LoanTap Raises Funds In Equity Round
Digital lending company LoanTap has raised 42.83 crore rupees in an equity funding round, according to a report.
It was led by Beijing-based venture capital firm Shunwei Capital. Mumbai-based private investment firm Tuscan Ventures and Ashish Goenka, owner of Suashish Diamonds who invested in his personal capacity.
Existing investors India Quotient and Kae Capital also participated in the round. The Pune-based fintech startup is an online NBFC and lends from its own books.
End Of The Road For Nano?
Tata Motors said it had produced just one unit of Nano cars in June this year, says a report.
The sale of the car slumped to an all-time low this year, with the carmaker selling just three units in the domestic market recently.
The model was launched in 2009. However, the company has said that no decision has been taken yet on stopping production.
Suzuki Mulls Electric Two-Wheeler Launch
Suzuki Motorcycle India is targeting to bring in electric two-wheelers to the Indian market by 2020, says a report.
The timeframe coincides with the plans of Suzuki’s Indian carmaker unit, Maruti Suzuki, to launch an electric car in India.
Suzuki Motorcycle India has requested the headquarters in Japan for an electric scooter as well as an electric motorcycle for the local market. Suzuki has set up a project team of five people and engaged KPMG to help devise electric vehicle solutions.
Beverages Firm In Talks With Investors
Viiking Beverages, owner of Goa Kings beer, is in negotiations with investors to raise up to 200 crore by the end of this quarter, according to a report.
The move is to help the company expand its product portfolio and open two new production units, a top company official said.
The company has also planned its initial public offering (IPO) by the end of 2019 or early 2020 to fund its ambitious expansion plan, It has already roped in Grant Thornton to prepare for the IPO.
Volvo Eyes Plug-in hybrid and Electric Technology
Volvo Cars is looking to plug-in hybrid and electric technology over the conventional internal combustion engine (ICE) in the Indian market, says a report.
The Swedish luxury-car manufacturer, which has been aggressive in bringing its global models to India, will now not invest in diesel vehicles in the country.
Instead, it will focus on electric cars and plug-in hybrids, which are electric vehicles that can also run on conventional fuels.
Inox Signs Lease Accord In Mumbai
Inox Leisure has signed a lease agreement for 15 years with Oberoi Realty for 1 lakh sq ft space in the developer’s under-construction mall in Mumbai’s western suburb Borivali, according to a report.
India’s second largest multiplex chain is planning to develop one of the largest multiplexes in the country with up to 15 screens.
This will include standard as well as premium formats such as Insignia, IMAX, and Kiddles.
VW Plans Major Push In India
The Volkswagen Group has announced a major investment drive in India, a report said.
It is committed to invest more than euro 1 billion (7,900 crore rupees), as it aims to reboot its India business, with Czech unit Skoda Auto leading the charge.
The group has set a target of garnering a 5% market share in India between the Volkswagen and Skoda brands by 2025. The two put together currently have a share of less than 2% in the Indian passenger vehicle market of 3.27 million units a year.