Tax sword hangs over PE, VC funds after tribunal ruling
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Synopsis
A week ago, the Customs, Excise & Service Tax Appellate Tribunal, Bengaluru, has ruled that the ‘carried interest’ or ‘carry’ in trade parlance, which is a fund’s share of profits from managing investors’ money is a ‘performance fee’ that would attract service tax.
Agencies
The ruling by the quasi-judicial authority is being closely tracked by the VCF world and fund advisors as fund managers are driven by the money earned from ‘carry’.
A tax sword hangs precariously over all private equity (PE) houses and venture capital funds (VCFs) in India.
Algo Legal advised Syrma Technology Private Limited led by a team of partner Siddharth Prasad, partner Abhinav Bhalaik, principal associate</designation
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07 May 2021, 23:56 GMT+10
Bengaluru (Karnataka) [India], May 7 (ANI/NewsVoir): Algo Legal acted as the legal counsel to Dreamplug Technologies Private Limited on raising USD 215 million in a Series D round of funding, with a post-money valuation of USD 2.2 billion.
Dreamplug Technologies owns and operates the credit card bill payment platform CRED.
The Series D round was led by new investor Falcon Edge Capital and existing investor Coatue Management and also saw investments from Insight Partners, DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, and Sofina.
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