Adani Enterprises

"We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, CEO and Founder of PhonePe.

Moody's also said the adverse developments relating to the Adani Group - rapid decline in market value of the group company's shares- will impact the group's ability to raise capital. In a note issued on Friday, Moody's said the credit ratings for Adani Ports and Special Economic Zone Limited.

Lord Johnson was appointed as a director in June of last year, but resigned on Wednesday, the same day that the Adani Group announced the withdrawal of its Follow-on Public Offer (FPO). Elara was one of the bookrunners on the FPO. Johnson explained that his resignation was due to a lack of "domain expertise".

The move is a follow up to the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on public offer and withdraw the RHP on account of the prevailing market conditions. The company said owing to the extreme volatility in the company's stock price, other commercial and strategic considerations, and to protect the interest of the investors it is withdrawing the follow-on public offer.

"The Board of Adani Enterprises Ltd decided not to go-ahead with the fully subscribed follow-on public offer (FPO). Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," a statement issued by Adani Enterprises said on Wednesday.

The announcement comes at a time when Adani Enterprises, owned by Asia's richest man, Gautam Adani, has suffered major losses in its companies' market value.  Despite the recent market turbulence, IHC remains confident in the fundamentals of Adani Enterprises, as reflected by its CEO, Syed Basar Shueb

In FY21, the company had posted a net loss of Rs 1,619.2 crore. Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year, according to its financial statement with the Registrar of Company (RoC).

Nigam further stated that the challenges for startups shifting domicile to India are high, and that the move resulted in a loss of approximately $900 million dollars of accumulated losses, as it is treated as a restructuring event. Nigam also stated that at least 20 existing unicorns have expressed interest in shifting domicile to India if regulations become easier.

"General Atlantic is a really good blue chip global investor that has a long view on companies, which gives us the flexibility to be able to actually do at-scale investments in new sectors like insurance, lending, broking or ONDC," Sameer Nigam, Co-Founder & CEO, PhonePe, said.

Marquee global and Indian investors also participated in the round. The investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023. The fundraise follows PhonePe's recently announced change of domicile to India and full separation from Flipkart.