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STARTUP FUNDING UPDATES 28 July

Steadview is all set up to $85-mn stake in Freshworks

UK-based leading alternative asset manager Standview invests around 635.7 crores ($85MN) in software-as-a-service Freshworks via secondary transactions.

The name of the seller and the exact amount of stake picked up by Steadview is not disclosed.

Till now, Steadview has invested around $2 Billion in India and is very much excited about the budding opportunities prevailing in India, according to Ravi Mehta, managing director of  Steadview.

 

IFC is offering $30 Million to Biological E

IFC (an arm of the world bank) is all set to offer $30 million (244 crores) as a loan to Hyderabad-based startup to develop COVID 19 vaccine.

This offer will help to manufacture more of COVID 19 vaccines so that when the vaccine will come out it will be accessible to the majority of people.

IFC has made many more transactions in Indian companies such as last month it was planning to invest around $35million to paper manufacturer JK Paper Ltd by subscribing to NCDs of the Singhania Group company.

 

Due to downfall in business, Swiggy to lay off about 350 employees

Abiding the Nobel coronavirus impact, the business of Swiggy has seen a major downfall. Following this, Swiggy laid off around 1100 of its employees in May across the country which included cloud kitchen workforce and contractors.

Swiggy is now bringing the second stage of laying off in which the food-tech company is planning to lay off around 350 employees as the company has recovered only around 50% of its business after the lockdown which is very less from what they expected.

 

Reliance is planning to buy Future Group’s retail biz

Reliance Industries is planning to buy Future Group’s retail biz in order to support the position of Reliance industry in India’s retail segment.

The value of the deal will be somewhere between 24,000-27,000 crore which will include the liabilities of Future Group which reliance wants to sink in.

Five aspects – Future Retail Ltd, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks will merge to build whole Future network.

 

Banks wary to not extend the moratorium on loans

Due to the sudden outbreak of COVID 19 and its devastating impacts, the central government had called for a moratorium on loans for a period of time to help people manage their cash flow.

Chairman of Housing Development Finance Corp. Ltd (HDFC) requested Shaktikanta Das, Governor of Reserve Bank Of India to not extend Moratorium on loans after August as it is affecting the business of smaller non-bank lenders.

 

Apple to raise the bars by becoming the world’s first $2 trillionvalued company

Apple Inc is all set to achieve a market valuation of $2 trillion which will make it the world’s first company to do so.

Shares of apple made a new high record of $399.73 in intraday trading on the Nasdaq, with the company’s market valuation crossing $1.7 trillion for the first time ever.

 

Flipkart starts new hyperlocal service ‘Flipkart Quick’ 

E-commerce site Flipkart launched a hyperlocal 90-minute delivery service called Flipkart Quick. Currently, the service is only available in Bengaluru for different categories such as grocery, mobiles, electronics and home accessories etc.

For fast service, the company has also partnered with some brands such as for fresh fruits and vegetables the company has partnered with Ninjacart. It is planning to expand this quick service in about 6 more cities by the end of this year.

 

Changes in FDI Norms, announces Govt. of India

The Government of India introduces several changes in Foreign Direct Investment that will allow Non-resident Indians to acquire up to 100% in Air India.

 

 

 

 

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Unnati Saxena

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