Here are the India Business News Headlines 21st February 2018:
- Reliance Industries has agreed to acquire 5% stake in Eros International for Rs.1,000 crore. Jyoti Deshpande, Eros CEO will step down to head RIL’s media and entertainment business.
- Udaan, an online business marketplace, has raised $50 million in a fresh round of funding led by Lightspeed Venture Partners, its existing investor. Udaan had earlier raised $10 million in November 2016. The new capital will be used to add new sellers and buyers, expand logistics network, hire more workforce and launch new services like lending. The Bengaluru-based company is an end-to-end marketplace that connects businesses online, offers logistics services and has also started lending recently.
- Agricx Lab, an Agriculture-focussed technology start-up, has raised $500,000 from VC firm Ankur Capital.
- Grofers is in talks to raise up to $65 million at 40% less valuation. SoftBank and Tiger Global are likely to participate in the funding round. It had last raised $120 million at a valuation of about $400 million in November 2015.
- Union cabinet has approved introduction of a proposed law to ban unregulated entities from collecting deposits from individuals to protect small investors from ponzi schemes.
- RBI has directed payments banks to get their customers’ information verified by third parties. This directive will be a blow to Bharti Airtel which runs a payments bank with customer data verified by its own telecom business.
- Reliance Jio has been ranked 17th in American business magazine Fast Company’s annual ranking of the world’s “50 Most Innovative Companies” for 2018. Apple has secured top rank in the list. Reliance Jio has also been ranked the “Most Innovative Companies in India”.
- After the CBI and ED, now the IT department has stepped up action against Rotomac group and its promoters. It has attached 11 bank accounts of the firm and its promoters for alleged tax evasion understood to be around Rs.85 crores.
*News as published in Business Standard, Live Mint and Economic Times.