BUSINESS
Fintech lending startup KreditBee raises Rs 60 cr from India SME
The Bengaluru-headquartered KreditBee in February concluded its Series C equity round worth $75 million (about Rs 545 crore) from Premji Invest, Mirae Asset Naver Asia Growth Fund, Alpine Capital and Arkam Ventures consisting of both primary and secondary investment. KreditBee is focused on providing financial inclusion in India via digital lending solutions in the form of personal loans.
US suspends tariffs on 6 nations for digital service tax negotiations
US Trade Representative (USTR) Katherine Tai said in a statement on Wednesday that the final determination in the one-year Section 301 investigations of DSTs adopted by the six countries is to impose additional tariffs on certain goods from these countries, reports Xinhua news agency.
RIL's strong balance sheet, high liquidity to boost Jio, Retail, O2C: Mukesh Ambani
His statement in RIL's annual report for FY20-21 noted that strong operating cash flow and the largest ever capital raise have further strengthened its balance sheet, enabling the company to deleverage and meet its net-debt zero commitment ahead of stated timeline. "We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines - Jio, Retail and O2C," Ambani said.
ICICI Bank offers instant facility for cross-border inward remittances
The beneficiary gets the credit to the bank account instantly. This makes ICICI Bank the first bank in Asia-Pacific and second globally to offer the facility, called 'SWIFT gpi Instant', for cross-border inward payments. This service that offers instant credit works by connecting 'SWIFT gpi', the high-speed cross border rails with a real-time domestic payments infrastructure.
Medical stores witnessed a 32% transaction growth this year
The primary reason for this moderate impact has been absence of a national lockdown this year as compared to a harsh lockdown in March 2020 which forced several businesses to shut down. This year however, states have taken a more relaxed approach towards lockdowns keeping the economy in mind.
Global IoT market to surpass $1 trillion mark by 2024: Report
The global IoT market was worth $622 billion in 2020, up from $586 billion in 2019, and will grow to reach $1,077 billion by 2024, with a compound annual growth rate (CAGR) of 13 per cent over the period, according to data and analytics company GlobalData. The dominance of the enterprise IoT will continue for the foreseeable future. The enterprise IoT dominates the overall IoT market, generating 76 per cent of total revenue in 2020.
Airtel Africa to sell Tanzanian arm's tower biz for $175 mn
The tower portfolio in Airtel Tanzania comprises around 1,400 towers which form part of the Group's wireless telecommunications infrastructure network. Under the terms of the transaction, the Group's subsidiary Airtel Tanzania plc will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the purchaser, said a company statement.
Preliminary Trend: India's May exports rise to over $32 bn
Besides, exports last month recorded a 7.93 per cent growth over $29.85 billion in May 2019. The country's merchandise exports in April 2021 had risen to $30.63 billion. Similarly, India's merchandise imports in May 2021 were $38.53 billion, with an increase of 68.54 per cent over $22.86 billion in May 2020. However, imports declined by 17.47 per cent over $46.68 billion in April 2019.
For diamantaires, 20% growth past the $20 bn revenue watermark this fiscal
Revenue from exports reached $16.4 billion last fiscal, marking a decline of 12 per cent -- well below the plunge expected when the world went into unprecedented lockdowns. But as nations recovered well in the second half, the tumble in exports was halted, an analysis of 70 diamantaires rated by CRISIL - accounting for a third of industry's total revenue - shows.
Zoom posts 191% quarter growth in remote work, learning era
"Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results," said Zoom founder and CEO, Eric S. Yuan. "We are energised to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections," he said in a statement.
Don't Miss
Advertisement