Ashwanth Vidhya, Mumbai Uncensored, 15th July 2021:
DealShare, an Indian social E-commerce startup, has raised 144 million USD in its recent round of funding. This brings the total funding received by the company to 183 million USD. Tiger Global led the latest round of funding. The round was co-led by WestBridge Capital, Alpha Wave Incubation (a venture fund backed by ADQ, and managed by Falcon Edge Capital) & Z3Partners with participation from Partners of DST Global, Matrix Partners India, and Alteria Capital. Post the current round, the valuation of the company stands at 455 million USD.
Mr Vineet Rao, CEO and Founder, DealShare, said, “We believe India is a unique market with its highly diverse demographics and requires an indigenous model that is built based on first principles and differentiates itself from western and Chinese e-commerce models. DealShare has pioneered this model with innovations in app experience and technology, direct from factory procurement, gamified and viral demand generation and building a DealShare dost (community leader) network that enables DealShare to operate at the lowest cost operations in the world. We are proud to have a strong team of innovators who love to continually learn consumer behavior and solve hard business problems. This has enabled DealShare to rapidly grow to $200M GMV ARR. We would be utilizing the funds primarily to invest in AI-driven innovations in our user experience leading to a highly personalized, fun-filled and gamified experience. Our monthly active users already use our app over 40 times a month making it the most engaging ecommerce app and we will continue to add more innovative capabilities and services to serve a wider range of user needs. We will also invest in improving and scaling up our operations rapidly. We expect our footprint to increase from current 20 warehouses across 5 states to over 200 warehouses across 10 states by end of this year”
Adani group shuts logistics park in Punjab due to seven-month blockade by farmer protesters, buys land in UP for data centre
Manasa Maddila, Mumbai Uncensored:
Adani Logistics Ltd has chosen to close its inland compartment stop (ICD) at Kilaraipur in Ludhiana after it stayed obstructed by rancher dissenters for a very long time. The organization took the choice get-togethers Punjab government neglected to eliminate the barricade regardless of a high court request. This choice has implied that around 400 individuals will lose their positions, and around 1000 additional individuals will be affected who were related with the office in a roundabout way.
Spread more than 80 sections of land, the Multi-Model Logistics Park was set up by the Adani Group in 2017 to work with the businesses in and around Ludhiana by giving them administrations of import and fare of load through rail and street. The coordinations park likewise has a rail connect for this reason.
Be that as it may, the recreation center must be kept shut as its principle entryway was hindered by the counter ranch law nonconformists in January this year. Aside from sitting on a dissent outside the fundamental entryway, the dissidents additionally left a heavy transport before the door, forestalling the development of vehicles through the door. The nonconformists are additionally not permitting the workers of the office to enter the premises.
Subsequent to enlisting protests with the police and moving toward the state government had yielded no outcome, the Adani bunch had documented a writ appeal at the Punjab and Haryana High Court in March 2021 looking for headings to the state specialists to empty the barricade. The High Court had taught the state govt to determine the issue and to document status reports, however didn’t give any immediate request to eliminate the bars.
In the wake of hanging tight for a very long time, the organization at last concluded that it can at this point don’t continue to pay compensations and different costs for a shut office with no affirmation on when it very well may be re-opened. The organization said that it can at this point don’t support misfortunes on the office, and educated that it is shutting the Multi-Modal Logistics Park.
“As the state organization couldn’t eliminate the bar and permit the ICD to proceed with activities, the Adani Group has chosen to close the business activity at ICD Kilaraipur as it can’t support misfortunes and keep on paying wages to workers any more,” a source in the organization said. “Attributable to the bar, the ICD business has arrived at a total stop. Regardless of this, the Group has persistently paid full wages to its staff and installments to merchants with the expectation that the High Court and the State of Punjab will make a move for evacuation of the bar,” the source added.
As per reports, the organization has effectively taken out its signage from the primary door of the office, and has given pink slips to the workers.
Aside from the deficiency of occupations, the conclusion of the coordinations terminal will likewise bring about a misfortune to the exchequer as Railway Haulage, GST, Customs Duties and other assessments to the tune of Rs.700 Crores. It is additionally assessed that the general effect on the economy will be around Rs7,000 crore after the conclusion.
It is striking that since the time the rancher fights started, the dissenters are likewise attempting to hurt the organizations run by industrialists Gautam Adani and Mukesh Ambani. As the Congress accepts these two industrialists to be nearer to PM Narendra Modi, the ‘ranchers’ have decided to target them, uncovering the political idea of the fights.
Adani Group buys land in Noida for server farm:
Curiously, simply a day prior Adani Logistics Ltd chose to close its Ludhiana coordinations park because of the bar by the dissidents, Adani Enterprises had bought a plot of land in Noida, UP, to set up a server farm. The organization was apportioned more than 34,000 square meter land by the Noida Authority on Wednesday, where the organization will contribute around Rs.2400 crore for the forthcoming server farm.
The organization said that it has acquired land in Noida to set up “perhaps the biggest datum habitats” in the country. A Noida authority official said that the venture would produce 1,350 business openings and get an income of ₹103.41 crore to the Authority. Adani Enterprises said its situation as the biggest sustainable force major part in the nation, just as its admittance to a few undersea links across the coastline through their port areas, places it in a solid situation in the server farm market.
