The Indian industry saved over Rs.9,500 cr. over the past three years by adopting energy efficiency initiatives, the power ministry said in a statement. The systematic efforts by adopting energy conservation measures by 400 industries coupled with technology upgradation have resulted in energy savings worth Rs.9,500 crores annually. The main industry sectors where energy savings were evaluated included thermal power plants, fertilizer, chlor alkali, aluminium, iron and steel, pulp and paper, textile and cement. The ministry also released the outcome report for the study of the PAT scheme conducted by BEE which demonstrated energy savings of 8.67 million tonnes of oil equivalent (MTOE) against the target of 6.686 MTOE. The implementation of the scheme resulted in investment of around Rs.26,000 crore by the industry and reduction in 31 million tonne of Carbon Dioxide annually. The PAT scheme is mandatory for all the designated consumers notified by BEE. It is a market based mechanism to reduce specific energy consumption in energy intensive sectors. The scheme has been extended to over 800 designated consumers covering 13 sectors.
Hotel chain Oyo Rooms has raised $800 million in fresh funds led by Softbank Vision Fund, making it the newest entrant in the India’s unicorn club. It has also received a commitment largely from the Japanese investor to further raise $200 million. The company will direct a significant part of the funds from this round of financing, approximately $600 million, into strengthening its position in China, which is still in the early stages of growth. Oyo also plans to use the capital to scale its business in these markets, new geographies and invest further in technology and talent.
Aavas Financiers has raised Rs.520 crore from 34 anchor investors ahead of its IPO. Separately, Anand Rathi Wealth Services and Flair Writing Industries have filed draft papers with SEBI for a public listing. The company allocated 63,36,439 equity shares to investors at Rs.821 per equity share.
Flipkart has acquired an Israel-based analytics start-up called Upstream Commerce, as India’s largest online retailer looks to support its massive seller base with services such as real-time pricing and information on product assortment. The latest buyout will also enable Flipkart to have an outpost in Israel, which is widely regarded as one of the world’s foremost start-up ecosystems. The terms of the latest deal were not disclosed.
Mumbai-based healthtech startup PharmEasy has raised $50 million in a Series C round of funding led by Eight Roads Ventures India, the proprietary investment arm of Fidelity International Ltd (FIL); F-Prime Capital; Fundamentum Advisors, an investment firm backed by Nandan Nilkeni and Sanjeev Aggarwal; and San Francisco-based hedge fund Think Investments. PharmEasy plans to use the funding to build a larger consumer base and work towards improving its technology capabilities.
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