The Directorate General of GST Intelligence (DGGI) has increased the scope of its inquiry into insurance businesses over improper input tax credit claims. The Mumbai, Ghaziabad, and Bengaluru offices of DGGI have sent show-cause notices to various insurance intermediaries, including HDFC Bank, Go Digit Insurance, and Policy Bazaar. Sources have revealed that over 120 insurance intermediaries and aggregators across India are under scrutiny. Issuance of Fake Invoices The DGGI’s show cause notices have alleged that the insurance intermediaries, including HDFC Bank, Go Digit Insurance, and Policy Bazaar, issued fraudulent invoices to several insurance companies without providing any services. This punishable…
Author: Editorial Team
Apple Inc. has significantly increased its iPhone production in India. It reached over $7 billion in the last fiscal year, three times more than the previous year. The company has made this possible by expanding its production partners beyond China, with Foxconn Technology Group and Pegatron Corp among the companies involved. As a result, nearly 7% of iPhones produced by Apple are now manufactured in India. This marks a substantial increase in the country’s contribution to the world’s iPhones, given that it was only responsible for approximately 1% of production in 2021. Reducing Reliance on China Apple is facing the…
pi Ventures, an early-stage venture fund that invests in AI and deeptech startups, has received commitments of INR 100 Cr (approximately $13.4 million) or 15% of the corpus from SIDBI-managed Fund of Funds for Startups (FFS). It plans to utilize the investment to support Seed, Pre-Series A, and Series A startups working in the AI and deeptech sectors. With this funding, it aims to invest in more startups. Thus, supporting them in scaling up and achieving their goals. The fund has already invested in seven startups, including ImmunitoAI and Preimage based in India, Ottonomy.IO from the US, and Silence Laboratories…
Indian companies have asked a court to halt Google’s new in-app billing system while the nation’s antitrust agency looks into the US company’s apparent disregard for its rules. A group of startups made the request. This includes Paytm, BharatMatrimony, and ShareChat, who are expected to file grievances against the tech giant for allegedly violating the Competition Commission of India’s cease-and-desist order on Play Store policies. In March, the Alliance of Digital India Foundation (ADIF), a digital industry association, submitted a confidential complaint to the antitrust regulator regarding Google’s new User Choice Billing system (UCB). The group has argued that the…
The beauty and skincare brand VLCC recently appointed Vikas Gupta as CEO with immediate effect. The international investment company Carlyle bought the primary holding of VLCC in December 2022, and VLCC made the statement announcing Vikas Gupta’s appointment as CEO soon after. Amit Jain is the Managing Director and Head of Carlyle India Advisors. He expressed excitement about Gupta’s appointment, noting his extensive global experience building leading consumer brands and digital platforms. Jain added that Gupta will focus on business growth, technology, and customer-centricity. This will bring the best of beauty and skincare propositions to the Indian market. Jain also…
Reuters reported that the government of India has planned to invite financial bids for the privatization of the Shipping Corporation of India Ltd next month. The PM Narendra Modi-led government had announced in 2023 plans to privatize several state-run companies, including selling its stake in Shipping Corporation of India Ltd, which was stopped due to regulatory delays. Shipping Corporation of India Ltd (SCI) owns and operates bulk carriers and crude oil tankers. It had to give away the company’s non-core assets. This was before the government could sell its 63.75 per cent stake, which, in turn, proved to be a…
To achieve the ambitious target of $2 trillion in exports by 2030, the Indian Government plans to establish a single trade body focusing on specific products and markets. The new body, which is likely to be called Trade India, will replace the existing multiple export promotion councils and function as a centralized body responsible for bridging the gap between the government and industry. The move is expected to enhance efficiency, identify key products and markets to improve exports and take accountability for any future slack in exports. Establishment of Trade India According to a senior government official, deliberations have begun…
Brookfield, a Canadian investor, has agreed to invest $1 billion in Avaada Ventures, considered India’s largest clean energy investment. The founder of Avaada Ventures, Vineet Mittal and Brookfield, signed the agreement, and Brookfield disbursed the first tranche of $400 million. It will distribute the remaining $600 million based on performance-linked milestones as the projects scale up. Avaada Group will use the funds raised to scale up its renewable energy generation capacity and solar cell/module manufacturing. The Avaada Group is also in negotiations with PTT, an existing investor, to invest another $300 million. A clean energy company’s largest capital raise If…
The RBI has proposed a plan to allow banks to offer pre-sanctioned credit lines to customers via UPI. This will expand the reach of the Unified Payment Interface. Following the Monetary Policy Committee meeting, the Reserve Bank of India announced this decision in the ‘Statement on Developmental and Regulatory Policies.’ With this new move, customers can use credit through UPI, similar to how they use credit cards. This will enable customers to utilize a pre-sanctioned credit line, even if their account balance is insufficient. Previously, a customer could only transfer the available balance in their account through UPI to other…
Grocery delivery platform Dunzo has cut the company’s workforce by 30%, laying off about 300 employees. The company also got funding of $ 75 million from existing investors. These moves may help the delivery platform become profitable before its initial public offering in 2025. Dunzo informed the company employees about the layoffs in a town hall on April 5. It said it was looking at a pivot in business strategy to achieve profitability ahead of the planned initial public offering. In January, Dunzo’s CEO, Kabeer Biswas, said that the company was looking at organizational changes and re-organization that can affect…