Here are the India Business News Headlines 24th January 2017:
- Reliance AIF Asset Management Co. Ltd, a unit of Reliance Nippon Life Asset Management Ltd., has launched two new equity-focused alternative investment funds to raise Rs.1,000 crore. The funds will invest in opportunities in the growing financial services sector. The company had earlier raised Rs.500 crore through its equity-focused fund.
- Shubham Housing Development Finance Company, providing housing loans to families with informal incomes, has raised Rs.305 crore in series D round of funding. The firm wants to expand its loan book to Rs.6,000 crore by 2021 from the current Rs.1,000 crore.
- Mobile games publisher Nazara Technologies has acquired 55% stake in Gurugram-based NODWIN Gaming, a gaming solutions company and creator of e-sports events, through a cash-and-stock deal. eSports is a digital media format where virtual game-play is monetized as video content and streamed in a fashion similar to football matches. It is also a popular advertising platform worldwide for game developers and technology firms.
- As per International Labour Organization ’s World Employment and Social Outlook report, Asia-Pacific region will add 23 million jobs between 2017-19, aided by employment growth in South Asian nations including India. But a huge part of the jobs being created are of poor quality and around 77% of workers in India will have vulnerable employment by 2019.
- Pocket Aces, a Sequoia Capital backed digital media company, has acquired trivia game show app Loco for an undisclosed amount. The deal, however, is said to be for around $1million. Loco, an Android app, allows users to log in to play a live quiz game. Winners can get as much as Rs.10,000 as credit in their Paytm wallets.
- According to data released by aviation regulator DGCA, India’s domestic air traffic nearly doubled to 117 million passengers in 2017 with 100 flights taking off every hour compared with 67 in 2011. The sector has also registered an 18% growth over the 99.88 million passengers flew in 2016.
- Looking to tap the ready customer base of salary accounts, Paytm Payments Bank is trying to attract corporate entities with digital offerings such as food and gift wallets for their employees. Offerings will be an incentive to companies already using Paytm e-wallet services to shift employees’ salary accounts to the bank. The bank has set a target of reaching a customer base of 500 million over the next 2-3 years. Currently around 500 corporates are using their services.
- ITNL Offshore Pte. Ltd, a subsidiary of toll road developer IL&FS Transportation Networks, has raised $155 million (1 billion yuan) by issuing yuan-denominated bonds, popularly called ‘dim sum’ bonds with three-year maturity. ITNL International Pte. Ltd, another subsidiary of ITNL, had also raised 575 million yuan by issuing dim sum bonds in 2014.
- Milkbasket , a Gurugram based Grocery delivery platform, has secured $3 million in a Pre-Series A round led by Unilever Ventures. Funds will be used to expand within Gurugram, add new categories of grocery products and upgrade the technology. Founded in 2015, Milkbasket delivers essential grocery items such as milk, bread, eggs and butter at the doorstep and reported to be currently handling around 6,000 orders per day. It uses a pre-paid model wherein customers are required to load their online wallets with digital cash and grocery orders made for the day are delivered to the customer by 7 am the next day.
- ArcelorMittal, world’s largest steel producer, has withdrawn from bidding of Bhushan Power & Steel after conducting the due diligence.
- Sequoia Capital, the Blue chip venture capital firm, is working on to raise upto $1 billion for its sixth India focussed fund. The last fund raised by the firm was of $930 million about two years ago.
- Lava International will invest Rs.250 Crore in its design centre in India over the next three years. It will also invest Rs.100 Crore in the populated printed circuit board assembly.
*News as published in Business Standard, Live Mint and Economic Times.