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VOLVO: Turnaround of World’s Oldest Startup In The Business

19Sep By RishabhNo Comments

INSPIRATIONAL

VOLVO: Turnaround of World’s Oldest Startup In The Business

VOLVO, a name risen from ashes; not in a fortnight but took years to grow and build its reputation. Volvo meaning "I roll" in Latin was started back in May 1911 with the intention to be used for a new series of SKF ball bearings, which was later registered under "SFK" itself and didn't last long. (more…)

6Jul By AdityaNo Comments

FUNDING

Droom Raises Rs 130 Crore in Latest Funding Round

Online automobile e-commerce platform Droom has raised USD 20 million (nearly Rs 130 crore) in latest funding round led by Integrated Asset Management (IAM) and existing investor, Digital Garage. The fifth round of funding also saw participation from other existing institutional investors Lightbox, Beenos and Beenext. "The funds will be used to strengthen the technology platform, tech-focussed acquisitions and strengthen Drooms brand portfolio," Droom founder and CEO Sandeep Aggarwal told reporters here. Droom has so far raised USD 65 million, including from the latest instalment. Aggarwal declined however to comment on the valuation of the company. "We still have funds in bank from our last round. However, the excess capital will help drive growth," he said. Besides, the compa...

7May By reutersNo Comments

INDIA

India’s Green Car Plan Prioritizes Electric Vehicles Over Hybrids

India's most influential government think-tank has recommended lowering taxes and interest rates for loans on electric vehicles, while capping sales of conventional cars, signaling a dramatic shift in policy in one of the world's fastest growing auto markets. A draft of the 90-page blueprint, seen by Reuters, also suggests the government opens a battery plant by the end of 2018 and uses tax revenues from the sale of petrol and diesel vehicles to set up charging stations for electric vehicles. The recommendations in a draft report by Niti Aayog, the planning body headed by Prime Minister Narendra Modi, are aimed at electrifying all vehicles in the country by 2032 and will likely shape a new mobility policy, said government and industry sources. The report's focus solely on electric v...

Royal Enfield Rides into Brazilian Market

21Apr By Press Trust of IndiaNo Comments

INDIA, News

Royal Enfield Rides into Brazilian Market

Niche bike maker Royal Enfield today announced its entry into Brazil, the fourth largest two-wheeler market in the world. The company has entered the Latin American country with three models-- Bullet 500, Classic 500 and the Continental GT cafe racer. It has set up its second direct distribution subsidiary outside India in Brazil, with having established the first such entity in the US in 2015. The newly-formed subsidiary - Royal Enfield Brazil - at Sao Paulo will sell bikes to dealers, as well as conduct all front-end development and support activities such as marketing and after-sales in the country. A flagship store has also been opened in the city. "We are delighted to be formally entering Brazil, and are able to offer our motorcycles to a whole new group of customers, that...

11Feb By PriyankaNo Comments

ACQUISITION

Auto Major Peugeot Acquired The Iconic Brand “Ambassador” For Rs 80 Crore

The iconic brand Ambassador, which used to be a symbol of the high and mighty in power corridors, has changed hands, with Hindustan Motors selling it to European auto major Peugeot for Rs 80 crore. The C K Birla group firm has inked an agreement with Peugeot SA to this effect. As things stand, the manufacturing of Ambassador car has been discontinued. "Hindustan Motors has executed an agreement with Peugeot SA for the sale of the Ambassador brand, including the trademarks, for a consideration of Rs 80 crore," Hindustan Motors today said in a regulatory filing. Last month, the PSA Group had inked a partnership with the CK Birla group to re-enter the Indian market and earmarked an initial investment of 100 million euros (around Rs 700 crore) to set up vehicle and powertrain manufacturing...

19Jan By NitishNo Comments

BUSINESS

Droom Expects Rs 75 Cr Revenue in FY’17

Droom, an online marketplace for automobiles, expects to close this fiscal with a revenue of Rs 75 crore on the back of strong sales on its platform for both new and used cars. Droom is expected to touch net annual revenues of Rs 60-75 crore by March 2017 with an annualised GMV in the range of INR 2,500-3,000 crore, Droom said in a statement. Droom is eyeing net annual revenues of Rs 125-150 crore by December 2017, it added. "The company is targeting annualised GMV of INR 4,500-5,000 crore and net annual revenues of Rs 125-150 crore by December 2017, as it ramps up its operations to firmly consolidate its position as the best brand in the Indian online automobile market space," it said. It added that orders placed through the platform grew from 8,232 units in 2015 to 49,974 uni...

