Capital India Finance Raises ₹100 Crore via NCD Issue to Boost MSME and Retail Lending Growth

Capital India Finance Limited (“CIFL”), a listed, non-deposit-taking NBFC, today announced that it has successfully raised ₹100 crore through the private placement of listed, rated, senior, secured, transferable and redeemable non-convertible debentures (NCDs).

The issuance comprised a base issue of ₹50 crore and a green shoe option of ₹50 crore. The NCDs have a tenure of 27 months and carry a fixed coupon of 10% per annum, payable quarterly. The NCDs will be listed on BSE Limited.

The fundraise strengthens CIFL’s funding base and provides additional resources to support the planned growth of its lending business. It also advances the Company’s strategy of diversifying its sources of borrowing as it scales its secured MSME and retail lending franchise.

Pinank Shah, CEO, Capital India Finance Limited, said: “The successful completion of this NCD issuance is an important step in diversifying our funding base and building the capacity required for the next phase of growth. With an expanding distribution network, disciplined underwriting and strong capital adequacy, we are well positioned to deepen our presence across underserved MSME markets. We will continue to balance growth with asset quality, liquidity and sustainable returns.”

CIFL has expanded its distribution network to 46 branches across nine states, compared with 29 branches at the end of FY 2025. The Company focuses on secured MSME and retail lending, combining local market presence with technology-enabled processes and underwriting capabilities.

In FY 2026, CIFL’s assets under management increased 22% year-on-year to ₹1,227.37 crore, while disbursements rose 62% to ₹753.54 crore. During FY26, CIFL reported total income of ₹ 229.67 crores.

The growth momentum continued in Q1 FY 2027, with standalone total income increasing 32% year-on-year to ₹69.53 crore. Disbursements grew 36% and assets under management increased 20% year-on-year. The capital adequacy ratio stood at 43.58% as of June 30, 2026.

About Capital India Finance Limited

Capital India Finance Limited is a listed, Middle Layer, non-deposit-taking NBFC focused on providing secured MSME and retail lending solutions. The Company offers customised credit solutions to micro, small and medium enterprises, professionals and retail customers through a phygital model supported by local market expertise and disciplined underwriting.

With 46 branches across nine states, CIFL serves the financing needs of customers across India’s MSME and retail markets.

For more information, please visit: www.capitalindia.com

Sikkim Ties Up with IIM Calcutta to Ignite 250 Startups, 1,000+ Jobs

• 36-month partnership to support incubation and acceleration of 250 startups, operationalise four district incubation centres and contribute towards creation of 1,000+ jobs. 
• At least 40% of supported enterprises targeted to be Women-Led. 

The Commerce & Industries Department, Government of Sikkim, has entered into a Memorandum of Agreement (MoA) with IIM Calcutta Innovation Park (IIMCIP), appointing IIMCIP as the Lead Incubation Partner for strengthening the State's startup, innovation and entrepreneurship ecosystem through the Sikkim Innovation Hub.

The agreement was signed on 27th September 2026 at Manan Kendra, Gangtok, with the MoA signed/exchanged by Ms. Karma D. Youtso, Secretary, Commerce & Industries Department, Government of Sikkim and Mr. Gaurav Kapoor, Chief Business Officer, IIM Calcutta Innovation Park in the presence of Ms. Choden Gyatso, Special Secretary-cum-Director, Commerce & Industries Department, Government of Sikkim.

The 36-month partnership will support the implementation of the Sikkim Startup Policy 2025 while developing a broader and more integrated support ecosystem for startups, entrepreneurs, MSMEs and innovators across the State. The initiative is being implemented under Sikkim INSPIRES and will focus not only on policy-linked benefits, but also on building practical pathways for entrepreneurs from idea development and validation to incubation, market access, growth and investment.

The Sikkim Innovation Hub, established under the aegis of the Commerce & Industries Department, Government of Sikkim, will serve as the central platform for coordinating and strengthening entrepreneurship and innovation activities across the State. The Hub will facilitate access to incubation and business support services, mentoring, capacity building, prototyping and validation support, market linkages, investor connections, funding facilitation, regulatory and compliance guidance, industry partnerships and other ecosystem resources.

The programme will adopt a hub-and-spoke model, with the Sikkim Innovation Hub at Gangtok serving as the central platform and district-level incubation centres serving as local delivery and outreach points. The existing incubation centres at ATTC, Bardang and CCCT, Chisopani, along with additional district incubation centres proposed under the programme, will help extend entrepreneurship support beyond the capital and bring structured incubation services closer to entrepreneurs across different parts of Sikkim.

