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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102208) | |
22511. Sterlite Tesla takes another step on road to launch in India
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- Tesla Inc has moved a step closer to its launch in India later this year by registering a company in the country, a regulatory filing showed on Tuesday.
- Tesla Motors India and Energy Private Limited was incorporated on Jan. 8 with its registered office in the southern city of Bengaluru, a hub for several global technology companies.
- The filing shows the Indian unit has three directors including David Feinstein, who is currently a senior executive at Tesla, according to his LinkedIn profile.
22512. Kulmeet Bawa, MD & President, SAP Indian Subcontinent goes vocal on 'Project Nakshatra' for India and its long term impact on startups
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- 1. SAP India has launched its new initiative, 'Project Nakshatra' for Indian startups. Kulmeet Bawa, MD & President, SAP Indian Subcontinent, made an announcement about the project on Day 1 of TechSparks 2021.
- 2. SAP India’s Project Nakshatra aims to help propel the Indian startup ecosystem to further contribute towards India’s aspiration to become an economic
- 3. SAP is today serving about 450,000 customers globally across 26 Industries, which is phenomenal. Having recently completed 25 years of launch in India, SAP knows how to scale, understands what it means to take a business global, and what it means to arm that business for robustness, as well as agility.
22513. PE Firm Advent To Buy Controlling Stake In ZCL Chemicals At Enterprise Value Of Rs 1,700 Cr
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Business Today
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- Local Private equity fund Advent International will acquire a controlling stake in pharmaceutical company ZCL Chemicals for an enterprise value of Rs 1,700 crore, sources said on Monday. Advent announced that it has signed a definitive agreement to acquire a controlling stake in ZCL Chemicals, while sources said that the enterprise value at which the stake of over 51 per cent has been acquired is Rs 1,700 crore.
- ZCL manufactures specialty active pharmaceutical ingredients (APIs) and advanced intermediates, with a focus on niche therapeutic areas and has a US Food and Drug Administration (US FDA)-approved facility. In the past 12 months, Advent has committed over USD 1.2 billion globally across the healthcare sector and USD 600 million in four Indian companies into healthcare, consumer, and financial services, the statement said.
- Advent, which signed its first cheque for an Indian company in 2007, has deployed over USD 1.7 billion in the country across a dozen deals. Transactions over the past year include RA Chem, Bharat Serums and Vaccines and Aditya Birla Capital.
22514. This Pune-based startup improves livelihood of weavers by giving handcrafted silk sarees an online platform
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- 1. Founded in August 2020 by Priyanka Ghule Katkar, MySilkLove is an online portal for handcrafted silk sarees. Its USP, the founder says, lies in video-based shopping, Whatsapp support, and no-questions-asked refund and exchange policy.
- 2. which sources handcrafted silk sarees from weavers across the country, sells over 1,500 products per month. Sarees on the platform range between Rs 2,500 and Rs 80,000.
- 3. It presently works with more than 1000 artisans from Banaras (Uttar Pradesh), Bagalkot (Karnataka), Yeola (Maharashtra), and Kanchipuram (Tamil Nadu) and sources silk sarees.
- 4. The average income of the weavers at MySilkLove platform is around Rs 25,000 to Rs 30,000 per month.
22515. How a brick-and-mortar NBFC pivoted to become a tech-enabled finance-SaaS startup
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- 1. In 2014, Pavitra Walvekar launched Kudos Finance, a full-fledged NBFC providing loans to small businesses with branches across different cities in India. Until 2018, the Pune-based NBFC had three branches and had disbursed about Rs 100 crore in loans.
- 2. Kudos Finance has 11 lenders on its platform, which includes four banks and seven NBFCs.
- 3. The tenure of loans disbursed has to be of a short duration of 15 days to a year, ticket size should be of a few thousand rupees to Rs 10 lakh, the company should have end-user control, and lastly, it should be able to track the cash flow.
- 4. the startup claims that over Rs 2,600 crore has been disbursed through its platform to one million customers, who are present in 2,100 cities with just a 44 member team and a single branch.
22516. Gaming firm Nazara raises ₹100 crore from investors
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- Nazara is one of the leading gaming companies in India with stakes in mobile gaming, eSports and sports media.
- In the last five years, the company has invested over ₹300 crore in Indian gaming ecosystem
- After filing for an initial public offer (IPO) last month, Mumbai-based gaming startup Nazara Technologies Ltd has raised fresh funding of Rs100 crore from Instant Growth Limited (IGL), the investment vehicle of North America-based limited partners (LPs) of Hornbill Orchid India Fund.
22517. PM wants drones to deliver postal packages to remote areas:Garuda Aerospace
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- 1. Agnishwar Jayaprakash, the 31-year-old Managing Director of the Chennai-based Garuda Aerospace, a Drones-As-A-Service (DaaS) startup, is on cloud nine after meeting Prime Minister Narendra Modi.
- 2. Garuda Aerospace was incidentally in the news recently for getting SpaceX Founder and Tesla Motors CEO Elon Musk to notice their New Solar Panel Cleaning Surya Drone and subsequently raised $1 million in Pre-Series A Funding from a UK-based fund.
- 3. Garuda Aerospace has about 300 drones and about 500 pilots and has a valuation of about Rs.400 crore.
22518. Warburg Pincus to invest Rs 800 crore for a 0.49% stake in Adani Ports and SEZ
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- Global private equity giant Warburg Pincus LLC will invest ₹800 crore for a 0.49 per cent stake in Adani Ports and Special Economic Zone Ltd (APSEZ), joining the list of marquee investors in India’s biggest private port operating company. The US-based PE firm is expected to invest more into APSEZ or its units, sources said.
- APSEZ will issue up to 1,00,00,000 equity shares at ₹800 a share to Windy Lakeside Investment Ltd, a unit of Warburg Pincus, for a total consideration of up to ₹800 crore, APSEZ said in a statement
- APSEZ’s integrated infrastructure business model combines a string of 12 ports on the eastern and western coasts, industrial zones and a pan India multi-modal logistics presence that is being increasingly served by renewable energy. “APSEZ plans to position itself as the world’s largest ports and logistics platform over the next decade,” said a company official.
22519. Amazon infuses ₹225 crore into payments unit Amazon Pay in India
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- Amazon has infused over ₹225 crore into its payment’s unit in India, Amazon Pay, according to regulatory documents. The fresh infusion is expected to help the company compete more aggressively against rivals like PhonePe, Google Pay and Paytm.
- The board has approved “allotment of 22,50,00000 equity shares... aggregating to ₹225 crore to the existing shareholder on rights basis”, regulatory documents sourced by business intelligence platform Tofler showed.
- The shares were allotted to Amazon Corporate Holdings Private Limited and Amazon.com.Incs Limited, the documents filed with the Corporate Affairs ministry showed. Amazon has been pumping in millions of dollars across various operations like marketplace, wholesale and payments business as it looks to strengthen its position in the Indian market.
22520. Trentar acquires 75 percent Stake in Drones Propulsion System's Startup - Trishula
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ANI
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- 1. Trentar Pvt. Ltd. announced one of the most significant acquisitions alongside a controlling stake with One of India's most innovative startup in the UAV propulsion system sector, Trishula.
- 2. This acquisition will focus on making India independent and self-sufficient in the UAV propulsion systems, a long-standing agenda for the Indian UAV industry.
- 3. It will also help put India on the World map of Propulsion systems.