Investments in Indian financial technology ventures reached USD 339 million till July end this year, the second highest in Asia Pacific after China, a report said. “While China has attracted the most amount of investments, India stands second in the analysis with USD 339 million,” acc…
Companies, Finance & Markets
PayPal cuts forex commission by 40% for SME exporters
Global digital payments company PayPal said it has cut its forex conversion mark-up by up to 40 percent to benefit small exporters. “We have given our percent discount on the total fees. What that does is…for a small merchant, this will translate to about 30-40 per cent discount,̶…
RCom launches cloud service for seamless connectivity to enterprises
Reliance Communications and its subsidiary Global Cloud Xchange (GCX) on August 24 launched a cloud-centric service called Cloud X WAN. Cloud X WAN is suited for India as it offers seamless connectivity and double bandwidth at existing price points, RCom said. Cloud X WAN will provide cloud-based…
Ford Smart leads $24-million in Zoomcar funding
Ford Smart Mobility, a subsidiary of US automaker Ford which was spun off in March this year to focus on advancing transportation technologies, has made its first investment in India through self-drive car rental service Zoomcar. Ford led a $24-million investment in Zoomcar, which was announced o…
IndusInd Bank to use IBM’s cloud commerce solutions to transform customer engagements
IndusInd Bank will transform customer engagement with IBM’s multi-channel digital marketing services in order to enhance its cross-sell platforms. In retail banking space, businesses need digital marketing solutions capable of sifting through large amounts of transactional and interaction data fr…
Investors in medical devices park promised built-up space
Investors in India’s first dedicated medical devices manufacturing park coming up at Nadupuru village near Visakhapatnam Steel Plant have been promised up to one acre of land each with 80 per cent built-up area. As of now, officials said, they had acquired over 200 acres with a promise to increas…
$1 billion club in sight for Myntra
Myntra said it recorded gross sales worth $1 billion on an annualised basis in July riding on the success of an aggressive end-of-season sale. The company, which also acquired rival Jabong last month, now controls over two-thirds of the online fashion market with parent Flipkart, which is widely …
French companies to pump in euro 8 bn in India
Bullish on India’s growth, major French companies will be investing about euro 8 billion in the country in next few years. “Leading French companies will invest some 8 billion euros in Indian market over the few years,” French Ambassador to India Alexandre Ziegler said on the si…
Capital Float, Payworld to enhance Indian grocery stores
Capital Float, the largest digital lending platform in India, has partnered with Payworld to provide kirana (grocery) store owners with convenient financing options, enabling them to expand business operations. Small retailers are often underserved by traditional financial institutions because of…
Torrent loads Puro Wellness with Rs 250 cr
Ruchir Modi’s wellness startup Puro Wellness has raised Rs 250 crore from Torrent — the holding company of Gujarat-based conglomerate Torrent Group — in its pre-revenue stage. As per some investment banking executives, Torrent has taken a significant stake in Puro Wellness, which aims to de…