The district incubation centres will play an important role in grassroots innovation and entrepreneurship development by identifying local ideas, aspiring entrepreneurs and existing enterprises, conducting outreach and pre-incubation programmes, and providing first-level handholding. Dedicated Incubation Managers and programme resources will be placed at the district incubation centres to work directly with entrepreneurs, understand their business requirements and facilitate access to appropriate technical, business and ecosystem support.

IIM Calcutta Innovation Park will support the Sikkim Innovation Hub in designing and implementing structured pre-incubation, incubation and acceleration programmes for entrepreneurs and enterprises at different stages of development. The support will include structured problem and opportunity identification, business model development, customer and market validation, prototype development, product improvement, financial and business planning, branding and market strategy, enterprise formalisation and growth planning.

Under the incubation and acceleration framework, supported ventures will receive access to domain mentors, subject-matter experts, investors, industry partners and other ecosystem stakeholders. The programme will facilitate investor and market connect, opportunities for pilot projects and customer acquisition, linkages with government schemes and national programmes, and support in areas such as statutory compliance, regulatory requirements, financial management, intellectual property, business documentation and other professional services, wherever relevant.

The partnership will also strengthen capacity building and entrepreneurship awareness across the State through district-level bootcamps, entrepreneurship awareness programmes, startup clinics, ideathons, workshops, startup-academia engagements and other ecosystem-building activities. These initiatives will seek to engage young aspirants, students, first-generation entrepreneurs, startups, MSMEs and existing enterprises and create a structured pathway from entrepreneurial interest to enterprise creation and growth.

A key focus of the initiative will be to promote inclusive and geographically distributed entrepreneurship. The programme will undertake outreach across districts, educational institutions and communities, with special emphasis on youth, women and grassroots entrepreneurs. Entrepreneurship Promotion Cells in higher education institutions will also be developed as institutional platforms for identifying entrepreneurial talent, conducting awareness activities and connecting students and innovators with the Sikkim Innovation Hub and its incubation network.

Over the three-year period, the partnership targets 250 startups and enterprises for incubation and acceleration support and aims to operationalise four district-level incubation centres. The programme is expected to contribute towards 1,000+ direct and indirect employment opportunities, while targeting at least 40% women-led enterprises among supported ventures.

The initiative will also establish systems for tracking the progress and outcomes of supported ventures through structured monitoring and digital systems. Key indicators will include venture creation, prototype development, revenue generation, employment, market access, investment mobilisation, women-led enterprises, mentorship engagements and other measurable enterprise outcomes.

The partnership will also seek to connect Sikkim-based enterprises with national incubation networks, investors, industry partners, technology providers, academic institutions and wider markets, enabling enterprises to build capabilities within the State while accessing opportunities beyond Sikkim.

The partnership between the Commerce & Industries Department, Government of Sikkim, and IIM Calcutta Innovation Park marks an important step towards building a more accessible, outcome-oriented and district-connected entrepreneurship ecosystem in the State. Through the Sikkim Innovation Hub, district incubation centres and structured support under Sikkim INSPIRES, the initiative aims to enable more Sikkim-based entrepreneurs to transform ideas into viable enterprises, strengthen existing businesses and create sustainable employment and economic opportunities across the State.

In the Photo Above ( From Left to Right)

• Smt. Champa Sharma, Joint Secretary-MSME, Commerce & Industries Department, Govt. of Sikkim
• Shri M. Ravi Kumar, Director-MSME, Commerce & Industries Department, Govt. of Sikkim
• Ms. Choden Gyatso- Special Secretary-cum-Director, Commerce & Industries Department, Govt. of Sikkim
• Ms. Karma D. Youtso- Secretary, Commerce & Industries Department, Govt. of Sikkim
• Mr. Gaurav Kapoor-Chief Business Officer, IIM Calcutta Innovation Park
• Mr. Ram Kumar- Project Lead-StartUp Sikkim, IIM Calcutta Innovation Park
• Mr. Quasid- Consultant, Nangia & Co. LLP, TSA-Sikkim Inspires

About IIM Calcutta Innovation Park

The IIM Calcutta Innovation Park (IIMCIP) is a not-for-profit (Section 8) company established under the aegis of the Indian Institute of Management Calcutta to promote entrepreneurship and innovation in India.

