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Global PayEX aims raising Series A funding in 2021
New Delhi, Feb 23 (IANS) Global PayEx plans to raise Series A funding from strategic investors in the year ahead.
Narayan Ramamoorthy, the Chief Revenue Officer of Global PayEX, the cloud-based accounts receivables and account payable management solution provider, said that the company also plans to grow its business both in the Indian and international markets in 2021.
"We had our initial funding from JP Morgan and from well know industry veterans like Jerry Rao and Jeroen Tas (MphasiS founders). We have raised a few million dollars as our seed funding round from these initial investors. We intend to raise a Series A round from strategic investors in 2021," he said.
He noted that the company expects to continue its growth trajectory of 30-50 per cent quarter-on-quarter (QoQ) growth in revenues, and transactions. Currently, the startup has around 14,000 small and medium enterprises on its platform and the number is likely to grow significantly, Ramamoorthy said.
"Internationally, we are targeting multi-million dollar revenue in the coming year (FY2021-22). We are in advanced stages of contracting on a few deals and we hope to further increase the pipeline," he said.
He noted that 2021 has begun well and the company continues to quarter on quarter growth of 40 per cent in terms of both dealer on boarding and transaction value and volumes.
He said that the company is launching an Accounts Payable (AP) financing product which has capabilities like discounting, dynamic discounting, factoring and reverse factoring.
"We are also developing ecosystem specific solutions in certain segments like FMCG (seller) with modern trade retail chains (buyers)," he said.
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Julius Baer upgrades India, fastest growing major economy
New Delhi, March 6 (IANS) Singapore-based fund house, Bank Julius Baer, has upgraded India to overweight as it will be the fastest growing major economy in 2021.
"We change our stance on India from market-weight to overweight and see 15% upside from current levels with a Sensex price target of 58,450," it said in a note.
"An economic recovery is underway, and we look for 9% y/y GDP growth this year, followed by 7% next year. We look for earnings per share to grow on average over 25% over the next 3 years. It would be unprecedented for the stock market to fall in an environment of such strong growth," it added.
Scientists think "herd immunity" has been achieved in large parts of the country, which would explain why daily new cases have fallen from almost 100,000 in September to less than 15,000 presently.
Lockdowns are imposed still in specific areas that experience Covid outbreaks, but high frequency data shows that has not stopped a continuous recovery following the nation-wide lockdown from March to July of last year. For example, anonymized data gathered shows the mobility of people using Android-based smartphones is almost back to pre-Covid levels, it added.
An Initial Public Offering of LIC, India's largest insurer with $464 billion in assets, is planned for the second half of FY2022. The divestment of this company in particular will enable the government to manage its fiscal position.
The budget has set up a special purpose vehicle to sell the idle/non-core assets (especially land) of SOEs. Much of the idle land is well-situated and could be made productive, benefiting economic growth. Divestment of LIC and BPCL remains the key to meet the fiscal deficit target without compromising spending in FY22E, the research said.
With only the brief exception at the bottom of the Global Financial Crisis, in recent history India's stock market has always traded at a premium to its emerging market counterparts. The current premium of 40% is around the long-term average, it added
--IANS
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