India Deals Round-Up: Ola's Electric Cabs Project & Other Funding Updates
Mumbai-based Traveljunkie Solutions Pvt. Ltd, which runs travel-tech startup Ithaka, has raised Rs 2.1 crore ($325,000).
1.Flipkart is Betting Exclusive Smartphone Deals
Indian e-commerce website is thinking of encashing more customers and traffic through exclusive deals with smartphone makers such as Motorola, Lenovo, Xiaomi and LeEco, would help it double sales growth in the smartphone category in the next fiscal; since Smartphones account for more than half of Flipkart’s sales. It might be a key used to revive the company's competition from Amazon.
2. Ice-cream Makers HUL & AMUL Fight it Out in Court
Amul, known for its iconic image since many years has found itself in the wrong foot in court. Hindustan Unilever Ltd filed a petition against Gujarat Cooperative Milk Marketing Federation, or GCMMF (which owns the Amul brand), saying that its advertisement disparages so-called frozen desserts and should be removed. Now, more ice-cream makers are joining forces with HUL, which owns the Kwality Wall’s brand, to take on Amul as the battle for the Rs7,700-crore ice-cream market heats up ahead of the summer.
3. Ola's Pilot Project: Electric Cabs Across Major Cities 3 Months
ANI Technologies Pvt. Ltd, which runs cab-hailing service Ola, will shortly introduce fully electric cabs on a pilot basis in major Indian cities. The move is expected to boost sales of electric cars, which have failed to take off despite attempts to promote them through government incentives.
4. Macquarie Infrastructure to buy HPPPL's Solar Assets
It is in advanced talks to acquire a 320 megawatt (MW) portfolio of solar assets from Hindustan Power Projects Pvt. Ltd (HPPPL), two people familiar with the development said. HPPPL, formerly known as Moser Baer Projects Pvt. Ltd, has over 600MW of solar capacity. In April, it commissioned a 1,200MW thermal power plant at Anuppur in Madhya Pradesh.
5. V-Guard to Pick up Majority Stake in GUTS Electro-Mech
Kochi- based electrical appliances manufacturer V-Guard Industries Ltd plans to pick a majority stake in domestic switch gears and current transformers maker GUTS Electro-Mech Ltd. V-Guard Industries, which is backed by private equity firm Nalanda Capital, has already got the in-principle approval to make the investment in the Hyderabad-based company.
6. Travel-tech Startup Ithaka Raises Seed Round
Mumbai-based Traveljunkie Solutions Pvt. Ltd, which runs travel-tech startup Ithaka, has raised Rs 2.1 crore ($325,000) in seed funding from a clutch of angel investors based in the US, Singapore and India. Ithaka will use the funds to build a personal, chat-based travel planning experience and forge overseas partnerships.
7. Online Luxury Fashion Marketplace Zapyle Raises Bridge Funding
Bangalore-based luxury fashion platform Zapyle has raised an undisclosed amount in a bridge round of funding from its existing investors. The startup will use the capital to develop its technology platform, onboard more brands, and for marketing.
8. ONGC to Raise Rs. 1,671Cr for Associate Firm OPaL
State-run Oil and Natural Gas Corp. Ltd (ONGC) plans to raise Rs1,671 crore for its associate company, ONGC Petro additions Ltd (OPaL). OPaL operates a $4.5 billion mega petrochemicals complex in the Dahej special economic zone (SEZ) in Gujarat. The complex was inaugurated by Prime Minister Narendra Modi on 7 March after much delay and cost overruns.
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