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Bluehill VC to announce final close of maiden fund by end of 2025
New Delhi
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Deep-tech investor Bluehill VC is targeting the final close of its first fund of ₹350 crore by the end of this calendar year, said its co-founder and general partner Manu Iyer.
The Chennai-headquartered investor, which received Securities and Exchange Board of India approval in May 2024, announced its first close of ₹80 crore in August that year, and has so far raised ₹225 crore. It has completed three investments in line with its plans to invest in four to five companies each year. The company aims to invest in 16-20 companies with an average ticket size of $1-$1.5 million over
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NDTV
4 hours ago
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Chennaiyin FC Suspends Operations Due To Uncertainty Surrounding ISL
Indian club football appeared to be in complete crisis as Chennaiyin FC on Wednesday suspended its operations in view of the uncertainty surrounding the Indian Super League, days after Bengaluru FC and Odisha FC decided to stop paying salaries to their first-team players and staff. Chennaiyin's decision came a day before a crucial meeting between the All India Football Federation (AIFF) top brass and eight ISL clubs on Thursday. Chennaiyin FC is, however, unlikely to have a representation in the meeting as the club is not among the signatories calling for such a move. "In the light of the continuing uncertainty surrounding the future of the ISL, Chennaiyin FC has taken the extremely difficult decision to temporarily pause club operations," the Chennai-based club said on its social media handle. "These are never easy decisions to make, and ours has come after much thoughtful consideration and careful deliberation. The challenges of being a stakeholder in Indian football are well recognized. "This is not a step we take lightly. It affects people we care about deeply. The welfare of our players, coaches, staff and their families remains a priority, and we are in constant communication with them as we face this together." The two-time ISL champion side "hope that this pause will be short-lived and that we can return to doing what we love as soon as there is clarity for all clubs". "Throughout this uncertainty, our commitment to the growth of Indian football, upon which this journey began remains as strong as ever. To our loyal supporters, your passion and belief have always inspired us. We ask for your understanding as we navigate this challenging period, and we look forward to better days ahead," it added. "At Chennaiyin FC, we are more than just a football club. We are a family. Like any family, we support each other in difficult times. However we must remain true to the core values on which this club was built and which we have always strived to uphold." Last week, ISL side Odisha FC took the decision to suspend paying salaries to its first-team players and staff. Late on Monday, Bengaluru FC indefinitely suspended contracts of its first-team players and staff amid the continued uncertainty over the ISL, which remains on hold. The club, home to legendary striker and former India captain Sunil Chhetri, said the lack of clarity on the League's future left it with no choice but to take this "difficult" decision. "In view of the uncertainty surrounding the future of the Indian Super League season, Bengaluru Football Club has taken what is a very difficult decision of indefinitely suspending the salaries of the players and staff belonging to the first team,' the Bengaluru club had said in statement. "Running and sustaining a football club in India has always been an uphill climb, one we have put everything aside made, season after season. "However, the lack of clarity on the League's future leaves us with no choice but to take this step. The future and well-being of our players, staff and their families is of utmost importance to us, and we are in touch with them as we wait for a resolution," the statement added. Bengaluru FC also urged both the AIFF and FSDL to resolve the impasse at the earliest. "We urge the AIFF and FSDL to end this impasse swiftly. The uncertainty benefits no one, and a prompt resolution is vital for the future of Indian football," the club said. The ISL was put on hold by its organisers, Football Sports Development Limited (FSDL), due to the unresolved status of the Master Rights Agreement (MRA) with the All India Football Federation (AIFF). The current 15-year MRA between FSDL and AIFF, signed in 2010, expires on December 18. Amid the growing uncertainty, eight ISL clubs have written to the AIFF expressing concern about their future. The AIFF's top brass is scheduled to meet the CEOs of the eight clubs on Thursday to discuss the situation. The letter, calling for a "constructive dialogue" with the AIFF, was signed by Bengaluru FC, Jamshedpur FC, FC Goa, Hyderabad FC, Kerala Blasters, NorthEast United FC, Odisha FC and Punjab FC. The three Kolkata-based clubs -- Mohun Bagan Super Giant, East Bengal, Mohammedan Sporting -- as well as Mumbai City FC and Chennaiyin FC were missing. Last month, AIFF President Kalyan Chaubey had assured that the 2025-26 ISL season would be held, but stopped short of confirming a start date. On July 11, FSDL officially announced that the 2025-26 ISL season had been put "on hold' due to uncertainty surrounding the MRA renewal. The ISL usually runs from September to April. Following a directive from the Supreme Court, the AIFF has been asked not to negotiate new terms of the MRA (with FSDL) until a final judgment is delivered in the AIFF draft constitution case. A ruling is expected soon.
