The company has entered into a strategic partnership with Scootsy, a hyper-local delivery platform
Drug maker Cipla always fought a lone battle to make drugs affordable in India.
"There is no sufficient supply of vaccine vials by the Centre for inoculation of above-45 age group people. Hence, the state cabinet decided to divert the stock, purchased for the 18-44 age group, for the above-45 age group," Health Minister Rajesh Tope said.
Many of India's fintech entities and banks have stored all their customer data in India; however, many do use foreign servers, for operations, providing services and for data analytics.
The recent Reserve Bank of India (RBI) norms on tokenisation services, which will be offered by card networks, are likely to result in merchants and payment aggregators incurring a cost as they have to pay a fee to the networks. The merchants and the payment aggregators, in turn, may pass on the cost to the customers. The norms, which were issued by the banking regulator released on September 7, allow card networks like Visa and Mastercard to offer the tokenisation service.
A third of the total restaurant market in India - valued at Rs 4.25 trillion - could be wiped out in the current financial year, since many players have simply been unable to sustain operations in the absence of customers.
International companies usually store data on global servers and the requirement to store data locally would require them to make an additional investment. But policymakers in India believe storing data locally would help monitor and conduct investigations if the need arises.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
Immunity boosting foods and drinks. Sustainable fashion. Beauty products with natural ingredients. There was always a market for these, and the pandemic has only made it bigger. Within beauty, brands have recorded a greater demand for ayurveda products.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
Amazon has also signed a term sheet with Kishore Biyani-led Future group to invest $600 million to $700 million for a 12 to 15 per cent stake in the retail giant, it is learnt.
India is currently using two vaccines for COVID-19 -- one developed by Oxford University and AstraZeneca and the other developed by Bharat Biotech in collaboration with the Indian Council of Medical Research-National Institute of Virology. Both the vaccines are being manufactured within the country by domestic firms.
What is driving the digital-first approach of traditional, legacy brands? Apart from the growing adoption of the internet in the country, brands are drawn to the agility of the medium.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation's most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of 100 million and will invest an additional 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
The Gray Man is mindless fun, worth your monthly Netflix subscription, notes Aseem Chhabra.
As India prepares to launch its vaccine drive on January 16, here is a look at the options:
FIFA president Sepp Blatter, already facing a criminal investigation from Swiss prosecutors, may now come under scrutiny from his organisation's own ethics investigators if they find evidence of potential wrongdoing, according to FIFA's ethics procedure.
Oil prices have declined by more than 60 per cent since January with benchmark crude falling well below $30 per barrel, driven by an acute oil demand decline caused by the coronavirus and a lack of production cuts by OPEC and other oil producing countries.
The Gupta brothers are accused in South Africa of using their relationship with former president Zuma to profit financially and influence senior appointments, charges that they have vehemently denied.
Amazon on Tuesday said it will begin manufacturing Amazon devices, including Fire TV sticks, in Chennai later this year in partnership with Foxconn's subsidiary, Cloud Network Technology.
WhatsApp's ambitious payment services' blueprint in India has been caught in a bind over concerns around authentication and its data storage practices.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
In a virtual conference from Moscow, Dmitriev said Sputnik V is not only 'one of the most effective' but also among the 'affordable' vaccines in the world.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
Silicon-Valley based serial techpreneur and Hotmail co-founder Sabeer Bhatia has launched a purpose-driven social video messaging platform, ShowReel, that aims to enable employment and upskilling opportunities for job seekers globally.
Walmart, the world's largest retailer, is tripling its sourcing from India to about $10 billion a year by 2027, said Judith McKenna, president, and chief executive officer of Walmart International, the segment which includes the company's operations outside the US. "To achieve this, we are growing our sourcing team in India," said McKenna, during a fireside chat with YourStory founder Shradha Sharma at Converge@Walmart, the flagship event of Walmart Global Tech India. "Walmart has a 20-year history of sourcing from India and already exports more than $3 billion worth of Made-in-India goods each year to 14 markets worldwide." McKenna said the company has expertise in processes such as international standards and demand forecasting that businesses need to get ready to export.
Reliance has announced that it will roll out its e-commerce platform to as many as 1.2 million retailers and store owners in Gujarat. This is part of a nationwide roll-out that will come later this yea, reports Viveat Susan Pinto.
Xiaomi proposes to increase its content and software tie-ups
Digital payments firm Paytm has earmarked Rs 50 crore for rolling out a cashback program for consumers and merchants to celebrate six years of Digital India, the company said on Friday. Under the offer, Paytm has announced cashbacks for merchants and consumers in India, for every transaction made through the Paytm app. The program will be rolled out in 200 districts across the country with special drives in Karnataka, Kerala, Tamil Nadu, Andhra Pradesh and Telangana.
The robot can hold long conversations, track the child's mood and is controlled from an app on the parents' smartphone
The Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025, according to Walmart Inc President and CEO Doug McMillon. Speaking at the Converge@Walmart event, McMillon noted that given the diversity of the Indian market, the company has to "think local and execute locally". "India is such a diverse market, it's not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we've got to comply with those rules," he said.
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
"The global fashion scene is becoming more accepting in terms of size, colour, gender and age. I want to be a part of a world where these biases are non-existent."
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
Apple will soon bring its latest lineup of MacBook Pro models along with HomePod mini, AirPods and a new music experience under Apple Music Voice Plan for Indian consumers. Apple's new M1 Pro and M1 Max, available in 14 and 16-inch models, delivers groundbreaking processing, graphics and machine learning (ML) performance. The new MacBook Pro range with M1 Pro and M1 Max are available to order via Apple's online store and will begin arriving to customers and its authorised resellers from October 26.
It also said that to make it easier for people to subscribe, Disney+ Hotstar VIP has tied up with telecom players Jio and Airtel.
Future's home retailing interests, including furniture and furnishings, are housed under Praxis Home Retail, which was created in FY18 when the group demerged the business from Future Retail.
The latest round of funding values the company at $10.7 billion, almost doubling it from the $5.5 billion valuation during the $1.25 billion fund raise in July 2021 when investors including SoftBank, Prosus and Accel pumped in capital in what was the company's biggest funding since its inception. The other new investors in the latest round of funding include Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I, Sixteenth Street Capital, Ghisallo, Smile Group and Segantii Capital, Swiggy said in a statement.
