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Mumbai-based Engine Maker to Acquire Majority Stake in Ampere Vehicles

30Aug By Gauri SinghNo Comments

ACQUISITION

Mumbai-based Engine Maker to Acquire Majority Stake in Ampere Vehicles

One of the most diversified Indian engineering company Greaves Cotton Ltd is reportedly acquiring a majority stake in electric two-wheeler manufacturer Ampere Vehicles. Following the deal, Greaves Cotton which is based in Mumbai will be acquiring 67% of Ratan Tata-backed Ampere for Rs 77 crore. Furthermore, according to company’s statements, Greaves may also buy out another 13% of the Coimbatore-based company for Rs 75.5 crore after three years. The first part of the deal is expected to be closed by the end of December, subject to customary closing conditions. This deal will value the ten year old electric maker Ampere at Rs 115 crore. With this acquisition, Greaves is planning to boost up its product and technology development process especially for last mile mobility in the ele...

John Abraham Acquires Minority Stake In Guardian Healthcare

6Aug By Gauri SinghNo Comments

ACQUISITION

John Abraham Acquires Minority Stake In Guardian Healthcare

The popular Bollywood actor John Abraham has successfully acquired a minority stake in Guardian Healthcare which is a chain of health, wellness, and beauty stores based in Mumbai. The company operates as a franchise partner of US-based health and nutrition company GNC in India. The financial details of the deal have not been disclosed, however, it has been reported that this funding is expected to value the company at about $36.46 million (Rs 250 crore). “John is extremely passionate and disciplined about fitness and his relationship with the company will be much beyond endorsement fees,” said Shadab Khan, CEO of GNC India. The healthcare company aims to provide care, cures, and convenience to the customers and has employed its pharmacies with qualified and highly trained professional...

3Aug By NitishNo Comments

FUNDING

Mumbai Based Non Alcoholic Beverages Firm Raises Seed Funding

Mumbai based startup Coolberg Beverages raises an undisclosed seed funding from India Quotient Fund and the Indian Angel Network's for further expansion. Known for its Non-Alcoholic Beer, Coolberg offers wide range of variants to suit the Indian customer's palette. Conceptualized by Pankaj Aswani and Yashika Keswani, the company aims to provide innovative product to enjoy during celebrations. "Our aim is to provide our customers a drink that is different from what they've been consuming and stuck on for years. Indian customers are more open to new and quality products than ever before," said founder of Coolberg Beverages, Pankaj Aswani. "Non-alcoholic beer is relatively a white space in the beverage segment in India. While going to pubs and cafes for drinks is a fast catching trend fo...

Co-Working Dominates Office Space Leasing, Read The Full Report Inside

16Jul By Gauri SinghNo Comments

ANALYSIS

Co-Working Dominates Office Space Leasing, Read The Full Report Inside

The year 2018 witnessed an increase in the office space leasing by 10 percent to over 20 million sq ft. This increase has been recorded in the first six months of this year. This clearly shows how the demand for co-working space is rapidly growing recently. What is office space leasing/ co-working leasing? Nowadays, the trend of renting a space for business operations is growing day by day. With a number of startups coming up in the business world, the demand and need for working space is also increasing. And for this, the startups need to lease a portion of an office to carry on their operations. This process is called office space leasing. According to the reports, the supply and leasing of co-working space saw an increase in these major nine cities including Delhi-NCR, Mumbai, Che...

ED’s Questioning to Raj Kundra for Bitcoin Scam Brings Out Other Celebrity Names

8Jun By Gauri SinghNo Comments

News

ED’s Questioning to Raj Kundra for Bitcoin Scam Brings Out Other Celebrity Names

Popular Bollywood actress Shilpa Shetty’s husband and businessman Raj Kundra was questioned by the Enforcement Directorate (ED) for eight hours Tuesday against being a witness in the act of concealing the origin of illegally obtained money related to the Rs 2,000 crore bitcoin scam in Maharashtra. Kundra was cited at the ED office in Mumbai in the morning and asked questions in this regard. The founder of GainBitcon, Amit Bhardwaj, who was the mastermind behind this fraud had earlier been arrested along with his brother Vivek in April for a criminal case under the Prevention of Money Laundering Act (PMLA) against cheating more than 8,000 people for Rs 2,000 crore. Kundra's name turned up in the report following alleged links with Bhardwaj. This isn’t the first time that Kundra has faced...

Ikea To Wage a “Price War” with its First Store in India

2Jun By Lavina TolaniNo Comments

BUSINESS

Ikea To Wage a “Price War” with its First Store in India

Swedish Furniture Making company Ikea could bring in a price war in India as it is all set to open its Hyderabad store, a first in the country, offering about 15% of its product at Rs. 200 or less, as informed by a company spokesperson. Per Hornell, Ikea Market Manager for Maharashtra said, We are very confident that we will enter the market with the lowest possible prices. There will be 1,000 products at prices below ₹200 when we open our store. However, the company is not much in hurry to expand its operations in India and will open its Mumbai store, its second in country tentatively by 2019. Ikea, known for its famous blue box stores has fleeting a digital presence that specialises in a range of do-it-yourself (DIY) products. Currently, it has 403 stores spread across 49 markets...

