City-based Kinetic group company, Kinetic Green, announced forming a joint venture with Italian luxury accessories maker Tonino Lamborghini SpA to design and manufacture premium segment electric and solar golf carts for the global market. Kinetic group will hold 75 per cent stake in the JV through its electric vehicle specialist company, Kinetic Green Energy and Power Solutions (KGEPSL), while the Lamborghini family will own the remaining 25 per cent through Tonino Lamborghini SpA.
Online classifieds company Quikr has raised Rs.55 crore in venture debt financing from InnoVen Capital, the Temasek-backed specialty financing firm. Bengaluru-headquartered Quikr, which is valued at over $1 billion, will use the proceeds from the debt funding round to scale its businesses across its multiple verticals.
Business to business e-commerce startup ShopKirana has raised $2 million in funding from Info Edge, along with AET Fund, Akatsuki and Incubate Fund from Japan and Better Capital AngelList syndicate. The funds would be used to expand the business, with the aim of launching in ten cities next year, targeting one lakh retailers and connecting farmers with retailers.
Digital stock broking platform Zerodha has invested Rs.2 crore in education portal LearnApp through its incubator and investment fund Rainmatter. LearnApp offers educational material, mainly on markets and investment, through videos and live online classes.
The Reserve Bank of India left interest rates and monetary policy stance unchanged but lowered retail price forecast, kindling hopes of a rate cut if inflation stays benign. It may be months before the monetary policy committee (MPC) actually cuts rates and RBI governor Urjit Patel said it is not changing the monetary policy stance of ‘calibrated tightening’ since growth is expected to remain healthy for the rest of the year. The central bank lowered inflation forecast for the second straight time, projecting a rate of 2.7-3.2 per cent in the second half, from the 3.9-4.5 per cent forecast during the previous policy meet. The central bank also ruled out any special liquidity window for non-banking finance companies, saying the liquidity situation has been managed to reflect normal market conditions. However, the regulator promised to act if the situation goes out of hand, which appears remote at this point. RBI also announced a road map for lowering statutory liquidity ratio by 150 basis points with a 25-basis points cut every quarter, a move that would make more than Rs 1 lakh crore of funds available for lending.
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