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Date :27 May 2017

Myntra to invest in tech, brands to reduce dependence on discounts

Flipkart-owned fashion retailer Myntra plans to increase spending on technology, buy more brands and hold more full-price sale events to reduce dependence on discounts for attracting customers.Myntra is also on track to grow sales by about 40-50% in this financial year, After Flipkart received as much as $1.4 billion in fresh capital in April, it increased its fund allocation toward Myntra.he company will do “many such deals” this year, Narayanan said. Its private brands, which include Roadster, Dressberry and Anouk, will contribute about 30% of overall revenues by the end of the year from 23-24%.

Date :27 May 2017

ChrysCapital close to buying Mufti denims brand for Rs460-500 crore

Private equity firm ChrysCapital Advisors LLP is in advanced talks to buy Credo Brands Marketing Pvt. Ltd, which owns denim wear brand Mufti.The deal is likely to be signed for Rs460-500 crore, the first person said on condition of anonymity. Mumbai-based Credo Brands, founded by Kamal Khushlani in 1998, makes T-shirts, shorts, sportswear and blazers. Khushlani holds a 65% stake in the company while private investors hold the rest. In the past few years. Private equity (PE) funds Kedaara Capital and L Catterton are in separate discussions to buy a minority stake in Vedant Fashions, owner of ethnic wear brand Manyavar, The PE firms plan to buy a stake of about 15% in Vedant Fashions for Rs450-500 crore, at a valuation of Rs3,000 crore, the report said.

Date :26 May 2017

Quikr is in talks to buy Babajob

Online classifieds portal Quikr is in advanced talks to acquire Babajob, which connects blue-collar workers. Babajob claims to have over 7 million registered job-seekers and approximately 5,00,000 employers scouting for talent. Their service is available in over 20 cities including Coimbatore, Bhopal, Indore, besides Bengaluru, Mumbai and Delhi. The acquisition would give Quikr access to smaller cities that Babajob was popular in, Quikr has raised $350 million till now from investors like Kinnevik, Tiger Global Management, Matrix Partners India and Warburg Pincus, and was last valued at close to $1.4 billion.

Date :26 May 2017

Mexico s Grupo Bimbo to buy majority stake in Harvest Gold

Mexico’s largest food and bakery company Grupo Bimbo is buying a controlling stake in India’s bread and bakery products maker Harvest Gold. The deal, which values Harvest Gold at around Rs 340 crore ($50 million), will see the promoter Adil Hassan selling around 65% stake in the company,The $13.5-billion Grupo Bimbo is present in 23 countries in America, Asia and Europe. With over 13,000 products.The organised bread and bakery business accounts for 45% of the total market and is currently growing at around 9% annually.

Date :25 May 2017

SoftBank said to acquire $4 billion stake in Nvidia

SoftBank Group Corp. has quietly amassed a $4 billion stake in Nvidia Corp., making it the fourth-largest shareholder in the graphics chipmaker. A holding of 4.9%, just under the amount that would require a regulatory disclosure in the US, would be worth about $4 billion.

Date :24 May 2017

India Inc inks 252 M&A deals worth $15.8 billion in Q1, according to EY

India Inc inked 252 mergers and acquisitions worth $15.8 billion during January-March quarter, registering a rise of 23 per cent over last year, mainly driven by the Vodafone and Idea deal, says an EY report. The merger between Vodafone India and Idea Cellular for over $11 billion, accounting for nearly 74 per cent of the total disclosed deal value in the January-March quarter.

Date :24 May 2017

Byju s eyes billion-dollar valuation this year

Byju’s, a mobile learning start-up, expects to be a unicorn, or a start-up with a billion-dollar valuation, as it looks to turn profitable this year on the back of more than 400,000 students using its app to study school syllabus on their smartphones.The firm reported profits in the last quarter, but ended the whole year with a loss.

Date :23 May 2017

ICS buys majority stake in home services startup Renowala

Hyderabad-based integrated facility management firm ICS (Ixora Corporate Services Pvt. Ltd) has acquired an undisclosed majority stake in home services startup Renowala.ICS, founded in 2016 by Abhishek Nath, offers B2B (business to business) facility management services such as maintenance, housekeeping, supply chain, janitor services, pest control management, engineering services, staff augmentation and training, and cleaning services. “Acquiring a major stake in Renowala has [strengthened us] by adding another vertical in ICS’s digital facility’s ecosystem,” said Sharma, COO and country head at Renowala.

Date :22 May 2017

Amazon invests $15 mn in India wholesale arm

Amazon Wholesale India Pvt Ltd, the business-to-business wholesale marketplace that operates Amazonbusiness.in, has received funding worth Rs 100 crore ($15 million) from Singapore-based Amazon Corporate Holdings Pvt Ltd and its US-based parent Amazon Inc, documents filed with the Ministry of Corporate Affairs reveal.The company received the funds through a board resolution passed in December last year. Last week, Amazon India’s payments portal Amazon Pay received funding worth Rs 67 crore ($10.46 million).Amazon is deepening its India play, going beyond e-commerce. It has ventured into the beauty services segment, launched video-streaming service Amazon Video Prime, and introduced a programme for startups, Launchpad, to market its products to customers across the country.

Date :20 May 2017

SoftBank raises $93 bn for Vision Fund to back tech firms

The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund,had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.“The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment,” the Softbank Vision Fund said in a statement.

Date :19 May 2017

FDI inflows hit new high of $43 billion in FY17

India has recorded the highest foreign direct investments in a year in 2016-17 at $43 billion, although the year-on-year growth rate slipped to 9% from 29% in the previous year and 27% in 2014-15. The manufacturing sector recorded a jump of 52% in foreign investments last year at $20 billion, reflecting positive response to the government’s Make in India drive.

