| | JULY 20238Mahindra & Mahindra, India's biggest sports utility vehicle maker by revenue, is in advanced talks with British International Investment (BII) and some other global investors to raise up to 5,000 crore ($605 million) for its electric vehicles (EV) unit, multiple people aware of development told.If the discussions on Mahindra Electric Automobile do lead to a favourable conclusion, the British development financier will be making its second-round investment in the Indian conglomerate.The deal valuation is likely to be worth 10-15 percent more than the previous round of funding, which had valued Mahindra's EV subsidiary at 70,070 crore ($9.1 billion), said one of the sources cited above.BII had earlier signed an agreement with Mahindra Electric to invest 1,925 crore ($250 million) in July 2022 through compulsory convertible preference shares, which would result in a stake of 2.75-4.76 percent, depending upon milestones achieved.A similar amount was to be invested by Mahindra in the electric vehicles subsidiary by way of equity."Even though we have not appointed a banker to commence fundraising, our EV business continues to attract interest from investors," said a Mahindra spokesperson in an response. Pankaj Goel, a former Razorpay senior executive, has been named chief technology officer of BharatPe Group. Pankaj was the head of payments engineering at Razorpay before joining BharatPe.According to a statement issued by BharatPe on Wednesday, he will report to Nalin Negi, the company's chief financial officer and interim CEO."With a seasoned engineering leader like Pankaj joining the team, we are confident that we will be able to build best-in-class fintech products that will further enable the next level of growth for the BharatPe Group of Companies," added Negi.Goel has held executive positions at firms such as Intuit, Trilogy, and Sun Microsystems.BharatPe is a financial technology startup established in New Delhi that creates payment apps for businesses. It was established in 2018, and its services are now available in over 225 cities across India. The company creates solutions exclusively for offline merchants in India and claims to be a one-stop business utility for them.The firm has created a financial solution for small businesses in a variety of industries, including retail, restaurants, and beauty. Users can get the app (which has the same name as the company) via Google Play or the App Store. Merchants can then utilise the app's QR code to accept payments from customers via unified payments apps (UPI) like PhonePe, Google Pay, and PayTM. MAHINDRA TO RAISE RS.5000 CRORE FOR EV DEVELOPMENTBHARATPE ANNOUNCES PANKAJ GOEL AS CTOIN FOCUSIN FOCUS
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