ADDITION
Three get life imprisonment for killing Palghar man in 2016
A Thane court has sentenced three persons to life imprisonment for killing a man in 2016 and robbing his jewellery, saying the motive behind the offence is "very dangerous" and gives a wrong message to the society. Additional Sessions Judge Vasudha L Bhosale, in her order on Saturday, also imposed a fine of Rs 7,500 on each of the accused.
"Secured 8 suspects so far": Chennai Police on murder of Tamil Nadu BSP president
Chennai Police have apprehended eight suspects linked to the murder of Tamil Nadu BSP president Armstrong, who was fatally attacked by an unidentified group near his home in Perambur. Meanwhile, Devprakash Madhukar, a key figure in the Hathras stampede case that claimed 121 lives, surrendered to authorities. His lawyer stressed Madhukar's cooperation in the investigation. Congress leader Rahul Gandhi also visited Hathras to console families affected by the tragic event.
Government notifies additional provisions in Telecom Act 2023
The government has notified new sections of the Telecommunications Act focusing on spectrum utilization and regulatory appointments. The Act aims to enhance efficiency through methods like sharing and trading of spectrum.
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
India's high input tariffs stifle smartphone export growth, industry calls for reductions & policy changes in Budget 2024
Union Budget: India's efforts to increase smartphone exports through the production-linked incentive (PLI) scheme face challenges due to high tariffs on input parts and barriers for global firms entering its value chains. Despite the PLI scheme's success in boosting smartphone production beyond domestic demand, these tariffs, averaging 7.4%, are significantly higher than in competitor countries like China's bonded zones where tariffs are 0%.
Britannia appoints ex-RBI Guv Urjit Patel as independent director
Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for five consecutive years, effective from July 2, 2024, to July 1, 2029. Patel served as the 24th Governor of RBI and was Deputy Governor from 2013 to 2018.
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Avenue Supermarts Q1 Update: Standalone revenue jumps 18% YoY to Rs 13,712 crore
Avenue Supermarts, owner of DMart, reported a 22.4% increase in consolidated net profit to Rs 563 crore for the quarter ended March 2024, driven by a 20% YoY jump in revenue to Rs 12,727 crore. The company also witnessed a 22.3% YoY growth in EBITDA to Rs 943 crore, with operating profit margins expanding by 13 basis points to 7.41%.
Revised mining guidelines to introduce stringent steps to optimise coal extraction: Ministry
The revised mining plan guidelines aim to optimise coal extraction through stringent measures, balancing flexibility for mine owners with responsibility and accountability. The guidelines were discussed during a stakeholders' consultation with 25 coal and lignite mining companies, including PSUs and representatives from various states. The new guidelines focus on sustainable coal mining by including restoration, remediation, and regeneration measures to address environmental and community concerns.
Tech-enabled construction startup Wify raises funding from Mount Judi Ventures, Capria Ventures
The Mumbai-based on-site installation and post purchase services provider said it will use the funds to penetrate deeper into existing categories. Wify will also The Mumbai-based on-site installation and post purchase services provider said it will use the funds to penetrate deeper into existing categories, company said in a statement.
Departments advised against blanket approval of Chinese FDI
There must be review and monitoring, including through robust IT tools and databases, when it comes to FDI from countries of concern, highly placed sources told ET. Once a system is in place, disposal of cases should take place through a time-bound mechanism, sources pointed out.
Milk prices not hiked as additional cost is for additional quantity of milk: Karnataka CM
Karnataka Chief Minister Siddaramaiah on Wednesday defended the Rs two hike in 'Nandini' milk prices, which now come with an additional 50 ml of milk in half-litre and one-litre packets. This adjustment has been made to support farmers in light of increased milk procurement. He emphasized that milk prices have not actually been raised.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
RBI appoints additional director for Bandhan Bank
The move is likely to guide the bank in succession planning. Bandhan Bank’s founder MD & CEO Chandra Shekhar Ghosh’s tenure will on July 9 while the bank is yet to appoint its next CEO. Singh is former chief general manager of RBI.
Women-focused fintech startup Lxme raises $1.2 million from Kalaari Capital, others
Focused on women's finances, Lxme has secured $1.2 million in seed funding. Kalaari Capital led the round through its CXXO initiative, backing female-led businesses. The startup will capital for brand building and user acquisition across the country.