Recently, Adani Group had shaped a joint endeavor with US-based EdgeConneX to fabricate hyper-scale server farm parks in the six urban areas. The two organizations have shaped a 50:50 joint endeavor organization named AdaniConneX JV. The organization intends to fabricate server farms in Chennai, Navi Mumbai, Noida, Vizag and Hyderabad.
IHCL signs a Vivanta hotel in Ahmedabad
Pal Pariawala, Mumbai Uncensored, 20th July 2021:
Indian Hotels Company (IHCL), announced the signing of a Vivanta hotel in Ahmedabad, Gujarat’s largest city. An existing hotel in the city which is expected to undergo a large-scale renovation will be managed, as stated the signed contract. This hotel would later be flagged as Vivanta.
Suma Venkatesh, Executive Vice President of the Real Estate and Development department, IHCL, said, “This signing is in line with IHCL’s strategy of strengthening our domestic presence in key cities. Ahmedabad is a thriving economic and industrial hub. The company will now have three of its brands- Taj, Vivanta and Ginger present in the city. We are delighted to partner with Leela Tradelinks Private Limited.”
This lavish project will consist of a 176 room hotel located on the SG Highway, a convenient driving distance from Gandhinagar. The hotel’s dining options ill include Mynt, the all-day dining restaurant, lobby café Swirl and a specialty restaurant. Numerous recreational facilities like a swimming pool, fitness center and spa, meeting rooms and a banquet hall for social and business gatherings will be added. Vivanta is a Brownfield project expected to open by 2022 as soon as the renovations are completed.
Mr. Komalkant F Sharma, Chairman and Managing Director of Leela Tradelinks Private Limited said, “We are happy to partner with IHCL for Vivanta Ahmedabad. This will be the first Vivanta Ahmedabad. This will be the first Vivanta in the city, bringing in a refreshing new take in hospitality.”
Ahmedabad is an important commercial centre and IHCL will have a total of 5 hotels in the city including this one.
Sudarshan Venu Led TVS Motor Company to Invest INR 1,000 Crore in Electric Vehicles, to Launch Over Half a Dozen EV Vehicles Across Segments by Mid-2023
Business Wire India
India’s third-largest two-wheeler maker, TVS Motor Company, has plans to invest Rs 1,000 crore to manufacture electric vehicles. Sudarshan Venu, the company’s joint Managing Director, said that the proposed EVs will fall under an independent vertical.
Mr Venu, a TVS Group prodigy, paves the way for the next generation of leaders. As the company’s New Strategy leader, this new line of Electric Vehicles is his vision. Ralf Speth—recently appointed as chairman of TVS Motor and former CEO of Jaguar Land Rover—and Kuok Meng Xiong—a leading global eCommerce investor for ByteDance, Palantir and Airbnb—are mentors to the young scion.
It is no secret that an increasing number of startups are focusing on the EV segment, but this does not worry Sudarshan Venu. In his interview with Economic Times, he says, “We’ve quietly worked on EVs for the last one decade. It is a huge focus area for us as we advance. We are embracing this future; we are investing in it and are excited.” “We want to scale up the TVS electric experience pan India, and it is a space where we would like to play a leading role,” he continues.
Despite new-age EV entrants, mainstream two-wheeler makers are also being measured with them. Chetak from Bajaj Auto seems to be on its reincarnation journey, while TVS Motor seems to be as aggressive as ever. Additionally, Hero MotoCorp is steadily investing in Ather Energy and its in-house EV projects.
TVS Motor is working diligently on its 5-25kW two- and three-wheelers portfolio, launching all of them within 24 months. It aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers.
The company’s new EV vertical has 500-600 engineers are already working on multiple concepts for the new market needs. Designed and developed in India with global R&D, this range of EVs aims to launch in foreign markets.
With a dedicated, scalable facility for electric vehicles, TVS Motor is also developing integrated vehicle architecture with battery and other critical parts manufactured in-house. Mr Venu predicts that with falling battery cost, sustained policy support and product launch investments, customer acceptance will accelerate by 2025. “The bull case of the industry is what we will plan for, and we will invest behind it, and be ready for it,” he beamed during his interview with ET.
The infrastructure for charging is critical for faster EV adoption and TVS Motor is planning strategic partnerships to create an ecosystem of fast-charging vehicles.
TVS Motor’s first EV, the iQube, will go from Bengaluru, Chennai, Coimbatore, Delhi and Pune to over 1,000 dealerships in major Indian towns and cities by FY22 end. Around then, it will also launch its Creon-concept end, foreseen to be the most advanced electric two-wheeler in India.
The company joint MD claims that TVS Motor has a “clear path” for iQube’s positive gross margin. It is all set to transform into a digital-age company with a connected, cool and electric brand, and his commitment of INR 1,000 crore is an investment in that direction.
“We are improving the profitability of our core business and cutting any Capex on non-core areas to keep the focus on electrification and digital future,” Sudarshan Venu said to ET. When asked about sales and finance numbers, he said, “We should see very rapid growth from here on. While the total cost of ownership parity is still some time away, in the three to five years, you will see significant growth in the industry; that is why we are investing.”
Believing that EV development has to be “ground-up”, he acknowledged that India can play a huge role in the sector, much like conventional two-wheelers. Applauding both states and the central government for the SoPs extended, he said any future policy support should drive “development of technology”, especially through battery technology, cell chemistry, etc.
TVS Motor is involved in the startup ecosystem with a special focus on telematics and connectivity platforms. Having greatly contributed to the company’s core business so far, they are sure their new focus will enhance the EV buying experience. TVS agility will be critical in the future of a connected and digital world.
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