India Business News Weekly Roundup 14th to 19th September 2020

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India business news weekly roundup 14th to 19th September 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 14th to 19th september 2020

India business news weekly roundup 14th to 19th September 2020

Corporates

  • Home services marketplace Urban Company (formerly UrbanClap) announced an employee stock sale programme its third and largest to date worth USD 5 million.
  • Delhi NCR-based all-electric ride hailing platform BluSmart Mobility Pvt Ltd raised $7 million or ₹51 crore in pre-series A funding from multiple investors including Inflection Point Ventures, Venture Catalysts.
  • Private lender RBL Bank Ltd. chief executive Vishwavir Ahuja has sold around 18% of the bank’s shares held by him, to retire personal debt taken to exercise stock options.
  • E-health startups are now gearing up for smaller cities and towns to attract new customers with offers of value-added services like chronic illness care.
  • IKEA, the Swedish furniture retail chain, will be setting up a new global office in Bengaluru.
  • The dual listing clause has posed a hurdle for startups like Delhivery, Zomato, MobiKwik, PolicyBazaar, Ola and Grofers that were planning for overseas listings/IPOs.
  • Amazon India said the company has set up an all-women delivery station in Gujarat. This is the second facility for women by Amazon in India.
  • As demand surges, Jindal Steel and Power is expecting to produce a record 7.5 million tonnes of the alloy in this fiscal year.

India business news weekly roundup 14th to 19th September 2020

  • The SC dismissed a petition filed by SBI seeking to lift a stay on initiating personal bankruptcy proceedings against Anil Ambani.
  • The HDFC Bank is facing a class action lawsuit in the US after some investors suffered losses because of alleged false and misleading statements by the lender.
  • The Shapoorji Pallonji Group has demanded damages from Tata Sons for blocking the group’s plan to raise funds by pledging its shares in the Tata group holding company.
  • BYJU’s announced that the company has acquired LabInApp, an ed-tech startup, for an undisclosed amount.
  • The Delhi HC sought response from Tata Steel BSL on a plea by Brace Iron & Steel.
  • Motherson Sumi Systems is aiming to garner a quarter of its revenue from diversifying its operations in new segments like aerospace, defence, healthcare, and information technology over the next 5 years in order to reduce its dependence on the automotive component business.
  • Lenders to the Aircel Group have written to the RBI for bridging the gap between India’s Sarfaesi Act and IBC.
  • Flipkart is planning to list itself overseas  by next year as the platform is benefiting from the accelerated adoption of digital platforms for shopping and payments.
  • Tata Projects emerged as the winner for the new Parliament complex project as they were the lowest bidders.
  • Automakers in India have kicked off advertisement and promotional blitz worth Rs 1500 crores to stoke demand for cars during the festive season.

India business news weekly roundup 14th to 19th September 2020

  • The Shapoorji Pallonji group said it missed the deadline to repay its dies to Sterling and Wilson Solar Ltd.
  • Dish TV India has adopted the ‘Make in India’ plan to shift 50% of its production to India by Q121.
  • BPCL may acquire Oman Oil’s stake in Bharat Oman Refineries (BORL), which was a JV between the two companies.
  • Marico launched a list of immunity-boosting products under its Saffola brand.
  • SAP India is set to complete the hiring of its targeted 1600 employees by the end of 2020.
  • The Karnataka government has cleared NMDC’s application to resume mining operations at Donimalai.
  • Blackstone and Partners Group are both in the race to buy a controlling stake in the glass unit of Piramal Glass Enterprises Ltd.
  • Delhivery is planning an IPO launch over next 12-18 months. The company is waiting for upcoming rules on foreign listing but would prefer to list in India.
  • LIC is planning a gradual sale of its stake in IDBI Bank.
  • Visa, the global card payments major, is pushing to make its network interoperable in India.
  • Lakshmi Vilas Bank said that the mutual due diligence for its Clix Group deal is substantially complete.
  • Deutsche Boerse AG sold its remaining stake of 1.75% in BSE Ltd fir Rs 44 crores via open market transaction.
  • Bharti Airtel picked Sterlite Technologies Limited (STL) to build a modern optical fibre network for the company across 10 telecom circles.

India business news weekly roundup 14th to 19th September 2020

  • Toyota Motor said the company is committed to the Indian market and it’s local units. With this the company also announced an investment of over Rs 2000 crores.
  • E-commerce companies are stepping up to hire employees on their supply chain and logistics front before the beginning of the festive season sales which is likely to get a huge boost.
  • As most of JPMorgan Chase & Co.’s employees worked from home in times of COVID-19, a troubling pattern emerged for the company which resulted in lack of productivity.
  • SEBI’s forensic audit of CG Power and Industries Solutions pointed to collusion between some of the company’s lenders and promoters.
  • Toyota Motor Corp. has halted its expansion in India, due to the country’s high tax regime.
  • Bounce has received a homologation certification from the International Centre for Automotive Technology (ICAT).
  • Indian Oil is planning to expand its petrochemicals capacity. The company is targeting textiles in hunt for margins.

