Business briefs

Small businesses-focused fintech lender SMEcorner has raised USD30 million (around Rs 217 crore) in funding led by Paragon Partners, which has invested USD 10.5 million (around Rs 76 crore) The investment round also saw participation from existing investors such as Quona Capital, Accion Venture Lab, Bharat Shah and some HNIs.

The new funding is a mix of debt and equity, it added The new fund will be used to scale up business, lending partnerships and market expansion next financial year when it plans to reach the lending target of Rs 1,000 crore.

************ Kotak Spl Situations Fund invests Rs 500cr in Jindal Stainless * Kotak Special Situations Fund has invested Rs 500 crore in Jindal Stainless helping the country's largest stainless steel producer come out of the corporate debt restructuring process by repaying its loans and debt obligations to banks Kotak Special Situations Fund is a USD1-billion fund, with a mandate to invest in special situations, managed by Kotak Investment Advisors. Under the transaction, the fund has purchased equity shares from lenders of Jindal Stainless and invested in debentures of the company to repay the optionally convertible redeemable preference shares and recompense due to lenders as part of the CDR package.PTI BEN SHW SHW.