Here are the Business News Headlines as on 21st June 2017:
- Paytm is now on to set up a money market fund, just like a Bank, where users can store cash and earn interest. Paytm has already applied for a license to RBI. The pattern is same as used by Alibaba Group, also an investor in Paytm, in China 5 years ago by setting up a fund which has now become world’s biggest such fund.
- PE giant Warburg has speed up its investments in India and has invested about $1.1.4 billion in the past 6 months; including investments of $360 million in Tata Technologies and $300-million equity in Princeton Growth Ventures this month.
- Former head of immigration of Infosys in US has filed a lawsuit against the Company citing discrimination against non-Asian employees. This has turned out to be an embarrassment for the management who has announced to hire about 10,000 Americans in US in the next 2 years.
- Hike, a mobile chat platform, has launched peer-to-peer (P2P) payments on UPI framework and a native wallet service. With this , it has joined the segment of wallet businesses like Paytm, MobiKwik and PhonePe.
- Fynd, a Fashion discovery and e-commerce portal, has received funding of Rs.21 Crore. The funds will be used to expand the network of brands on the portal as also the number of stores it plans to integrate with.
*News as published in Business Standard, Live Mint and Economic Times.