-khanduja" source="Orion">Mayank Khanduja</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/hal-delivers-the-first-made-in-india-dornier-228-aircraft-to-alliance-air/slidelist/90719494.cms">HAL delivers the first made-in-India Dornier 228 aircraft to Alliance Air</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/abu-dhabis-ihc-to-invest-2-billion-primary-capital-in-three-adani-group-companies/articleshow/90725697.cms">Abu Dhabi's IHC to invest $2 billion primary capital in three Adani Group companies</a>

Elevation Capital announces $670 million fund for early-stage startups

Fintech company <keyword id="17714773" type="General" weightage="20" keywordseo="scapia" source="Orion">Scapia</keyword> has raised USD 23 million in a funding round, led by Elevation Capital and Binny Bansal's <keyword id="19564960" type="General" weightage="20" keywordseo="3state-ventures" source="Orion">3STATE Ventures</keyword>. The round also saw participation from existing investors -- Matrix Partners India and Tanglin Venture Partners. "Scapia's USD 23 million Series-A <keyword id="2067895" type="General" weightage="20" keywordseo="fundraise" source="Orion">fundraise</keyword> is a testament to the customers' love for its <keyword id="2385978" type="General" weightage="20" keywordseo="co-branded" source="Orion">co-branded</keyword> credit card and delightful app experience. Within five months of launch, Scapia has distributed its card in over 7,500 pin codes," the company said in a statement. Scapia offers <keyword id="155163" type="General" weightage="20" keywordseo="financial-products" source="Orion">financial products</keyword> and travel services through its co-branded credit cards. The company plans to use the funds to grow the customer base, add more banking partners, and enhance the product offerings. "This funding will fuel our efforts to grow our customer base, add more banking partners and strengthen our product suite. We are grateful to our new and existing investors who believe in our vision and are helping us deliver a compelling proposition to our customers," Scapia, Founder, Anil Goteti said. Scapia claims 40 per cent of its users are from beyond the top 30 cities. "The customer interest we see in Scapia's co-branded credit cards is a testament to the transformative power of fintech in making travel more accessible and delightful for Indians. We are excited to partner with Anil and his team," Elevation Capital, Partner, Mridul Arora said. Bansal said that the rise of fintech in India has been nothing short of revolutionary, democratising access to financial services and empowering millions. "We are excited by Scapia's progress in a short time and happy to continue our commitment to the company," he said.

Scapia raises USD 23 mn in a funding round led by Elevation Capital, 3STATE Ventures

<ul><li>VC funding reduced by 73% in 2023, pushing startups towards sustainability.</li><li><keyword id="2023017" type="General" weightage="70" keywordseo="unicorns" source="Orion">Unicorns</keyword> like Byju’s, <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> and <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword> saw valuation markdowns, few others shut shop.</li><li>Founders shifted focus to profitability and 18% of them said they’re profitable in a survey.</li><li>Half of India’s 100 unicorns could turn profitable by FY27, predicts Redseer. </li></ul>The year of 2023 was tough for many startups which had to survive without the VC funding bottle. A few like Frontrow, CarDekho shuttered down, while the fate of others like Dunzo hangs in balance. But most others also learnt their lessons, changing tracks to profitability from growth — proving that startups are agile and maturing. Only $7 billion was raised by <keyword id="18795645" type="General" weightage="90" keywordseo="startups-in-2023" source="Orion">startups in 2023</keyword> – barely a quarter of 2022’s funding. While the public markets remained vibrant, they were unrewarding to ‘profitless growth’. So, PharmEasy and Udaan had to delay IPO plans, to raise private capital. VCs too changed track from betting on fast-growing startups to those that live up to their value. So, only two startups turned unicorns in 2023 – Incred Finance and Zepto. Also, a few large unicorns like Swiggy, Ola and Byju’s had to swallow the bitter pill of valuation markdowns. “Startups were valued differently when there was excess liquidity in the market. Earlier the metrics used were month-on-month growth etc. Now they are using metrics like operating margin, revenue, profitability,” Anas Rahman Junaid, managing director of Hurun India told Business Insider India. Breakeven not burn Most founders have moved to fix their problems. As many as 18% of founders in an Elevation Capital survey said they are already profitable. An additional 58% said that they’re aspiring to achieve it in the near to medium term. “Founders are emerging more resilient and wiser from these challenges, reinforcing positive shifts across funding, talent acquisition, profitability and liquidity events,” said Mridul Arora, partner at Elevation Capital. A few that raised large funds this year like Udaan went in for immediate job cuts. It indicates that the process of belt tightening will go on, even as over 20,000 startup jobs were cut this year. Moreover, 38% of founders in the survey also said that they cut marketing costs and 20% of them also significantly reduced engineering and product development expenditures. As many as 45% of consumer sector founders are focused on managing burn, the survey says. Also, 55% of B2B &amp; SaaS founders are attempting to handle longer and more challenging sales cycles. The motto of ‘growth at all costs’ is fast vanishing from the startup system, say experts. Public markets will open The year of 2023 was a ‘do or die’ year for startups. As per Redseer, half of India’s 100 or so unicorns face bleak future like a shutdown, acquisition or pivot to new models. But half of them could turn profitable by FY27, it predicts. Moreover, at least 30% of India’s unicorns will go for an IPO in the coming fiscal year of FY25. These 30 unicorns which cut across sectors like SaaS, B2C product companies, fintechs, media and entertainment and others — have sizable revenues of over ₹500 crore. It also says that India could have 40 listed or IPO-ready new-age companies, which can grow to 90 by FY28. That’s a good exit option for VCs and PEs which have taken valuation cuts of their investee companies. “There’s a large headroom for value creation in the tech space. The scenario looks similar to what was seen during the US tech bubble as tech IPOs grew by three times as much, in the years post the dot-com bubble,” says Rohan Agarwal, partner at Redseer. Before that, however, unicorns and other startups will have to pass the profitability test. “The question that has to be asked now is not when to go for an IPO but why go for an IPO? A sustainable company that survives on its own. They need sustainable business models like path to profitability, predictability of revenues, profits, new areas they are venturing into,” Amarjeet Singh Makhija, partner at PwC. The new year will be a litmus test for startups- time will tell how many will emerge successful, and how many will quit the game.

