Transmit Security raises USD 543 million in Series A round, aims to eliminate passwords

Samunnati NBFC launches FPOnEXT, a structured plan for FPO finance

Vehicle finance, micro loan NBFCs collections worse hit due to Covid-induced localised lockdowns: IndiaRatings

Bank of Maharashtra tops PSU bank chart in MSME loan growth in FY21

State-owned Bank of Maharashtra (BoM) has become top performer among public sector lenders in terms of retail and MSME loan growth during 2020-21. The Pune-based lender recorded a 35 per cent growth in MSME loans at Rs 23,133 crore in 2020-21, according to the BoM data. It was followed by the Chennai-based Indian Bank which […]

Karnataka Bank declares loan over Rs 160 crore to Reliance Home, Reliance Commercial as fraud

Private sector Karnataka Bank has declared accounts of Reliance Home Finance and Reliance Commercial Finance a fruad with combined loan outstandings of over Rs 160 crore to the lender. The bank has reported to the Reserve Bank regarding frauds in the credit facilities extended earlier to two listed companies — Reliance Home Finance with loan […]

Eka looks to transform corporate treasury operations with a new, purpose-built solution

Cloud-based enterprise solutions provider, Eka Software Solutions on Tuesday announced that it has shored up a team of industry experts tasked with delivering a new solution to dramatically transform corporate treasury operations. Additionally, the firm completed the acqui-hire of banking and finance start-up Trxiea Platforms and Solutions, whose team will help accelerate the treasury solution’s […]

SoftBank-backed Dingdong targets over $6 billion valuation in US IPO

Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a more than $6 billion valuation in its New York debut as the grocery app joins Asian tech startups seeking to tap into the IPO boom in the United States. The valuation represents a jump of over 20% from the $5.1 billion the […]

Ashok Soota’s SKAN Research Trust gives Rs 20-crore grant to IIT Roorkee

Chennai: Ashok Soota-promoted SKAN Research Trust has announced a grant of Rs 20 crore to Indian Institute of Technology, Roorkee, sponsoring a Chair Professorship, three Faculty Fellowships, creation of a lab and funding of joint research projects. Launched in April this year, SKAN—or Scientific Knowledge for Ageing and Neurological ailments—is a public charitable trust set […]

US senator presses Amazon, Google on Matter smart-home effort

Amazon.com Inc and Alphabet Inc’s Google need to offer more details about how their smart-home devices and virtual assistants will support competition and user privacy, U.S. Senator Amy Klobuchar wrote to the companies on Tuesday. In a letter, the chair of the Senate Judiciary Committee’s antitrust subcommittee said testimony last week by attorneys from the […]

Madras HC issues notice to Centre on petition from Digital News Publishers Association challenging IT rules

The Madras High Court on Wednesday issued notice to the Centre in yet another challenge to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. The matter has been listed for further hearing in three weeks and the respondents have been asked to file their counter in two weeks. The court also […]

GoMechanic raises $42 million in funding led by Tiger Global

Car servicing startup GoMechanic on Wednesday said it has raised $42 million (around Rs 311 crore) in a funding round led by Tiger Global Management. The Series C funding round also saw participation from existing investors Sequoia Capital India, Orios Venture Partners and Chiratae Ventures. It is the fourth round of institutional funding for the […]

Justin Trudeau’s party passes bill to regulate social media, streaming in Canada

Ottawa: Canadian lawmakers passed a controversial bill that aims to regulate programming distributed by media streaming services and social platforms like Facebook and YouTube, a measure that critics warn could infringe on individual speech. The legislation drafted by Justin Trudeau’s government, known as Bill C-10, is meant to subject tech giants to the same requirements […]

IBM, IISc Bengaluru launch innovation lab for hybrid cloud research

Pune: US-based International Business Machines Corp. (IBM) and the Indian Institute of Science Bengaluru (IISc) have announced the launch of the IBM-IISc Hybrid Cloud lab to advance research in hybrid cloud technologies in India. This is the American company’s second such partnership after the one with University of Illinois in Urbana, Champaign. The IBM-IISc Hybrid […]

Twitter opens applications to test new content subscription features

Twitter Inc. will seek applications from users who want to be the first to test new content subscription and ticketing features, as the social media platform works to build more ways for users to earn money. The company aims to select “a diverse set of voices,” from the applications, said Esther Crawford, senior product manager […]

Why e-tailers are upset over India’s new draft e-commerce rules

What are the big takeaways from draft rules? First, new draft rules were not issued by commerce and industry ministry. Consumer affairs ministry issuing the draft, and ‘explaining’ that proposed rules deal with ‘unfair’ trade practices that hurts customers, may be an attempt to give this intervention a gentler avatar. That is, make draft rules […]

