In a landmark deal, Foxhog Ventures, helmed by CEO Tarun Poddar, has successfully completed a major land acquisition in Delhi. The venture capital firm has secured a prime residential property located on the prestigious Barakhamba Road in Connaught Place, valued at a staggering $12.67 million. This acquisition further cements Foxhog’s expanding footprint in India’s burgeoning real estate sector, positioning the company for sustained growth in a highly competitive market.
Situated in one of Delhi’s most exclusive areas, the newly acquired property is expected to significantly bolster Foxhog’s investment portfolio. Connaught Place, often regarded as the financial and cultural heart of the city, is home to some of the most sought-after real estate, making this acquisition a strategic milestone for the company. This move aligns seamlessly with Foxhog’s broader vision of expanding its assets in high-growth sectors and regions, solidifying its presence in key markets across the globe.
Foxhog Ventures, originally based in the USA, has consistently focused on investing in innovative startups and scalable businesses, with operations spanning India, the Americas, and the Middle East. The firm, under the leadership of Stanford graduate Tarun Poddar, has been a catalyst for entrepreneurship, particularly in emerging markets. By leveraging local insights and global expertise, Foxhog has nurtured the growth of several promising businesses, driving economic development and innovation.
This recent acquisition is part of Foxhog’s strategy to diversify its investment portfolio beyond its core focus on technology and innovation-driven ventures. By expanding into real estate, Foxhog demonstrates its adaptability and long-term vision in tapping into high-potential growth sectors.
With a track record of successful investments across multiple industries, Foxhog continues to evolve as a key player in the global venture capital landscape, shaping the future of emerging economies. The acquisition of this prime property in Delhi marks yet another chapter in Foxhog’s remarkable journey, as it strengthens its foothold in India’s dynamic real estate market.
According to various media reports, BlackRock Inc., the largest asset manager in the world, is in talks to establish a private credit venture with billionaire Mukesh Ambani’s Jio Financial Services Ltd., with the goal of taking advantage of the growing direct lending opportunities in India.
This 50-50 joint venture will provide loans to startups as well as established enterprises. Should the parties choose to move forward, this will mark the third endeavour between the New York-based company and the firm owned by the wealthiest Asian, following their partnership to launch asset management and stock broking operations in the nation.
India is the Centre Spot for Private Credit in Asia
Due to the rising financial requirements of local businesses, international organisations such as Apollo Global Management, Cerberus Capital Management LP, and Varde Partners have increased their operations in India, which has been a bright area for private finance in Asia. According to an EY evaluation, private credit investments in the South Asian country surged to a record $6 billion in the first half of 2024. According to financial experts, there is still room for debate, and the corporations may decide against moving forward with the cooperation.
Since the global financial crisis, the $1.7 trillion private loan market has expanded rapidly, and lenders like Blackstone Inc. are pursuing development in countries like India. According to Celia Yan, BlackRock’s head of APAC private credit, who spoke with reporters last month, there are opportunities in India to lend to both young entrepreneurs funding start-ups and major corporations with several branches.
BlackRock Expansion Plan in India
BlackRock Inc. has signed a five-year lease to take over 42,700 square feet of office space in a posh commercial skyscraper in central Mumbai’s Worli neighbourhood as part of its expansion into India. During the first year of the lease, Blackrock Services India, the financial institution’s India branch, would pay a monthly rate of INR 325 per square foot. A provision to increase rentals by 5% in April 2025, 10% annually thereafter, and 5% in each of the next two years is included in the agreement.
The corporation, with its headquarters in New York, has taken a direct lease from K Raheja Corp., the project developer, for the space located on the fourth floor of the commercial tower Altimus.
Office space purchases are being driven by new infrastructural connectivity in and around Worli, which is drawing companies looking for contemporary facilities and improved accessibility. For instance, the neighbourhood is becoming increasingly attractive to businesses, especially multinationals seeking to locate offices in prominent locations with greater amenities, with the completion of the Mumbai Trans-Harbour Link (MTHL) and the future metro network.
With a large presence in India, BlackRock hopes to get access to the nation’s quickly expanding financial markets. BlackRock was founded in India in 2008 and provides institutional and individual clients with investment solutions such as mutual funds, exchange-traded funds (ETFs), and portfolio management services. Its offices are located in Bengaluru, Gurgaon, and Mumbai.
