Weekly Business News: India Business News Weekly Roundup 12th to 17th October 2020

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India Business News Weekly Roundup 12th to 17th October 2020. News on Corporates, policies, budget, start-up world, funds, funding. Here’s a roundup of all the India business news that created the buzz in India this week:india business news weekly roundup 12th to 17th october 2020

Corporates – India Business News Weekly Roundup 12th to 17th October 2020

  • As the economic fallout of the coronavirus pandemic makes valuations of businesses attractive, Uday Kotak said now is the best time fir overseas investors to invest in India.
  • Uday Kotak also said that India is under-invested in the healthcare sector and needs to double its spends over the present level of 1.3 per cent of GDP.
  • Easy to Pitch launched India’s first helpline for founders grooming. It provides expert assistance to aspiring and existing founders & entrepreneurs with the right solutions to take their business to the next level.

India Business News Weekly Roundup 12th to 17th October 2020

  • The Ministry of Consumer Affairs wrote to e-commerce majors Amazon and Flipkart for not displaying the mandatory declarations, including ‘country of origin’.
  • Liberty Steel said the company made a non-binding offer for Thyssenkrupp’s steel unit.
  • GCCs and GICs have been using automation to increase biz during covid-19.
  • Federal Bank said it is expecting to recast 3% of its loans once the moratorium ends.
  • Fintech and e-commerce companies are increasingly shifting their focus on buy now pay later services ahead of the big festive season.
  • HCL Technologies said the company will be rolling out salary hikes for its employees across bands.

India Business News Weekly Roundup 12th to 17th October 2020

  • Cinema hall owners in Andhra Pradesh have requested the state government to provide them with exemptions from power bills and some taxes.
  • Mindtree announced salary hike for its employees, effective January 1.
  • Equitas SFB is looking at inorganic buyouts to bring down the promoter stake post completion of the IPO process.
  • Rapido, a Bike taxi app, has now forayed into the on-demand autorickshaw servicing.
  • The Tata Group is planning to buy a stake in IndiaMart to beef up its presence in the e-commerce industry.
  • Tata Sons said it is yet to receive a formal notice of its separation from the SP Group, hinting at a court-monitored split.

India Business News Weekly Roundup 12th to 17th October 2020

  • Paytm Mall said it will start its 8-day long sale ‘Maha Shopping Festival’ from October 16 onwards.
  • General Electric is targeting at carbon neutrality for its own operations by 2030.
  • Apollo Hospitals said it is preparing to administer around 1 million covid-19 vaccines daily when the successful shot will be made available.
  • Religare has approached the BSE and NSE exchanges for declassifying Singh brothers as promoters and shift them to public shareholders category.
  • Meru Cabs have launched office commute servicing called the ‘Meru Reserve’ with no surge pricing features and up to one-month advance booking.

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India Business News Weekly Roundup 12th to 17th October 2020

  • US apparel watchdog has probed Jockey’s Indian partner following human rights abuse allegations at one of its factories.
  • According to a report by TiE, India is on a path to have 100 unicorns by 2025 despite the impact of the covid-19 pandemic on the Indian start-up ecosystem.
  • The Tata group is planning to buy a stake in BigBasket.
  • After health insurance, PhonePe has now launched car and bike insurance plans as well.
  • YouTube announced that the platform will remove videos with Covid-19 vaccine misinformation.
  • TCS said it witnessed a surge in demand for its services and is planning to hire 10,000 staff in the US by 2022.
  • Coursera, an online learning platform, has launched new features to help students gain relevant job skills in the post covid world.
  • RedBus witnessed over 50% jump in its traffic in October as the covid-induced restrictions are gradually easing to enable inter-state mobility.
  • Infosys announced that the company will be rolling out salary hikes and promotions across all levels effective 1st January.
  • Co-living  startups are  tap ping onto new revenue  streams to diversify their business to renegotiate rentals, invoke force majeure clauses, and face low occupancies.
  • Khatabook has rebranded its online storefront app to ‘MyStore’ after facing legal entanglement with its competitor Dukaan.
  • RIL eyes smart electricity meter business to leverage its Jio business to offer meter data collection, communication cards, telecom, and cloud hosting services to electricity distribution companies.
  • ‘Despite Covid-19 impact, India remains a promising market’, says Giuseppe Pedretti, Petronas Lubricants International’s regional managing director for Asia.
  • Paytm launched same-day bank settlement for businesses.
  • Capital Float said the company reached 1 million customers. The company also said that it has disbursed over Rs 9,000 crores till date to small businesses and retail borrowers.
  • Wipro is planning for robust hiring in the second half of nm this fiscal year.
  • Reliance Jio has become the first mobile service provider to cross 40 crore customers mark in India.
  • According to the data released by telecom regulator Trai, Reliance Jio has become the first telco to cross the 40 crore subscribers mark.
  • The Delhi HC allowed the interim moratorium on Anil Ambani’s personal asset to ensure that SBI’s interest is protected.
  • Coal India said the total coal allocation under its 4 e-auction windows registered a jump by 65% between Apr-Sept.
  • Oil Minister Dharmendra Pradhan said the government is moving cautiously on the privatisation of Bharat Petroleum.
  • US-based retailer Walmart Inc. and Flipkart Group have made an additional investment in Bengaluru-based fresh produce supply startup Ninjacart.
  • Finance minister Nirmala Sitharaman said an additional budget of ₹25,000 crore will be provided as capital expenditure to develop roads, urban development and domestically produced capital equipment to boost economic growth.
  • After Vedanta’s delisting went from an expected success to a failure, the company is now seeking an extension of its buyback period by a day.
  • E-commerce companies are offering finance and credit products to make purchases more affordable than the discounted offers in the upcoming festive sales.
  • The delivery business in India witnessed a spike in attrition. But now internet companies are scrambling for new hires as India’s turnover in the gig workforce is high.
  • Adani Airport Holdings is in talks with Qatar Investment Authority to sell a minority stake in the Mumbai International Airport that the company acquired last month.
  • Mukesh Ambani’s led Reliance Retail has withdrawn its interest in buying Debenhams.
  • A group of 15 startup founders held a virtual meeting with the CCI to inform the regulator about Google’s anti-competitive policies in India.
  • PepsiCo hiked the investment in its UP plant to Rs 814 crores in order to meet the increasing demand for its products.
  • Flipkart has began a 45-day paid internship programme for students in supply chain management ahead of Big Billion Day sale.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 12th to 17th October 2020