Recognised by the Department of Science & Technology, Government of India, IIMCIP's mission is to nurture innovative, socially impactful entrepreneurs who can drive inclusive growth.

Its core offerings span structured mentoring, capacity building, seed funding and access to markets and investors. To date, IIMCIP has supported over 2,000 startups and seed-funded 152 ventures, which have collectively raised more than ₹2,000 crore and built a cumulative portfolio valuation of nearly ₹8,000 crore.

IIMCIP also works closely with government bodies, corporates and academia to strengthen India's innovation ecosystem, foster high-impact collaborations and promote women's entrepreneurship, with a special focus on underserved regions of the country.

Eloelo Group Unveils Dolphin AI, an Agentic AI Studio Revolutionizing Multi‑Shot Video Production for Creators Worldwide

• Built from Eloelo Group’s experience producing 5,000+ original dramas and testing 100,000+ creatives every month, Dolphin AI brings production technology developed at scale to creators globally.
• Proprietary multi-shot planning and continuity technology is designed to preserve characters, voices, props, locations and visual coherence across complete productions.
• Film Studio turns scripts into structured productions — understanding the story, building reusable creative assets, planning shots and generating them into a coherent timeline.

Entertainment and technology company Eloelo Group today unveiled Dolphin AI, an agentic AI studio designed for giving creators end-to-end video production capabilities. Founder and CEO Saurabh Pandey unveiled Dolphin AI during his keynote at FICCI FRAMES 2026. The event also witnessed the inauguration of the Eloelo Group’s Dolphin AI booth by Shri Prithul Kumar, Joint Secretary, Ministry of Information & Broadcasting, along with Saurabh Pandey, Founder and CEO, Eloelo Group.

Dolphin AI was born from Eloelo Group’s own video operations. Through Story TV, the Group has produced more than 5,000 original dramas, while its teams test more than 100,000 creatives every month. That scale created an internal need to make video production faster, more iterative and more intelligent. Dolphin was first built to solve those challenges inside the Group; it is now being opened to creators, filmmakers, brands and studios globally.

Saurabh Pandey - Founder and CEO, Eloelo Group & Shri Prithul Kumar, Joint Secretary, Ministry of Information & Broadcasting

Video is at the heart of what we do at Eloelo Group. We have produced more than 5,000 dramas and test over 100,000 creatives every month. Dolphin came from solving our own production problems at that scale. We built proprietary workflows to make storytelling faster, more iterative, and more ambitious, and today we are opening that technology for the world. Dolphin brings end-to-end video generation capabilities, whether you want to make a video for social media, a tutorial, a D2C ad, or even a micro-drama. AI videos currently lack context preservation and struggle to build anything beyond 8 to 10 seconds- Dolphin solves this through multi-shot technology to create longer videos and an agentic workflow to create videos seamlessly. I firmly believe AI is going to lead to a world of infinite content. With Dolphin AI, we hope India becomes the hub for the Orange Economy and moves from being one of the world’s largest consumers of content to one of the largest exporters of content,” said Saurabh Pandey, Founder and CEO, Eloelo Group.

Built for complete productions

Dolphin AI is designed around one of the hardest problems in AI video: maintaining a coherent production across multiple shots. Its proprietary multi-shot planning and continuity systems help preserve characters, voices, wardrobes, props, locations and visual language across a story, allowing creators to work on a production as a whole rather than generate each shot independently.

Its agentic production layer understands creative intent, decomposes a longer video into shots and production tasks, and coordinates generation while preserving context across the workflow. Creators can move from natural-language creation in Chat to guided Templates and shot-level control in Playground, with editing and enhancement built into the same environment.

Film Studio: from script to production

Film Studio takes this further by turning a script into a structured multi-shot production. It reads the script to understand the premise, tone, chronology and character arcs; identifies characters, locations and props; and creates reusable visual, voice and wardrobe assets that creators can review and lock.

The creative system is the product

Generative AI is moving faster than any product can be designed around a single model. A model that leads on video generation today may be overtaken by another tomorrow, and different models will always be better at different kinds of work. So we don’t think the future of creative software is about choosing a winner among models. It is about building a layer that can understand the creator’s intent, decompose the work, use the right models for each part, and preserve continuity as those parts come back together. The model is becoming a component. The creative system is the product, said Sagar Gaonkar, CTO, Eloelo Group.

Dolphin AI also supports MCP, enabling compatible AI clients including Claude, ChatGPT, Gemini and Cursor to access its image, video and voice capabilities within existing agentic workflows.

