Vodacom, Remgro Head Toward $743 Million Fiber-Deal Approval
The Competition Commission reached a deal with Vodacom and Maziv — a wholly owned unit of Remgro's Community Investment Ventures Holdings Ltd. — on revised conditions that substantially address the anti-trust concerns raised when when it initially opposed the transaction, the regulator said in an emailed statement on Tuesday.
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News24
an hour ago
- News24
Bargain hunters bid for Gupta properties, but only one multimillion-rand home sells
Just one of the three Gupta family's homes in Saxonwold was sold at an auction on Thursday. Number 3 Saxonwold Drive, a four-bedroom home worth R5.5 million, which has fallen into disrepair, was sold for R3.3 million. The home is 349m2 and the City charges monthly rates of R6 304.81 on the property. All three of the interlocking homes and their contents went on auction on Thursday, and most of the bidders, wanting to remain anonymous, bid online. Number 5 Saxonwold, the home where most of the family's nefarious deals were said to have been struck, according to the auctioneers, received a bid of R4 million, and Park Village Auctions refused to entertain a bid of below R5 million. The building is 1 547m2 and is worth R21.7 million. The municipal rates on this property amount to more than R19 186. Thahasello Mphatsoe/News24 Thahasello Mphatsoe/News24 Thahasello Mphatsoe/News24 Number 7 Saxonwold, a triple-storey house with a checkered roof and rounded facade, which has a municipal value of R36.8 million, only received one bid for R3 million. The rates alone on this property amount to R29 433.78 a month. Meanwhile, the contents of Number 5 Saxonwold, which include an indoor spa, were auctioned off for R100 000. The contents of Number 7 Saxonwold, arguably worth more than the rest of the homes, decorated with original Indian wooden designs, went for R60 000.
Entrepreneur
an hour ago
- Entrepreneur
iTuring.ai, Pristyn Care, and Olto Raise Funding for Growth
The below brands have announced their latest funding rounds. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Secures USD 5 Mn to Expand AI Platform for BFSI Sector Bengaluru-based enterprise AI firm has raised USD 5 million in a Series A funding round led by Dallas Venture Capital and Mela Ventures. This follows a prior investment of USD 1.19 million in the same round from SenseAI and Pentathlon Ventures, with additional support from Ghosal Ventures. Founded in 2018 by Suman Singh, Amit Kumar, Mohammed Nawas, and Srivalsan Ponnachath, offers a proprietary, zero-code platform tailored to the needs of the banking, financial services and insurance sector. The startup plans to use the funds to accelerate the rollout of this platform, which enables institutions to automate each stage of data science and machine learning processes. "Our vision from day one was to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution," said Suman Singh, founder and CEO of platform addresses the complex regulatory and operational requirements of the BFSI industry. It integrates automation across data preparation, model development, deployment, and ongoing monitoring within a single, compliant framework. The platform currently serves clients in India, South Africa, and the United States. In the US, it has formed a strategic alliance with a leading global payment platform to support revenue growth and reduce operational costs. Clients in the BFSI sector have reported faster project execution and a notable decrease in manual work, along with measurable improvements in predictive accuracy, according to the company. Pristyn Care Bags USD 4 Mn to Expand Hospital Network Pristyn Care, a healthcare provider focused on surgeries, has raised USD 4 million in a new funding round aimed at expanding its owned hospital network. The investment comes from existing backers Peak XV Partners and Hummingbird Ventures, according to company sources and regulatory documents reviewed by Entrackr. The company's board recently approved the issue of 34,280 Series E1 compulsorily convertible preference shares at a price of INR 10,038.16 each. This share price matches the previous round, indicating that Pristyn Care's valuation remains unchanged. This funding is part of a broader plan, as the company is reportedly in discussions to raise up to USD 100 million from both new and current investors. To support future fundraising and expansion, Pristyn Care has increased its authorised capital. In recent months, the company has opened eight new hospitals, bringing its operational footprint to around 200,000 square feet with approximately 450 beds. The firm plans to double this capacity by December 2025 with more than 10 additional hospitals in the pipeline. For the fiscal year ending March 2024, Pristyn Care reported a 30 percent rise in operating revenue to INR 600 crore. Losses for the period remained stable at INR 381 crore. AI Startup Olto Raises USD 5.1 Mn San Francisco-based AI startup Olto has secured USD 5.1 million in a pre-seed funding round led by Nexus Venture Partners and The General Partnership. The round also drew participation from Afore Capital, Recall Capital, Ligature, FirstHand, and several prominent founders and technology leaders. Olto aims to streamline the B2B sales process by using artificial intelligence to automatically generate context-aware demo environments and interactive product tours. Its platform enables sales teams to deliver tailored experiences across live calls, outbound messages, and inbound leads, eliminating the need for manual setup. The company was founded by former Amazon executives Kintan Brahmbhatt and Jean-Baptiste Chaput, along with founding engineer Pranav Midha. Brahmbhatt, who co-founded Amazon Music and led Amazon's podcasting division, is also known for co-inventing Prime Video's X-Ray feature. "At Amazon, we pioneered just-in-time personalisation to change the way consumers engage with media," said Brahmbhatt, who now serves as Olto's CEO. "With Olto, we're bringing that same magic to B2B software." Olto's AI-native platform integrates directly with customer relationship management systems and live products, enabling teams to create highly personalised demos. According to the company, the platform reduces demo preparation time by up to 80 percent while increasing conversion rates.
News24
2 hours ago
- News24
Goldman, Investec see room for three more SA rate cuts in 2025
South Africa's tame inflation has created room for the central bank to cut interest rates at each of its three remaining meetings this year, according to Goldman Sachs and Investec. Annual inflation inched up to 3% in June from 2.8% in May, data on Wednesday showed. That was less than the 3.1% median estimate of 12 economists in a Bloomberg survey. Inflation has now been below the 4.5% midpoint of the South African Reserve Bank's target range, where it prefers to anchor expectations, since August. The central bank's benchmark rate is currently 7.25% and the monetary policy committee will announce its next rate decision on July 31. Goldman Sachs sees the MPC lowering its policy benchmark rate by a cumulative 75-basis point to 6.5% by year-end if the central bank's inflation target is kept unchanged. It is in talks with National Treasury to have it adjusted lower. 'We've pencilled in back-to-back cuts,' Andrew Matheny, senior economist at Goldman Sachs, told Bloomberg. Policymakers are likely to consider low price growth, declining inflation expectations and the need to support the economy, he said. Growth has averaged less than 1% a year for more than a decade. Investec's Chief Economist Annabel Bishop also believes there is scope for the MPC to reduce interest rates. Additional cuts of at least 1% are warranted, given the neutral interest rate — where borrowing costs are neither stimulating nor weighing on the economy — is about 2% above inflation, and demand is weak, she said. 'The SARB has room to cut at each remaining meeting this year and should do so.' Still, Bishop warns that the MPC's caution may only yield one more cut this year. Either at the July MPC meeting, or later in the year and a further 25 basis point reduction next year, she said. Capital Economics' David Omojomolo is bolder than Matheny and Bishop. He expects a 25 basis point cut to 7% at the MPC meeting next week and another 125 basis point reduction to 5.75% by end 2026, even if the inflation target is lowered. The central bank has reduced interest rates by 25 basis points at four of the last five meetings, pausing only in March when it cited uncertainty caused by US President Donald Trump's trade war. Forecasting has become 'a nightmare', Governor Lesetja Kganyago said last week. 'There are things that we are not sure about. We do not know in which direction they would go.'
