Weekly Business News: India Business News Weekly Roundup 19 to 24 April 2021

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India Business News Weekly Roundup 19 to 24 April 2021. 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 19 to 24 april 2021

Corporates – India Business News Weekly Roundup 19 to 24 April 2021

  • The Delhi high court is said to have dismissed an interim injunction plea by PhonePe against BharatPe using the ‘Pe’ suffix.
  • Reliance Industries’ Hathway Cable & Datacom is planning to sell its stake via OFS for around Rs.442 crores.
  • Xiaomi India announced that the company would be stopping its social media contests, freebies and would divert the promotional funds towards COVID-19 relief.
  • Irdai has asked insurance companies to ensure expeditious settlement of COVID-19 claims.
  • Nestle apologized for wrongly depicting Manipur’s Keibul Lamjao National Park on KitKat packaging.
  • IFFCO has said that its second oxygen plant being set up in Baraily, will start operations from May 30, 2021.
  • RBI is said to have banned American Express and Diners Club International from onboarding new domestic customers from May 1, 2021, due to non-compliance of data storage guidelines.
  • IKEA is said to be planning to power its stores, warehouses and shopping centres completely on renewable energy by 2025.
  • Vodafone Idea is said to be approaching various international pension funds to raise around $1 billion to fund its India operations.
  • M&M is said to be looking for land in Punjab and some other states to set up a new tractor plant.
  • ReNew Power announced to have commissioned a 105 MW solar generation facility in Gujarat with a 25-year power purchase agreement with the Gujarat Urja Vikas Nigam.
  • Zomato has rolled out a priority delivery feature that will let customers check out food orders meant for covid-19 related emergencies.
  • FirstRand Bank, South Africa’s second-largest bank has reportedly decided to completely exit India.

India Business News Weekly Roundup 19 to 24 April 2021

  • RBI has constituted a committee to examine the role of ARCs in stressed debt resolution and review their business model.
  • Supreme Court stayed any further proceedings before a single judge or division bench of Delhi high court in Future Retail-Reliance asset sale deal.
  • Samsung has reportedly started the production of mobile display panels at its Noida factory.
  • ESR India is said to have leased 108,000 sq ft prime industrial real estate at its Chennai industrial park to CUBIC, a leading international player in the electromechanical industry.
  • All India Gem & Jewellery Domestic Council has reportedly requested the Union ministry of consumer affairs to extend the deadline for implementation of mandatory jewellery hallmarking from June 2021 to June 2022 due to the second Covid-19 wave. GJC has over 3 lakh jewellers within its fold.
  • LIC is said to have has appointed Paytm to facilitate digital payments.

India Business News Weekly Roundup 19 to 24 April 2021

  • Star India is said to have bagged Pro Kabaddi League rights for 5 years and will pay over Rs.180 crore per season.
  • The Board of Future Retail is said to have approved the restructuring plan and it will now be submitted to Kamath Committee for approval.
  • Crisil is said to have downgraded PVR’s long-term bank facilities and NCDs to AA- from AA due to the firm being likely to be impacted because of a surge in covid-19 cases.
  • Jaypee Infratech insolvency case: The lenders of Jaypee Infratech have reportedly asked NBCC and Suraksha group to improve their bid and offer more land parcels.
  • After Spicejet and IndiGo, now AirAsia has announced not to charge a change fee for date and time change on tickets booked till 15 May.

India Business News Weekly Roundup 19 to 24 April 2021

  • Dream Sports, the parent company of Dream11, is said to be exploring options for a US listing by early next year.
  • Rabobank is reportedly seeking to start bankruptcy proceedings against Coffee Day Global.
  • M3M Group said that it has repaid its Rs.418 crore debt in the January-March quarter.
  • Amazon Pay will reportedly facilitate small loans and insurance for Kirana shops and also allow offline merchant partners to generate their own QR codes with its app ‘Amazon Pay for Business’ to receive customer payments.
  • Irdai is said to have imposed a penalty of Rs.51 lakh on four insurers, including Bajaj Allianz, SBI General Insurance Company, for violation of certain norms.
  • NCLAT is said to have dismissed the petition of Deccan Value Investors challenging NCLT approval to its resolution plan for Amtek Auto.
  • Okshan, a virtual marketplace, is said to have entered into the used car segment with the launch of a B2B model.

