India Business News Weekly Roundup 6 To 11 December 2021 – Tentaran

India Business News Weekly Roundup 6 to 11 December 2021. News on Corporates, policies, budget, start-up world, funds, funding. Here’s a roundup of all the India business news that created the buzz in India this week:

Corporates – India Business News Weekly Roundup 6 to 11 December 2021

• Gati KWE, an express logistics and supply chain solutions provider, has set up its largest Surface Transhipment Centre in Farukh Nagar to offer added advantages of the optimized supply chain to the customers.
• A shopping app has been launched by packaged water company Bisleri, to be available on both Android and iOS across 26 cities.
• Trend Micro, a cybersecurity company, is planning to expand its cloud business and grow the incident response in India by setting up new offices in Mumbai.
• Alembic Pharma has made strategic investments in RIGImmune, focussed on developing treatments for RNA viruses, by the acquisition of preferred stock.
• A drug maker, Lupin, announced the launch of 11 diagnostic laboratories in India.
• Apollo TeleHealth has become the world’s first organization to attain ISO 13131:2021 certification by British Standards Institution.
• Razorpay has launched Razorpay Magic for allowing the shopkeepers to prefill their information on the merchants’ checkout page and also Razorpay X Tax Payment Suite for automated tax payments by the businessmen.
• Jindal Stainless has raised $82 million from KfW IPEX bank, a German export financer, for procuring equipment to expand production facilities in Jajpur, Odisha.
• Grip Invest, a platform for providing new-age investments, has signed a lease financing deal worth USD 2 million with BatterySmart to lease out 4000 batteries for e-rickshaws.
• TVS Motor Company has announced its distribution partnership with Active Motors SA, a Grupo Q subsidiary, for Costa Roca and Nicaragua to further expand the business in Central America.
• GOI to provide, as per reports, incentives worth Rs 76000 crore for setting up over 20 semiconductor designs, manufacturing components, and display fabrication units in upcoming years.

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India Business News Weekly Roundup 6 to 11 December 2021

• BTL EPC Ltd has secured an order for setting up the Coal Handling Plant for Pakri Barwadih Coal Mining Project, valued at Rs 317 crore, of NTPC.
• A technical ammonium nitrate plant worth Rs 2200 crore has been launched by Deepak Fertilizers in Odisha.
• Ikea has reported more than double sales in India from 12% to around 70% in the last two years due to the coronavirus pandemic.
• Paytm Payment Bank can now function as a Scheduled Payment Bank and expand its financial services operations.
• Tata Motors, as per reports to invest more than$1 billion in commercial vehicle businesses in the next 4-5 years.
• RailTel Corp is reported to have received an order worth Rs 211 crore from Ircon International for the installation of a tunnel communication system in the Dharam- Banihal region of the J&K Rail Link Project.
• Suki. AI, a healthcare startup, has raised $55 million in a Series C round of funding led by March Capital with active participation from Philips Venture, Venrock, Flare Capital, etc.
• Stage 3, a fashion-focussed social commerce startup, is reported to have raised ₹20 crores in a Series A funding round led by Inflection Point Ventures, LC Nueva Investment Partners LLP, Let’s Venture, and Stanford Angels.

India Business News Weekly Roundup 6 to 11 December 2021

• Hindustan Zinc Ltd has announced the payment of interim dividends worth $1 billion to its shareholders.
• Reliance Industries has reportedly signed a partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd worth $2 billion for chemical production.
• Samsung Electronics Co. has recently merged the mobile and consumer electronics business into one single unit and has appointed Kyung Kye-Hyun to lead the powerhouse components business.
• GOI has informed the increase in coal-based thermal power generation by 16% from 511.9 BU last year to 594.4 BU this year during April- October.
• Probus Insurance, a digital insurance broker, raised USD 6.7 million in a funding round led by Blue Orchard Impact Investment Managers along with participation from other investors.
• Over Rs 4.18 lakh crore has been recovered by the public sector banks in the last three financial years from incidents of frauds and defaults, as informed by GOI.
• HSBC has executed, in India, its first trade finance deal linked to secured overnight financing rate (SOFR) with Brookfield Renewable.
• NCLT has reportedly admitted RBI’s plea to initiate insolvency resolution proceedings against Reliance Capital.
• Minister of State for Civil Aviation V K Singh has reportedly said that Air India has outstanding dues worth around Rs.2,350 crores to the Airports Authority of India as of September 2021. He also said that SpiceJet owes Rs.185 crores.