Droom Launches Droom History- India’s First Platform Which Provides Used Vehicles Data

23Dec By AdityaNo Comments

News

Droom Launches Droom History- India’s First Platform Which Provides Used Vehicles Data

In a move that once again underlines its pioneering status in the country’s automobile industry, Droom, India’s pioneering online automobile transactional marketplace, has announced the launch of Droom History. Droom History is an unbiased report which curates historical data available through various authorised data providers to deliver in-depth information about a vehicle’s background. Generated using Droom’s proprietary technology, the report will address issues related with a vehicle’s safety, trust, and value. Speaking on the launch, Sandeep Aggarwal, Founder & CEO, Droom, said, “Unlike USA and Western Europe, India is a low trust market, especially for used automobiles. Many aspects of a pre-ownedvehicle, such as ownership history, title dispute, and vehicle-related issues, ...

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

28Oct By NitishNo Comments

Automobile, News

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

Automobile major Mahindra hopes that the proposed GST regime will not treat electric cars as luxury items and therefore, it should be taxed accordingly. "We hope that the upcoming GST regime will not treat electric cars as luxury items and will not be taxed at high rates," Mahesh Babu, CEO-designate of Mahindra Electric, told reporters here today. Launching the 'e2o Plus' hatchback electric car here today, he said that the initial cost of acquisition of such cars are very high, compared to conventional ones in the same category. "The cost price of an electric car is pretty steep even after passing on the special incentive given by the government to the buyer. But the cost of ownership is very low," Babu said. The sole automobile company manufacturing electric cars in India, has pr...

Droom Announces Budget of Rs. 100 Crore For Marketing

1Sep By PriyankaNo Comments

News

Droom Announces Budget of Rs. 100 Crore For Marketing

India's pioneering online automobile transactional marketplace Droom is geared to launch a mega promotional campaign with a budget of Rs. 100 crore. The new campaign is being launched for television, YouTube, print, digital and social media and will also be seen outdoors on billboards and external installations. The entire campaign is designed to drive traffic and increase consumer awareness and to enhance the sense of pride amongst Indian consumers when it comes to buying a pre-owned vehicle. Droom, which has reported more than 700 percent year-on-year revenue, plans to adopt an aggressive performance-linked marketing approach which will see country-wide spread of the advertisements. Automobiles, being a big-ticket item, have a significant gestation period which may last from a mini...

Mahindra Group Invested in US Based Scoot Networks

28Jun By PriyankaNo Comments

FUNDING

Mahindra Group Invested in US Based Scoot Networks

Mahindra Partners, an entity of USD 900 million Mahindra groups private equity arm, today announced closing of a new round of funding in Scoot Networks, an urban mobility solutions provider based in San Francisco. With this deal, Mahindra Partners has now joined other investors including Vision Ridge Capital. This financing round closes simultaneously with Scoots significant network expansion supported by a brand new fleet of 500 Mahindra GenZe electric scooters, Mahindra Group said in a statement. Mahindra Group Chairman Anand Mahindra said, the partnership will provide a sustainable solution to the growing challenges associated with urban commuting like parking, congestion and pollution. "The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and...

CarDekho.com Launched Battery Research and Discovery Portal ‘BatteryDekho.com’

28Jun By NitishNo Comments

News

CarDekho.com Launched Battery Research and Discovery Portal ‘BatteryDekho.com’

CarDekho.com, India's largest auto portal announced launch of automobile battery research and discovery portal, BatteryDekho.com to build a comprehensive ecosystem for vehicle ownership and making the battery discovery, research and selection process much more convenient for the Indian consumer. The development will allow CarDekho.com users to search and compare specification and pricing of batteries. The site has more than 250 batteries of top brands such as Amaron, Exide, SF Sonic, Tata Green and Base. Users can search for batteries that are compatible to 500 car and bike brands and contact their preferred dealers for free. CarDekho.com has partnered with more than 10,000 dealers in 200 cities to enable better search results and greater selection flexibility for its users. "After ...

No Impact of Brexit on Mahindra Group: V S Parthasarathy, Mahindra Group CFO

24Jun By sharadNo Comments

Entrepreneurs Talk

No Impact of Brexit on Mahindra Group: V S Parthasarathy, Mahindra Group CFO

Britain's exit from the European Union will have a muted impact on the over USD 17 billion Mahindra Group, but the event highlights the importance of sound risk management for the corporate world, the Group said today. The farm equipment to aerospace group, which has presence in the UK mostly in the IT and auto sectors, however said Brexit will result in uncertainty in the immediate aftermath which will moderate over time. "The impact on India and Indian industries will not be significant. No impact on M&M Ltd, the impact on Mahindra Group will be muted. As a group, our resilience will stand us in good stead and we are poised to take advantage of any opportunities that may emerge," Mahindra Group CFO, V S Parthasarathy said in a statement. He further said: "Brexit, was not a black...