BUSINESS
CARS24 raises $400 mn, doubles valuation to $3.3 bn
This round is CARS24's third in just over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in September this year. The round was led by return investor Alpha Wave Global (formerly known as Falcon Edge Capital), along with participation from other existing investors.
Inflationary inflected: Centre suspends futures trade in 7 agricultural commodities
As per a Ministry of Finance notification, these agricultural commodities include wheat, paddy (non-basmati) chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong. Industry insiders opined that the move is in consonance with the Centre's goal to drive down inflation while maintaining a growth oriented liquidity stand.
Imran Khan under fire after Pakistani rupee plunges more than 70%
What has surprised policymakers is the fact the Pakistani rupee continued to weaken despite the recent loan from Saudi Arabia. "In recent days, it has become clear that bits of good news such as the arrival of three billion US Dollars in a Saudi loan to bolster the State Bank's reserves or conclusion of a staff agreement between Pakistan and IMF officials for resuming the loan have practically failed to stem the continued pressure on the rupee.," the News International said.
LIC IPO on course, to be out within FY22: DIPAM
According to Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the IPO plan is on course. "Some media speculation doubting the feasibility of LIC IPO this fiscal year is not correct. It is reiterated that plan is on course for the IPO in the last quarter of this fiscal," the Secretary tweeted.
Razorpay's valuation skyrockets from over $1 bn to $7.5 bn as it raises $375 mn funding
Indian neo banking platform Razorpay has raised $375 million (Rs 2,850 crore) funding in its Series F round. The fintech giant's valuation sprinted sevenfold after the latest round of funding as the firm's valuation rose to $7.5 billion. The firm had two major rounds of funding this year including the $375 million funding and the $160 million funding raised earlier this year.
B2B ecommerce platform Bizongo raises $110 mn led by Tiger Capital
With the latest round, Bizongo's valuation has soared to $600 million, making it the market leader in the segment."Bizongo offers solutions across digital vendor management, supply chain automation and supply chain financing to its enterprise customers. It enables them to digitise their entire vendor ecosystem and build integrated and connected supply chain processes," said Sachin Agrawal, Co-founder at Bizongo.
IDP Education expands its reach to 44 offices in India with 4 new offices in Dehradun, Bhubaneswar, Bhopal, Rajkot
With this move, IDP is now present in 44 offices across India, taking the organization a step closer to its vision of providing study abroad assistance to more students, including those residing in tier 2 and tier 3 cities. IDP is known to provide end-to-end overseas education assistance customized to a students' education and career goals
IPO-bound OYO defies pandemic, set to meet investors' expectations
OYO's exponential growth nearly came to a halt due to the pandemic. However, it used the downtime to rebuild itself, or 'fix nets like fishermen do, while waiting for storm to pass' as described by its founder and Group CEO, Ritesh Agarwal. The company changed its cash-burning business model, fixed its unit economies, doubled down on technology while focusing on becoming lean and agile.
Pakistan's gas crisis to worsen as LNG company defaults
From December 15, the government has already cut gas supply to the export sector in Punjab apart from shutting down the non- export industry and CNG sector. So much so, the domestic consumers are also facing massive shortages across the country even at breakfast, lunch and dinner times and people are forced to purchase food, roti, naan and even tea from hotels at higher prices.
Issue with rear drum brake, Eicher Motors to call in 26,300 Classic 350 bikes
In a statement issued, the company said its technical team found an issue with the brake reaction bracket used on the 2021 single channel ABS and rear drum brake of Classic 350 motorcycles. According to Eicher Motors, the issue has been isolated to the single-channel ABS, rear drum brake Classic 350 models, manufactured between September 1, 2021 and December 5, 2021.
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