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Narayana Health to add 2,000 beds, expand insurance schemes in FY26
Bengaluru-headquartered hospital chain Narayana Health aims to grow its domestic revenue by 10 per cent in FY26, in line with industry benchmarks, a senior company official said. Managing director and chief executive officer Emmanuel Rupert told Business Standard: 'Last fiscal we did about Rs 4,349 crore in India revenue and we want to grow at a rate at which the healthcare industry is growing — over 10 per cent. We look to be on the same momentum and revenue.' Sandhya J, chief financial officer at Devi Shetty's Narayana Health, said the company plans to scale up its Aditi and Arya health insurance schemes in Karnataka and West Bengal. 'The entire healthcare ecosystem is failing in trust. We are on the path to solve the trust deficit and episodic interference of fund transfer. On the back of this, we aim to double down on our insurance scheme and build a strong customer base in Bengaluru, Shivamogga, Mysore, and Kolkata.' Commenting on efforts to improve profit after tax (PAT), which declined 2.3 per cent to Rs 196 crore in Q1 due to increased investments in integrated care and other financial costs, Sandhya said PAT optimisation will improve as the India business grows. Some clinics have started breaking even, reducing losses from the health insurance schemes. 'Over a period of time, we will be able to keep the losses in check and expand margins in the domestic business. PAT should improve. Finance cost will continue to increase due to the Rs 3,000 crore project to add 2,000 beds across India over the next three years. The integrated care dilution will continue over the next year but we hope to maintain a decent level of cash burn.' She added that a large part of the funding will come through bank borrowings and non-convertible debentures (NCDs) as needed. So far, Rs 800 crore has been raised for projects already signed. The CFO noted that about Rs 1,500–2,000 crore in loans might be raised in this fiscal, depending on upcoming project developments. 'We are exploring opportunities to expand, some might be inorganic as well. Borrowings will be linked to the construction progress of our current projects.' During the quarter, revenue from international patients declined, primarily due to reduced footfall from Bangladesh. Narayana expects this trend to continue, given ongoing geopolitical tensions. 'The goal is to keep focusing on domestic growth and see how well we can push the numbers. Eventually, in the next two to three years, we believe that revenue contribution from Bangladesh will go down to zero. Not to miss, the country is building its own healthcare infrastructure.' Looking ahead, Narayana expects its integrated care business to account for a larger share of overall revenue. At present, cardiac sciences and oncology contribute approximately 33 per cent and 16 per cent, respectively. On Tuesday, the Clinical Research team and Medha AI developed an artificial intelligence (AI) model that predicts left ventricular ejection fraction from ECG images, enabling early heart failure detection and improved diagnostic access. 'All along we have waited for Western countries to develop these technologies. Today we are developing this because this country is blessed with phenomenally skilled, passionate software engineers and AI experts. This is our strength. We have made massive investments in building the digital platform, which is far ahead of all the other hospitals. With the great combination of a digital platform and the AI tool, healthcare will never be the same,' said Devi Prasad Shetty, chairman and founder of Narayana Health, at a media briefing. The company said that trained on over 100,000 ECG images paired with echocardiogram reports, the model showed strong predictive performance. With external validation across 14 tertiary centres and over 57,000 patients, it identified 97 per cent of individuals with severely reduced ejection fraction (≤35 per cent).
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Sebi chief Tuhin Kanta Pandey denies ban on weekly options expiry
Tuhin Kanta Pandey, chairman of the Securities and Exchange Board of India (Sebi), on Wednesday dismissed reports suggesting an end to weekly options expiries or any discussions with the finance ministry on the matter, calling such reports 'speculative'. Speaking on the sidelines of the annual Association of Portfolio Managers in India (APMI) conclave in Mumbai, Pandey acknowledged the need for reforms in the equity derivatives segment. He said there has been no communication between Sebi and the finance ministry regarding weekly expiries. 'We need some reforms. But what will be the nature of those reforms and how will it be treated — we discuss it with the markets. Whenever we envisage such concrete measures, we will certainly inform the market and come out in the open for consultations,' Pandey clarified. Shares of BSE fell 3.6 per cent in early trade but recouped all losses to end almost a per cent higher at ₹2,388. Shares of the exchange are down 21 per cent from their peak of ₹3,030 on June 10. Since November 2024, Sebi has introduced several measures to curb speculation in the derivatives market following retail investor losses and alleged cases of manipulation, such as the Jane Street incident. These measures include restricting weekly contracts to one index per exchange and increasing contract sizes. Additionally, the Indian market is transitioning to a delta-based approach for calculating open interest, along with a revision of marketwide position limits. These regulatory steps have contributed to a decline in futures and options volumes — from a peak of ₹537 trillion in September 2024 to ₹381 trillion as of July 2025. Sebi has also advocated for longer-term contracts, arguing that an over-reliance on short-term instruments may hinder capital formation. Addressing the APMI event, Pandey outlined recent initiatives to strengthen portfolio manager governance, covering benchmarking, performance reporting, investment limits, and improved disclosures. 'At APMI's request, Sebi has set up a working group to address the concerns of custodians, depositories, and other market participants,' he said. As of June 30, 479 portfolio managers are registered with Sebi. Pandey assured the industry that the comprehensive overhaul of portfolio management services (PMS) regulations in 2020 does not preclude further regulatory improvements to achieve 'optimal regulation'. He also urged the industry to prioritise clear communication and enhance investor awareness, especially given the growing demand for customised wealth management solutions beyond traditional mutual funds. 'PMS edge is its flexibility in delivering tailormade strategies, but the industry must demonstrate that customisation is a consistent capability, not just a slogan,' said the Sebi chief. He further urged portfolio managers to communicate performance claims responsibly and formally document any strategy changes. 'APMI and the industry must curb misleading claims being made by a few registered portfolio managers. Such exaggerated performance claims undermine trust and could stall growth of this industry,' Pandey cautioned.