Sexual assault case: MLC Suraj Revanna remanded in CID custody till July 1
A Bengaluru court remanded JD(S) MLC Suraj Revanna in CID custody until July 1 for alleged sexual abuse of a man. After being produced before the 42nd ACMM judge on Sunday, he was initially remanded in judicial custody for 14 days. The CID later sought his custody on Monday for additional investigation.
Triveni Engineering buys addl 36.34 pc stake in sugar firm Sir Shadi Lal Enterprises for Rs 45 cr
Triveni Engineering & Industries Ltd acquires 36.34% stake in Sir Shadi Lal Enterprises Ltd for Rs 45 crore, enhancing its position as a major sugar producer. Vice Chairman Tarun Sawhney views the acquisition as a strategic move to boost Triveni's sugar and alcohol businesses.
Skincare startup Asaya raises Rs 12 crore in seed funding
Asaya aims to secure additional investments through this funding round, as part of its growth strategy. The funding will be used to build on research conducted over the past 2.5 years, with future rounds intended to further support ongoing research and development as well as product development, according to the company.
8X Ventures closes India-focused deeptech fund at Rs 200 crore
8X Ventures announced the first close of its second India-focused deeptech fund at Rs 200 crore, with a green shoe option of Rs 100 crore, aiming to back 18-20 early-stage Indian deeptech startups over three years.
AI search startup Genspark raises $60 million in seed round to challenge Google
The funding is led by Singapore-based fund Lanchi Ventures and valued the startup, currently without revenue, at $260 million. Lanchi Ventures, formerly BlueRun Ventures China, rebranded last year to distance itself from its Silicon Valley origin BlueRun Ventures.
GenAI startup Ayna raises $1.5 million in funding round led by Inflexor Ventures
Generative AI startup Ayna raises $1.5 million led by Inflexor Ventures to enhance AI capabilities for product photography accessible to businesses.
Proptech startup Landeed secured funds from Paradigm Shift VC in a strategic financing round
Landeed in January 2023 raised $8.3 million in a seed round with participation from Y Combinator, Draper Associates, and Bayhouse Capital. The startup has witnessed a 22x growth in key financial metrics since its inception. Additionally it now boasts over 5 million downloads making it the largest title search engine in the country by wide margin.
Early-stage VC Z21 Ventures planning $40 million second fund
Z21 Ventures, an early-stage investment firm focusing on the India-US corridor, has fully deployed its first $5-million fund and is gearing up to launch a $40 million second fund. The firm, founded in 2022 by Abhinav Shashank and Raj Shekhar Singh, targets enterprise software and hardware startups with investments ranging from $100,000 to $150,000, backed by a community of Indian-origin technology executives like Google, Amazon, and Meta.
EV component maker Indigrid Technology raises $5 million in funding from Cactus Partners
Indigrid Technology raises $5 million in funding from Cactus Partners for electric vehicle components.
Home decor firm Trampoline raises $5 million led by Matrix Partners, WaterBridge
B2B home decor firm Trampoline raises $5M led by Matrix Partners India and WaterBridge Ventures, with an additional $2M in venture debt from Alteria Capital. Founded in 2023, Trampoline disrupts supply chains, enabling retailers to access exclusive products from India.
Insurtech startup Finsall raises Rs 15 crore from Unicorn India Ventures, Seafund
Finsall, a Bengaluru-based insurtech startup, raised Rs 15 crore in bridge funding led by Unicorn India Ventures and Seafund. The funds will be used to establish a non-banking finance company for scaling lending operations and enhancing partnerships with insurers and lenders.
Job demand in renewable energy sector surges 23.7 pc in FY24: Report
The renewable energy sector is seeing a rise in demand for roles like solar PV technicians, wind turbine installers, roofers, and storage operators, in addition to a decline in attrition rates to 33.5% in FY24.
T20 World Cup: ICC releases additional tickets for key fixtures including India-Pakistan clash
The International Cricket Council released additional tickets for key T20 World Cup matches, including India vs Pakistan on June 9, in New York, due to high demand. The World Cup is co-hosted by the USA and West Indies.
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