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India Business News Weekly Roundup 6 to 11 December 2021

• A green loan worth $736 million from five banks has reportedly been taken by Reliance Industries to fund the purchase of Norwegian solar panel maker REC Solar Holdings.
• Myntra has announced the launch of the brand ‘Justice’, a young girls’ clothing and accessories seller, on its platform.
• PTC India Financial Services, as per reports, will receive a share of about Rs 125 crore as a part of the total resolution amount from one of its stressed loans account in the thermal segment.
• A crude oil supply deal for 2022 has been signed by Russia’s Rosneft and Indian Oil Corp, where the former will supply up to 2 million tonnes of refined oil.
• Electric Mobility Startup and an energy services provider, Matter, to invest Rs 1500 crore in Gujarat over next five years in areas of electric mobility generation.
• RBI has imposed restrictions on Nagar Urban Co-operative Bank Ltd in Ahmednagar, Maharashtra including a cap of Rs10,000 on withdrawals due to deterioration in its financial position.
• SBI has invited bids from ARCs and others to sell the NPA account KSK Mahanadi Power Company with a total outstanding of over Rs 4100 crore.
• Vodafone Idea is in talks with local and International telecom vendors to outsource options for its 5G network.
• RBI, as per reports, aims to consider categorising loans for the purchase of electric vehicles under the segment of Priority Sector Lending.
• As per sources, the plan of the Tata Group to set up $300 million semiconductor manufacturing facility might face headwinds because of the absence of raw material inside and outside the country due to ongoing global shortage.
• Parmod Sawant, the CM of Goa, has launched a new Electric Mobility Promotion Policy 2021 for the promotion of the usage of e-vehicles.
• A report by Meity recommends setting up of National Blockchain Framework for using it in e-governance by the adoption of the emerging technologies.

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India Business News Weekly Roundup 6 to 11 December 2021

Start-up world, funds, funding and investments – India Business News Weekly Roundup 6 to 11 December 2021

• MyGate, an apartment management solution provider, has reportedly acquired MyCommunity Genie for strengthening its community commerce play.
• Zoivane Pets, a platform for pet supplies, has raised $100k in its seed funding round witnessing the participation of various angel investors including Hitesh Dhawan, Dhrumil Patel, Joy Gnanamony, and Abhishek Gupta.
• A social network, Zorro, raised $3.2 million in its seed funding round co-led by 3one4 Capital and 9Unicorn Ventures along with the participation from Vijay Shekhar Sharma, Ritesh Agarwal, Ashish Hemrajani, Kunal Shah among others.
• Shiprocket has reportedly raised $185 million in a Series E funding round led by Zomato, Lightrock India, and Temasek Holdings with participation of Moore Strategic Ventures and 9Unicorns.
• Ola Electrics has reportedly raised $53 million in a funding round led by Temasek along with participation from various other investors.
• GoStop, a backpacker hostel company, has reportedly raised an additional $1 million  in a bridge round funded by Mumbai Angel Networks, The Chennai Angels, Yuj Ventures etc
• An E-commerce form, Kreate, reported having raised an undisclosed amount of funds in a seed funding round from We Founder Circle, Ankesh Sagar, Workato, IncrementumX, Turbotic.