Big Tech firms, fearful of antitrust bills, blitz Washington with lobbying

Washington: In the days after lawmakers introduced legislation that could break the dominance of tech companies, Apple’s chief executive Tim Cook called House Speaker Nancy Pelosi and other members of Congress to deliver a warning. The antitrust bills were rushed, he said. They would crimp innovation. And they would hurt consumers by disrupting the services […]

Delhi HC quashes WhatsApp appeal against CCI probe into privacy policy

Bengaluru: The Delhi High Court has quashed a fresh appeal made by WhatsApp and its parent Facebook to stay a notice from the Competition Commission of India (CCI) which sought information in an ongoing probe into the instant messaging app’s updated privacy policy. A vacation bench of Justices Anup Jairam Bhambhani and Jasmeet Singh, which […]

Wellbeing Nutrition raises $2.2 million from Fireside Ventures, others

Mumbai: Wellbeing Nutrition, an omnichannel whole foods nutrition company, has raised $2.2 million in its Series A funding round led by Fireside Ventures. ACG, a global provider of integrated solutions for the pharmaceutical and nutraceutical industry, also participated in the fundraise. The startup will use the funds to strengthen R&D and create the next generation […]

ICICI Bank plays its cards right to grow market share as ban hurts HDFC Bank

Mumbai: With a prolonged business embargo on HDFC Bank, ICICI Bank is ramping up its digital infrastructure to gain market share in the cards business. Reserve Bank of India data for April showed that HDFC Bank lost nearly 160 basis points of market share since the end of November 2020, when the regulator levied a […]

Share buybacks remain an option for SoftBank, says CEO Masayoshi Son

Tokyo: SoftBank Group Corp CEO Masayoshi Son said on Wednesday share buybacks remain an option, amid a slide in the conglomerate’s shares. “Buybacks are always on my mind as an important option but when and how big requires balanced thinking,” Son said at SoftBank’s annual shareholders’ meeting, adding that the group also needs to consider […]

Smartphone market may bounce back next quarter: Xiaomi

Xiaomi expects the smartphone market to bounce back in July-September and is expanding its manufacturing capabilities, said Manu Jain, Xiaomi India MD. He, however, underlined the continued supply chain-related challenges that have led to the delay of Xiaomi’s flagship phone being introduced in the country. “With all our learnings from the last 12 months, we […]

Exchanges rolling out red carpet for HNIs swarming for crypto coins

Indian family offices and wealthy individuals are joining the crypto bandwagon in droves. On their part, crypto exchanges are welcoming them with personalised services. Crypto exchanges and funds have seen an uptick in investments – upwards of Rs 1 crore – by family offices and wealthy individuals, amid increasing global institutional acceptance of crypto currency. […]

Payment modes log sharp volume uptick in signs of revival in June

Nearly all payment modes — from cash, cards and Unified Payments Interface (UPI) — have registered a sharp uptick in volumes in the first three weeks of the month, in signs that India’s business activities and consumer sentiment are reviving in June after a slump in April and May when most states were under lockdown […]

Covid-19 has made world realise importance of public systems: Azim Premji

The Covid-19 pandemic has made more people appreciate the importance of public systems, not just in healthcare, but also systems for social security, data collection and research, said Azim Premji, founder-chairman of Wipro . “There is a greater acceptance now that we have to cooperate, we have to have a solid amount of solidarity. We […]

Muthoot Pappachan acquires 54% stake in Hyderabad-based fintech

Muthoot Pappachan Group announced investment in Paymatrix, a fintech startup, through its flagship entity – Muthoot FinCorp Limited (the Company) and associate company, The Thinking Machine Media (TMM) Muthoot Pappachan Group (MPG) is now a majority investor in Paymatrix with full exit to various investors. MPG acquired 54% equity shareholding in Paymatrix through a combination […]

Govt clarification on flash sales compounds confusion among e-tailers

Bengaluru | New Delhi: The Centre’s clarification on Monday, allowing e-commerce portals to conduct conventional sale events while disallowing “only specific flash sales or back-to-back sales”, compounded confusion among e-tailers, brands and sellers, according to multiple people who spoke to ET on the developments. The government directive said flash sales will not be allowed as […]

Carlyle deal: PNB Housing Finance holds EGM

PNB Housing Finance held its much-awaited extraordinary general meeting (EGM) on Tuesday to seek shareholders’ approval for a Rs 4,000 crore capital infusion into the company led by US-based Carlyle Group. However, the outcome of the meeting was awaited till late night, even as the EGM was learnt to have concluded in the day. When […]

