| | SEPTEMBER 20238Per sources, Modulus Alternatives has committed 150 crore to listed auto components maker Shivam Autotech via a combination of debt and equity, marking the first investment from its new private credit fund.The funds managed by Modulus Alternatives will make the investment, including its second fund, India Credit Opportunities Fund II, which was launched earlier this year with a target corpus of 1,250 crore.According to sources, the fund has received capital commitments totaling more than Rs 200 crore. Requests for comment were not returned by Modulus Alternatives or Shivam Autotech.The new fund will invest in mid-sized companies in the performing credit space using a diverse range of instruments and strategies, similar to Modulus' first fund. According to a presentation to investors, the new fund is a category II AIF that will invest in consumption, healthcare, core economy, manufacturing, and industrial companies. The National Payments Corporation of India (NPCI) announced on Aug 31 that the instant payment system Unified Payments Interface (UPI) has crossed the historical mark of 10 billion transactions for the first time in August."Please, drumroll!" UPI has recently broken records with over 10 billion transactions. Join us in celebrating this amazing achievement and the power of digital payments. Let us keep the momentum going and continue to revolutionise the way we conduct UPI transactions!" The payment system's operator, NPCI, announced the news on the social media platform 'X,' formerly known as Twitter.According to NPCI data, UPI processed 9.96 billion transactions in July, with a total value of Rs 15.34 lakh crore.UPI transactions have increased in recent years as a result of the introduction of several such interfaces, and people are increasingly using them to make all kinds of payments, from small shopkeepers to large institutions.Furthermore, the government has aggressively promoted these modes of payment, particularly the BHIM app, which has gradually increased their volume and value. MODUS ALTERNATIVES ALLOCATES RS.150 CRORE TO SHIVAM AUTOTECH AS DEBT AND EQUITYUPI CROSSES 10 BILLION TRANSACTIONS IN AUGUST, MAKES HISTORIC MILESTONEIN FOCUSIN FOCUS
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