Mahindra in talks to raise $1.3bn for EV unit from global investors, planning to sell shares in its unit valued over $9.1bn in multiple tranches over the next two fiscal years. The move is aimed at accelerating the expansion of its EV capacity as the Indian government targets 30% of total annual car sales to be EVs by 2030.
Shares of Deutsche Bank, Germany’s largest bank, plunged, dropping as much as 8% on Friday. The bank’s troubles are linked to investors’ search for vulnerable financial institutions following the failure of Silicon Valley Bank earlier this month. Credit default swaps, Read more
Banking giant UBS has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal worth $3.25 billion, after Swiss authorities pushed for a takeover to avoid further market-shaking turmoil in the global banking system. The deal comes after Credit Suisse lost the trust of investors and customers due to a “material weakness” in its bookkeeping and amid fears about weaker financial institutions as interest rates soar. UBS’s acquisition will reinforce its position as the world’s leading wealth manager and generate significant cost savings.
Indian startups may be impacted by the recent closure of Silicon Valley Bank (SVB), which had deposits worth around $1 billion from hundreds of Indian startups. The bank was shut down by California banking regulators on March 10 after depositors withdrew as much as $42 billion on a single day, rendering the bank insolvent. In response to the situation, India’s state minister for technology, Rajeev Chandrashekhar, has suggested that local banks should lend more to startups, rather than depending on the complex cross-border US banking system. Chandrashekhar has passed on his recommendations to Finance Minister Nirmala Sitharaman. This could help Indian startups transition to the Indian banking system and ensure they have access to funding they need, even in times of crisis. Foreign investors have made bold bets on digital and other tech businesses in India, contributing to the growth of the country’s startup ecosystem.
PhonePe, a leading digital payments platform in India, has confirmed that it is relocating its headquarters from Singapore to India. The move follows speculation that the fintech giant planned to relocate its headquarters to India, amid increasing government support for Read more
The G20 is an international forum consisting of 19 countries and the European Union, representing the world’s largest economies. The G20’s primary aim is to promote international financial stability and sustainable economic growth through policy coordination and cooperation. Every year, Read more
Apple’s decision to focus on India is a strategic move that highlights the growing importance of the country’s smartphone market. India is one of the fastest-growing smartphone markets in the world, with a rapidly expanding middle class and a large Read more
Radha Vembu is an Indian billionaire businesswoman and the owner of a majority stake in Zoho Corporation. Zoho Corporation is an Indian software development company. Vembu has a degree in industrial management from the Indian Institute of Technology Madras. Zoho Read more
Indian Premiere League (IPL): The most excited T20-Tournament in the cricket world is the Indian Premier League popularly known as IPL. It is contested between teams based out of Indian Cities or States. In 2007, the Board of Control for Read more
On Thursday, Indian Edtech start-up company Infinity Learn said it has acquired Wizklub for 10million US Dollars as a part of its entry into the cognitive learning segment. Wizklub is a cognitive development start-up that builds skills for children between Read more
India’s fintech ecosystem has grown rapidly in the last five years taking the world by storm. At present, India is running on the digital path, taking huge steps towards becoming an advanced fintech nation. A strong strategic framework consisting of Read more
Edtech startups have got immense popularity in recent years. In the Indian ed-tech ecosystem, Unacademy, Vedantu, and Byjus are the three major startups. Byjus success is indeed remarkable given that it was started in 2011. BYJUs have established themselves strongly Read more
When Anitha P, a 20-year-old student, was going through financial troubles during the pandemic, she and her sisters, Amritha and Seemitha decided to discontinue their education to decrease the burden of education fees on their parents. Being in the final Read more
Delhi-based iPower Battery’s energy solutions are popular among EV startups.
SMBStory also spoke to several MSMEs who welcomed the new custom duties and shared their thoughts about other initiatives.
Hemant Jalan’s Indigo Paints had a modest beginning in 2000. A small chemical unit in Patna and an industrial shed in Jodhpur served as the foundation for the company. In FY20, the business reported revenues of Rs 625 crore, and Read more