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Royal Enfield to invest $100 million in 2019-20

2Apr By AnkitaNo Comments

Automobile

Royal Enfield to invest $100 million in 2019-20

Eicher Motors, the subsidiary of Royal Enfield has said that they are having $100 million investment expenditure plan for Royal Enfield in FY19-20 The investment will use mostly to set up and start the new production plant. The company said, "the second phase of our Vallam Vadagal plant near Chennai, Tamil Nadu is progressing well and is expected to commence commercial production in the second half of this financial year. The construction of the Technology Centre in Chennai is also nearing its completion". "With a wide distribution network in India, growing international presence and building state-of-the-art capabilities in product development, Royal Enfield is well on its way to grow the middleweight motorcycle segment globally in the coming years," company added. In FY 2018...

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

1Apr By NitishNo Comments

BUSINESS

Hero Motocorp Sold 75 Lakh Motorcycles and Scooters in 2017-18

India's largest two-wheeler company Hero MotoCorp has crossed the 75 lakh units sales mark in 2017-18 fiscal year. The automobile company has sold 66.6 lakh bikes and scooters in 2016-17, becoming the first company to achieve such milestone globally. As per the press release, the automobile maker is now targeting 1 crore unit sales by the year 2020. On March 28, three days ahead of the close of the current financial year 2017-18, the company has surpassed 75 lakh unit sales mark. In order to achieve sales targets, the company has lined up a slew of new launches in the next fiscal to consolidate its market leadership. The company continues to hold more than 50 percent market share in the motorcycle segment. "We plan to launch four new products in the financial year 2018-19 in th...

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...

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

6Apr By Press Trust of IndiaNo Comments

News

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

Paytm today said its e-commerce platform, Paytm Mall, has crossed sales of Rs 100 crore from the two-wheeler category. "Paytm Mall has noted a massive surge in two-wheeler sales over the last year as sales figures crossed Rs 100 crore. The company is currently witnessing over 3X quarter-on-quarter growth in the number of vehicles sold," Paytm said in a statement. Launched in February 2016, Paytm Mall's two-wheeler booking platform includes offerings from brands like Suzuki, Honda, Hero and Yamaha, among others. The company sold 50,000 units in 2016. The aim is to sell over half a million two-wheelers this year, the statement said. "Our goal is to partner with offline stores by helping them grow their business online rather than to cannibalise their sales. We aim to bring brand ...