Mumbai-based Manash Lifestyle Pvt. Ltd, which operates beauty products and services marketplace Purplle.com, has secured funding of ₹56 crore from Belgian private investment firm Verlinvest SA in an extended Series C round. The funds will be used to strengthen Purplle’s supply chain, innovation and technology capabilities as well as for brand-building, according to a press…
Walmart Inc, the world’s largest retailer, has laid-off more than 50 of its India executives as part of its restructuring efforts in the country. According to a Reuters report, citing Krish Iyer, President and CEO of its India unit, about eight senior management executives were also fired. The move clearly signals the struggles Walmart is…
There seems to be a trouble in paradise for the Indian hospitality unicorn OYO, as Income Tax officials “visited” its Gurugram headquarters on January 10. OYO has called this raid a “routine TDS survey”. TDS stands for Tax Deduction at Source. The seven-year-old start-up is already in hot waters with net losses widening six folds…
With this investment, HighRadius becomes the first start-up to become a Unicorn in 2020. The SaaS-based startup is now valued at $1bn. Software as a service or SaaS, based financial start-up HighRadius has recently announced that it has raised $125mn in Series B round funding led by ICONIQ Capital. Existing investors like Susquehanna Growth Equity…
Food delivery start-up Zomato on Friday announced that it has raised $150mn in fresh funding from Alibaba subsidiary Ant Financial. With the recent investment, Zomato is now valued at $3bn. Zomato was founded by Deepinder Goyal and Pankaj Chaddah in 2008. So far Zomato has raised a total of $840mn in funding from multiple investors.…
PayU’s consumer lending business LazyPay and PaySense, India’s fastest growing digital credit platform, has announced plans to merge their business operations to build a full-stack digital lending platform in India. PayU will acquire a controlling stake in PaySense and all its assets at a valuation of $185 million. This planned merger is aligned with PayU’s…
Indian hospitality unicorn Oyo is planning to lay off thousands of employees from its India and China businesses. According to media reports, the company has let go of 5% of its 12,000 employees in China partly citing non-performance as the reason and dismissed 12% of its 10,000 staff in India, one of the people close…
Housing Development Finance Corporation(HDFC) said on Thursday that it has completed the purchase of a majority stake in Apollo Munich Health Insurance for ₹1,495.81 crore. The company has acquired 51.16 per cent equity share capital of Apollo Munich Health Insurance Company after receiving approvals from competition commission of India (CCI), Reserve Bank of India and…
Masayoshi Son-led SoftBank is planning to sell its majority stake in SBG Cleantech, its high-profile renewables joint venture in India, as per a report by the Economic Times. The move has been seen as part of SoftBank’s ongoing review of businesses around the world to increase liquidity. Reports even suggest that SoftBank has invested close…
Accenture has agreed to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. The acquisition will make Accenture Security one of the leading providers of managed security services, further enhancing its ability to help companies rapidly anticipate, detect and respond to cyber threats. Financial terms were not disclosed. Symantec’s portfolio of Cyber Security Services includes…
At the 2020 Consumer Electronics Show (CES), IBM has announced the launch of Advertising Accelerator with Watson, a first-to-market offering that leverages artificial intelligence (AI) to predict the optimal combination of creative elements to help drive high engagement and conversion for a given audience. The predictive solution from IBM leverages Watson to create campaigns designed…
Flipkart, India’s leading e-commerce marketplace, has announced the launch of Visa Safe Click (VSC), powered by Visa, the payments technology giant. VSC, a new payment solution now available on Flipkart platform, will enable the e-commerce platform to deploy India’s first in-app device-based network authentication solution. This solution will eliminate the need for One Time Passwords…
Swmabhan Commerce Pvt. Ltd, which operates FMCG brand Rage Coffee, has raised funding from a clutch of investors led by startup investor Refex Capital, Keiretsu Forum, Wazir Advisors founder Harminder Sahni and former CavinKare joint managing director TD Mohan, the company said in a statement, as per media report. Other investors include former TVS Electronics…
Great Wall Motors of China is inching close to acquire General Motors’ manufacturing facility in Maharashtra. A formal agreement over the facility at Talegaon in Pune district is likely to be signed by the end of the month, and General Motors is likely to fetch about $250-300 million from the sale, one of the people…
UnoLigo Solutions Pvt. Ltd, a customer service management platform company has raised funds in its pre series A funding from EquNev Capital, a Mumbai-based institutional investment banking firm. The financial details of the transaction couldn’t be ascertained. However, the funds will go towards augmenting UnoLigo’s product, expand its data science and sales and marketing teams,…