Read the latest India business news 23rd October 2018:
– To expand offline reach and customers in Tier II cities OnePlus is getting into an agreement with Reliance Digital for launching its products across Reliance Digital Stores.
– ClearTax, an online tax filing startup, has raised $50 million in fresh funding led by Composite Capital. The firm claims to have served 2.5 million individual taxpayers this year.
– TVS Capital Funds has made the first close of Rs.832 crore for its latest fund called TVS Shriram Growth Fund 3, promoted jointly by TVS and Shriram groups. Total capital raised by TVS Capital so far is more than ₹2,000 crore.
– Tiger Global has raised $3.75 billion for private market investments. It had stopped investing in new ventures around three years back.
– It’s been announced by the KKR & Co. that Ananya Tripathi, ex-Chief Strategy Officer of Myntra shall be joining them from January 2019 as Director.
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– Due to the consolidation of telcos, the sector may see loss of around 60,000 jobs by the end of this financial year, majorly in the customer support and financial functions.
– Oyo rooms is now entering into long-term fully managed housing rental segment under the brand name Oyo Living. They are starting with 35 properties with 2000 beds in Pune, Bengaluru, Noida and Gurugram.
– Bhushan Power update – Tata Steel has objected to JSW Steel’s final bid for Bhushan Power, whose lenders allowed JSW Steel to change basic parameters of the bid after having previously declared Tata Steel as the highest bidder.
– IL&FS update – The new Board of IL&FS has appointed Arpwood and JM Financial as advisors for debt resolution plan, who will undertake valuations across divestments and monetization.
News credit: Livemint, Economic Times, Business Standard