Sunday, December 22

Tag: Chennai

Chennai’s Largest Chai Retail Chain Raises 2 Crores From Chennai Angels
30Aug By AnkitaNo Comments
FUNDING

Chennai’s Largest Chai Retail Chain Raises 2 Crores From Chennai Angels

Chai Kings, the largest Chai Retail Chain in Chennai raises 2 crores from India’s most active angel investing groups Chennai Angels. Founded in 2016, Chai Kings is the largest Chai Retail Chain in Chennai operating with 8 stores. Chai Kings offers a sumptuous range of chai in exotic flavours, in the most hygienic ambiance, and at perfectly justifiable prices. Chai Kings also delivers Chai at doorsteps through in house delivery personnel as well as through the online food aggregators. With the vision to be the favourite chai place, Chai Kings is expanding rapidly in Chennai with the target of 100 stores in 5 years. “Sadique and Balaji have built a strong brand with Chai Kings, which has a great potential to scale given the vast consumption base in the country. We look forward to working ...
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PVR to Buy Out South India-based SPI Cinemas
13Aug By Gauri SinghNo Comments
ACQUISITION

PVR to Buy Out South India-based SPI Cinemas

One of the biggest entertainment companies PVR Ltd announced that it has successfully acquired South India-based SPI Cinemas Pvt Ltd. The company is looking to expand its operations through acquisitions. SPI Cinemas has an existence in the key markets of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, and Mumbai. According to the reports, PVR will buy out a 71.7% stake in Chennai-based SPI Cinemas for Rs 633 crore ($91 million) in a cash-cum-stock deal. The company will take over 222,711 equity shares of SPI Cinemas. Along with this, PVR will also have an option to acquire the remaining stake for up to Rs 300 crore. “The proposed acquisition is in line with the company’s continual growth and expansion strategy,” said the company. This deal will be funded by PVR through a ...
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Automobile Aftermarket Platform Raises USD 600K Led by The Chennai Angels and Keiretsu Forum
2Jul By NitishNo Comments
FUNDING

Automobile Aftermarket Platform Raises USD 600K Led by The Chennai Angels and Keiretsu Forum

Chennai-based automobile aftermarket platform, GoBumpr, has raised around $600k in Pre-Series A funding led by the existing investors The Chennai Angels (TCA), Keiretsu Forum and individual investors. The investment round was led by Mr. Vinod Kumar Dasari (MD, Ashok Leyland) and saw participation from Shankar V (Director, Acsys Investments), Ramaraj R (Founding Member, Elevar Advisors), Priyamvada Balaji (Wholetime Director, Lucas Indian Service) from TCA to name a few. Ramesh Mangaleswaran (Senior Partner, McKinsey) and Gopal Mahadevan (CFO, Ashok Leyland) have also invested in the company as part of this round. Earlier, GoBumpr raised $420K in Jan 2017 in their first round of investment.  Started in Oct 2015 by IIM grads Karthik Venkateswaran, Nandha Kumar Ravi and Sundar Nate...
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Indian Developer Raja Vijayaraman wins the Apple’s Design Award
6Jun By Gauri SinghNo Comments
Tech

Indian Developer Raja Vijayaraman wins the Apple’s Design Award

A Chennai-based app developer Raja Vijayaraman has been awarded the reputable Apple’s Design Award yesterday for his iOS app 'Calzy' on the very first day of Apple’s Worldwide Developers Conference (WWDC) 2018, which is being hosted in San Jose, California. The WWDC offers prestigious awards to the best iOS app developers across the globe. Vijayaraman’s app called Calzy which is a modern and beautifully designed calculator app for iPhone/iPad was chosen by Apple for the award. The award is given on the basis of the creative artistry and technicality of the developer that reflected the best in design, innovation and technology on Apple platforms.   Today people across 150+ countries use my apps and I just received an Apple Design Award ?. Thanks to Apple’s @AppStore and huge s...
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FinTech Startup Opentap Raises Rs 3 Crore Funding
3May By Sheldan RungasamyNo Comments
FUNDING

FinTech Startup Opentap Raises Rs 3 Crore Funding

OpenTap, a FinTech startup based in Chennai has received a funding of more than $ 450,000 (Rs 3 crore) from a set of high net-worth individuals, according to a statement from the company. The funds raise will be used to develop its team, strengthen its technological infrastructure, marketing and to widen the reach of its financial services network across the country, the statement added. Opentap which is operated by Vyatta Technology Private Limited, was founded in 2015 by Senthil Natrajan, Harish Devarajan and Suresh Venkataramani. All three co-founders have an experienced background in the finance field for prior to founding the company, Natarajan worked in Barclays and JP Morgan, Devarajan is the chief executive of Deep Value, a US-based cash equities algorithmic trading desk, and...
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Reliance Debuts in Railway, Bags Contract Worth Rs 774 Crore
19Apr By Lavina TolaniNo Comments
BUSINESS

