Private Philanthropy, beyond CSR, Gains Momentum in EdelGive-Hurun India Philanthropy List 2024
The EdelGive-Hurun India Philanthropy List 2024 highlights a remarkable shift towards personal giving, with 31 individuals making donations in their personal capacity—an increase from 24 last year. This underscores a growing trend of individual commitment to social causes, beyond corporate philanthropy.
The list is led by Shiv Nadar & family, whose contributions of ₹1,992 Cr to education through the Shiv Nadar Foundation exemplify their enduring commitment to nation-building. Nandan Nilekani follows with a personal donation of ₹295 Cr, a substantial 56% increase from last year, reflecting his dedication to ecosystem-building initiatives.
Among the notable new entrants is Krishna Chivukula, who donated ₹228 Cr towards education, ranking third. Meanwhile, Susmita & Subroto Bagchi demonstrated a remarkable 63% increase in donations, contributing ₹179 Cr to healthcare.
The list also features stalwarts such as Rohini Nilekani, S Gopalakrishnan, and Ranjan Pai, whose generosity continues to leave a lasting impact on education and ecosystem-building efforts.
This year’s report reinforces the vital role personal philanthropy plays in driving social change and highlights the diverse causes championed by India’s leading philanthropists, from education and healthcare to ecosystem building.
Exclusive: Saudi Aramco unit in talks to invest $1 billion in US software maker Mavenir, sources say
NEW YORK, Nov 22 (Reuters) - Saudi Aramco's (2223.SE), opens new tab digital arm is in talks to take a significant minority stake in Mavenir, in a deal that is likely to value the U.S. telecommunications software maker at about $3 billion, people familiar with the matter told Reuters on Friday.
Aramco Digital is in talks to invest about $1 billion in Mavenir and a deal is likely to be signed before the end of the year, the sources said, cautioning that a transaction is not guaranteed.
Aramco and Evercore did not immediately respond to requests for comment. Mavenir declined to comment.
The telecom equipment industry, which has long been dominated by vendors such as Sweden's Ericsson (ERICb.ST), opens new tab, Finland's Nokia (NOKIA.HE), opens new tab and China's Huawei, is one of the few critical areas where U.S. companies do not have a significant presence.
Richardson, Texas-based Mavenir is a pioneer in a technology called Open Radio Access Network (Open RAN) that promises to radically cut costs for telecom operators building a mobile network. It uses cloud-based software and allows use of gear from many suppliers instead of relying on a handful of companies.
The company has so far raised at least $800 million in various funding rounds, opens new tab.
As the Trump administration took actions to thwart Huawei's U.S. business, it also pushed for more adoption of Open RAN technologies, which could put more American companies in the mix.
The push to promote Open RAN continued under the Biden administration, but it was not widely adopted as the emerging technology could not always match all the features that traditional telecom vendors could provide.
Bitcoin at record highs, sets sights on $100,000
NEW YORK/LONDON, Nov 22 (Reuters) - Bitcoin touched a record high on Friday, with its sights set firmly on the $100,000 barrier, in a stellar rally for the cryptocurrency sparked by expectations of a more friendly regulatory environment under a Donald Trump administration.
It has more than doubled in value this year and is up about 45% since Trump's sweeping election victory on Nov. 5, when voters also elected a slew of pro-crypto lawmakers to Congress.
The cryptocurrency's gains, however, were more measured on Friday. After touching a fresh record high above $99,800 , bitcoin pulled back a touch to trade up 1.33% on the day, around $99,383.
Still, the momentum for further gains appeared strong with bitcoin poised for a third straight week of plus-10% gains. It was also on track for its best monthly performance since February.
Its surge has made bitcoin one of the standout winners of so-called Trump trades - assets that are seen as winning or losing from the Republican president's policies.
The cryptocurrency also appears on the cusp of mainstream acceptance since its creation 16 years ago.
"The longer it survives it is taken more seriously, that's just the reality of things," said Shane Oliver, chief economist and head of investment strategy at AMP Sydney.
"As an economist and investor I find it very hard to value it ... it's anyone's guess. But it does have a momentum aspect to it and at the moment the momentum is up."
