India’s software services exports will see revenue growth of 7-9% in constant currency terms in the fiscal year to March 2019, a leading lobby group forecast, as the industry continues to recover from what has been a tough year. The forecast, which was put out at the annual summit of the Nasscom, is in line with the 7.8% revenue growth it expects in the six months to the end of March 2018. The country’s $154-billion information technology sector has been buffeted by a broader slowdown in technology spending, while uncertainty looms over work visa rules in the US, the biggest market for Indian software services firms. There is still some turbulence and it is not clear how some of the known uncertainties will play out. However, FY 2019 is likely to be a better year. However, finding fresh talent to work on AI-driven solutions could be a key constraint.
India Grid Trust (IndiGrid), an infrastructure investment trust, has completed the acquisition of three transmission assets from its sponsor, Sterlite Power Grid Ventures Ltd. The three assets include RAPP Transmission Co., Purulia and Kharagpur Transmission Co. and Maheshwaram Transmission (together known as MRP). IndiGrid has also acquired 46% stake in Patran Transmission Co. Ltd (PTCL) from Techno Power Grid Co. Ltd, Techno Electric & Engineering Co. Ltd and its nominee shareholders. The sum paid for the investment in PTCL is Rs.232 cr.
Mukesh Ambani’s Reliance Industries is acquiring 5% stake in NYSE-listed Eros International, holding company of Indian movie company Eros International Media (Eros India). As part of the deal, an overseas subsidiary of RIL will acquire Eros’ shares for $15 a piece, at an 18% premium to the last closing price. The transaction is subject to customary regulatory and other approvals.
Bengaluru-based B2B online marketplace Udaan has secured $50 million in a Series B round of funding from Lightspeed US. The company will use the newly raised funding to add new sellers and buyers, expand its logistics network, hire more engineers and sales executives and launch new services like lending.
Maharashtra-headquartered Agricx Lab, an agritech startup that uses smartphone imaging to assess the quality of agricultural produce, has raised Seed funding to the tune of $500K led by India-focussed VC fund Ankur Capital. The newly-secured capital will be used to support product development and expansion.
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