Reliance Debuts in Railway, Bags Contract Worth Rs 774 Crore

Reliance Infrastructure Limited EPC has successfully bagged the Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL) for its new railway project worth 774 crores. The project is aimed at the construction of third rail line between Jimidipeta and Gotlam on East Coast Railway on Engineering, Procurement and Construction (EPC) basis, revealed the company on Thursday. It will also undertake construction of 13 railway stations and staff quarters while including work in track, electrification, civil, telecom and building the rail line that will run in Andhra Pradesh and Odisha. Arun Gupta, CEO, Reliance Infrastructure EPC, said, RInfra shares a good credential in the successful execution of complex EPC projects, especially in railway and metro arena. This order will mark our debut i...
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OYO Acquires Chennai based Startup in all Cash Deal
19Mar By Sheldan RungasamyNo Comments
ACQUISITION

OYO Acquires Chennai based Startup in all Cash Deal

OYO, the network of budget hotels recently made the acquisition of Chennai-based service apartment operator Novascotia Boutique Homes, which moreover marks the company’s first major takeover and proves its dominance in the market they operate. The deal’s negotiations begun in last October and materialized last month. Despite OYO company executives’ opting to keep the financial details of the deal confidential, the company backed by SoftBank Group is rumored to have struck the Novascotia acquisition at around $1 million. This deal is a significant landmark for the Gurgaon-based company as it marks its first all-cash deal for a brick-and-mortar company. Previously, OYO began negotiations to acquire smaller competitor Zo Rooms, but wrote off the deal in October 2017 after finding out th...
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Chennai Based Genie Acquires Food Delivery Platform Dinein
6Feb By AdityaNo Comments
ACQUISITION

Chennai Based Genie Acquires Food Delivery Platform Dinein

Hyperlocal delivery and logistics startup Genie Solutions Pvt Ltd has recently acquired food delivery firm Dinein in an all stock deal, as per the company release. The acquisition is the part of the Genie's plan to strengthen its business by adding up the Dinein's 25-member team, delivery fleet, restaurant partners and their technology in their business in a bid to expand their presence in Chennai. However, the financial details of the deal have not been disclosed. Dinein, launched in 2012 has collaborated over 250 restaurants in Chennai, helping them in their food delivery process and claims to oversee 6000 orders in a month. “We see this as a great opportunity to grow and offer great experience to customers. With a focused food delivery service and a pureplay logistics platform ...
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Nissan Sues India Over Outstanding Dues; Seeks Over $770M
1Dec By reutersNo Comments
INDIA

Nissan Sues India Over Outstanding Dues; Seeks Over $770M

Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters. In a legal notice sent to Prime Minister Narendra Modi last year, Nissan sought payment of incentives due from the Tamil Nadu government as part of a 2008 agreement to set up a car manufacturing plant in the southern state. According to the notice, Nissan said repeated requests to state officials for the payment, due in 2015, were overlooked and even a plea by the company’s chairman, Carlos Ghosn, to Modi in March of last year seeking federal assistance did not yield any results. The notice, sent by Nissan’s lawyers in July 2016, was followed by more th...
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A Quick Tour Of Cities That Have Opportunities For Potential Startups
6Aug By AnkitaNo Comments
ANALYSIS

A Quick Tour Of Cities That Have Opportunities For Potential Startups

Startup is a risky business. 'The million dollar idea' alone won't suffice. One has to have better understanding about the customer targeted, and how to reach out to them; followed by extensive planning and then finally, an eventual place for the launch of your product(s). It’s very important that one finds the right city according to his or her startup’s requirements. (more…)
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Rs 357 crore for 62% – Titan Will Pay to Caratlane For Acquisition
22Jul By NitishNo Comments
ACQUISITION

Rs 357 crore for 62% – Titan Will Pay to Caratlane For Acquisition

As per the filing report,  Jewellery-to-eyewear lifestyle company Titan Company Ltd also an entity of Tata's Group would pay Rs 357.34 crore to acquire a 62 percent stake in Chennai-based Carat Lane Trading Private Limited, the parent entity of the jewellery etailer CaratLane.com. In May, Titan Company acquired a majority stake in CaratLane.com. The Company is acquiring 19,142,545 shares in the parent entity. Caratlane raised over $50 million in funding from Tiger Global Management. Carat Lane Trading Private Limited, which is involved in designing, manufacturing, trading and retailing of gems and jewellery, clocked revenues of Rs 141 crore for the financial year 2015-16. Its revenues in the preceding two consecutive fiscals were Rs 127 crore and Rs 101 crore, respectively. Titan ...
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