Strong market fundamentals and resilience to global issues have allowed the Indian office sector to increase in demand despite the slowdown in the global economy.
Elon Musk applauded the Indian government’s choice to utilise an administrative process instead of an auction to distribute satellite broadband spectrum. Starlink, Musk’s satellite internet startup, is expected to benefit from this action as it eliminates the need for competitive bidding to obtain spectrum in the nation.
Jyotiraditya Scindia, India’s Minister of Telecom, stated at a New Delhi event that the telecom regulator will decide pricing and that spectrum allocation will take place administratively. Scindia stressed that this strategy is in line with global norms, saying, “If you do decide to auction it, then you will be doing something that is different from the rest of the world.”
The choice was made in the midst of discussion about how satellite spectrum should be distributed in India, which is essential for the launch of satellite-based internet services there.
Musk stated on X (previously Twitter) that he will try his hardest to use Starlink to help the people of India. In addition, he observed that the International Telecommunication Union (ITU), a United Nations agency responsible for satellite communications, has long designated this form of spectrum for shared use among satellite operators and that an auction for the spectrum would be unprecedented.
Reliance Still Pushing for Auction
Even if Musk’s Starlink is in favour of administrative allocation, India’s telecom behemoths are against the move. The billionaire Mukesh Ambani’s company Reliance had previously contested the regulatory consultation procedure, claiming that an auction is required to guarantee fairness. They think satellite companies, particularly those hoping to service affluent urban areas, ought to buy spectrum just like regular telecom companies.
The auction approach was also supported by Sunil Mittal, the chair of Bharti Airtel and co-chair of Eutelsat. Speaking at the event in New Delhi, Mittal stated that satellite businesses that want to enter the urban market should purchase spectrum in the same way that telecom companies do.
The ITU’s criteria for shared spectrum allocation for satellites are widely adhered to globally, thereby endorsing the position of Musk and other satellite operators. But domestic telecom giants like Airtel and Reliance are worried about keeping the playing field equitable. They contend that, given the rising demand for satellite internet services in cities, auctioning will bring justice and transparency to the distribution of spectrum.
OneWeb, an Airtel-partnered subsidiary of Eutelsat, had also voiced requests in its representations to the Indian government earlier in 2023 regarding the auctioning of satellite spectrum. Global satellite providers, such as Starlink and Amazon’s Project Kuiper, meanwhile, maintain their support for administrative distributions since they see spectrum as a common resource.
Aditya Birla Digital Fashion Ventures Ltd., often known as ABDFVL, contributed an additional INR 75 crore to Wrogn, the apparel and footwear company supported by cricket player Virat Kohli.
As per an exchange filing on 16 September 2024, ABDFVL’s stake in Wrogn will rise from 17.1% to 32.84% on a fully diluted basis, consequent to this investment. According to an exchange filing, the purchase of the additional stock would be settled with cash within 30 to 90 days.
ABDFVL is Expanding its Portfolio
As stated in the filing, the new funding is a “continuation of its earlier investment on certain milestone-based valuations.” It further stated that this will support the growth of ABDFVL’s portfolio of digital-first businesses. Wrogn, which was incorporated in 2012, is a company that manufactures, markets, and distributes accessories, footwear, and fashion clothes.
From INR 344 crore in fiscal 2023 to INR 243 crore in fiscal 2024, Wrogn’s revenue decreased. In the fiscal year 2022, the company declared revenue of INR 336 crore. About a month has passed since Aditya Birla Fashion and Retail was given permission to raise up to INR 500 crore through the issuance of non-convertible debentures, at which point a larger interest in Wrogn was acquired.
The First Quarter Performance of Aditya Birla Fashion
In the first quarter of the fiscal year 2025, Aditya Birla Fashion reported sales that increased 7.2% year over year to INR 3,428 crore from INR 3,196 crore in the corresponding quarter of the previous fiscal year. Compared to the same period previous year, when the company’s loss was INR 162 crore, its loss for the April–June quarter increased to INR 215 crore.
For the three months ending June 30, 2025, the fashion retail company’s EBITda increased by 13% to INR 359 crore, and its margins expanded to 10.5%.
