Here are the India Business News Headlines 14th December 2017:
- The government has extended deadline for linking of bank accounts with Aadhaar to 31st March 2018. The deadline earlier was 31 December 2017.
- Flipkart has completed $100 million repurchase of ESOPs. This is the largest-ever share buyback programme in the history of Indian startup ecosystem. Over 3,000 existing and former employees of Flipkart, Myntra, Jabong and PhonePe participated in the programme. In the past five years, Flipkart has completed four such buybacks, though not on such a large scale.
- Swiggy has acqui-hired 48East, a Bengaluru-based gourmet Asian food start-up. With this move, Swiggy is planning to further strengthen its new supply business line. Some start-ups acqui-hire talent or employees of a company rather than acquiring it along with its products and assets.The acquisition comes almost a month after Swiggy launched Access kitchens in Bengaluru.
- Teabox.com, an online seller of premium tea has raised $7 million in fresh series B funding from both new and current investors. This makes it one of the best funded early-stage start-ups in India having investors like Accel Partners and Ratan Tata. It had earlier raised $6 million in 2015 as part of a series A round. Teabox currently ships tea to over 100 countries from its warehouse in Siliguri.
- Canada Pension Plan Investment Board wants to invest more in India in asset classes such as private credit and private equity. It has so far invested close to C$6 billion in India.
- Supreme Court has stayed an order of NCLT that allowed the government to take control of Unitech Ltd by suspending its board.
- Clip, a Video-sharing platform, has raised an undisclosed amount of funding in a series A round led by Matrix Partners India. Existing investors Shunwei Capital and India Quotient also participated in the round. The deal size although is rumored to be around $6 million. The funds will be used to hire people and improve its technology platform. Clip allows users to create, edit and share short 60-second video clips on the platform. The app is available in Hindi, English and various regional languages.
- RBI has imposed Rs3 crore penalty on IndusInd Bank. As per RBI, inspection of IndusInd Bank’s financial position revealed violations of various regulations in the assessment of NPAs and extension of NFB facilities.
- CDC Group Plc, UK government’s development finance institution, has invested $10 million in Veritas Finance, which proves long-term finance for business expansion and shorter-term loans for working capital needs.
- Jitendra Virwani, owner of Bengaluru-based real estate Embassy Group, is close to buying a controlling stake in JSM Corp., which runs Hard Rock Café and California Pizza Kitchen in India. The deal may see exit of one of the two founders as well as PremjiInvest. Financial details of the transaction are yet to be announced.
- Reliance Jio is shifting production of its 4G feature phones to India to overcome supply related issues at its Chinese vendor’s facility. It has engaged an undisclosed vendor in Chennai for this
- The board of SAIL has approved the proposal to enter into a joint venture with ArcelorMittal,the world’s largest steelmaker, for manufacturing high-end automotive steel.
- Ogilvy India’s Piyush Pandey, executive chairman and creative director, Ogilvy South Asia, and film director Prasoon Pandey will be honoured with the Lion of St. Mark, the Cannes Lions’ Lifetime Achievement Award. It is the highest honour Cannes International Festival of Creativity bestows on creative geniuses within the communications industry.
- Ola has announced a strategic partnership with L&T (Hyderabad) Metro Rail to provide its integrated services to metro rail passengers.The commuters will be able to book a cab with the assistance of Ola representatives stationed at Ola kiosks within the stations’ premises.
- As per a report released by Google India and market research company Kantar TNS, 89 per cent of Indian car purchases in 2017 were digitally influenced, up from 75 per cent in 2016. Nearly 96 per cent of them searched online, 80 per cent watched online videos and 88 per cent of them preferred to research on their smartphones.
*News as published in Business Standard, Live Mint and Economic Times.