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Tata Group in talks to join iPhone makers club📱
Tata Group is in talks with a Taiwanese supplier to Apple to set up an electronics manufacturing joint venture in India, seeking to assemble iPhones in the country.
The discussions with Wistron Corp are aimed at making Tata a force in technology manufacturing, and the conglomerate wants to tap the Taiwanese company’s expertise in product development, supply chain and assembly, sources told Bloomberg.
The plan could entail Tata buying equity in Wistron’s India operations, or the companies could build a new assembly plant.
If successful, the pact could make Tata the first Indian company to build iPhones, which are currently mainly assembled by Taiwanese manufacturing giants like Wistron and Foxconn Technology Group in China and India.
Need modern banks to build advanced economy: Sachin Bansal🏦
Sachin Bansal, founder of financial services group Navi Technologies, is hopeful of getting an on-tap banking licence from the Reserve Bank of India (RBI).
Bansal said that the country needs more modern banks if it is to build an advanced economy, as a handful of traditional banks can’t do that. He added that most people in the government and RBI would agree that there is a case for modern banks in India now.
Bansal, who previously founded Flipkart, was speaking for the first time since the RBI denied him permission to start a bank.
“There definitely is the need (for more banks) and I hope the regulator sees that [and] finds a way to act on it… this will be good for India,” he said.
- Electric mobility startup Yulu has raised $82 million (Rs 653 crore) in funding led by US-based Magna International Inc.
- Agri-fintech startup Ayekart has raised $5.5 million as equity and debt fund co-led by corporate lending financial service firm Caspian Debt and individual focused micro financial platform Siply.
- Photography service platform VsnapU has raised over Rs 2 crore in a seed funding round led by Inflection Point Ventures.
- Edtech startup Online Live Learning (OLL) has raised $115,000 in its seed funding round led by We Founder Circle and angel investors such as Gaurav VK Singhvi, Neeraj Tyagi, Bhawna Bhatnagar, Sandeep Balaji, Rahul Hingmire.
Nykaa completes acquisition of Digital Content Platform Little Black Book📔
Nykaa’s parent company FSN E-Commerce Ventures has acquired 100% stake in lluminar Media, known as Little Black Book (LBB).
LBB is involved in the business of running and operating a digital platform and a mobile application that serves as a lifestyle guide and recommendation platform.
The acquisition would help Nykaa to strengthen its content delivery, drive discovery for brands and make shopping experience more engaging for the customers, the company said in a regulatory filing.
Little Black Book or lluminar Media, was valued at $17.1 million as of January 2021, when it last raised a $890,000 round from Inventus Capital India and Chiratae Ventures, according to data from Tracxn. It has raised a total of $8.39 million so far.
Tweet of the day🐥
Other Top Stories
🚘 More exits at Tesla as EV firm’s India interest tails off
📊 Indian investors understand digital businesses much better now: Zomato co-founder Mohit Gupta
“The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.”– Arnold H. Glasow
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