Lately, Many Fashion Businesses have Raised Funding
Early-stage venture capital firm Blume Ventures invested $5 million in ethnic apparel brand Fashor in a mix of main and secondary transactions on August 13.
Sorin Investments led a $4.25 million seed round for custom-made and ready-to-wear trousers manufacturer The Pant Project in June. Men’s wear and fashion firm Rare Rabbit closed its INR 500 crore first institutional fundraising round headed by A91 Partners in May.
The fashion and lifestyle sector is India’s second largest consumer category, at $110 billion, with 10% online at $11 billion, according to TMRW X Bain & Company, an Aditya Birla Group Venture. The online fashion market is estimated to reach $35 billion by FY28 at a 25% CAGR. Fashion labels are more accessible thanks to e-commerce. Since 2019, the category has grown 30% yearly. With its expertise and solid pedigree, TMRW House of Brands can capitalise on this opportunity and build its fashion and lifestyle businesses.
After a significant fire occurred at one of Tata Electronics’ manufacturing facilities last month, the Tamil Nadu government served the company with a show-cause notice. According to a report by a well-known media outlet, the notification was delivered by the Directorate of Industrial Health and Safety, asking for an explanation about the occurrence.
As stated in the report, an official pointed out that the company is required to answer within a week unless they request an extension. The warning was issued to the plant manager and the “occupier,” as is common in such instances.
According to the Factories Act, the “occupier” is responsible for ensuring the health, safety, and welfare of the workers and has the final say over how a factory operates. In corporations, the occupier is usually one of the directors.
The article further stated that the show-cause notice required that Tata Electronics submit its findings and listed the malfunctioning thermostat control at the anodising factory as the likely cause of the incident. Companies may provide alternate explanations based on independent investigations, or they may accept the government’s logic in certain situations.
An Incident Involving Fire at the Tata Electronics Facility in Hosur
The fire at Tata Electronics‘ Hosur facility had a “most probable cause,” according to the state Directorate of Industrial Health and Safety. The incident, which happened in late September, entailed a fire at one of the company’s production facilities that provides Apple with accessories.
There were reportedly more than 1,500 workers inside the plant when the fire broke out. The business confirmed the fire occurrence in a statement and guaranteed that all emergency procedures were followed to protect the safety of every employee. Tata Electronics said that they were looking into what caused the incident and that they will take the necessary precautions to protect their stakeholders and staff.
Media reports state that the Uddanapalli mobile accessory painting unit is where the fire originated. After being transported to a private hospital, three workers who had respiratory problems were said to be in stable condition.
Assembly Activities for the iPhone are Disrupted
Tata Electronics was about to start production at its iPhone assembly plant in the Koothanapalli neighbourhood of Hosur when the event happened. With the acquisition of the unit of Taiwanese electronics maker Wistron, which has been in the works for the past two years, this will be the company’s second assembly plant for the iPhone.
The iPhone assembly plant is projected to cost roughly INR 6,000 crore, which is the same amount that Tata Electronics invested in the component manufacturing that supplies Apple. It is anticipated that the combined facilities will generate over 50,000 jobs, most of which will go to women. With an estimated 35,000–40,000 employees, the iPhone assembly plant alone is expected to rank second in size among Apple’s Indian manufacturing sites, after Foxconn’s Tamil Nadu plant.
Over-the-top (OTT) communication services like WhatsApp, Telegram, and Signal are subject to structured control, according to India’s telecom regulator. Law enforcement organisations and telecom providers expressed worries about security and spam control, which prompted this call.
Speaking on the second day of the India Mobile Congress 2024, Anil Kumar Lahoti, chairman of the Telecom Regulatory Authority of India (Trai), said that although over-the-top (OTT) communication platforms have greatly benefitted businesses and consumers, legal concerns brought up by traditional telecom providers and law enforcement agencies indicate that these platforms ought to be governed by a formal regulatory framework, as per a media report.
Lahoti underlined that, given the cross-border nature of OTT services, regulators worldwide need to strike a balance between promoting innovation and upholding a just and competitive economy. This equilibrium is essential given the growing power of OTT platforms.
Challenges in Bringing OTT Communication Platforms Under Regulatory Umbrella
Sector analysts note that there have been challenges in reducing spam and online frauds on OTT platforms for both the Department of Telecommunications (DoT) and Trai. Since neither the DoT nor the Trai now have the power to take legal action against potential violators, this issue emphasises the jurisdictional challenges in regulating these platforms.
