Wednesday, July 17, 2024

Ads by Google

Ads by Google

HSBC appoints insider Georges Elhedery as CEO

Welcome To Latest IND >> Fastest World News LONDON: HSBC Holdings Plc said on Wednesday that Chief Financial Officer Georges Elhedery will become group...
HomeNewsIndigo promoter Rakesh Gangwal invests ₹165 crore in Zetwerk

Indigo promoter Rakesh Gangwal invests ₹165 crore in Zetwerk

Mar 07, 2024 10:59 PM IST

Zetwerk secures ₹165 crore investment from Indigo promoter Rakesh Gangwal.

Unicorn startup Zetwerk announced on Thursday that it secured a 165 crore investment from Rakesh Gangwal, the promoter of Indigo Airlines. Gangwal is the final investor in Zetwerk’s ongoing funding round, valuing the company at 23,157 crore.

Rakesh Gangwal, co-promoter of IndiGo.(Photo: HT)
Rakesh Gangwal, co-promoter of IndiGo.(Photo: HT)

ALSO READ- IndiaAI Mission, DA hike, Ujjwala subsidy: Here are 5 major decisions taken by Cabinet today

Hindustan Times – your fastest source for breaking news! Read now.

in the fiscal year 2021-22, Zetwerk saw a nearly six-fold increase in revenue to 4,961 crore. This surge can be attributed to businesses seeking alternatives to China for manufacturing their products.

In the financial year 2023, Zetwerk’s revenue more than doubled to 11,448 crore.

The company expressed its enthusiasm about Gangwal’s strategic guidance, leveraging his extensive experience to propel Zetwerk towards becoming a generational company.

“We are delighted to share that Rakesh Gangwal has invested USD 20 million in Zetwerk through Wheelhouse Venture Capital. Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company,” Zetwerk said in a statement.

ALSO READ- SEBI bars JM Financial from managing new bond issuances

Gangwal to sell airline’s shares worth 3,730 crore

In other news, Rakesh Gangwal is set to divest up to a 3.3 per cent stake, valued at 3,730 crore, in Interglobe Aviation through a block deal, according to sources reported by CNBC-TV18 on Thursday.

The block deal’s floor price is fixed at 2,925 per share, reflecting a 5.8 per cent discount to Interglobe’s closing price on Thursday.

As of the latest available exchange data, Gangwal holds an 11.72 per cent stake in the airline he co-founded in 2006 with Rahul Bhatia.

ALSO READ- Planning to buy a new car? Tata Motors to hike prices up to 2% across segments from this date

Over the past year, both Gangwal and his wife, Rekha Gangwal, have reduced their shareholding, with Rekha completely exiting the firm in August. The Chinkerpoo Family Trust, affiliated with the Gangwals, retains a 13.49 per cent stake in Interglobe, making it the company’s largest shareholder after Interglobe Enterprises led by Bhatia.

(Inputs from wires)

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.