BUSINESS
India's new unicorn LeadSquared raises $153mn from WestBridge Capital
India is now home to more than 100 unicorns and these have raised over $100 billion in funding to date. LeadSquared previously raised $32 million led by Gaja Capital in 2020, and $3 million during its Series A led by Stakeboat Capital in 2019.Founded by Nilesh Patel, Prashant Singh and Sudhakar Gorti in 2011, LeadSquared has built a global customer relationship management (CRM) platform.
Indian investors likely lost Rs 1,000 cr to fake crypto exchanges: Report
Cyber-security company CloudSEK said it has uncovered an ongoing operation involving several phishing domains and Android-based fake crypto applications. "This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate "CoinEgg", a legitimate UK-based cryptocurrency trading platform," according to the report.
Level-playing field between private, public 5G networks absurd: BIF
"Seeking a level-playing field with enterprises for captive private networks is akin to a child in kindergarten being asked to compete with someone who has a doctoral degree. No mature regulator anywhere in the world imposes regulation on a player with no or minimal market share,a said BIF President TV Ramachandran.
NCLT members' tenure: SC refuses to pass interim order, to hear matter in July
A vacation bench of Justices C.T. Ravikumar and Sudhanshu Dhulia said it will examine the locus standi of the lawyers' association, which contended that with a total sanctioned strength of 63 members across 28 benches, the tribunals would be adversely affected if more judges retire, and they may collapse if 23 of the 45 members retire by July.
Govt launches design-linked incentive scheme, extends telecom PLI by 1 year
Applications are invited from June 21 for design-led manufacturing incentive of more than Rs 4,000 crore. The DoT also announced an additional incentive rate of 1 per cent over and above the existing rates. "The existing PLI beneficiaries will be given an option to choose financial year 2021-22 or financial year 2022-23 as the first year of incentive," the Department said in an statement.
Tata Group's Air India to expand its fleet
The proposed new aluminium birds will be a mix of narrow and wide bodied from the two manufacturers, Airbus and Boeing, media reports said. Currently, Air India's fleet is a mix of Boeing (777-200LR, 777-300ER and 787-800 Dreamliner) and Airbus (319, 320, 320Neo and 321) aircraft numbering 113 operating flights. It will be interesting to see how the Tata Group finances the fleet expansion.
Qantas, Airbus announce $200 million biofuel investment
The landmark deal, announced to the public on Sunday, is part of Qantas' push to transition to sustainable jet fuels -- biofuels -- and position Australia as a major exporter of SAF, reports Xinhua news agency. "This investment will help kickstart a local biofuels industry in Australia and hopefully encourage additional investment from governments and other business(es) and build more momentum for the industry as a whole," said Qantas CEO Alan Joyce.
Vedanta puts its copper smelter plant in Tuticorin on sale
The company along with Axis Capital has called for Expression of Interest (EoI) for its smelter complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, 160 MW captive power plant, reverse osmosis units, oxygen generation unit and residential complex with amenities.
Fairbridge Capital increases stakes in Thomas Cook
The Company had earlier converted Rs 302 crore OCCRPS into 6.4 crore equity shares on March 17, 2022. Consequently, the entire OCCRPS of Rs 435.7 crore has been converted into 9.2 crore equity shares at Rs 47.30 per share, thereby increasing the Promoters' shareholding to 72.34 per cent. According to Madhavan Menon, Managing Director, Thomas Cook the conversion of the balance convertible preference shares into equity.
India improves global ranking for mobile, fixed broadband speeds
India also improved its global ranking for overall fixed median download speeds, from 76th in April to 75th in May, according to network intelligence and connectivity leader Ookla. However, India's performance in median download speeds on fixed broadband witnessed a slight dip, from 48.09 Mbps in April to 47.86 in May.
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