Instead, in accordance with the intermediate provisions of the IT Act, these platforms are governed by the Ministry of Electronics & IT. Telecom firms have expressed concern about the rise in spam on over-the-top (OTT) platforms. They contend that because OTT services are not governed by DoT or Trai, efforts to address these problems are still ineffective.
DoT Opposes Regulating Telegram and WhatsApp
The Department of Telecommunications (DoT), in contrast to Trai’s regulatory drive, stated in August of this year that it has no plans to control over-the-top (OTT) communication platforms like Telegram and WhatsApp. This occurred while telecom companies persisted in advocating for the “same-service, same-rule” concept, contending that communication applications need to be subject to the same regulations as conventional telecom services.
Officials stated that over-the-top (OTT) services are exempt from the new Telecommunications Act of 2023. OTT communication platforms are being interpreted by operators as falling under the Act’s definition of “telecommunication,” yet this interpretation is still up for debate. OTT service providers, on the other hand, argue that they shouldn’t be subject to extra regulation because they are already covered by the IT Act.
Telecommunications Act 2023
“Telecommunication” is defined as the sending and receiving of messages via wire, radio, optical, or electromagnetic networks in the Telecommunications Act 2023. According to officials, in order for a service to be included in this definition, message transmission must occur through a switch that is not connected to the network.
However, with OTT platforms, messages are conveyed via data packets, and telecom firms handle the switching of these packets; customers are already charged for this service. Hence, authorities contend that OTT platforms do not satisfy the technical parameters for Act-mandated regulation.
New Delhi [India], October 17: Arif Patel is a renowned Dubai businessman and well-recognized for his leadership skills, sharp vision, and contributions made towards various industries. Patel has transformed his companies and significantly impacted the industries, particularly energy and finance. Arif Patel is the founder of Preston Trading and the Chief Executive of ABC Capital. He has had a big effect on the businesses he works in. Because of his entrepreneurial and good strategist skills, he was awarded as one of the Top 10 Best Investment Company Executives globally as an honour.
Arif Patel spent his early years in a global financial hub – Dubai, UAE, where he was introduced to the fast-paced business world from a young age. Growing up in the most vibrant city, he eventually developed an interest in entrepreneurship and leadership, which helped him do exceptional things in his future endeavors. As a way to get a better education and look for growth chances in a new market, Patel moved his family to Preston, UK, in 2010. Though he had to face many situations at the time of relocation, this change was the start of a career that took him across countries and industries and enhanced his flexibility to adopt things. Such challenges also helped him to sharpen his global view.
Arif Patel’s educational background laid the foundation for his success in the business world. In order to get his bachelor’s degree, he went to the University of Central Lancashire in Preston and learned a lot about business and engineering. He enhanced his business and technical skills that he needed to work in fields that were hard to understand.
To become even more specialized, Arif Patel went on to get a master’s degree in Petroleum Engineering from Edinburgh’s well-known Heriot-Watt University. After he finished his academics, Patel started his business and began Preston Trading. This company deals in many areas, such as oil and gas research, oilfield services, engineering, and mining. Patel is the owner, founder, and chairman of Preston Trading. He made significant contributions that quickly helped him build his reputation as a leader in the energy sector.
Arif Patel helped the company through the tough and unstable global energy market. With his support, Preston Trading has grown rapidly, which proves his ability to respond to changes in the market, use new technologies to their advantage, and encourage new ideas.
Apart from his role at Preston Trading, Arif Umarji Patel also co-founded The United Kingdom (UK) Group where he excelled in his business experience. The main goal of the company is to build partnerships, boost the economy, and open up new business possibilities. During his tenure, Arif Patel highlighted his flexibility as a businessman and his capability to make money in a variety of areas where he also showcased his leadership skills to boost economic growth and encourage foreign partnerships.
After his successful career, Arif Patel took over the position of CEO of Dubai-based ABC Capital in 2012. ABC Capital specialises in business and financial services. During his tenure, ABC Capital has grown a lot and now has become a major player in the financial services business in Dubai and around the world. Patel’s deep knowledge of the financial markets and sharp strategic thinking have helped ABC Capital do well in a market that is very competitive and always changing.