India invested $14 trillion since independence, over 50% in the last decade
India's financial landscape has seen a remarkable growth in investment spending since independence, particularly over the last decade during which more than half of the $14 trillion invested. A report by Motilal Oswal revealed that in the past 10 years, $8 trillion has been injected into the economy, to assist the country's rapid expansion and modernization.
"The country has spent $14 trillion on investments since independence, with $ 8 trillion spent in the last decade alone" it said. It further added that the investment-to-GDP ratio, which had stalled since 2011 is now improving. This recovery is credited to post-COVID economic measures and a surge in government spending on infrastructure and development projects
This increasing annual investment growth showcases India’s transition for sustained economic growth and enhanced global competitiveness.
It said, "The investment to GDP ratio, which had been low since 2011, is now recovering due to post-Covid recovery efforts and increased government expenditure."
The report also emphasizes the strength of Indian stock markets over the past 33 years, reflecting positive returns in 26 of those years despite occasional setbacks. It observes that short-term declines of 10-20 percent occur almost every year, yet the markets continue to exhibit long-term growth.
It revealed, "10-20 per cent Temporary drawdown is almost a given every year."
Even though bear markets can seem overwhelming in the short term, they often appear as minor setbacks when viewed in hindsight. The report also cautions investors against panic selling during market downturns, stressing the importance of keeping a long-term perspective to fully benefit from market recoveries.
India's strong investment momentum, along with its resilient stock market, offers an optimistic insight for the economic future. With the investment base steadily growing, India is well-positioned to become a major player in the global economy.
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55% of Indian economy continues to grow positively
Despite recent fluctuations, a new report reveals that 55% of the Indian economy is experiencing growth, driven by government spending, a strong agricultural rebound, and robust credit to small businesses. However, consumer spending and certain sectors like mining and communication are showing signs of slowdown.
A major portion of the Indian economy, 55 per cent, is witnessing an upward trend despite fluctuations, recent report by HSBC Global Research.
The report noted that the economy was falling into a moderate track following a period of rapid stock market gains and robust GDP growth.
Analyzing 100 growth indicators, it was observed that even though most of them remain positive, the amount of positive indicators has fallen from 65 per cent in the previous quarter, indicating a economic slowdown.
However, indicating the slowdown, it adds, "While a lower proportion of the economy seems to be growing positively compared to a quarter ago (55 per cent vs 65 per cent), the majority of indicators are still positive. And while investment activity (especially construction and public sector led) is holding up, consumption related ones are slowing."
It referred to growth in specific sectors, noting that agriculture has achieved significant improvement, contributing 15 percent to the GDP, has shown signs of improvement, with 60 percent of its indicators reflecting a positive trend.
The report noted that earlier disruptions in production caused by irregular rainfall and heatwaves during the monsoon season have been offset by a return to normal temperatures and adequately filled reservoirs, boosting future prospects.
Besides any unforeseen shocks, the agriculture sector is expected to show further growth in the coming months.
The analysis further highlights that the government's current and capital expenditure has been steadily increasing, driving a surge in investments.
It also shows that the credit to industries, especially small and medium enterprises, is expanding rapidly and robust digital public infrastructure has enhanced credit accessibility.
Construction activities remain strong, supported by ongoing real estate and infrastructure projects, although the pace has slightly slowed.
The report also highlights a diversification in India's export basket, noting that the shift towards professional services is playing a key role in sustaining export growth.
It pointed out that consumption in both rural and urban areas has slowed, with a decline in manufacturing output for consumer goods, though construction-related goods have remained steady.
The decline in consumer loans, especially unsecured loans, is linked to the Reserve Bank of India's (RBI) efforts to rein in excessive credit growth, according to the report. Mining and utilities have experienced a sharp downturn, with none of their indicators showing positive growth this quarter. Additionally, the normalization of weather conditions has reduced electricity demand, which had previously spiked during the heatwave earlier in the year.
The communication sector has experienced a slowdown, likely due to the effects of tariff hikes earlier this year. While trade and transport are still struggling to recover, tourism-related activities are flourishing, fueled by pent-up travel demand. The financial sector is also showing contraction, as per the report. The report notes that while industrial finance remains strong, bolstered by growing credit to small enterprises, consumer finance has weakened due to regulatory measures aimed at reducing over- leverage in the personal loans market. It also acknowledges the contributions of sectors such as electronics manufacturing, digital startups, and Global Capability Centres but observes that these sectors are now normalizing.