Ahead of IPO, India Pesticides raises $32m from Wells Fargo, ADIA, other investors

Photo by livemint India Pesticides Ltd on Tuesday raised ₹240 crore from 12 anchor investors ahead of its initial public offer that opens for subscription on June 23. Six foreign portfolio investors including Abu Dhabi Investment Authority (ADIA), Wells Fargo, Plutus, Millenium, Tara and BNP Paribas were allocated a total of 2.45 million equity shares for […]

Krafton says data shared with third parties; not a violation of privacy policy

Krafton Inc, the publisher of Battlegrounds Mobile India, said on Tuesday that it had shared game data of Indian users with third parties. This did not, however, violate its privacy policy, the South Korean company added. Krafton said it was working to comply fully with Indian laws and regulations in the lead up to the […]

Lina Khan’s US FTC said to review Amazon-MGM deal

The Federal Trade Commission, whose new chairwoman has been critical of Amazon.com, will review the company’s planned purchase of MGM, a source familiar with the matter said. Amazon said in May that it would buy the U.S. movie studio, home to the James Bond franchise, in an $8.45 billion deal that would give it a […]

Amazon lines up Prime Day for India amid tighter draft e-commerce rules

Bengaluru: Amazon India is set to hold its global flagship sale event Prime Day in India soon, even as the government plans tighter e-commerce rules. The US-based e-tailer is planning the sales bonanza between the last week of July and first week of August, sources said. Amazon Prime Day was earlier postponed in India due […]

IIFCL seeks Reserve Bank nod to lend to InvITS, earmarks Rs 4,000 crore

India Infrastructure Finance Company Ltd (IIFCL) has sought clearance from the banking sector regulator to lend to infrastructure investment trusts, or InvITs, as they are performing well. “We have planned to lend around Rs 4,000 crore in this financial year, subject to approval from the Reserve Bank,” said IIFCL managing director PR Jaishankar. “This will […]

It’s a bank, PMC will be part of, it’s not takeover, says Centrum’s Jaspal Bindra

(This story originally appeared in on Jun 19, 2021) For Jaspal Bindra, who headed Standard Chartered Bank’s Asia operations in his 40s, the road back to banking is a challenging one. Bindra, who exited StanChart to turn entrepreneur by acquiring a stake in Centrum in 2016, will have to build a bank by merging operations […]

Indian tribunal approves revival plan of Kalrock Capital, UAE entrepreneur for Jet Airways

Photo: Abhijit Bhatlekar/Mint The Mumbai bench of the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan submitted by Kalrock Capital and UAE-based entrepreneur Murarilal Jalan for the revival of Jet Airways (India) Limited, which has been grounded since April 2019. The two-judge bench, headed by Janab Mohammed Ajmal and V. Nallasenapathy, directed […]

Urban markets to drive sales of motorcycles and scooters in next few months: Honda top executive

Urban markets will drive sales of motorcycles and scooters in the next few months as more states ease lockdown restrictions, helping the segment post growth in the ongoing financial year, a top executive at Honda Motorcycle & Scooter India (HMSI) said. Two-wheeler sales in the local market have declined by nearly a third in the […]

CoWin can bear the load of even 20 million vaccines daily, says RS Sharma

CoWin, the government’s Covid-19 vaccination platform, can bear the load even if daily vaccination numbers reach 10 million or 20 million, RS Sharma, the chairman of the empowered group for Covid-19 vaccine administration, told ET in an interview. The platform hit nearly 8.6 million vaccinations a day on Monday, a record of sorts on the […]

HDFC Bank to set up ‘digital and enterprise factories’ to curb outages

Mumbai: HDFC Bank Ltd. will set up digital and enterprise units to strengthen its online infrastructure and handle a larger volume of transactions after customers faced repeated outages. It plans to hire 500 people from diverse backgrounds—from data analytics and cloud computing to artificial intelligence (AI) and machine learning—for the “digital and enterprise factories”, according […]

CCI prima facie finds Google in violation of abuse of dominance in smart TV OS market, orders probe

The Competition Commission of India (CCI) has prima facie found Google to be in violation of competition laws relating to abuse of dominance in the smart TV operating system (OS) market. The CCI has ordered its investigative arm, the Director General, to conduct a probe into Google’s market practices including for anti-competitive agreements, in an […]

CommerceIQ gets $60 million led by Insight Partners

Ecommerce management platform CommerceIQ has raised $60 million as part of its Series C round led by Insight Partners. Existing investors Trinity Ventures, Shasta Ventures and Madrona Venture Group also participated in the funding round. The company has so far raised $81 million, including the latest round. Insight Partners has previously backed global technology firms […]

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