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INDIA, November 19, 2024 – B Capital, a global multi-stage investment firm, today announced the appointment of Timur Akazhanov as General Partner. Mr. Akazhanov will focus on strategic growth equity investments in technology and tech-enabled services companies, leveraging B Capital’s capabilities in scaling and globalizing the next generation of cutting-edge businesses. He will focus on opportunities where B Capital can achieve significant influence or control via acquisition of large stakes in target companies. Mr. Akazhanov will be based in New York and partner on this strategy with Sami Ahmad, General Partner and Deputy CIO.

“At B Capital, our mission is to partner with extraordinary founders and accelerate their growth,” said Raj Ganguly, Co-Founder and Co-CEO of B Capital alongside Eduardo Saverin. “Attracting talented investors like Timur, who embody our entrepreneurial spirit, is essential to that mission. Timur not only brings deep technology expertise but also an innovative, new perspective as we pursue high-growth opportunities and drive value creation across our portfolio.”

Mr. Akazhanov has more than 15 years of private investing experience, including in all aspects of deal sourcing, due diligence, deal execution, board governance and capital markets activities, across a broad range of industries. Previously, he was a Managing Director at H.I.G. Capital, where he focused on technology and tech-enabled services. Prior to H.I.G., Mr. Akazhanov was a Managing Director at Blackstone and also held roles at Bain Capital and McKinsey & Company.

“I admire B Capital’s hands-on approach and commitment to being true partners to founders at every stage of their journey,” Mr. Akazhanov said. “Together with Raj, Eduardo and the entire B Capital team, I look forward to helping the firm back innovative businesses during a time when technological change is creating so much opportunity to invest capital and apply our value creation strategies.”

“As the technology industry continues to mature, growth stage companies need partners who can provide both capital and strategic value through their continuous evolution,” Mr. Saverin said. “With Timur joining our team, we are even better positioned to support promising companies as they scale, offering the deep engagement and long-term commitment needed to build lasting businesses.”

Linc Limited, a leader in the writing instruments industry, is pleased to announce the appointment of Mr. Shivam Nathani as the Deputy General Manager- Finance. With over 13 years of extensive experience in the manufacturing sector, Mr. Nathani brings a wealth of knowledge and expertise in financial management, compliance, and strategic planning.

Mr. Nathani has been associated with Linc Limited since May 2023, where he has made significant contributions as Head of the Department. His proficiency in Goods and Service Tax (GST), direct taxation, and financial reporting, along with his strong communication and team-building skills, make him a valuable addition to the senior management team.

In his current role, Mr. Nathani oversees the finalization of annual books of accounts, preparation of balance sheets and profit and loss accounts, and the review of monthly, quarterly, and annual financial closings. He is also responsible for implementing and reviewing the company’s budgeting process in SAP, managing statutory compliance, and coordinating with statutory and internal auditors.

Before joining Linc Limited, Mr. Nathani held key positions at Electrosteel Casting Limited, where he served as Assistant General Manager – Accounts, and at A Infrastructure Limited as Manager – Accounts & Finance. His experience in handling complex financial consolidations, compliance matters, and departmental management, both in India and with international subsidiaries, has equipped him to take on the challenges of his new role.

Mr. Nathani is renowned for his meticulous attention to detail and exceptional ability to perform under pressure, consistently ensuring accuracy and efficiency in all aspects of financial operations. His association with Linc Ltd. promises to enhance the company’s financial framework, driving both operational excellence and strategic growth.

With extensive experience in international acquisitions and the establishment of subsidiaries and joint ventures in India and abroad, Mr. Nathani brings a wealth of expertise. He is highly adept at setting up systems and processes that streamline operations, while also making strategic financial decisions to ensure effective control across joint ventures and subsidiaries. His proficiency extends to financial planning and analysis, with a strong focus on internal control design and adherence.

Beyond these competencies, Mr. Nathani excels in developing new systems, spearheading process improvements and automations, and managing project planning and feasibility studies. His solid foundation in cost analysis and pricing strategies makes him a valuable asset in steering Linc Ltd. toward sustained financial success and growth.

Shri Manoj Mittal, Chairman and Managing Director of SIDBI, addressed the members and briefed SIDBI’s financial and operational performance for FY 2024. SIDBI achieved its highest-ever balance sheet size, income and net-profit during the year. The Bank surpassed the milestone figure of the balance sheet of ₹5 lakh crore. The Asset Base of the Bank grew by 30% from ₹4,02,383 crore in FY 2023 to ₹5,22,521 crore in FY 2024. The Loans & Advances portfolio increased from ₹3,56,439 crore in FY 2023 to ₹4,56,015 crore in FY 2024, representing a growth of 28%. During FY 2024, the Bank earned an income of ₹31,942 crore, an increase of 73% over the previous year and recorded highest ever net profit of ₹4,026 crore, an increase of 20% over the previous year. The Earnings Per Share (EPS) also increased to ₹70.82 in FY 2024. Gross NPA and Net NPA ratio of the Bank stood at 0.02% and 0.00%, respectively, as on March 31, 2024. A dividend of 20% was approved at the AGM for FY 2024.

Shri Mittal stated, “At SIDBI, we are committed to strengthening and deepening the MSME sector and the Bank’s direct and indirect finance operations have significantly boosted the flow of credit to the sector”.

SIDBI’s motto is to support MSMEs build resilience, encourage them to grow and enable them to enhance their presence in the global arena. The Bank strives to achieve this objective through continuous engagement with the Government and other stakeholders.

SIDBI has made significant advances in digitalisation of its lending processes and has also been instrumental in implementing digital interventions in the MSME ecosystem.

In furtherance of India’s commitment to mitigate the impact of climate change, SIDBI has also stepped up its interventions in the area of Green finance for MSMEs, aligning with the government’s sustainable and green initiatives. SIDBI’s green financing portfolio expanded by a remarkable 4.5 times in the year under review.

SIDBI’s Cluster Development Fund that extends financial assistance to State Governments for the development of MSME infrastructure, gained traction in FY 2024.  Cumulative disbursement of `2,252 crore was affected to State/ UTs which is expected to benefit 1.72 lakh MSMEs.

Apart from finance, SIDBI, through its ‘Mission Swavalamban’ programme, promotes entrepreneurship. In FY 2024, the Bank launched several new programmes targeting various MSME segments, especially those centered around micro entrepreneurs.

CMD said, “During FY 2025, SIDBI will continue to support the MSME sector, with focus on underserved/ unserved Micro enterprises, through various initiatives including extending its direct outreach by opening 24 new branches which would cover a total of 168 MSME clusters. Further, SIDBI will continue to work towards the development of the MSME ecosystem, explore new areas/ collaborations to address challenges faced by MSMEs to pave a way for their unhindered growth and help them mark their footprints in global value chain.”