Business Roundup #Week13

Business
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Flipkart Sets Up Internal Fund

Flipkart has set up an internal fund to invest across early-stage startups, says a report.

This is a first such move by the e-commerce major, according to sources. The Walmart-owned e-retailer plans to back young companies across financial technology, supply chain, SaaS, among other strategic areas as it looks to get a foothold into these startups.

The fund is estimated to be $60-100 million in size and will be led by Emily McNeal, the group CFO of Flipkart.

Housing Prices Post 7% Rise

Housing prices have increased by a modest 75 in seven major cities during the past five years, says a report.

Sales and new supply have declined 28% and 64%, respectively, according to brokerage firm Anarock.  In its analysis of the performance of the real estate sector in the past five years of the current central government, Anarock founder and Chairman Anuj Puri said many steps were taken to reform and improve the image of the Indian real estate sector.

Measures such as demonetisation, new realty law RERA and GST did cause some pain for the sector in short term but would prove beneficial in the long run, he added.

JSW Group Entering Steel Furniture Business

JSW Group is foraying into the steel furniture business under the brand JSW Living, says a report.

The venture marks the induction of Tarini Jindal Handa into the group as the new entity’s managing director. The 35-year-old is the oldest daughter of JSW Group chairman Sajjan Jindal and brings with her expertise in design and marketing.

JSW Living will focus largely on the home furniture segment, which accounts for almost 65% of the total furniture sales in the country.

Tata To Hike Passenger Vehicle Prices

Tata Motors will raise prices of its passenger vehicles range by up to 25,000 rupees from April due to rising input costs and external economic conditions, says a report.

The company joins the likes of Toyota and Jaguar Land Rover which have also stated that they would hike prices of select models from April.

Tata Motors currently sells a range of passenger vehicles starting from the Nano to premium SUV Hexa priced between 2.36 lakh and 18.37 lakh rupees.

Consumer Firms Cut Slow Product Prices

Consumer electronics companies cut prices of slow-moving products by up to 20% this month after tepid demand led to a pile-up of inventory, sources said, according to a report.

The move was prompted by flat sales since Diwali and a delayed summer, which led to no uptick in sales for cooling appliances like refrigerators and air-conditioners, the executives said.

The latest report by DBS-Emkay said companies like LG, Samsung, Panasonic, Whirlpool, Godrej, Hitachi, Daikin, Voltas and Carrier have dropped prices this month by up to 20% from that of July or October.

Mayfair Raises $3.2 Million Funds

Lifestyle brand Mayfair has raised $3.2 million (22 crore rupees) in its seed round of funding, says a report.

It was raised from homegrown venture capital firm Nexus Venture Partners and Chinese alternative asset management firm CDH Investments.

Mayfair, founded by two Chinese entrepreneurs, offers affordable fashion including clothing, accessories and home and living products. The firm captures customer demand trends using data science and an artificial intelligence technology platform.

Dell-Alienware Launch Devices

Dell and its subsidiary Alienware have launched Alienware Area-51m, Alienware m15 and Dell G7 devices for the gamers in India, says a report.

Originally unveiled at the CES 2019 in January, the devices have now made their way to India. Price of Alienware Area-51m starts at 299,590 rupees and is available on dell.co.in while the Alienware m15 starts at 178,399 rupees.

The Dell G7 15 is available for 157,399 rupees and is also available on dell.co.in. The new portfolio would be available in retail and multi-brand stores across the country from April 1.

Toyota-Suzuki In Key Partnership

Toyota Motor and Suzuki Motor have agreed to take concrete steps toward sharing more models, vehicle architectures and electrified vehicle technology, says a report.

The discussion between the Japanese automakers is on three major subjects: sharing of electrified vehicle technology including Toyota’s patented hybrid vehicle systems, sharing of Suzuki’s compact vehicle architecture and engines and leveraging each other’s manufacturing capabilities for global markets.

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Babu Kalyanpur

Babu Kalyanpur, ( Consulting Editor) has rich experience in both sports and business journalism. Babu has led news desks in Pune and Bahrain and writes extensively on his passion, sports and business besides current affairs and matters of importance to Pune.

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