E-Commerce Turnaround: Meesho Swings to Profitability after 90% Loss Reduction
Meesho, a Softbank-backed e-commerce company, has reported a remarkable shift in its financial performance, marking its first-ever profitable quarter in the financial year 2024. This significant milestone was achieved in the second quarter that ended in September 2023. Despite not disclosing the exact profit figures for the July-September period, the company’s financials show a promising […]
InCred Charges Ahead: Secures $60 Million, Joining India’s Unicorn Club
In a remarkable achievement for the Indian fintech sector, InCred has officially gained unicorn status after successfully raising $60 million in a Series D funding round. This milestone makes InCred the second company to achieve unicorn status this year, following Quick commerce platform Zepto. The Mumbai-based non-banking finance company (NBFC) InCred, known for its impactful […]
Goodbye FirstCry: Ratan Tata Makes Surprise Move, Sells All Shares In Upcoming IPO
Ratan Tata, the veteran industrialist and former Chairman of Tata Group, is set to make a significant move in the business world by divesting his entire holdings in FirstCry, a prominent omnichannel platform for baby and mother-care products. This decision comes as FirstCry prepares for its Initial Public Offering (IPO). Tata initially invested in Brainbees […]
Delivery Tax Debate Heats Up: Zomato Challenges Rs 401.7 Crore GST Notice
Zomato, the prominent online food delivery service, has recently faced a substantial financial hurdle. The company received a show cause notice from the Directorate General of GST Intelligence (DGGI), Pune Zonal Unit, demanding an explanation for an alleged tax liability. The notice, issued under Section 74(1) of the Central Goods and Services Tax Act, 2017, […]
India’s Ambitious Goal: $1 Billion in Banana Exports Over Next 5 Years
India is setting its sights high in the agricultural export sector with a bold goal to increase its banana exports to USD 1 billion over the next five years. This ambitious target comes on the heels of a successful trial shipment of fresh bananas to the Netherlands, utilizing a sea route for transportation. This initiative […]
Government Expands RoDTEP Benefits to Include E-Commerce Exports
The Indian government, led by Commerce and Industry Minister Piyush Goyal, has recently announced a significant extension of the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to include e-commerce exports. This move is expected to provide a substantial boost to the country’s e-commerce export sector, particularly benefiting Micro, Small, and Medium Enterprises […]
India’s Growing Business Sector: Over 1.96 Lakh Companies, LLPs Incorporated This Year
In a significant boost to India’s business ecosystem, the Ministry of Corporate Affairs announced that over 1.96 lakh companies and Limited Liability Partnerships (LLPs) were incorporated in the country till the end of November 2023. This marks a notable increase from the 1.88 lakh entities registered in the same period last year. Key Developments and […]
FY24 Disinvestment Target Likely to be Missed, Decade Earnings Over Rs 4 Trillion
India’s ambitious disinvestment program is set to fall short of its target for the fiscal year 2023-24 (FY24), despite having raised over Rs 4 trillion in the past decade. The government had set a budgeted target of Rs 51,000 crore for FY24, but so far, only about Rs 10,049 crore, or approximately 20% of this […]
India Advances in Lithium Acquisition with Five Blocks in Argentina
India is poised to make a significant move in the global lithium market with its plan to acquire five lithium blocks in Argentina. This development, spearheaded by Khanij Bidesh India Ltd. (KABIL), is in its final stages of negotiation. KABIL, a joint venture company, focuses on identifying, acquiring, developing, processing, and commercializing strategic minerals in […]
India and Russia Ink Agreements for Future Kudankulam Nuclear Plant Units
India and Russia have recently signed pivotal agreements related to the construction of future units of the Kudankulam Nuclear Power Plant, located in Tamil Nadu. This development marks a significant step in the longstanding partnership between the two nations. The announcement was made during External Affairs Minister S Jaishankar’s five-day visit to Russia. In Moscow, […]