Darwinbox, a human resources software-as-a-service startup, has raised $4 million (about Rs.25 crores) in a series-A round of funding led by Lightspeed India Partners, the India-dedicated fund of California-based Lightspeed Venture Partners. The company plans to leverage the new infusion of capital for product innovation and market expansion. Darwinbox is a cloud-based integrated HR technology product that takes care of all HR needs across the employee cycle.
Time Warner Inc and Snap Inc have entered into an agreement to develop original shows for messaging service Snapchat over the next two years. Time Warner said it expects to air three shows per day by the end of this year. Snapchat currently airs one show per day for its users, which typically lasts for three to five minutes.
Shah Rukh Khan and the co-owners of Kolkata Knight Riders and Trinbago Knight Riders came together to own Cape Town Franchisee of T20 Global League, a Cricket South Africa (CSA) initiative.The new franchise will be called Cape Town Knight Riders. The tournament, which will feature eight teams, will be played in November-December.
India’s tryst with its most comprehensive indirect tax reform, the goods and services tax (GST), will begin on July 1. The GST Council, the apex decision body for the new tax, has stuck to the scheduled rollout. But the norms for filing returns have been relaxed until September to ensure that the transition doesn’t hurt small traders and others who may not be ready for the new regime. The relaxation in filing of returns until September will mean no late fees or penalties. Traders will have time until July 20 to pay tax based on a simple return while invoice details can be filed from July 15 onwards. The registration window will open from June 25 for new registrants as also those migrating from the existing tax system to GST. A standing committee of nine members, consisting of state, central and GST Council officials, will examine complaints that will be passed on to the Director General Safeguards for investigation. The anti-profiteering authority, which will be set up soon, will take the final call on whether a company has engaged in profiteering.
A steel plant would soon come up at Manoharpur in West Singhbhum district. The Vedanta group and Jharkhand Mineral Development Corporation (JSMDC) would jointly set up the plant. Rs.700 crores of the total MoU signed with prospective investors have already been implemented on the ground and project proposals worth Rs.15 to 16,000 crore will be effective in July.