MARCH 20249TOP STORIESZERODHA LOOKING TO RAISE CAPITAL FOR ITS MUTUAL FUND PLATFORMZerodha's asset management company (AMC), Zerodha Fund House, is reportedly in talks with multiple investors to raise $100 million in funding.According to sources familiar with the matter, the discussions are in the early stages and may take several months to finalize. If successful, this would mark the first instance of external funding for a company within the Zerodha Group. Founded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha has operated as a bootstrapped entity since its inception.The potential funding round comes as Zerodha intensifies its presence in the mutual fund sector amid increasing competition. Last year, Zerodha's AMC arm launched three mutual fund schemes following the final approval from SEBI to commence operations in August 2023.Zerodha Fund House operates as a joint venture between Zerodha and invest tech platform Smallcase. The company aims to offer transparent and affordable mutual fund offerings, focusing primarily on passive investments.Nithin Kamath, Zerodha's co-founder and CEO, highlighted the motivation behind starting a mutual fund, emphasizing the need to increase participation in Indian markets. The move to raise external capital also comes amidst competition from platforms like Groww and the entry of Reliance-backed Jio BlackRock, which has allocated a $300 million war chest to capture a significant share of the Indian asset management market. TATA TO ESTABLISH THEIR ADVANCED MANUFACTURING UNIT IN TAMIL NADUTata Motors has announced plans to establish a state-of-the-art vehicle manufacturing facility in Ranipet, Tamil Nadu, with an investment of 9,000 crore. The Tata group company has signed a memorandum of understanding (MoU) with the Tamil Nadu government for this purpose, marking its second manufacturing plant in southern India. The new facility is anticipated to create approximately 5,000 employment opportunities.Chief Minister MK Stalin hailed this investment as a significant milestone for Tamil Nadu, reinforcing the state's status as the preeminent automobile hub of India. He likened the impact of Tata Motors' investment to that of Hyundai's during the tenure of former Chief Minister Kalaignar. The signing ceremony, attended by Chief Minister Stalin and senior executives of Tata Motors, took place in Chennai. This venture represents Tata Motors' inaugural investment in Tamil Nadu, signifying a historic moment for both the company and the state.Tamil Nadu's Industries Minister TRB Rajaa expressed enthusiasm about the investment, emphasizing Tamil Nadu's pivotal role as the automobile capital of India. He underscored the state's potential as a significant driver of economic growth and viewed Tata Motors' investment as a catalyst for further development.This announcement comes as another major boost for Tamil Nadu's automotive sector, following a recent announcement by Vietnamese company VinFast regarding its investment plans in the state. Together, these developments reaffirm Tamil Nadu's prominence in the automotive industry and its commitment to fostering industrial growth and employment opportunities.
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