DECEMBER 20238HANTO WORKSPACES RAISES RS.15 CRORE IN SEED ROUNDADITYA BIRLA GROUP TO SECURE FINANCING TO EXPAND MANUFACTURINGManaged commercial real estate solutions provider Hanto Workspaces has secured seed funding of Rs. 15 crore to support its business growth and expansion into key cities in India. Anurag Jain, the founder of KredX, along with other angel investors, led the investment in a combination of equity and debt. Over the next five years, Hanto plans to broaden its operations to additional metros and tier 2 cities, including Hyderabad and Pune, with the goal of generating over Rs. 700 crore in revenue by 2028."Having sailed through two waves of COVID-19, we saw rapid growth in the last fiscal year 2021-23 owing to companies opting for flex spaces rather than the traditional office setup," said Aashit Verma, Founder of Hanto Workspaces. "The amount raised will be used to expand the team and acquire new buildings. We also plan to double our revenue in FY 2023-24, given the strong demand for commercial real estate in the market," said Verma.Hanto offers a "pod" based model in the managed office spaces industry. This development combines office spaces, retail, food and beverage options, short-term stays, and rooftop gardens to form a connected world of premium commercial real estate solutions using IoT technology designed to meet the demands of today's consumers. The company has greatly utilized technology to run its operations and oversee security at its facilities. In the words of people familiar with the matter, Birla Carbon India Pvt, a closely held unit of billionaire Kumar Mangalam Birla's Aditya Birla Group, is raising an offshore loan of about $1.5 billion.According to the people who declined to be identified because the discussions are private, the proceeds from the sale will be used primarily to refinance existing debt, with a smaller portion set aside to fund expansion. Axis Bank, DBS Group Holdings, First Abu Dhabi Bank, ICICI Bank, HSBC Holdings, Standard Chartered Bank, and Union Bank of India are among the lenders.As per the data compiled by Bloomberg, the manufacturer of carbon black additives, which are widely used in tyre manufacturing and plastic coatings, will be among the top five Indian borrowers raising foreign currency loans this year once the transaction is completed.The planned fundraising comes against the backdrop of rapid credit growth in the world's fastest-growing major economy. According to the data, Indian corporations have raised $19.8 billion in loans so far in 2023, the most in four years.Birla Carbon did not respond immediately to a request for comment. According to the company's website, it is the world's leading producer and supplier of carbon black. TOP STORIES
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