Online marketplace ShopClues has picked up a paltry $1 million in a bridge round from Ronnie Screwvala-managed Unilazer Ventures. This comes at a time when the online marketplace has been struggling to raise fresh capital and speculation has been rife about it merging with another e-tailer.
In the past 18 months, Reliance Jio Infocomm Ltd has triggered a bloody consolidation in the telecom sector, forcing incumbents to either match Reliance Jio’s offers or exit the market completely. Among the last ones to exit the market will be Aircel Ltd, which, plans to file for bankruptcy at the National Company Law Tribunal (NCLT). Trai’s latest order on tariff rules has given the green signal to Reliance Jio to continue with its promotional offers. But experts say Reliance Jio will now face strengthened competitors in Bharti Airtel Ltd and the Vodafone-Idea combine. Significantly, Airtel, Idea Cellular Ltd and Vodafone India have retained their respective market shares,which implies that Reliance Jio has grown partly at the cost of these smaller players and largely by grabbing a chunk of the new subscriber additions to the overall base.
The International Finance Corporation (IFC) is planning to invest upto $75 million in L&T Housing Finance Company (L&TH). This potential investment is part of a multi-pronged engagement that IFC has with L&T Group in multiple areas of interest. The investment is aimed at supporting the developmental needs of India.
Pune-based Kinetic Group company Kinetic Green Energy & Power Solutions has signed a pact to make electric golf carts and off road vehicles with global luxury brand Tonino Lamborghini. Under the MOU, Lamborghini Family will also provide the “Tonino Lamborghini” brand license to the JV and both the companies will leverage the existing network and marketing channels to promote and market the joint venture products in India and globally.
Singapore-based Sembcorp Industries would reorganize its India energy operations into a single entity, citing a more streamlined shareholding structure and greater synergy. The industrial conglomerate said its thermal and renewable energy businesses would be consolidated under Sembcorp Energy India Ltd, in which it would hold an effective stake of 93.7%. Its partner Gayatri Energy Ventures will own the rest.
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