Read the latest India business news 12th December 2018:
– Sriram Venkataraman, Flipkart CFO, will take additional charge of COO. The role of COO has been vacant since mid 2017 after the resignation of Nitin Seth.
– Shaktikanta Das, who oversaw demonetization, has been appointed as the new RBI governor.
– Byju’s has raised $400 million in a new round of funding at a valuation of around $4 billion.
– Sequoia Capital has bought a stake of 31.9% in Wakefit, a mattresses and sleep-products company, for Rs.65 crore.
– Nuveen, investment subsidiary of Teachers Insurance and Annuity Association – a US-based asset manager, has bought a stake of around 25% in Aavishkaar Group for approx. $32 million.
– Roposo, a social media app, has raised $10 million in a series C funding round from its existing investors Tiger Global Management and Bertelsmann India Investments.
– Sodexo has launched an accelerator program to partner and invest in food services startups. The program will provide startups access to Sodexo’s large corporate customer base.
– Competition Commission has cleared Tata Sponge Iron’s acquisition of Usha Martin’s steel business for Rs.4,300-4,700 crores. Deals beyond a certain threshold need CCI approval.
– Cognizant is acquiring Mustache, a privately-held creative content agency based in New York, for an undisclosed amount. Mustache creates content for digital, broadcast and social mediums and its clients list include companies like Netflix, A&E Networks, Grammarly, Google, Brand USA and L’Oréal.
– RBI has slapped a fine of Rs.1 crore on Indian Bank for violating cyber security norms.
– All India Online Vendors’ Association, a group of small and medium online retailers selling on Flipkart and Amazon, have written to PMO alleging exploitation at the hands of e-com majors. One of their major concerns is preferential treatment being given to large sellers.
– Board of Reliance Jio has approved proposal to create separate entities for its fibre and tower businesses. This may provide a better leverage to raise funds.
– As per data from Tracxn Technologies, an analytics firm, investments in deep-tech start-ups such as firms driven by AI, ML and robotics, have touched an all-time high of $247.78 million so far in 2018, more than twice the $96.8 million in 2017.
News credit: Livemint, Economic Times, Business Standard