All posts tagged: Garuda

Indonesian airline Garuda reduces debt owed to bondholders by 4 million

Indonesian airline Garuda reduces debt owed to bondholders by $114 million

Published by skeptic

JAKARTA : Indonesia’s state flag carrier Garuda Indonesia said late on Thursday that it has paid back $113.8 million of the debt it owes to bondholders as part of its restructuring process. In 2022, the airline won creditors’ approval to restructure more than $9 billion of debt after it faced financial difficulties due to among others COVID-19-related travel curbs. Garuda said in a statement that it settled $113.8 million worth of debt to bondholders after completing two tender offers. Using tender offers meant the airline only had to pay around $50 million to settle the $113.8 million. “We hope that this initiative could improve our capital structure, so it can become healthier,” Garuda Indonesia’s President Director Irfan Setiaputra said, adding the debt was paid using the company’s internal cash. A company generally does a debt tender offer to retire its bonds at less than the original face value and by doing so it also reduces the interest costs. The settlement was related to Garuda’s U.S dollar bonds, some of which are in the form of …

Garuda Ventures’ debut fund will invest in B2B-focused software companies

Garuda Ventures’ debut fund will invest in B2B-focused software companies

Published by skeptic

Pre-seed and seed-stage startups focused on business-to-business have a new source of capital. Garuda Ventures, an emerging venture capital manager, closed on its debut fund with $31 million in commitments to invest in B2B-focused software companies. Rishi Taparia and Arpan Punyani, the firm’s two general partners, know a thing or two about scaling companies from their previous positions. Taparia was an early employee at both Poynt, a payments processor that was acquired by GoDaddy in 2020, and workforce management platform Legion. He was also previously an investor at Matrix Partners and spearheaded the firm’s seed investment in Canva. Punyani previously spent over eight years at identity management company Okta, where he worked across inorganic growth teams. He focused on M&A and strategic partnerships and helped grow the company from around 200 employees in 2013 to its 2017 IPO. Taparia and Punyani raised $2.8 million in 2018 for a “proof of concept” fund, which they invested in 32 companies. The pair then officially started Garuda Ventures in late 2021 and began talking to investors for the …