Read the latest India business news 6th November 2018:
– Amazon India and Flipkart have reported three times an average month’s sale during the festive sale days. While Flipkart is claiming having retained the market share lead of 70-30, Amazon also claims that more than half of India’s online shoppers shopped on its website this festive season.
– Meesho, an e-commerce platform connecting resellers with raw material suppliers, has raised $50 million in Series C round of funding from new investors. It plans to use the fresh funds for strengthening the product and scaling up the technology team.
– Transit Capital is in talks to raise its debut fund with a targetted corpus of $50-60 million. The fund will focus on investing in tech start-ups having a cross-border angle.
– Patanjali Ayurved has entered into the branded apparel segment through its brand ‘Paridhan’. The group expects a sale of around Rs1,000 crore next fiscal.
– RBI has imposed a penalty of Rs.1 Crore on Fino Payments Bank for not following its direction to stop opening new accounts.
– Facebook has tied up with Agene France-Presse for expanding its third-party fact-checking program in India.
– NephroPlus has acquired DaVita, world’s second largest kidney care provider for an undisclosed sum. The firm having raised Rs.200 Crore so far, is now in talks to raise another Rs.150 Crore.
– Adi Godrej has resigned as Director of Godrej Agrovet citing personal reasons. His son Pirojsha Godrej has taken over as Non-Executive, Non-Independent Director.
– As per the data from JLL, Investments in development assets have increased over 7 times to $960 million in the current year till date from $135 million in entire 2017.
– Videocon loan case: ICICI Bank defended Chanda Kochhar before Sebi and said that as per the code of conduct, Chanda Kochhar was not required to disclose investments in her husband’s firm.
News credit: Livemint, Economic Times, Business Standard