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PhonePe has raised Rs 150 crore from Flipkart, a majority shareholder in the company, according to ET report. The equity allotment comes just days after PhonePe raised primary capital worth $700 million in a round led by Flipkart owner, US-based retailing behemoth Walmart, valuing the company at $5.5 billion. The Bengaluru-based startup’s Singapore holding company…
Honeywell announced that it has acquired Sine Group, an Adelaide, Australia-based technology and software as a service (SaaS) company that provides visitor management, workplace and supply chain solutions that are readily accessible with mobile devices. Terms of the deal were not disclosed. Sine’s technologies will support a cloud-based mobile platform for Honeywell Forge, Honeywell’s enterprise…
Hyundai Mobis, the 7th largest leading automotive supplier, announced that the board of directors approved the acquisition of the semiconductor division of Hyundai Autron. Upon receiving the approval, Hyundai Mobis and Hyundai Autron signed a contract to transfer all related employees and assets. The acquisition cost was $122 million. With this acquisition, Hyundai Mobis plans…
Toyota Motor North America (TMNA) announced executive changes to its operations, which will take effect on January 4, 2021. Toshio Niimi, current general manager of the Toyota Motor Corporation (TMC) plants in Honsha and Kinuura, Japan, will assume the new role of executive vice president, Production and Manufacturing Engineering at TMNA. Niimi will be responsible…
Mobility platform Ola announced it has signed the MoU with the Tamil Nadu government for an investment of 2,400 crores in setting up its first factory in the state. Upon completion, the factory will create almost 10,000 jobs and will be the world’s largest scooter manufacturing facility, which will initially have an annual capacity of…
Callify.ai, a Voice-Based Candidate Screening & Engagement platform for Talent Acquisition teams, has raised $560,000 in a seed funding round led by Malpani Ventures Startup incubator and accelerator Venture Catalysts, the UAE-based Calega Ventures, The Chennai Angel Network and Marvari Angel Network also participated in this round, the statement said. Founded in 2016 by Chetan…
Pink Tech Design, an IT company that provides web design and development services, has announced the appointment of Dr Sundaramurthy Pandurangan as Head of Artificial Intelligence and Data Sciences, said a statement. In his new role, Dr Pandurangan will play an integral role in developing and strengthening our AI application development team, the company said.…
AstraZeneca and Alexion Pharmaceuticals, Inc. (Alexion) have entered into a definitive agreement for AstraZeneca to acquire Alexion. The boards of directors of both companies have unanimously approved the acquisition. Subject to receipt of regulatory clearances and approval by shareholders of both companies, the acquisition is expected to close in Q3 2021, and upon completion, Alexion…
Spice Money, a rural fintech firm, has announced that the company has joined hands with actor, humanitarian and philanthropist, Sonu Sood to achieve their mutual vision to digitally and financially empower 1 crore rural entrepreneurs. Given their common vision to digitally uplift rural India, Sonu Sood and Spice Money will jointly work towards creating an…
Social network firm Reddit announced that it would buy short-video platform Dubsmash. Post acquisition, the co-founders Suchit Dash, Jonas Druppel and Tim Specht, will join Reddit. Reddit is an online platform, enabling its users to submit links, create content, and have discussions about the topics of their interest. The financial terms of the deal were…
Deluxe, the global provider of digital and cloud-based solutions to the world’s leading content production studios and distributors, announced that George Eyles has been appointed Executive Vice-President and General Manager, Worldwide Cinema. He will be based in Los Angeles after re-locating from London in early 2021. Eyles will report directly to Deluxe Chief Operating Officer…
Clovia, a lingerie brand that designs and manufactures premium lingerie catering specifically to indian body types, has raised $4 million in a pre-Series C funding round led by a clutch of investors including Golden Birch Investments and SheCapital Venture Fund. The company will utilise the fresh capital to expand into new categories, pushing the brand…
L&T Technology Services Limited, a global pure-play engineering services company, announced that it has been selected by Schindler, the Switzerland-based global leading provider of elevators, escalators, moving walks and related services as one of its key partners to provide innovative digital engineering capabilities. According to the agreement, L&T Technology Services will provide product development, innovation…
Emaar Properties, a Dubai-based real estate development company, has named Mohamed Alabbar, founder of the company and previously chairman of the board of directors, as managing director, and appointed Jamal Bin Theniyah as the new chairman, according to ET report. The decision, communicated in a bourse filing, was taken to comply with regulations that prohibit…
AMC Entertainment Holdings Inc. announced that it has secured a commitment to receive $100 million in cash on January 15, 2021 from New York-based Mudrick Capital Management as a result of a new first lien debt financing. In addition, Mudrick Capital, which is an existing holder of second lien notes issued by AMC, will convert…