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India business news weekly roundup 14th to 19th September 2020

  • SEBI questioned Franklin Templeton India’s tardiness over shutting of its six debt schemes in April.
  • Auto parts makers are seeking for relief by expecting banks to restructure their dues that incurred during moratorium.
  • Vedanta leads a surge in dollar loans to help fund local privatisation and acquisitions.
  • The Mahindra-backed Meru Cabs is focusing on the B2B segment and has planned to not get into the B2C war.
  • SEBI clarified that mutual funds have multiple options to comply with the multi-cap circular that was issued on Friday. It also ensured that the new norms are aimed at ensuring that funds are true to their so-called ‘label’ and if there are any proposals by the industry then it will examine them.
  • Zydus Wellness said the company will take a three-pronged strategy to drive growth going forward.
  • Ecom Express is planning on creating nearly 30,000 temporary jobs across its operations ahead of the heightened demand during the festive sales.
  • Highways builder DBL is planning on selling 7 of its road projects to global financial investors.
  • Vodafone Idea, which recently rebranded as Vi, has now become the co-presenting sponsor of IPL 2020 which is said to commence on the upcoming weekend from 19th September onwards.
  • The National Green Tribunal (NGT) has directed the Central Pollution Control Board (CPCB) to recover fine from Amazon and Flipkart for excessive plastic packaging which is a violation of environmental norms.
  • RailYatri, an online train tracking and booking platform, said around 20% of online train ticket inventory has opened up for public within months of resumption of train services in the northern and southern states.
  • Spurred by government policy, local tech expertise and increasing investor interest, Spacetech startups in India are ready to take off.
  • Kerala has bagged the ‘Top Performer’ honour by the Centre under States’ Startup Ranking 2019 for the second consecutive year.

India business news weekly roundup 14th to 19th September 2020

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Start-up world, funds, funding and investments

  • Remote health monitoring startup, Dozee has raised ₹12.5 crore in its new round of funding from Prime Venture Partners, YourNest Venture Capital and 3one4 Capital.
  • Bengaluru-based insurtech start-up Acko raised $60 million in its Series D funding led by Germany-based Munich Re Ventures.
  • Wellness brand, The Moms Co. has raised $8 million as part of its Series B funding.
  • Virtual events platform Airmeet has raised $12 million in Series A funding led by new investors Sequoia Capital India and Redpoint Ventures.
  • Dream Sports, India’s most valuable sports technology company, has secured $225 million in new funding, led by Tiger Global Management.
  • Foodtech unicorn Zomato raised $103 million from New York- based investment firm Tiger Global Management as part of its ongoing Series-J financing.
  • Online learning platform Byju’s raised $500 million in a fresh round of funding led by US-based private equity (PE) investor Silver Lake.
  • Acko, a Bengaluru-based insurtech start-up, has raised $60 million in a Series D round of funding led by Munich Re Ventures.
  • Mukesh K Surana, HPCL chairman, at the company’s 68th AGM said, Hindustan Petroleum is set to invest Rs 60,000 crores in the next 5 years.
  • The government is planning to reward startups for building global AI solutions for health, education, and mobility.
  • Dozee, a health monitoring startup, raised Rs 12.5 crores in its new round of funding from Prime Venture Partners, YourNest Venture Capital, and 3one4 Capital.

India business news weekly roundup 14th to 19th September 2020

  • A Parliamentary panel suggested proposed tax incentives for startups including the abolishment of the LTCG tax on investments in startups.
  • The Moms Co., a wellness brand, raised $8 million in its Series B round of funding led by DSG Partners and Saama Capital.
  • Dream Sports has secured $225 million in a new round of funding led by Tiger Global Management, TPG Tech Adjacencies, and ChrysCapital.
  • The Government’s DPIIT is working on credit guarantee and seed fund schemes for startups in India.
  • Bengaluru-based wealth management platform, Groww has raised $30 million in Series C funding, led by Y Combinator’s growth stage fund, YC Continuity.

India business news weekly roundup 14th to 19th September 2020

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Some stats:

  • SpiceJet reported a consolidated loss of Rs 600.52 crores for the June quarter.’
  • PVR reported a Q1 consolidated net loss of Rs 226 crores as the business remained shut for film exhibition due to the COVID-19 Pandemic.
  • Apollo Hospitals Enterprise reported a Q1 consolidated net loss of Rs 226.24 crores.

India business news weekly roundup 14th to 19th September 2020

Tie ups:

  • Volvo Car India said the company has partnered with HDFC Bank to launch its Volvo Car Financial Services that will enable buyers get easy finance for its vehicles.
  • Saptagir Laboratories announced an agreement with Jubilant Generics to manufacture Remdesivir.
  • Infosys announced a definitive agreement to acquire GuideVision.

Ongoing cases:

People:

  • Alcoholic beverages company United Spirits Ltd (USL) announced the appointment of Pradeep Jain as its chief financial officer effective 1 October.
  • United Spirits Ltd appointed Pradeep Jain as its new chief financial officer (CFO).
  • Facebook announced the appointment of Arun Srinivas as director of global business group.
  • Mobikwik has elevated Chandan Joshi as co-founder and chief executive in a run up to its IPO plans.
  • Facebook India announced the appointment of Arun Srinivas as director of its global business group. He will lead strategies and deliveries of India’s marketing solutions that are focused on advertisers and agencies.
  • Abidali Neemuchwala, former  Chief Executive and MD at Wipro has now joined DVP as a venture partner.

India business news weekly roundup 14th to 19th September 2020

Airlines

  • India is proposing to drop a condition that the winning bidder for Air India will have to take on a $3.3 billion of aircraft debt.
  • The booming cargo traffic for airlines has come as a respite for the lost passenger revenue amid subdued demand.
  • Air India Express said that all Air India Express flights from or to Dubai will operate as per original schedule starting 19 September.

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