Building India’s next content-export wave

India’s creative economy contributes an estimated 2.5% of GDP, with an estimated 80 million people forming India’s creator economy.

AI can materially expand where globally relevant entertainment is created. By reducing the cost and complexity of high-quality video production, smaller teams and individual creators can experiment more, produce faster and create for audiences beyond their home markets.

For India, with its storytelling culture, filmmaking ecosystem and linguistic diversity, Dolphin AI is being built to help creators, studios and brands produce globally relevant video across languages, formats and markets, and expand India’s role as a producer and exporter of entertainment, and contribute to the growth of India’s Orange Economy

It is built for professional solo creators, individual creators and teams working across advertising, product videos, microdramas, podcasts, cinematic films, UGC, AI avatars, animation and stylised motion.

Following its unveiling at FICCI FRAMES 2026, Dolphin AI is open for early access. Creators can join the waitlist at trydolphin.ai or access the platform with an invite code.

About Dolphin AI

Dolphin AI is an agentic AI studio from Eloelo Group designed for complete video production. It combines proprietary multi-shot planning and continuity technology, agentic production intelligence, image and video generation, voice, editing, enhancement and export in one creative workflow. Dolphin includes Chat, Templates, Playground and Film Studio, offering creators different levels of control from conversational creation to professional, shot-level production.

About Eloelo Group

Eloelo Group is an entertainment and technology company headquartered in Bengaluru, building a portfolio of consumer internet and AI products. Its flagship product, Story TV, is a premium vertical storytelling platform that crossed 120 million users in its first year, with more than 5,000 original titles and audiences spending over 100 minutes a day on the platform. Besides Story TV, Eloelo Group’s portfolio spans entertainment, learning and AI, including Master for micro-learning and Dolphin AI.

India’s Home Market Set to Hit $260B by 2030, Deloitte Finds

• The average age of first-time homebuyers has shifted from the early 40s to the early 30s
• About 57 percent of consumers aged 18–28 seek inspiration from creators and influencers, compared with 27 percent among those aged 45–60. 
• Tier-2 households spent an average of INR3.9 lakh per home on interiors in 2025, equivalent to nearly 74 percent of Tier-1 spending levels

India’s home and household market is expected to grow 1.6 times over the next five years, according to a new Deloitte India report titled “The home reset: How India is redefining the way homes are designed, upgraded and experienced,” launched at the MAPIC India 2026 event. The report highlights that premiumisation, more frequent home upgrades and rising aspirations across metropolitan and non-metropolitan India are expected to drive this growth, with the opportunity also extending beyond metropolitan markets. Notably, Tier-2 households spent an average of INR3.9 lakh per home on interiors in 2025, nearly 74 percent of Tier-1 levels, while rising aspirations, residential development and demand for modular and design-led living are helping smaller-city interiors markets grow almost twice as fast as Tier-1 markets.

This growth is also being shaped by how consumers discover home products. Nearly 80 percent of home shoppers now discover products through social media, while 57 percent of consumers aged 18–28 seek inspiration from creators and influencers. AI and emerging technologies are further reshaping discovery, design and purchase, giving consumers greater access to information and choice. At the same time, price influences only one in four home-related purchase decisions, highlighting the growing importance of quality, sustainability and the overall purchase experience.

Anand Ramanathan, Partner and Consumer Industry Leader, Deloitte South Asia, said, “India’s home and household market is entering a new phase of growth, with the sector expected to expand 1.6 times by 2030. What is changing alongside this growth is the way consumers engage with the category across discovery, inspiration, evaluation and purchase. The increasing influence of digital channels, creators and emerging technologies is giving consumers greater access to information and choice, while raising expectations around quality, sustainability and experience.
For businesses, this creates an opportunity to move beyond individual products and build more connected propositions across the home ecosystem. The ability to combine technology, quality and service, while responding to evolving consumer expectations across the homeowner journey, will be critical to capturing the next phase of growth.”

Durables and appliances represent the largest opportunity, with the category expected to grow from US$66 billion in 2025 to US$95 billion by 2030. Furniture and furnishings are projected to increase from US$39 billion to US$67 billion, while kitchen and bath solutions are expected to grow from US$18 billion to US$28 billion. Interior services are projected to double from US$4 billion to US$8 billion over the same period, at an 18 percent CAGR.