2023: The year that startups started to grow up

<keyword id="8901041" type="UNKNOWN" weightage="20" keywordseo="FamPay">FamPay</keyword>, a <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> startup focussed on teenagers, on Wednesday said it has raised USD 38 million (about ₹278.4 crore) in funding, led by Elevation Capital and existing investor <keyword id="136147" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital-India">Sequoia Capital India</keyword>. Other early investors, Venture Highway, Y Combinator, Global Founders Capital and new Global Investors like General Catalyst, Rocketship VC, and <keyword id="2779666" type="PERSON" weightage="20" keywordseo="Greenoaks-Capital">Greenoaks Capital</keyword> also participated in the Series A round, a statement said. FamPay will use the latest round of funding to build a leadership team to further fuel growth, it added. FamPay makes it convenient for teenagers to make online and offline payments through FamPay app as well as FamCard. In addition to payment products, FamPay also offers gamified savings experiences. "FamPay is creating a market segment that a lot of brands don't focus on today. It's their (teenage users) first step at being responsible with money, their first step into adulthood. We plan to stay with them from this first step throughout their financial journey by evolving the product as they grow," Kush Taneja, co-founder of FamPay, said. The company has crossed 2 million registered users within 8 months of its launch and has been averaging 100 per cent month-on-month growth. In March 2020, the company announced raising USD 4.7 million in seed funding from Y Combinator, Venture Highway, Sequoia Capital <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, and Global Founders Capital, as well as angel investors, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, CRED founder <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword> and <keyword id="1552189" type="COMPANY" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> CEO Amrish Rau. Launched in 2020 by Kush Taneja and Sambhav Jain, FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card. "With around 40 per cent of the Indian population being below 18, every year millions of new teenagers will start using their first smartphone and FamPay envisions becoming their go-to brand," Sambhav Jain, co-founder of FamPay, said. "We are privileged and delighted to partner with Sambhav, Kush and the entire FamPay team as they march ahead in their mission to reimagine banking for teenagers. We have been extremely impressed by FamPay's product innovations, growth trajectory and customer love - all early signs that FamPay is destined to become the destination app for GenZ and gateway for their access to fintech and beyond," said Mridul Arora, Partner, Elevation Capital. India today has a sizable population of adolescents and we believe that catering to this unserved audience with innovative products contextualised to their needs and behaviours will create a very valuable business, Arora added. "It was apparent to us they (FamPay) understood their users and had very nuanced views on how to serve them best. The team is excited to double down in this round and is looking forward to working with them to help build FamPay over the next many years," Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly responsible for every single tweet in India</a> <a href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

