Here are the India Business News Headlines 7th December 2017:
- Indian Banks’ Association has suggested to the government to refund telco operators any excess upfront payment made for surrendered spectrum and scrap deferred payment liabilities related to the airwaves as this would ease financial stress on telecom companies. The money returned would be used by telcos for repaying the banks, which in turn would prevent loans from turning into NPA.
- Chai Point chain of tea stores, owned by Mountain Trail Foods is planning to raise more than $10 million in a Series C round of funding. Chai Point, competing with the likes of Chaayos, has raised close to $13 million in funding so far.
- Mswipe Technologies Pvt. Ltd, which makes point of sale machines for merchants, has raised $10 million in funding from B Capital Group and DSG Consumer Partners. B Capital is the tech fund of Eduardo Saverin, co-founder of Facebook. Till date, the company has raised $65 million in funding. The fresh capital infused will be used to expand its payment acceptance network through tie-ups with retail merchants for card and digital payments as also to strengthen product development capability of the company.
- Paytm has acquired ‘Nearbuy’ and ‘Little’, two deals platforms focusing on local restaurants and commercial establishments. Both the entities have been merged. Paytm will benefit from the large number of merchant partnerships with both Nearbuy and Little and also enjoy a larger pool of potential customers.
- Alibaba is set to buy over one third stake of BigBasket. The deal is said to be around $300 million. Paytm Mall is also likely to invest a part of $300 million round. Final details of the deal and investment structure are being worked out.
- Job sector : Colleges are also giving IITs, IIMs a run for their money. Some students are getting packages higher than average engineering colleges and B-schools. The highest package offered at LSR by Bank of America is Rs.38 Lakh while at St.Stephen’s its Rs.20 Lakh.
- Amazon’s wholesale unit has proved to be a major contributor to global operations. Amazon has identified a few vendors to sell large number of smartphones apart from Cloudtail. Several vendor have been complaining about the strategy by both Amazon and Flipkart to focus on key vendors.
- Providing a relief to small merchants, RBI has fixed a lower merchant discount rate for businesses with a turnover of less than Rs.20 Lakh.