Here are the Business Headlines as on 23rd May 2017:
- Tata Group has hired veteran Investment Banker Saurabh Agrawal as group CFO. He is currently the head of strategy with the Aditya Birla Group.
- Paytm Payments Bank is opening today. Paytm is offering 4% interest rate and cash back on deposits, which is much lower compared to Airtel’s 7.25% and India Post’s 5.5%. Paytm would open its first branch in Noida. It plans to open 31 branches and 3,000 customer service points in a year.
- Reliance Jio said that because of Telcos violating license conditions, the Government suffered a revenue shortfall of over Rs 400 crore in FY-17. However, Cellular Operators Association of India (COAI) said that there will be no loss to the government as “AGR will be tuned up to actual in the subsequent quarter”
- US investment bank Goldman Sachs is planning to invest approx. $1 billion in India over the next three to four years through its private equity business. It’s in the final stages of reviewing two platform deals—one in financial services and the other in quasi-real estate.
- Infosys has appointed Inderpreet Sawhney as the company’s Chief Compliance Officer and General Counsel. Inderpreet Sawhney, was earlier the General Counsel at Wipro.
- Sagar Ratna, operating 88 restaurants out of which 50 are franchise operated, is back with the founder Jayaram Banan. Jayaram bought back the controlling stake from Indian Equity Partners following some ongoing disputes.
- Silicon Valley-based start-up fund and incubator, 500 Startups, which has invested in many early-stage Indian start-ups till date, may revisit its plans to set up a separate India-focused fund later this year and is not putting its India investment strategy on hold as announced in January 2017.
- Editor-turned-entrepreneur Shekhar Gupta’s media venture Printline Media Pvt. Ltd has raised an undisclosed sum from investors including Ratan Tata, Uday Kotak and Nandan Nilekani in their personal capacities. The fund will be used to launch its news website The Print, a multimedia Digital News platform in the next 3 months.
- Property consultancy JLL India and Bengaluru-based crowd funding platform 1Crowd have committed $5,00,000 in Zipgrid, a real estate technology firm in the asset management space.This marks the closure of Zipgrid’s pre Series-A round of $5,00,000. It is also the third investment by JLL’s Technology Ventures platform.
- Browser-Stack, which helps software developers visualize how their code will look like and perform across browsers and operating systems, is seeing a spate of activities on the investment front. It has received interest from Sequoia and Warburg Pincus in addition to Microsoft.
- Acko sets the action going in General Insurance space by getting a funding of Rs.200 crores in its seed round. It was registered in August last year by Varun Dua, one of the co-founders of CoverFox.