<ul><li><keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>, one of India’s most successful VC firms, is back in a new avatar – <keyword id="10135370" type="UNKNOWN" weightage="20" keywordseo="Elevation-Capital">Elevation Capital</keyword>.</li><li>It also announced the closure of its seventh fund in India for $400 million.</li><li>SAIF Partners, when it was formed in 2001, stood for Softbank Asia Infrastructure Fund. </li></ul>SAIF Partners, one of India’s most successful VC firms, is back in a new avatar – Elevation Capital. The firm, which was founded in 2001, has backed several <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> in India – seven of which have gone one to become unicorns. With a new fund of $400 million – its seventh fund in India, Elevation Capital joins the likes of Sequoia, Lightspeed Partners, Chiratae Ventures – all of whom have successfully closed their funds in the middle of the pandemic. Rationale behind the rebranding SAIF Partners, when it was formed, stood for Softbank Asia Infrastructure Fund. Even though SoftBank quit as an LP (Limited Partner) back in 2004, the firm had continued with the same branding. “We felt that the name SAIF, while well recognized, didn’t communicate what we stand for to our partners and founders. While the rebranding has been a thought over the years, and (with) a new fund raise in the offing, we thought that the time was prime to think about a new name that echoes our investment ethos better,” said Deepak Gaur, Managing Director. Some of its big investments so far <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><col /><col /><col /><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;">Paytm </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;">MakeMyTrip </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;">Justdial </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;">FirstCry </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;">Swiggy </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;">Unacademy </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;">Meesho </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;">NoBroker </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;">Urban Company </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;">Sharechat </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><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;">Total Assets Under Management </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;">Over $2 billion until Fund VII </td></tr></tbody></table> New brand, new fund, same investment thesis The new brand Elevation Capital, Gaur added, reflects their investment ethos and commitment to the founders who help redefine their future. Elevation Capital’s seventh fund will continue to work on the same investment philosophy, where the partners will invest in early-stage companies. “We will continue to focus on the Seed/Series A stage. As for the sectors, we will continue to invest across consumer internet (including e-commerce, edtech, gaming, content), consumer brands, global SaaS and financial services,” said Mayank Khanduja, Managing Director. Elevation Capital partners who will make the call for investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><col /><col /><col /><col /><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;">Ravi Adusumalli </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;">Deepak Gaur </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;">Mayank Khanduja </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;">Mridul Arora </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;">Mukul Arora </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;">Vivek Mathur </td></tr></tbody></table> While each partner has a target of two investments per year, the firm doesn’t have a set goal for the seventh fund. “We have a long-term orientated approach with our funds and portfolio companies and we are selective in the investments that we make, so that we can do justice to the relationship we have with the founders. We don’t have any target number of investments in a year,” said Khanduja. SEE ALSO: <a href="https://www.businessinsider.in/business/news/justdial-jd-mart-challenges-indiamart-oldest-ecommerce-after-24-years/articleshow/78781834.cms">India’s oldest e-commerce platform is bracing for its first direct challenge in 24 years as Justdial ups its game</a>

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

New Delhi, Jun 22 () The Delhi High Court on Monday extended the interim bail of 2,961 undertrial prisoners by 45 days to de-congest jails during the coronavirus pandemic. A bench of Justices Siddharth Mridul and Talwant Singh passed the order in view of a high-power committee's recommendation that it would be dangerous to send the prisoners back to jail as the risk still remains high. The court said the interim bail of these undertrials is extended by 45 days from the date of expiry of the relief on the same terms and conditions and listed the matter for further hearing on August 4. The committee, headed by Justice Hima Kohli, in its June 20 meeting said since there was no certainty when the threat of pandemic shall be over and requirement of social distancing no longer necessary, the interim bail of under-trial prisoners (UTPs) needs to be extended for a further period of 45 days from the date their respective interim bail is expiring. During the hearing, Delhi government standing counsel Rahul Mehra and advocate Chaitanya Gosain, appearing for the prison authorities, said they have no objection to the extension of bail. "Accordingly, it is ordered that the interim bails for a period of 45 days granted to 2,961 UTPs, in view of the recommendations of HPC...are hereby extended by another period of 45 days from the date of their respective expiry of interim bails on the same terms and conditions," the bench said. It also directed the Director General (Prisons) to ensure that the order was conveyed to all 2,961 under-trial prisoners (UTPs) by telephone and other available modes. During the hearing,Delhi State Legal Services Authority (DSLSA) member secretary Kanwal Jeet Arora submitted that the situation was the same and it was not possible to take the undertrials back in jail at this time and urged the court to further extend the relief period. Director General (Prisons) Sandeep Goel said before the process of de-congesting jails began, there were 18,000 inmates in jail against the holding capacity of 10,000. After decongestion, though the jails population is still more than the holding capacity but it has reduced to 13,677 which is a great relief. The committee, which was formed on the order of the Supreme Court to lay down guidelines to decongest jails and prevent spread of the coronavirus, was also of the view that moving a separate application on behalf of each of the 2,961 UTPs would be "cumbersome" and lead to wastage of judicial time. Therefore, it had recommended that the high court be requested to pass a judicial order to extend the interim bail of the prisoners by 45 days. The matter was placed before Chief Justice D N Patel, who on May 7 issued verbal directions to set up the bench on Saturday, May 9. SKV HMP SA

You Searched For "mridul arora" and got 7 results

This startup which lends to the rural middle class raises $35 million in a Series C round

Katya Naidu

Elevation Capital announces $670 million fund for early-stage startups

IANS

Scapia raises USD 23 mn in a funding round led by Elevation Capital, 3STATE Ventures

PTI

2023: The year that startups started to grow up

Katya Naidu

Teenager-focused payments startup FamPay raises $38 million led by Elevation Capital and Sequoia Capital

PTI

INTERVIEW: Here’s why one of India’s most successful VC firms rebranded itself in the middle of a pandemic

Sanchita Dash

COVID-19: HC extends by 45 days interim bail of 2,961 under-trial prisoners

PTI