Iba Halal Care, India’s only Halal-certified cosmetics brand, has raised $3 million in Series-A funding from Addvantis Enterprises, a Bengaluru-based startup selling herbal cosmetics under the Vedaearth brand. It will use the money for national expansion and entering into new product categories.
US-based investor Y Combinator’s latest graduate, the HRTech startup Leena AI has raised $2 million in a seed funding round from a host of Silicon Valley investors among others. The Gurugram-based startup had been a part of summer class 2018 of Y Combinator. The company plans to use the funds for product development and international expansion.
India must remain within the Regional Comprehensive Economic Partnership (RCEP), a group of 16 nations negotiating a trade agreement. Indian industry is wary of the potentially adverse impact of preferential Chinese imports. But this is the only chance of securing a rules-based framework with China. The multilateral trading system—most conducive to the interests of a developing country—is likely to remain comatose. This is compelling trading nations to resort to regional trade agreements to expand their markets. The ongoing trade war has already created turbulence and uncertainty in global markets. This is bound to affect the nature and direction of global trade flows. Modern production networks stretch across manufacturing economies and trade agreements are important institutional mechanisms to facilitate countries’ access to such value chains. India must look for opportunities to hook into them. The India-China economic relationship should be seasoned with realism in these turbulent times, when geopolitics is transitioning. India’s reform agenda pervades all spheres of the economy. Positive developments have been reported in trade facilitation, ease of doing business, helped along by systemic reforms such as the goods and services tax, strengthening and expansion of infrastructure and greater focus on technology facilitation.
Private equity firm Samara Capital along with Amazon.com Inc., the world’s largest online retailer, have agreed to buy Aditya Birla group’s food and grocery retail chain, More. The transaction is said to be valued at around Rs.4,200 crore. The acquisition of Aditya Birla Retail Ltd will be done through Samara Capital’s arm Witzig Advisory Services Pvt. Ltd in which Amazon is a minority shareholder. It will first buy the stake in Aditya Birla Retail from RKN Retail. The balance stake will be acquired from Kanishtha Finance and Investment Pvt. Ltd, another promoter entity of Aditya Birla Retail.
South African private hospital group Life Healthcare will sell its entire 49.7% stake in India’s Max Healthcare to a global investment firm for 4.3 billion rand ($293 million), in order to focus on its operations elsewhere. The Company will initially use the net disposal proceeds to settle debt as well as to invest in growth opportunities in its core markets.
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