Read Latest India Business News headlines 9th January 2019:
– Matrix Partners India has raised a new fund of $300 million. It plans to expand its current investment team and invest in early-stage startups across emerging sectors.
– NCLT has asked the union of Reid & Taylor to furnish financial details for 2017-18 of SP Growth Partners, their Hong Kong-based investors. Reid & Taylor, owned by the Kasliwal family-run S Kumar Group, is facing bankruptcy proceedings for a debt of over Rs.4,100 crore to banks and other lenders.
– Rudratej Singh has resigned as president of Royal Enfield. Lalit Malik, CFO, Eicher Motors, will take additional responsibility as Royal Enfield’s chief commercial officer.
– Local lenders to Jet Airways, led by SBI have proposed a $900 million resolution plan. The plan comprises fresh equity infusion and restructuring of loans of around $450 million. If the plan is approved by all the stakeholders, Naresh Goyal will have to give away stake from his current holding of 51%.
– Sudip Singh, global head of the energy, utilities, resources and services unit of Infosys, has resigned. Under his vertical, Sudip was managing a portfolio of around USD 1.5 billion.
– Ola is in talks to either invest in or acquire Myra Medicines, a medicine delivery startup. Both Ola and Myra have Matrix Partners as a common investor.
– As per Tracxn, a venture capital data firm, there were investments of $3.09 billion in B2B startups across 415 rounds in 2018. This is 28% more than $2.41 billion across 534 rounds in 2017.
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– Myntra’s revenue in fy-17-18 has dropped by 80% to just Rs.427 Crores. It reported a net loss of Rs.151.20 crore in fy 17-18. The figure is a 76% drop from Rs.627.70 crore loss reported in fy 16-17 when its revenue was around Rs.2000 Crores.
– National Restaurant Association of India has forwarded its concerns over deep discounting and data masking by food ordering and delivery firms during a meeting held with Zomato, Swiggy, Uber Eats and Foodpanda.
– Nandan Nilekani has been appointed by RBI to head a panel on e-payments.
News credit: Livemint, Economic Times, Business Standard