  • Packaged foods company Britannia Industries will increase its investment in Tamil Nadu to ₹550 crore from the earlier planned ₹300 crore to set up a plant in the region.
  • Robotics start-up Miko raised ₹23 crore in a pre-series B round led by Stride Ventures.
  • Pesto Tech, an edu tech start-up offering remote work opportunities for Indian engineers has raised funds from a bunch of investors based in Silicon Valley.
  • Credit Wise Capital (CWC), a consumer finance NBFC raised $6 million in its seed funding round.
  • ReNew Power is planning to tap into the offshore bond market to raise nearly $320 million to refinance local debt.
  • Fintech startup Uni has raised $18.5 million in seed funding led by Lightspeed India Partners and Accel Partners.
  • Location-based social network app Public has raised $35 million from venture capitalist Lee Fixel’s Addition, SIG Global and Tanglin Venture Partners.
  • San Francisco and New Delhi-based startup SquadStack has raised $5 million in a Series A funding round led by Chiratae Ventures.
  • Capital markets infrastructure startup smallcase has raised $14 million as part of its Series B financing round led by DSP Group along with existing investors Sequoia Capital India, Blume Ventures, Beenext and WEH Ventures.
  • Indian content-sharing platform ShareChat raised $40 million from investors including Twitter Inc and Lightspeed Ventures as it seeks to boost usage of its new short-video app.
  • Razorpay raised $100 million in its latest funding round led by GIC and Sequoia India. This company is also the latest fintech unicorn in the country.
  • Unacademy, an Edutech platform said the company will undertake an ESOP buyback programme of Rs 25-30 crores in December this year.
  • To bolster its cash reserves at a time when the food delivery sector is rebounding from the ravages of the coronavirus pandemic, Zomato has raised $52  million from US fund Kora Investments.
  • Avataar.me, an AR Platform, has raised $7 million in a Series A round of funding from Sequoia Capital India.
  • Equitas Small Finance Bank is aiming to raise Rs 517.6 crores via stake sale.
  • Lakshmi Vilas Bank said it’s board approved raising upto Rs 500 crores via rights issue.
  • Infosys raised its FY21 forecast as its digital service biz booms.
  • JSW Energy is in plans to invest Rs 8860 crores to set up 2 wind power projects in Karnataka.
  • Miko, a Robotics startup, raised Rs 23 crores in a pre-series B round of funding led by Stride Ventures.
  • Wipro said the company will acquire Eximius Design for nearly Rs 586.3 crores.
  • Pepper Content said the company raised $4.2 million as part of its Series A round of funding led by Lightspeed India.
  • Ultraviolette Automotive, an EV startup, is planning to raise up to $75 million in the next one year.
  • Walmart and Flipkart invested $30 million in Ninjacart.
  • Britannia Industries will be increasing its investment in Tamil Nadu to Rs 550 crores.
  • JSW Energy Limited has sought 3,150 acre of land from the Karnataka government to set up two wind energy power projects, at an estimated investment of ₹8,860 crore.
  • Speciality Chemicals maker SRF Ltd launched a so-called qualified institutional placement (QIP) offering to raise as much as Rs750 crore from institutional investors.

Some stats: India Business News Weekly Roundup 12th to 17th October 2020

  • HCL Technologies reported a 4.5% increase in revenue in the second quarter of the current fiscal.
  • Mindtree’s Q2 net profit was up by 88% YoY to Rs 253.7 crores as the company witnessed a broad-based growth.
  • The ACC extended NTPC CMD Gurdeep Singh’s term till July 2025.
  • Walmart India reported a net loss of Rs 299.20 crores in FY20.

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India Business News Weekly Roundup 12th to 17th October 2020


  • Ahead of the Big Billion Days, Flipkart has tied up with SBI and Paytm for various offers.

Ongoing cases: India Business News Weekly Roundup 12th to 17th October 2020


  • Shoppers Stop announced Venu Nair as MD & CEO effective 6 November 2020.
  • Vodafone Idea said the company’s CTO, Vishant Vora has resigned.
  • Raymond said the company has appointed Joe Kuruvilla as CEO of the Raymond Lifestyle.
  • Facebook announced the appointment of Sunil Abraham as the director-public policy for data and emerging tech.
  • Joe Kuruvilla has been appointed as the Chief Executive Officer (CEO) of Raymond Lifestyle.
  • Raymond said the company has appointed Joe Kuruvilla as CEO of the Raymond Lifestyle.
  • Facebook announced the appointment of Sunil Abraham as the director-public policy for data and emerging tech.

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