The report highlights the following six shifts shaping India’s home and household sector:

• A younger, digitally informed homeowner: The average age of first-time homebuyers has moved from the early 40s to the early 30s. Nearly 35 percent of consumers aged 18–28 associate home improvement with self-expression, compared with 26 percent among those aged 45–60.
• The home as a lifestyle space: The adoption of comfort-category products increased by approximately 140 percent in 2025. Consumers now allocate 10–15 percent of a home’s value to interiors, with wellness, design, security and smart-home features gaining importance.
• AI and technology shaping home purchases: AI, AR and digital planning tools are enabling more personalised purchase experiences. Retailers using AR with modular configurators have reported approximately 10 percent higher revenue and 25 percent lower returns.
• An omnichannel purchase journey: Nearly 80 percent of shoppers discover products through social media, while 60 percent use e-commerce applications in stores to research products, compare prices and access offers.
• Greater influence of creators: About 57 percent of consumers aged 18–28 seek inspiration from creators and influencers, compared with 27 percent among those aged 45–60.
• Value gaining importance over price: Price influences only one in four home-related purchase decisions, as consumers place greater emphasis on quality, sustainability and the overall purchase experience. About 95 percent of consumers engage with the home ecosystem across more than four categories on average.

The report concludes that the next phase of the home economy will favour companies that expand beyond core products, embed intelligence across the customer journey, connect physical and digital channels, and remain engaged with homeowners beyond the initial purchase. As categories converge, businesses will increasingly compete on their ability to deliver a more connected, personalised and complete living experience.

About Deloitte

This press release has been issued by Deloitte Touche Tohmatsu India LLP
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Arma Capital Invests ₹10 Crore Across EBG Group’s Wellness, Food and Family Businesses

The firm invests in three Carlton Wellness Centres and enters franchise partnerships with NATUF Café, Adhira & Appa Café and Chhota Bheem Family Café as part of a growing multi-brand relationship.

Maharashtra-based Arma Capital has invested ₹10 crore across EBG Group’s wellness, food and family businesses, marking its entry into multiple consumer-facing brands under the Hyderabad-headquartered business group. The investment includes Carlton Wellness Centres in Mumbai, Bengaluru and Chandigarh, along with franchise partnerships for NATUF Café, Adhira & Appa Café and Chhota Bheem Family Café in Hyderabad.

Before its association with EBG Group, Arma Capital’s investment portfolio spanned consumer brands, hospitality and lifestyle-led experiences. Its investment in EBG Group builds on this focus on consumer-facing businesses with potential to expand across markets, while adding wellness, food and family experiences to its portfolio.

The current ₹10 crore investment marks the first phase of Arma Capital’s partnership with EBG Group. As part of its larger commitment, they will invest over ₹100 crore over the next five years across Carlton Wellness Center, Tarzan Nature Retreat, Adhira and Appa Coffee, Natuf Cafe, Chhota Bheem Café and all upcoming brands under EBG Group. The investment will support the expansion of the mentioned brands across major cities including Chandigarh, Mumbai, Bangalore, Hyderabad and Delhi NCR.

Arun Jain, Founder and Managing Director, Arma Capital

Arun Jain, Founder and Managing Director, Arma Capital, said: “We were looking for businesses that solve everyday consumer needs and have the potential to grow across cities. EBG Group brought together wellness, food and family experience brands under one ecosystem, and that made this partnership a natural fit. We believe these brands have the opportunity to reach many more people while creating long-term value.”

Commenting on the investment, Dr. Irfan Khan, Founder and Chairman, EBG Group, said: “Arma Capital’s decision to invest across multiple EBG brands is a testimony to the businesses we have built and the trust they have placed in our long-term vision. Their partnership across wellness, food and family experiences reinforces our belief that consumer-focused brands with strong fundamentals can grow across India. We are excited to build this journey together.”

Dr. Irfan Khan, Founder and Chairman, EBG Group

The partnership brings together Arma Capital’s investment and expansion plans with EBG Group’s portfolio of consumer brands. For Arma Capital, it opens opportunities to grow its presence across multiple businesses. For EBG Group, it adds a long-term investment and franchise partner that will support the expansion of its brands into new cities. Together, the partnership creates a platform for future investments, new franchise locations and the launch of additional consumer-focused brands across India.

About EBG Group:

EBG Group is a diversified Indian enterprise with interests across mobility, health & wellness, realty, technology, lifestyle, food & beverages and social impact. Across its portfolio, the Group focuses on building and scaling consumer and business platforms through partnerships, operating systems, brand development and expansion. Its broader philosophy is centred on People, Planet and Progress.