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India Business News Weekly Roundup 19 to 24 April 2021

  • The Government is said to have written to all central ministries and PSU to dedicate their hospital beds for COVID-19 management in States/UTs.
  • Delhi government has reportedly directed all nursing homes and private hospitals offering COVID-19-related treatment to reserve at least 80% of their ICU and ward bed capacity for covid-19 positive patients.
  • COAI has requested DoT to take strict measures to ensure a complete ban on the sale of illegal repeaters and boosters, being sold offline or online.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 19 to 24 April 2021

  • Instamojo announced to have acqui-hired Showman, a virtual theatre and vernacular content platform.
  • CoinSwitch Kuber, a cryptocurrency investment platform, is said to have raised $25 million from Tiger Global at a valuation of over $500 million.
  • Beldara, a b-2-b e-comm marketplace, is said to have raised $7.4 million from Hindustan Media Ventures.
  • Fitterfly, a health tech, is said to have raised $3.1 million in a pre-series A funding round led by Fireside Ventures.
  • Freyr Energy, a solar rooftop company, is said to have raised equity investment of Rs.18 crore from Total Carbon Neutrality Ventures, C4D Partners, and Schneider Electric Energy Access Asia.
  • KredX is said to be planning to disburse Rs.1,000 crores in credit this fiscal through its revenue-based financing product focussing on consumer brands and SaaS businesses.
  • Qapita, a SaaS startup, is said to have raised $5 million as part of its Pre-Series A funding round led by MassMutual Ventures.
  • TrulyMadly dating app announced to have raised Rs.16 crores in a pre-series A round of funding from various investors.
  • Pristyn Care, a healthcare startup, is said to have raised $53 million in a Series D funding round led by Tiger Global Management.
  • Whatfix, a SaaS startup, is reported to be in talks to raise around $80-90 million as a part of its Series D funding round, led by SoftBank Vision Fund II.
  • Druva Inc., a cloud data protection and management services firm, is said to have raised $147 million in its latest funding round from Canadian pension fund CDPQ and Neuberger Berman, at a valuation of over $2 billion.

Some stats: India Business News Weekly Roundup 19 to 24 April 2021

  • As per a report by cybersecurity software company, Norton Lifelock, over 59% of Indian adults said to have fallen victim to the growing number of cybercrimes in the past year.

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India Business News Weekly Roundup 19 to 24 April 2021

Tie-ups – M&As

  • Indian Bank has signed an MOU with The Chennai Angels for offering finance to startups.
  • Baskin Lake Investment is said to have acquired a 24.48% stake of HDFC Ltd in Good Host Spaces, a student housing startup, for Rs.216.18 crores.
  • EaseMyTrip is said to have partnered up with JustDial for offering air travel services.
  • Dream11 is said to have partnered with Puma for the launch of its first athleisure collection in India.
  • ACC and Ambuja Cements announced entering into a partnership with IIT-Madras for developing green and sustainable building solutions.
  • Uber is said to have partnered with HelpAge India to offer 25000 free rides over the next few months to facilitate the vaccination of elderly people.
  • Indiabulls Housing is said to have entered into a strategic tie-up with HDFC to offer housing loans to homebuyers at competitive rates.
  • iBus Networks and Infrastructure is said to  have acquired Ubico Networks in an all-cash deal for around ₹100 crores,
  • ixamBee, an online learning platform, announced to be merging with TargetRBI.
  • Hero MotoCorp is said to have entered into a strategic partnership with Gogoro® Inc to accelerate shift to sustainable electric mobility in India.
  • Mobile Premier League is said to have acquired GamingMonk, an esports gaming platform, for an undisclosed amount.

Ongoing cases: India Business News Weekly Roundup 19 to 24 April 2021

People:

  • RBI has approved the appointment of Atanu Chakraborty as Part-time Chairman of HDFC Bank.
  • Zomato announced to have appointed four new women independent members on its board of directors.
  • Virat Kohli has signed up with MX TakaTak.
  • Anuj Aggarwal, a top AAI official, and ex-chairman passed away due to Covid-19 related problems.
  • Carat India, a Dentsu media agency, is said to have appointed Dipika Bhasin as executive VP.
  • MMA, previously called Mobile Marketing Association, announced the appointment of Amit Jain, L’Oréal India’s MD, as chairperson of its India board of directors.
  • Twitter has appointed Apurva Dalal as Director-Engineering. Dalal was previously with Uber.
  • Deccan Health Care said to have signed Satyam Bansal, ex-Flipkart executive, as an advisor for online growth strategies.
  • SIDBI has said that Sivasubramanian Ramann has taken charge as CMD.
  • Tata Consumer Products has appointed Deepika Bhan as President – packaged foods.
  • Bacardi India announced the appointment of Zeenah Vilcassim as India MD.
  • Social networking platform Hike is said to have appointed Manav Arya as the Head of Rush app. Arya has worked with brands like Paytm First Games, Junglee Games, and The Walt Disney Company.

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