Arif Umarji Patel has received many awards and honors for his work in the business world over the course of his career. But being named one of theTop 10Best Investment Company Executives was one of the best awards he received that showed his skills as a leader along with his capability to think out of the box. Being an expert in the market, he is capable of pushing growth and new ideas in the companies he runs. He is also known for creating an environment where things are always getting better and supporting creativity and new ideas in the companies he runs.
Arif Patel is a brilliant leader who inspires people all over the world especially those who want to be entrepreneurs and business leaders. He always focused on his goal, worked hard and led with a clear purpose. Arif Patel has become a powerful figure through his leadership at Preston Trading, ABC Capital, and The UK Group. From his early years in Dubai to his current jobs with global companies, Patel has always shown his dedication to greatness, and doing business in an honest way.
According to reports, Aakash Digital Classroom Program (AD-CRP), a digital classroom initiative, has been discontinued by Aakash Educational Services Limited (AESL). This occurs in the middle of the company’s recent layoffs.
The AD-CRP team, which was formerly a part of Byju’s—which acquired Aakash in April 2021—has now been merged into Aakash’s sales system, according to a report published by a media outlet. This action implies a change in Aakash’s approach, with the company giving priority to its offline presence and growing its network of physical branches.
Previous reports from August and September detailed layoffs at Aakash that affected middle and senior management as well as a few long-term workers. The remaining AD-CRP team members were given the option to work for Aakash in their offline outlets or were integrated into their call centre model. Individuals who turned down these offers were let go or resigned.
This reorganisation suggests that Aakash may be changing how it prepares for tests. Although the corporation still maintains its online resources, the recent programme shutdown and layoffs indicate that they are putting more of an emphasis on fortifying its sales network and physical infrastructure.
Students May Face Challenges
Due to the abrupt termination, students who had registered in the AD-CRP program might encounter difficulties. Regarding the termination of the AD-CRP initiative and the justification for this tactical change, Aakash has not yet made an official statement.
According to sources, layoffs have not ceased for the previous two weeks. Since associates made up the majority of the AD-CRP team, associate layoffs have occurred most frequently. A few also came from the ranks of manager and senior manager.
January marks the start of the new season. For the last six and a half months of revenue, they have been spending on AD-CRP team. All of them have now been let go, regardless of their performance. They stated that they were done with this function in Aakash. Byju’s paid $940 million to acquire Aakash in April 2021. During a hearing before the National Company Law Tribunal in March of this year, Think and Learn, the parent company of Byju, and Aakash withdrew their merger motion.
Why Merger With Byju’s Was Withdrawn?
Aakash Educational Services Ltd (AESL) and Byju’s have opted to withdraw their merger application, citing it as a pre-planned procedural move. When Byju’s first purchased Aakash in April 2021, the plan was to combine the two businesses in a $940 million cash and equity transaction. The Chaudhry family, who founded AESL, opposed completing the share swap, citing issues about governance, which put obstacles in the way of the merger. Byju’s has to contend with a parallel ‘oppression and mismanagement case’ brought by investors, which affects its operational and financial choices.
The Securities and Exchange Board of India (SEBI) has approved IndiGo Ventures, the corporate venture capital fund of India’s largest domestic airline, as an alternative investment vehicle. The announcement was made on October 15.
The fund will seek pre-Series A, Series A, and Series B capital and invest in entrepreneurs that have the potential to completely transform the aviation industry and beyond. Among them are start-ups developing innovative products and technologies for the aviation industry. According to IndiGo’s press announcement, the fund will also consider investing in consumer firms that are involved in any aspect of the passenger trip, including travel, lifestyle, hospitality, and transportation.
Pre-Investment Activities Already Started
Pre-investment efforts have already begun, and these involve interacting with a limited number of start-ups and their founders. According to IndiGo, the website GoIndiGoVentures.com provides further information about the fund, including its investment thesis, the founders’ key valuation argument, and information on governing entities and their membership. By the end of FY25, the corporate venture capital fund is anticipated to begin making investments.
The new venture, IndiGo Ventures, will help IndiGo fulfill its mission of supporting innovation and providing opportunities for people to achieve their dreams in the aviation industry and beyond, according to Neetan Chopra, IndiGo’s chief digital and information officer. The entrepreneurs will gain from IndiGo’s broad geographic reach and deep technical experience, which will encourage the creation of new goods and services.
