Here are the India Business News Headlines 15th January 2018:
- Idea Cellular and Vodafone may start operating as one entity from April 2018 as the merger is expected to be completed around three months ahead of the deadline. Post completion of the merger process, the new entity will have around 400 million customers with 35% customer share and 41% revenue market share. It will have an operating profit of Rs24,400 crore from the total revenue of Rs81,600 crore.
- UK’s Legal & General Group Plc is planning to sell its 26% stake in IndiaFirst Life Insurance and has already hired investment bank Ambit Corporate Finance Pvt. Ltd to find a buyer. International insurance firms – Ergo International AG and Manulife Financial Corp. have said to have started discussions to acquire this stake. IndiaFirst Life Insurance is a joint venture between Bank of Baroda, Andhra Bank and Legal & General Group.
- IDFC Bank wants to grow its retail business with Capital First deal and feels that merger with Capital First could be a way to build its retail book which it has been unable to do in the two-and-a-half years since becoming a bank.
- Ofo, a Beijing-based bicycle sharing start-up, is expected to launch its services in India from today through Paytm. To start with, it has already signed a MoU with Pune Municipal Corporation. Ofo is expected to launch the services later in Bengaluru, Chennai, Ahmedabad and Indore. Zoomcar had also launched a bicycle sharing service named PEDL in October 2017 in Mumbai, Pune, Kolkata, Chennai and Bengaluru with around 500 bicycles.
- Second phase of FISE or the Foundation for Innovation and Social Entrepreneurship is set to be rolled out. The venture is a social impact fund as also a business incubator, set up 18 months ago by Tata Trust, has funded close to two dozen companies across businesses that range from cleaning the Ganga to building low-cost robotic exoskeletons for disabled workers. With a pipeline of start-ups in place, FISE’s next big move will be to set up infrastructure.
- Tata group’s Trent has revamped its online grocery operations and launched a portal under the brand StarQuik. StarQuik, currently operating in Mumbai, will supply 10,000 grocery and household products and home-deliver the items within three hours. The company soon plans to expand its operations nationally.
- Rivigo Services, a Gurugram based surface transport and logistics company, raised $50 million in Series D round. This internal round of funding is believed to have valued Rivigo at about $1 bn post money.
- pi Ventures, an AI and IoT focused early stage venture fund, has achieved second close of its $30 million fund at $25 million. It plans to invest in 18-20 startups from this fund over the next few years.