Start-up world, funds, funding and investments – India Business News Weekly Roundup 6 to 11 December 2021

• LenDenClub, a peer-to-peer lending platform, has reportedly raised $10 million in a Series A round of funding led by investors including Tuscan Ventures, Ohm Stock Brokers, Artha Venture Fund along with the participation of Kunal Shah, Alok Bansal, Ramakant Sharma, and others.
• AgroStar has raised reportedly $70 million in a Series D funding round led by Evolvence, Schroders Capital, Hero Enterprise and CDC along with participation from existing Investors namely Aavishkar Capital, Accel, Bertelsmann, etc.
• Spinny, a used car retailing platform, operated by Valuedrive Technologies Pvt Ltd., has reportedly raised $ 283 million in a Series E funding round led by Tiger Global and Avenir Growth.
• MoEngage, a customer analytics and cross-channel engagement platform, raised $30 million in a funding round by Steadview Capital along with participation from investors including Alternate Asset Management, Eight Roads Ventures, F-Prime Capital and Matrix Partners.
• Bizongo, a platform for packaging material, owned and managed by SmartPaddle Technology, has reportedly raised about Rs 825 crore in a Series D funding round led by Tiger Global Management at a valuation of $600 Million.
• Upscalio, a venture for the management of e-commerce brands, has reportedly invested an undisclosed amount into four auto accessories brands Autofurnish, Moto Trance, Urban Lifestyles, and Destorm.
• SoftBank Vision Fund 2 will reportedly invest $50 million in SenseHQ, a SaaS firm, at a valuation of over $500 million.
• Pocket FM has reportedly raised $22.4 million in a Series B round of funding led by Lightspeed with active participation from Times Group and Tanglin Venture Partners.

Some stats: India Business News Weekly Roundup 6 to 11 December 2021

• GoI has approved 60  large packaged food companies for PLI scheme for Food Processing Industries, a few of them are Britannia Industries Ltd, Haldirams Snacks Pvt Ltd, Gujarat Co-operative Milk Marketing Federation Ltd, etc.
• The Ministry of Finance has reported that over three crore income tax returns have been filed for the current FY.

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Tie-ups – M&As – India Business News Weekly Roundup 6 to 11 December 2021

• Federal Bank has tied up with Star Health and Allied Insurance Co Ltd for providing a wide range of health insurance products for the bank customers.
• CavinKare has announced the Third Umpire partnership with the Indian cricket team valid for home matches -T20, ODI, and Test for 2021-22.
• Delhivery has reportedly acquired Transition Robotics, a platform for unmanned aerial system, for an undisclosed amount to strengthen its capabilities across range of applications.
• Byju’s in its 10th acquisition for 2021 has reportedly bought an  Austrian firm GeoGebra, a math learning platform.
• Dollar Industries has informed the acquisition of the entire share of Pepe Jeans Europe by G.O.AT. Brand Labs along with a stake of Kolkata-based innerwear major in a Joint Venture Company.
• Mensa Brands has announced the acquisition of Folkulture, an Indian decor label, to bolster its role in the home furnishings segment.

Ongoing cases: India Business News Weekly Roundup 6 to 11 December 2021

People:

• Neeraj Chopra has been roped in as the brand ambassador by Byju’s learning app.
• Sanjeev S, the former MD and CEO of Bharti AXA General Insurance, has been appointed as a member of the Leadership Team by the general insurance startup ACKO.
• Ami Momaya to be hired as a member of Asia Infrastructure team by a global private equity firm, KKR & CO.
• Suresh Bethavandu has been appointed as the Chief People Officer by Mindtree Limited.
• Ittira Davis has been appointed as the MD & CEO of Ujjivan Small Finance Bank for a three years period.
• Manish Sharma ( Chairman and CEO of Panasonic India), Vikram S Kirloskar ( Vice-chairman of Toyota Kirloskar), and Jalaj Dani ( Co-promote of Asian Paints) have been the members of the SCALE committee by GOI.

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