Reserve Bank permits Indian startups with overseas unit to open foreign currency account abroad


In a move to boost the entrepreneurial ecosystem in India, the Reserve Bank has allowed startups with an overseas subsidiary to open a foreign currency account abroad. According to a recent notification, “a startup in India with an overseas subsidiary is permitted to open foreign currency account abroad to pool the foreign… Read more »

India: Solar innovator igrenEnergi raises fresh round of angel funding

igrenEnergi, solar and electric vehicles technology company, has raised fresh funding from New York based angel investor Sunil Mehta, taking his total investment in the company to $1 million, says a report in The Economic Times. Founded in 2013 by IIT graduates, igrenEnergi is building products for efficient energy conversion and… Read more »

Top 10 angels invested in 425 Indian startups in last decade; Rajan Anandan leads the pack

Rajan Anandan, MD at Google India, leads the list with more than 80 investments in the last 10 years. Sunil Kalra, who was into leather apparel manufacturing in the early 90s, comes second with about 50 investments, followed by Anupam Mittal, founder and CEO of People Group

India: Kedaara Capital, Partners Group JV to buy Au Financiers housing finance for $139m

Local private equity firm Kedaara Capital has partnered with American fund Partners Group to acquire the mortgage arm of Au Financiers, the Jaipur-based lender said in disclosure to the stock exchanges. While the disclosure did not mention the financial details of the deal, according to a report in The Economic Times the size… Read more »

India: Premji Invest buys 8% of L Capital stake in Fabindia for around $52m

Premji Invest, an existing investor in the Fabindia, has bought L Capital‘s 8% stake in the retail brand for around Rs 360 crore ($52 million), as per a report in The Economic Times. L Capital, the private equity arm of global luxury goods conglomerate Louis Vuitton Moet Hennessy (LVMH) is exiting Fabindia Overseas… Read more »

Low fare airline AirAsia India’s CEO has resigned

Low fare airline AirAsia India’s managing director and chief executive officer Mittu Chandilya has resigned and a new executive from the parent airline is likely to take over in next two to three months, according to two persons close to the development. “Chandilya has submitted his resignation,” one of the… Read more »

Infosys looking at three pronged strategy to work with start-ups: Pravin Rao

Infosys chief operating officer Pravin Rao says collaborating with start-ups goes beyond mere investing

India: Wipro to acquire US-based HealthPlan Services for $460m

This is Wipro’s second acquisition in the US, and third overseas deal within two months.

India: UK-based Essentra acquires pharma assets of Kamsri Printing

Essentra Plc has acquired pharmaceutical packaging business of Kamsri Printing & Packaging.

India: Amazon acquires 26% in Tata group’s publishing firm Westland for $1.4m

Amazon would have the right to acquire the remaining 74 per cent stake in Westland at a later date.