MAM
ACME Group’s ‘Connect’ Fund Receives First Round of Funding, Propelling India’s AVGC Sector Forward
In a groundbreaking move, the ACME Group’s ‘Connect’ Fund has successfully secured its first round of funding, marking a significant milestone for India’s burgeoning Animation, Visual Effects, Gaming, and Comic (AVGC) sector. This fund, established under the AFPL CAT II AIF Trust and registered with SEBI (Registration No.: IN/AIF2/23/24/1309), is the first of its kind in India dedicated to the AVGC industry.
Ramon Talwwar, the Managing Director and CEO of ACME Group, expressed his heartfelt gratitude for the support received. “We are incredibly grateful for the confidence shown by our investors. This funding is a testament to the potential of the AVGC sector and our commitment to nurturing its growth,” Talwwar said. With over two decades of experience in capital markets, investment banking, and corporate finance, Talwwar’s strategic vision is set to drive the fund’s success.
Abhinav Shukla, the co-founder of the ‘Connect’ Fund, emphasized the transformative impact this fund will have on the AVGC industry. “Our goal is to integrate cutting-edge technology and digital platforms into our investment strategy, ensuring that we remain at the forefront of this rapidly evolving industry,” Shukla stated. A veteran in the media and entertainment industry, Shukla’s expertise will be pivotal in attracting further investments and forging strategic partnerships.
The AVGC sector in India, recognized by the government as a critical area of focus, is currently valued at approximately $4 billion and is projected to triple to $12 billion by 2030. This rapid growth is fueled by the increasing demand for digital media, immersive gaming, and innovative entertainment content. The ‘Connect’ Fund’s project scope, nearly INR 300 Crores, is poised to capitalize on this growth, providing much-needed capital to high-potential AVGC companies.
The infusion of capital from the ‘Connect’ Fund is expected to act as a catalyst for the AVGC sector, driving technological innovation and creating new market opportunities. As the industry continues to evolve, the fund aims to support companies that are pushing the boundaries of creativity and technology, ultimately contributing to the sector’s long-term sustainability and growth.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