IndiGo’s Recent Challenges
With roughly 54% of the domestic civil aviation market, InterGlobe Aviation is the biggest operator but faces several obstacles. The airline, known by the name IndiGo, has been embroiled in a number of crises in recent days, including one in which a furious client attacked personnel in Delhi and another in which travellers turned the runway of Mumbai International Airport into a restaurant. To make matters worse, the Mumbai Airport Authority and the Civil Aviation Ministry both sent it a show cause notice to the operator early this year.
On January 14, during a thirteen-hour delay, a passenger assaulted the pilot of an IndiGo aircraft headed for Goa as it was still parked at Delhi International Airport. Although the airline has blamed the thick fog that blanketed the airport, a fellow passenger who recorded the incident and shared it on social media subsequently said that the airline employees were uncooperative and unfairly placed the responsibility on the rowdy traveller.
If that weren’t enough, the airline angered the civil aviation ministry when, that same day in Mumbai, travellers from one of its flights hurriedly disembarked from the plane, sat down on the tarmac, and proceeded to eat on the spot. The strange event happened when a Goa-to-Delhi flight was rerouted to Mumbai because of poor visibility in the national capital area. We are deeply sorry to our consumers and are investigating the matter at this time. The airline said in an official statement that it will take the required precautions to prevent any similar incidents in the future.
On October 15, Jyotiraditya Scindia, Minister of Communications of India, made clear the government’s position on the satellite spectrum issue. According to him, spectrum would be distributed administratively rather than through auction, and service providers would be responsible for a fee.
In response to a query at a media briefing at India Mobile Congress, Scindia stated that satellite spectrum will be distributed administratively as per the very clear allocation stated in Schedule 1 of the Telecom Act 2023, which was passed in December of last year.
However, Scindia made it clear that radiowaves, even if allocated for satellite-based communications services without an auction, will still incur costs. However, this does not imply that spectrum is free. Trai will determine that cost and its methodology, he reiterated.
“The constitution gives our regulating body for telecommunications the authority to decide what the administrative pricing will be. Scindia continued, “I have no doubts that they will determine the appropriate plan of action as long as they handle the pricing administratively.”
This essentially means that the request to auction off satellite airwaves by Reliance Jio, Bharti Airtel, and other service providers remains unfulfilled. Scindia made these remarks just hours after Reliance Jio and Sunil Bharti Mittal, the founder and chairman of Bharti Airtel, joined forces to demand the distribution of satellite service spectrum in a manner similar to that of telecom companies.
Airtel and Jio Worries
To ensure level competition, both telecom companies have pursued a transparent and equitable auction procedure for satellite services. Jio has demanded that the way that Indian satellite communication firms are allotted spectrum be changed. Jio expressed concerns about fair competition with established cellular providers and asked for a reexamination of the current proposal in a letter dated October 10 to Telecom Minister Jyotiraditya Scindia.
In direct competition with land-based mobile networks, Elon Musk‘s Starlink, Amazon’s Kupier, OneWeb Eutelsat, funded by Bharti Group, and the SES-Jio joint venture have all indicated interest in offering their services in India.
Jio underlined that, like traditional telecom operators, satellite businesses like Starlink and Amazon’s Kuiper should purchase spectrum through an open auction procedure and pay license rates that are comparable to those of current telecom providers. At the India Mobile Congress, Sunil Mittal, the chairman of Bharti Airtel, reiterated this idea by saying that satellite companies providing services in cities have to take part in spectrum auctions. In addition, Airtel restated its position and released a letter it sent in March to the telecom department.
Musk Describes the Sale as “Unprecedented”
Musk responded on October 14 to Reliance Jio’s alleged action urging the government to hold a transparent auction of satellite airwaves. According to Musk, that would be exceptional because the ITU (International Telecommunication Union) has long defined this wavelength as a shared spectrum for satellites. Similar remarks were made by Scindia, who stated that satellite spectrum is administratively distributed worldwide.
“India is acting in the same manner as the rest of the globe. On the other hand, if you choose to auction, you are acting in a way that sets you apart from the rest of the world,” he opined.
Anagha S
