SEBI Sent Notice To 6 Angel Firms, Didi Chuxing Invests in Dubai-based Careem, Vivek Oberoi Picks up Stake in SkyLimit & More
Godrej Group is planning to foray into online furniture retail through Godrej Interio.
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Here is a list of deals that happened in Indian Startup Ecosystem today. Read a brief description about all of them:
1. According to government data, over 2196 new ventures in India have been recognised by the Department of Industrial Policy and Promotion (DIPP) since the launch of the programme in January, 2016. DIPP recognition means comparatively easy patent filing process and credit availability for the recognised startups. Over 800 startups have been recognised by the DIPP in the last two months alone following the change in definition in May 2017. Only a few of these, about 50 startups, have qualified for three years of tax holiday in a block of seven years if they are incorporated after April 1, 2016.
2. Securities & Exchange Board of India (SEBI) has sent notices to atleast six angel firms in one-and-a-half months asking them to spell out details of their fund-raising business. However, the names of these angel investment firms are still undisclosed.
SEBI need details like— Who are people behind these angel networks? How do they raise these funds? Are they acting like unauthorized stock exchanges?
SEBI fears that these little-known electronic platforms might be “playing matchmakers in equity or debt market, they are acting like stock exchanges which they are not authorized to do,” the report said. “By facilitating the issuance of securities to more than 200 investors, some networks may be violating the rules of private placement,” the report added.
According to a Sebi official, a team is also set up by the regulator to examine such cases.
3. Dubai-based ride-hailing firm Careem has raised an undisclosed amount of funding from Chinese ride-sharing firm Didi Chuxing to strengthen the company's position in the market and improve its services. Both of them will also collaborate by sharing information on transportation technology, product development, and operations, reported ET.
Careem, a Middle East rival to Uber, offers services to 12 million customers in 13 countries, predominantly in the Middle East. Didi offers services to more than 400 million users. It acquired Uber's China operations in August 2016.
4. Amazon India is all set to foray into online food retailing in India during the Diwali season, according to several people familiar with the matter. The company, which will make its entry through subsidiary Amazon Retail India Pvt Ltd, subsequently plans to start a private grocery label in India as it has done in the US.
Last month, Amazon got government approval for stocking and selling food and groceries in India online and through brick and-mortar stores. The company plans to invest $500 million in the segment over the next five years.
5. Bengaluru-based health and wellness startup, CureFit has signed actor Hrithik Roshan as the brand ambassador for five years at Rs100 crore, reported ET.
The deal includes the actor’s equity stake in the company in lieu of cash investment, promotions and royalty from Hrithik’s personal brand HRX’s specialised workout plan. This plan will be introduced across Cult fitness centres operated by Cure.fit.
HRX Workout offering, available at Cult fitness centres run by Cure.fit and soon to be launched on the mobile app, is expected to rake in Rs 250-crore annual business in the coming years.
6. Godrej Group is planning to foray into online furniture retail through Godrej Interio. The company has also confirmed an investment of about $62.6 million to facilitate online retail over next three years. The investment will allow Godrej Interio to enhance its production capacity.
7. Bollywood actor Vivek Oberoi has picked up majority stake in health and fitness startup, SkyLimit Integrated Wellness Solutions. US-headquartered SkyLimit was founded in 2012, provides a multi-discipline regenerative medicine and anti-ageing facility. It launched its India operations last year with a clinic in Juhu, Mumbai. Oberoi and Haresh M Mehta, founder of SkyLimit, plan to invest Rs 500 crore ($78.5 million) over the next three years in the company to open 150 clinics across India.
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