Read the latest India business news 6th December 2018:
– Facilio, offering facilities management to real estate owners, has raised $6.4 million in a Series A round of funding led by Tiger Global Management and Accel. Tiger Global had stopped investing in India for the last two years after selling their stakes in Ola and Flipkart.
– Fusion Microfinance has raised Rs.520 crore in a funding round led by Warburg Pincus. This is the first investment of US private equity firm in India’s microfinance sector.
– As per a study by Aarka Consulting, a cybersecurity platform, Indian apps take up to 45% more permissions than their global counterparts.
Must Read: Journey of Indra Nooyi
– Hoteliers have warned of a nationwide protest against MakeMyTrip and Goibibo for using unethical practices. The Federation of Hotel & Restaurant Associations of India has put the firms on notice.
– Lighthouse Funds has invested Rs.250 crore from its third fund for acquiring a minority stake in Aqualite Industries, the footwear-maker. Aqualite has manufacturing units in Rajasthan and Haryana with a pan-India distribution network of 35,000 retailers.
– Ascendas-Singbridge Group of Singapore has acquired two assets in Chennai through its logistics and warehousing JV with Firstspace Realty for an estimated value of around $120-130 million.
– Piyush Pandey, the Executive Chairman and creative director of Ogilvy South Asia, has been appointed Global Chief Creative Director of the firm. He joined the firm in 1982 as accounts executive and moved on to a creative role in 1988.
– Nestle has taken off its Maggi advertising account from Publicis India and has hired McCann World Group for the same.
– Milan Paleja, Novartis India VC & MD, has decided to step down from company w.e.f. 31st May 2019. The board has started looking for a successor.
– Etihad Airways is holding talks with Jet Airways and SBI to work out a rescue plan. Etihad is the second largest shareholder in the airlines.
– Vijay Mallya case – Vijay Mallya tweeted to offer to pay back “100% of the principal amount” he owes banks. He wrote ‘The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY?’
News credit: Livemint, Economic Times, Business Standard