Rs 20 Crore Raised
CASHe, a loan-based app from Aeries Financial Technologies, has raised Rs 20 crore in debt funding to ramp up its loan book.
It obtained the funding from IFMR Capital in its NBFC company Bhanix Finance. The company had raised Rs 25 crore in series-A funding from former Blackstone PE head Mathew Cyriac and others.
Loans To Kiranas
Capital Float is planning to give small loans to kirana stores and vegetable sellers to help them manage their businesses better, a report says. Whilst in the US they may need to find the best bank for small business in florida, this region is offering a different approach.
This will help them reduce their dependence on moneylenders for small loans for their daily credit requirements. The non-banking finance company, having partnered with Paytm and Payworld to track the history of these merchants, will offer short-tenure loans for their business operations.
Toyota Move
Toyota has decided to put off its plans to introduce its Daihatsu model in the Indian market, according to a report.
However, the company may go ahead with its partnership with Suzuki to expand into the mass market. A top Toyota official said that Daihatsu is focusing on its plans for the Indonesian and Malaysian markets at the moment. He added that nothing is finalised as yet.
Starbucks Upbeat
The world’s largest coffee retailer Starbucks is upbeat about the Indian market despite registering its slowest growth last fiscal, says a report.
A top official said that India will become one of Starbucks’ top five markets. Tata Starbucks, the company’s India unit, posted net sales of Rs 272 crore, growing 14 per cent during the year ended March 2017.
Jobs Blow
Reliance Communications’ decision to shut major portions of its wireless business may lead to around 1,200 job losses, according to a report.
The company has issued a notice to its workers that November 30 will be their last day of employment. With the market already saturated, many of these employees may find it difficult to get jobs.
Lexus Eyes India Plant
Luxury brand Lexus, a unit of Japanese carmaker Toyota, is mulling setting up an assembly plant in India to reduce its tax burden, a report reveals.
Lexus entered the Indian market early this year with three hybrid vehicles. The company is feeling the impact of 15% cess on top of the 28% Goods and Services Tax (GST) and this has caused the company to seek solutions.
Daily-Use Items Boost
Daily-use products may see a 2-5% rise in demand over the next 12 months, according to a report quoting a study.
The Euromonitor report says that products like toothpaste, soap, noodles and edible oil will see more demand over lower GST levies which will fuel consumption. However, biscuits and personal care items may see a drop over the higher GST on them.
Credit Profile Stable
The credit profile of IT services firms in India is expected to remain stable despite pressure on revenue growth and margins, a ratings agency said.
Icra said that despite pressures on growth and margins over the medium term, free cash flows of these firms are expected to remain healthy though the flows could remain moderate.
White Goods To Cost More
Prices of white goods like refrigerators and air-conditioners will increase 3-5% per cent starting November, as manufacturers of such goods will pass on higher input costs to consumers, a report reveals.
However, consumers won’t feel the pinch until December as retailers clear the old stocks accumulated over the festive season before seeking fresh stock. Input costs for these manufacturers have gone up by nearly 30-50% since January.
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