Here are the Business Headlines as on 24th May 2017:
- Flipkart-Snapdeal merger : Formal process of selling Snapdeal to Flipkart has started. Term sheet for sale has been signed on 23rd May and Flipkart is in the process of looking at the financials of the company, which would take about a week.
- iPhone production in India: India has given its own road map of indigenisation to Apple and cleared that no separate concessions will be given to them. Apple is yet to revert on this.
- As per a report from EY, M&A activity of Indian companies during January-March 2017 stood at 252 deals with a total disclosed value of $15.8 billion, up about 23% from $12.8 billion in the corresponding period last year. However, Vodafone-Idea Cellular merger of $11 billion alone accounted for 74% of total value.
- Paytm Payments Bank, launched yesterday, shall be managed by a five-member board of P.V. Bhaskar, former ED of RBI, Ash Lilani, co-founder and managing partner at Saama Capital, G.S. Sundarajan, former director Shriram Group, Vijay Shekhar Sharma, founder and CEO of Paytm and Renu Satti.
- IDFC Bank’s Bhavesh Gupta has joined Clix Capital as CEO. Clix Capital is the commercial lending and leasing business of GE Capital in India.
- Flipkart and Amazon are competing for the opportunity to handle purchases for Government e-Marketplace (GeM). GeM will manage procurement for Ministries and Departments for items such as laptops, air conditioners, furniture and items of daily use like stationery at both the State and Central level.
- Ripple Labs has partnered with Hyderabad-based BTCX India to launch XRP exchange, a buying and selling facility.
- Box8, a Food technology start-up, has raised Rs.7 crore Venture debt from Trifecta Capital. The funds shall be invested in operations in existing markets and to launch in other cities. Earlier it had raised Rs50 crore from IIFL Seed Ventures Fund and existing investor Mayfield Fund in October last year.
- To scale up its presence in Tier-II & III cities, Urban Ladder will be taking services franchisee model. It’s expected to get Single Brand Retail Trade license in July this year.