Google Launches an Indian Q&A App Neighbourly

1Jun By Gauri SinghNo Comments

Tech

Google Launches an Indian Q&A App Neighbourly

The American technology company Google is lately focusing on India quite a lot. The technology giant has just instigated an all-new Q&A app in beta known as 'Neighbourly' (targeted at neighborhood communities) which will resolve the queries related to places and events in your community. The Android application will enable the users to ask questions to their neighbors through text or by voice and find well-grounded and admissible answers. The people can share local expert skill or knowledge, and keep updates from the neighborhood.In a blog, Caesar Sengupta, VP of Next Billion Users Team, said, "People nearby often have the exact information you need, but they are too busy these days to stop and chat on the street or in the park. And group chats keep getting bigger and noisier - and oft...

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...

9Apr By Sheldan RungasamyNo Comments

FUNDING

Mumbai-Based Porter Raises Funding From Mahindra

Porter, a logistics marketplace based in Mumbai raised Rs 50 crore funding from Mahindra Group in a Series C funding round. Resfeber Labs Private Limited operates the firm and allotted 246,280 shares of Rs100 each for the funding at a premium of Rs 1932.20 per share on March 28, 2018. Presently, the startup raised over Rs 135 Cr from investors that comprise of Sandeep Tandon, Anupam Mittal, Kae Capital, Sequoia Capital and Mahindra. As part of the deal, Mahindra’s Smartshift will merge with Porter. Porter was founded in 2014 by three IIT alumni, notably, Pranav Goel, Vikas Chaudhary and Uttam Digga and specializes in helping residents hire light trucks in order to shift their goods from one place to another. Moreover, Porter combines technology and logistics in its service to ensure ...

Atomberg – A fan made by IIT-Bombay Alumni Selling 2000 Fans Monthly, Tie-up With Tata Powers

31Mar By NitishNo Comments

Story

Atomberg – A fan made by IIT-Bombay Alumni Selling 2000 Fans Monthly, Tie-up With Tata Powers

Atomberg Technologies, a Mumbai based fan manufacturing startup launched by IIT-Bombay alumni, has created an innovative and highly energy efficient fan called "Gorilla Fans". Gorilla Fans are based on the state-of-the-art Brushless DC technology that is more energy efficient than even the five-star ceiling fans available in the market. The Gorilla Fans consume just 28 watts of energy, even when operated at their highest speed. Multi-award winning startup Atomberg started manufacturing these fans back in November 2015, and within six months, their sales reached 1,000 fans per month and currently, the company is selling 12,000 fans per month, with a capacity to produce 30,000 fans per month. The Gorilla Fans are one of the highest rated and reviewed products on e-commerce giants like Ama...

Mumbai based Food Startup Fingerlix Raises 8.5 Crore

19Mar By NitishNo Comments

FUNDING

Mumbai based Food Startup Fingerlix Raises 8.5 Crore

Mumbai based ready-to-cook meals delivery startup Fingerlix raises Rs 8.5 crore funding from Alteria Capital Advisors LLP. The funding is in venture debt and this is the first investment by Alteria capital. Founded by Ajay Hattangdi and Vinod Murali in October 2017, Alteria Capital announced that its receives Rs 356 crore on 1st March for the investment and looking to make it 1000 crore fund. Mumbai based fingerlix which is the subsidiary of Maverix Platforms Pvt. Ltd was started by Shripad Nadkarni and Shree Bharambe. The duo had enough experience in packaged consumer goods sector. They were also founded brand consultancy startup MarketGate, which was acquired by the Publicis Groupe in 2012. Shripad Nadkarni is also an investor in Hector Beverages, the manufacturer of Paper Boat....

Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction

14Feb By Sabhyata AgarwalNo Comments

Market

Punjab National Bank Shares Drop After 11400 Crore Fraud Transaction

Multi-national financial institution, Punjab National Bank on Wednesday quoted that it had detected some unauthorised and fraudulent transactions worth $1.77 billion(11400 crore) in one of its branches in Mumbai. Because of the incident, the bank's share price slipped to 9.7 percent within a day. India's second biggest state lender and fourth largest by overall assets, PNB has market capitalisation of Rs 36,000 crore and 2.55 percent of total loan book of Rs 4.5 lakh crore. The fraudulent amount transaction is close to its total market capitalisation. The bank however, does not mention the name of the people involved, but have informed about the same to the law enforcing agencies and would evaluate later whether it faces any liability arising out of the transactions. PNB without ...