TMS Ep340: RCap, ride-hailing, India Inc's fundraising, Belagavi dispute

The battle between Ahmedabad-based Torrent Group and Hinduja Group to acquire debt-ridden Reliance Capital took another interesting turn this week. The National Company Law Tribunal has now restrained the creditors of Reliance Capital against accepting a higher bid placed by the Hindujas after Torrent said that it was submitted after the completion of e-auction. So exactly what is going on in this high-stake bankruptcy proceeding? And why are Hinduja and Torrent slogging it out? 

Meanwhile, an altogether different kind of battle is brewing on Indian roads. Several new ride-hailing companies are trying to challenge the dominance of Ola and Uber -- which command over 70% of the market. These newcomers are trying to grab their space with unique offerings. Some let you bid for the lowest price, some are offering eco-friendly electric cars while others are driven by women drivers and only cater to families. The ride-hailing market in India is rapidly diversifying. But is India’s ride sharing market ready for disruption? 

Pandemic had hit the ride-hailing firms badly. It also made financial market’s movements erratic. Nearly 30% companies let their draft IPO approvals lapse in 2022 due to it. Private markets, too, saw funding winter with tighter liquidity conditions. However, with 2023 expected to be relatively less volatile, will capital raising activity gain steam this year? And will India Inc. tap public or private markets to raise funds? 

Just about 150-km away from Dalal Street, in the heart of Pune, buses of Karnataka came under attack last month. ATMs of Karnataka banks were also defaced. The decades-old simmering border tension between Maharashtra and Karnataka erupted once again, as assets of Maharashtra too faced similar vandalism in its neighbouring district. So what is this border dispute? And why is the district of Belagavi at the centre of this row? This episode of the podcast all the answers.