Here are the India Business News Headlines as on 27th July 2017:
- After Amazon, now Grofers has also received permission from the government to open fully-owned brick-and-mortar stores for selling food products. Bigbasket has also put up a similar request which is still pending.
- Swiggy has issued a statement denying allegations that it is experiencing employee churn or has cheated its investors & restaurant partners and that the blog post has been done with the intention of maligning image of the company. A blog post by a few current and former employees went viral across social network platforms accusing the company of wrongdoing.
- Advertising major Dentsu Aegis Network has acquired Bengaluru-and-Pune-based digital agency Sokrati Technologies for about Rs.800 Crores. Sokrati is among the leading players in search and performance marketing.
- Amazon has disclosed investments of $600 million (Rs 3,800 crore) in its Indian business units since January.These investments are being used to build a seller base, a payments arm and for setting up infrastructure.
- Snapdeal’s board will seek the views of all shareholders, including Tata group chairman emeritus Ratan Tata and Premji Invest, on the proposed merger with Flipkart. The company will share details of the deal with all stakeholders.
- 1mg Technologies Pvt Ltd, claiming to be the country’s largest digital health platform, has raised $15 million (nearly Rs 100 crore). The round was led by HBM Healthcare Investments, with participation from other existing investors Maverick, Sequoia India, Omidyar and Kae Capital.
- Airtel is planning to take on Reliance Jio by launching its own VoLTE (a 4G voice network) service by March 2018 and working with phone makers on new low-cost 4G feature phones.
- Axis Bank is near to closing a deal to buy digital payments platform Freecharge for Rs350-400 crore in cash. If the deal happens, it will give the much-needed breathing space to the latter’s parent Snapdeal. By buying Freecharge, Axis Bank will get a popular digital payments brand as also get high-quality technology that traditional companies typically struggle to build compared with internet start-ups.
*News as published in Business Standard, Live Mint and Economic Times.