OCTOBERASIA BUSINESS OUTLOOK8NEWSROOMAyala Corp, a major company in the Philippines, announced that it will sell 50 percent of its shares in Mynt, the fintech unicorn behind GCash, to Mitsubishi Corp of Japan for at least 18.4 billion pesos ($318.89 million).The Philippine group announced in a statement that the Japanese conglomerate will purchase 50 percent of AC Ventures, owned by Ayala, to acquire the stake. Ayala holds a 13 percent share in Mynt through AC Ventures.Mynt, a collaboration between Ant Group, Ayala, and Globe Telecom, consists of two financial technology companies: G-Xchange, the company behind GCash, and Fuse Lending, a technology-driven micro-lending firm. It was worth $5 billion during a funding round in August that involved Mitsubishi UFJ Financial."We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users," Ayala President and CEO Cezar Consing said.Recently, Martha Sazon, President and CEO of Mynt, stated that there are no concrete plans for an initial public offering, with the main priority being the business expansion, specifically of GCash. During the pandemic, there has been a significant increase in the use of digital services in the Philippines, making it one of the rapidly growing fintech markets in Southeast Asia. Aditya Birla Digital Fashion Ventures Ltd, a subsidiary of Aditya Birla Fashion and Retail Ltd, has invested Rs 75 crore in Wrogn, a men's wear brand co-founded by cricketer Virat Kohli and backed by Accel. This investment increases Aditya Birla's stake in Wrogn from 17.10 percent to 32.84 percent on a fully diluted basis. The purpose of this new infusion is to enhance ABDFVL's portfolio of digital-first brands, continuing the strategy of milestone-based valuations for its investments.The investment was detailed in a stock exchange filing, indicating that this funding represents the final portion of the stated primary investments into Wrogn. Earlier, on June 19, it was reported that TMRW House of Brands, an e-commerce rollup venture under the Aditya Birla Group, had invested Rs 125 crore in Wrogn.Wrogn, founded in 2014 by Anjana and Vikram Reddy, caters to men aged 18-30 and offers a range of casual clothing, footwear, and accessories characterized by bold prints, vibrant colors, and streetwear influences. The brand operates through both online and offline retail channels, aiming to establish a significant presence in the men's fashion market.ABFRL, an Indian fashion retail company based in Mumbai, is known as Aditya Birla Fashion and Retail Limited. It came to light following the merging of Aditya Birla Group's branded apparel businesses, including ABNL's Madura Fashion division, PFRL, and MFL, in May 2015. After merging, PFRL's name was changed to Aditya Birla Fashion and Retail Ltd. PHILIPPINE BASED AYALA CORP TO SELL MYNT STAKE TO MITSUBISHI FOR $318MVIRAT KOHLI CO-FOUNDED BRAND WROGN SECURES CAPITAL FROM BIRLA GROUP
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