India: Realty firm Lavasa fails to follow on IPO plans, lets approval lapse a second time

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Lavasa Corp. Ltd, the real estate arm of engineering company Hindustan Construction Co. Ltd (HCC), has let its initial public offering (IPO) approval lapse for a second time. On 10 November last year, the markets regulator approved Lavasa’s application to raise capital via a primary issue The company was looking… Read more »

Indian internet startups have a ‘soaring salaries’ problem

Indian startups in internet-led sectors such as e-commerce and cab-hailing apps are not short of funding, but they are increasingly spending more on salaries as they scale up and try to stay ahead of rivals. The country’s huge outsourcing industry has led to an explosion in the number of information… Read more »


India: Ace angel investor Mohandas Pai puts money in product customisation platform Gingercrush

Gujarat-based Gingercrush, a licensed product-customisation platform, has raised an undisclosed amount in funding from former Infosys board member TV Mohandas Pai. With this, Pai also joins Gingercrush’s team as an advisor. He will mentor the founding team and senior management of the start-up to strengthen the organisational leadership and set… Read more »


India Dealbook: Delight Foods receives $605k; Mobikon partners BPI to expand into South East Asia

Delight Foods which sells Indian food brands online, has raised Rs 4 crore ($605000) from a family office and Mobikon, a SaaS-based CRM and engagement platform for restaurants, is planning to expand into Southeast Asia. Delight Foods receives $605k According to a report in the Economic Times, Delight Foods has… Read more »


India: Indiabulls Housing Finance to pick 40% in UK’s OakNorth Bank for $100m

Indiabulls Housing Finance (IHF) is acquiring nearly 40% stake in UK-based OakNorth Bank, a full-service lender, for about $100 million, in a bid to become the largest shareholder in the bank, according to a statement. The deal will also see Indiabulls promoter and chairman Sameer Gehlaut pick a 10 per… Read more »


Venture-backed Azure Power to raise $110m debt from existing investor IFC for solar project in India

International Finance Corporation (IFC), the private-sector lending arm of the World Bank, will invest up to $111 million in Azure Power India Pvt Ltd (Azure) for its 130 MW solar power plant in Karnataka. Already backed by IFC, Azure also counts Helion Venture Partners, Foundation Capital, DEG, Proparco and IFC Global Infrastructure… Read more »


India: Auto classifieds platform CarTrade acquires rival CarWale for about $90m

Automobile classifieds portal CarTrade has acquired a majority stake in rival CarWale from its owner Axel Springer SE, a leading digital publishing house in Europe, according to a statement. CarTrade, established in 2010 by Vinay Sanghi and Rajan Mehra, provides buyers and sellers a structured platform for buying and selling… Read more »


India: Cab aggregator Ola acquires transport solutions provider Geotagg

India’s biggest taxi hailing service Ola has acquired Chennai-based Geotagg, a firm focused on providing solutions in the field of intelligent transportation systems (ITS), for an undisclosed amount to strengthen its proposed bus-shuttle services project, said a report in The Economic Times. Bengaluru-based Ola has earmarked investment of Rs 120-150… Read more »


India: Market regulator reduces IPO listing time, plans to broadbase investor reach

In an effort to halve the timeline for listing and ensure that more investors are able to cash in on public issues, the Securities and Exchange Board of India or Sebi, on Tuesday, said it has decided to reduce the time taken for listing after the closure of issue to… Read more »


India: IT services firm Persistent Systems to buy US-based Akumina content management biz

Persistent Systems Ltd, through its US-based arm Persistent Systems Inc, signed an agreement with Akumina Inc, to acquire the assets and hire the employees of its content management services business, according to a stock market disclosure. The deal is subject to customary closing conditions and the deal amount was not disclosed. Akumina… Read more »