"The exuberance in electronics manufacturing, Global Capability Centres, and digital start-ups, led to high growth and incomes at the top of the pyramid. But after a few heady years, the base is rising, and growth in these sectors is normalizing to more sustainable levels," the report said. "Overall GDP growth is gradually converging from 7 per cent + levels to a more sustainable but still strong 'potential growth' level of 6.5 per cent. If the improved prospects for agriculture stick, this new growth clip could be more equitably spread," the further added.
Google's new AI ecosystem to help monitor air quality in India
Google has announced a new AI ecosystem called AirView+ to help monitor air quality in Indian cities. According to Google, Air View+ is “an ecosystem based solution to empower government authorities and people with useful hyperlocal air quality information, in collaboration with local climate tech firms”.
Using Google AI, the Air View+ ecosystem will measure air quality in cities across India and provide the insights to government agencies responsible for environmental monitoring and urban planning.
Air View+ provides local municipal corporations with hyperlocal air quality data of their cities, which they are using to develop their in-house AQ dashboards via the researchers and Google’s sustainability partners (Aurassure and Respirer Living Sciences). These dashboards provide air quality data for unmonitored areas and help urban planners identify hotspots and make necessary interventions, says Google.
According to Google, climate tech firms, Aurassure and Respirer Living Sciences were instrumental in setting up an air quality sensor network in cities that previously lacked the requisite infrastructure to monitor air quality. These sensors measure various air quality parameters, PM2.5, PM10, CO2, NO2, Ozone, and VOCs, along with temperature and humidity, taking measurements every minute.
Strategically deployed in static locations across more than 150 Indian cities, such as administrative establishments, commercial buildings, utility poles, etc. to maximise population coverage, these sensors continuously monitor air quality. With the support of local researchers from IIT Delhi, IIT Hyderabad, state pollution boards and climate action groups like CSTEP, these sensors are rigorously validated and calibrated, claims the California-headquartered tech giant.
Google says that the Air View+ ecosystem will bring together local organisations working to enable real-time hyperlocal air quality information, including local sustainability startups, researchers/climate action groups, corporations, city administrators and citizens. It’s been a year since Google partnered with municipal corporations including Navi Mumbai, Chhatrapati Sambhaji Nagar and Greater Chennai for Air View+.
Easy Home Finance raises $35 mn in Series B funding led by Ranjan Pai’s Claypond Capital, others
Easy Home Finance, a first-time home loan provider, has raised $35 million in its Series B funding round, led by Claypond Capital, which is chaired by Ranjan Pai of Manipal Group, along with Sumitomo Mitsui Banking Corporation’s Asia Rising Fund, the company announced. This funding underscores the increasing confidence investors have in the housing finance space.
The round also saw participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund. “The fundraise will be used for our asset book building and reach approximately $300 million in assets in the next 24 months,” Rohit Chokhani, managing director at Easy Home Finance, told Moneycontrol.
The firm is looking to expand its network to more than 150 locations across the country, Chokhani added. Recently, Easy Home Finance and DCB Bank tied up for disbursing affordable home loans.
“We have developed an in-house prop-tech combined with credit tech we are able to deliver seamless consumer experience within minutes and not days. We’ve seen multiple clients from origination to moving-in the property on the same day,” Chokhani said.
Founded in 2017 2018 by Chokhani, Easy is a mortgage tech company providing digital first home loans to middle-income group consumers in India. The company has so far raised over $100 million in equity and debt.
In 2021, the firm announced raising $15 million as part of a Series-A funding round which was led by private equity firm Xponentia Capital Partners. Earlier in August 2019, it had raised an undisclosed amount from Harbourfront Capital.
"We are excited to join forces with Rohit and the Easy team in this mission to digitise the mortgage industry, ensuring that more individuals can realise their dream of homeownership," said Shyam Powar, CIO of Claypond Capital.
The funding comes when investors are increasingly betting big on this segment.