Author: Khushi Mundra

New Delhi: A drug research company, Syngene International Ltd, backed by Singapore sovereign wealth fund GIC, is set to acquire Stelis Biopharma’s manufacturing unit in Bengaluru for Rs 702 crore (around $88 million) in cash.  Syngene has signed a pact with the biopharmaceutical company to snap up its Unit 3, a biologics manufacturing unit, it said on Wednesday. “This acquisition strengthens our growing position as a leading biologics contract development and manufacturing service provider and adds drug substance capacity and a drug product capability years earlier than our internal capex program,” said Jonathan Hunt, Syngene’s chief executive and managing director. The…

Bengaluru: Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, registered an overall sale of 80,737 units in June 2023. This amounts to an 18.7% year-on-year growth in June 2023 compared to June 2022. Commenting on the sales performance, Mr Devashish Handa, Executive Vice President, Sales, Marketing and After Sales, Suzuki Motorcycle India, said, “Suzuki Motorcycle India continues posting double-digit sales increase.This growth also shows robust demand for our products, both in the domestic and overseas markets. We would like to express our sincere gratitude to our esteemed customers and dealer partners for their unwavering support.” In…

New Delhi: Knocksense, the leading hyperlocal content-driven commerce platform, has announced its recent investment from music veteran Lucky Ali. This partnership marks a significant milestone for Knocksense as it revolutionises hyperlocal content, commerce, and live entertainment.  LuckyAli, celebrated for his iconic contributions to the music industry, expressed his excitement for Knocksense, stating, “I am truly impressed by their innovative business model that merges hyperlocal commerce with pop culture. Knocksense fosters an authentic community that connects the youth in smaller cities with greater opportunities through engaging content and commerce.”  Started by Vibhore Mayank &Varul Mayank Knocksense is actively raising $1 million in…

New Delhi: One97 Communications, a supplier of mobile internet services, announced on Wednesday that the number of payment devices subscribed by its merchants increased by 109% between June 2022 and June 2023. One97 Communications is the parent business of the digital payments and financial services provider Paytm. The company, which competes with PhonePE, Gpay, and other digital payment apps, claimed in an exchange filing that as of June this year, 79 lakhs of merchants were paying subscription fees for its payment devices, such as Soundbox and point-of-sale (PoS) machines, up from 38 lakhs in June of last year. “We continue…

New Delhi: In India, the concept of inclusion is undergoing a rapid and remarkable transformation, driven by a multitude of stakeholders across various sectors. The country’s corporate sector, in particular, is actively embracing the principles of equity and diversity, championing a more inclusive and accepting society. The finance industry is at the forefront of this movement in the corporate sector. Traditionally perceived as a conservative and rooted in the past industry, the financial sector has transformed itself into a flag bearer of inclusivity, challenging stereotypes and advocating for the rights and welfare of the LGBTQIA++ community. Beyond mere rainbow branding,…

New Delhi: On Tuesday, HPL Electric and Power Ltd. (HPL), a supplier of electrical products and services, reported the successful completion of the purchase of intelligent metre orders totalling Rs 903 crore (including tax). According to the firm, these orders would further strengthen HPL’s total order book, which now stands at Rs 2250 crore. “These significant smart meter orders underscore HPL Electric & Power Ltd’s commitment to innovation and reinforce its role in India’s mass smart-meter adoption,” the company said in a regulatory filing. “We are delighted to secure these additional prestigious smart meter orders, achieving another milestone in our…

New Delhi: Arohan Financial Services, a microfinance institution part of the Aavishkar-Intellecap Group, has raised $24 million, nearly Rs200 crores from a development finance institution, Investment Fund for Developing Countries (IFU), which the Denmark government backs. The move comes after the microlender scrapped its plans to float an initial public offering (IPO) due to tough macroeconomic conditions. Arohan counts private equity firm Tano Capital and secondary specialist TR Capital among its backers. In March 2023, the Kolkata-based firm raised $11 million, nearly Rs 91 crore, from another offshore backer, the Dutch development bank FMO, before the latest IFU investment. According…

Udaipur: Advaiya, a leading digital transformation company from Udaipur with multiple offices in the US and India, has been awarded the prestigious Silicon India’s Best Companies to Work for IT 2023 title. Advaiya is one of the few companies to receive this award from Southern Rajasthan. The award recognizes Advaiya’s exceptional work culture, commitment, and collaboration in delivering digital transformation solutions to clients.  Advaiya has been at the forefront of helping organizations adopt and leverage technology with tailored solutions that empower its clients with a strategic advantage over their competitors. The company’s deep understanding of local sensibilities and commitment to…

New Delhi: Ekart, the supply chain division of Flipkart, began offering business-to-business (B2B) delivery and first-mile pick-up services on Monday throughout all of India using a fleet of more than 7000 GPS-enabled trucks. The service would be provided via air and surface modes and targeted at MSMEs, including brands from various industries, retailers, and manufacturers. The company announced that it would provide surface transportation to companies from 80 hubs spread across the nation, connecting the main logistics routes, and supported by a fleet of closed-body container trucks with digit lock that would travel, on average, 800 miles per truck per…

Mumbai: Plotch.ai, a leading technology enabler of ONDC, has announced today that IDFC FIRST Bank has joined the Plotch ONDC-focused accelerator. This ONDC accelerator was launched by Plotch.ai earlier in the year in partnership with Microsoft. ONDC is an initiative by the Indian government to increase e-commerce penetration in India. IDFC FIRST Bank will offer banking and fintech support to startups building solutions and businesses around ONDC. On this development, Manoj Gupta, CEO of Plotch.ai, says, “We welcome IDFC FIRST Bank to lead efforts in building a healthy ecosystem of startups who will build the next-generation technologies for faster adoption of…