Date :18 May 2017

Paytm raises $1.4 billion from Softbank, valuation jumps to over $8 billion

Softbank has made its biggest investment in an Indian digital enterprise by sealing a funding round of Rs 9,000 crore ($1.4 billion) in One 97 Communications which owns mobile payments provider Paytm. The Japanese internet and telecom conglomerate will now own about a fifth of the Noida-based company estimated to be worth $7 billion, making it the country’s second most valuable startup. Softbank is expected to buy shares in a secondary transaction about $400 million to gain a full 20% stake in the company. This secondary shares will be purchased primarily from Paytm s early investor SAIF Partners besides founder Vijay Shekhar Sharma, and is part of the $1.4 billion raise.

Date :17 May 2017

Blackstone, General Atlantic eye 74% stake in Karvy Computershare

Big bracket global private equity funds Blackstone Group LP and General Atlantic are in separate talks to purchase around 74% stake in India’s largest share registry company Karvy Computershare for roughly Rs. 2,100 crore. Australian share registry company Computershare, which owns half of the company, will sell its entire stake while Indian partner and owner of financial services firm Karvy Group C Parthasarathy will sell 24%. The deal once concluded, will value the company at around Rs. 2800 crore.

Date :15 May 2017

UberEats & Zomato in talks to acquire Runnr

UberEATS India, which started operations earlier this month, is in talks with on-demand food and last-mile delivery portal Runnr (Carthero technologies Pvt. Ltd) for a potential acquisition. Both UberEATS and Zomato have given a term sheet to Runnr, where the offer from US-based cab-hailing application is pegged to be higher. Zomato is likely to buy Runnr in an all-stock deal for about $20 million Runnr was formed in July 2016 with the merger of on-demand customer facing food delivery app Tiny Owl and business-to-business last mile delivery company Roadrunnr. The merged entity started with delivering food to consumers and B2B food delivery connecting corporate employees and restaurants on a common portal. The entity Runnr had raised 47 crore from existing investors Nexus Venture Partners and Blume Ventures in September to start the altered model of delivery. Before the merger, the two entities had raised $50 million in equity capital from VCs including Sequoia and Matrix Partners The food technology space saw multiple companies such as Dazo, EazyMeals and others shutting shop in 2016 after the buoyancy of 2015.

Date :15 May 2017

UberEats & Zomato in talks to acquire Runnr

UberEATS India, which started operations earlier this month, is in talks with on-demand food and last-mile delivery portal Runnr (Carthero technologies Pvt. Ltd) for a potential acquisition. Both UberEATS and Zomato have given a term sheet to Runnr, where the offer from US-based cab-hailing application is pegged to be higher. Zomato is likely to buy Runnr in an all-stock deal for about $20 million Runnr was formed in July 2016 with the merger of on-demand customer facing food delivery app Tiny Owl and business-to-business last mile delivery company Roadrunnr. The merged entity started with delivering food to consumers and B2B food delivery connecting corporate employees and restaurants on a common portal. The entity Runnr had raised 47 crore from existing investors Nexus Venture Partners and Blume Ventures in September to start the altered model of delivery. Before the merger, the two entities had raised $50 million in equity capital from VCs including Sequoia and Matrix Partners The food technology space saw multiple companies such as Dazo, EazyMeals and others shutting shop in 2016 after the buoyancy of 2015.

Date :15 May 2017

Byju’s may acquire TutorVista’s division from Pearson

Bangalore-based ed-tech startup Byju’s, which is operated by Think & Learn Pvt. Ltd, is in the final stage of discussions to acquire a division of online education company TutorVista, which is owned by British media group Pearson Plc. The ed-tech firm is likely to acquire the online business of Edurite Technologies Pvt Ltd which TutorVista acquired in 2007. According to a person close to the development at Think & Learn, the company’s latest round values the firm around $700 million (Rs 4,252 crore). Publishing and education services company Pearson picked up around a 17% stake in TutorVista in June 2009. Later in January 2011, Pearson Plc increased its stake to 76% in TutorVista for $127 million (Rs 577 crore then).

Date :15 May 2017

Symphony, a messaging app backed by Wall St, gets $63M at a $1B+ valuation

Symphony a secure messaging app that counts 15 of the world’s biggest banks among its investors and 200,000 paying customers, has raised a new tranche of funding to fuel its expansion into new markets. Symphony has closed in on $63 million; and according to sources close to the company, the startup is now valued at over $1 billion. This new round adds another strategic investor, the French bank BNP Paribas, which led the round and is taking a seat on Symphony’s board. A majority of Symphony’s existing shareholders also participated in the round, the company said. That group includes Google, Lakestar, Natixis, Societe Generale, UBS and Merus Capital, and a consortium of 14 of the world’s largest investment banks and money managers, including Bank of America, BlackRock, Citibank, Deutsche Bank, Goldman Sachs, HSBC, and JP Morgan. The company has now raised $229 million.

Date :06 May 2017

CBDT proposes fair market value for taxing unquoted shares

The revenue department on Friday proposed to levy capital gains tax on unquoted shares at “fair market value” in place of the current practice of charging it on the basis value entered in the books of a firm.The Finance Act, 2017, passed by the Parliament has insertedanew section in the Income Tax Act (effective from April next year) for valuation of unquoted shares on fair market value for computing capital gains tax. Unquoted shares are those which are not traded on recognised stock exchanges.In pursuance of the amendment in the Finance Act, the Central Board of Direct Taxes (CBDT) on Friday released draft rules and invited comments from the stakeholders by May 19. "The valuation norms for unquoted shares is proposed to be changed radically," said Abhishek Goenka, partner and leader at tax consultancy firm PwC.


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