Here are the India Business News Headlines 8th September 2017:
- GST Council is considering opening another window for new registrations in GST under composition scheme. Composition scheme allows a limited category of small businesses with turnover less than Rs.75 Lakhs to register and pay a very small percentage as GST.
- OYO has raised $250 million funding in a Series-D round, led by SoftBank Group’s Vision Fund, Sequoia India, Lightspeed Venture Partners, Greenoaks Capital and Hero Enterprise. Valuation of Oyo has almost doubled to $900 million now compared to $460 million in August last year.
- Flipkart is gearing up for its fourth annual ‘Big Billion Days’ sale from 20th to 24th September and are expecting a three-fold growth compared to last year.
- Ahead of the upcoming festive season, Amazon has opened its largest fulfillment centre in India at Rajiv Gandhi International Airport in Hyderabad in about 4 lakh square feet, with a storage space of close to 2.1 million cubic feet. This will facilitate faster deliveries in the region. Amazon has about 41 FCs spread over various parts of the country.
- In a move that could impact around 68,000 companies, Ministry of Corporate Affairs is considering asking public unlisted companies to convert their shares into dematerialized or demat form.
- McDonald’s India may enforce closure of all 169 outlets in north, east India as NCLAT refused to give interim relief on a petition filed by Vikram Bakshi.
- Sebi has directed Angel Investor networks and Start-up Funding Platforms to issue a disclaimer that crowdfunding platforms are neither stock exchanges nor authorized by the capital markets regulator to solicit investments and that the securities traded there are not traded on any regulated exchange.
- As per Sanjay Sethi, co-founder and CEO of ShopClues, if the company does not get more funds from existing investors such as Tiger Global, they are open to merging Shopclues with another marketplace or go for an IPO to meet their target goals. Reportedly Tiger Global might not invest more in India.
- To combat competition from low cost carriers, Jet Airways is now shifting its focus on providing direct connectivity between tier-II cities. Jet has already announced launching of 56 weekly domestic flights to cities like Coimbatore, Guwahati, Silchar, Jorhat, Jaipur by the next month.