<article>While the Aditya Birla group is looking to sell minority stake in Idea Payments Bank to raise funds, angel network and co-working startup FundTonic has raised funds from Yess Capital.</article>

While the Aditya Birla group is looking to sell minority stake in Idea Payments Bank to raise funds, angel network and co-working startup FundTonic has raised funds from Yess Capital.
<h3>Aditya Birla looks to sell stake in Idea Payments Bank</h3>
The <a href="http://dealstreetasia.com/tag/aditya-birla" target="_blank" rel="noopener">Aditya Birla Group </a>is looking to raise about Rs 200 crore by selling minority stake of around 15-20% in its Idea Payments Bank, according to <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/aditya-birla-group-plans-to-sell-15-20-in-idea-payments-bank/articleshow/63838953.cms" target="_blank" rel="noopener">a report</a> in The Economic Times quoting sources.
While Aditya Birla&#8217;s telecom arm<a href="http://dealstreetasia.com/tag/idea-cellular" target="_blank" rel="noopener"> Idea Cellular</a> owns 51 per cent stake in the payments bank, the remaining 49 per cent is held by Aditya Birla Nuvo.
According to the sources quoted in the report, the company is seeking a valuation of Rs 1,000 crore for the two-month-old venture, and plans to use the funds to expand its operations.
&#8220;There’s not much value in this business, and for Aditya Birla Idea Payments Bank, a clear cut strategy on how they are likely to execute this model still eludes them,&#8221; said one of the sources cited in the report.
Idea was one of the 12 firms to receive the licence from Reserve Bank of India to operate a payments bank in 2015. However, Idea&#8217;s payments bank began operations only in February this year, making it one of the latest entrants in the space.
<h3>Angel network FundTonic gets funding from Yesss Capital</h3>
Mumbai-based co-working startup and angel network <a href="http://dealstreetasia.com/tag/fundtonic" target="_blank" rel="noopener">FundTonic</a> has received funding of an undisclosed amount from Yesss Capital, Germany along with other investors, said a Inc42 report.
The funding will support FundTonic&#8217;s expansion to Europe and next phase of growth. Founded in 2016 by Akshit Gupta and Bhavin Parikh, FundTonic Group operates a seed fund, angel network, incubation centers, co-working spaces and entrepreneurship development programs. It currently has co-working operations in Mumbai, Pune and Bengaluru.
According to the news report, FundTonic is currently in the process of raising a Series A round to add more co-working spaces and expand its to Europe and other ASEAN countries.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/aditya-birla-pe-idea-cellular-96296/" target="_blank" rel="noopener">India: Aditya Birla Group in talks with PE firms to raise $1b for Idea Cellular</a>

While the Aditya Birla group is looking to sell minority stake in Idea Payments Bank to raise funds, angel network and co-working startup FundTonic has raised funds from Yess Capital.

India Digest: Aditya Birla mulls payments unit stake sale; Yesss Capital backs FundTonic

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India Digest: Aditya Birla mulls payments unit stake sale; Yesss Capital backs FundTonic

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