Snapdeal has doubled the number of sellers on its platform in the past 1 year to more than 3 lakh. The marketplace has been adding sellers at a quick pace, riding on a Rs 1,320 Cr investment earmarked for 3 years to strengthen the e-commerce firm’s supply chain capabilities.
Mukesh Ambani has said Reliance Jio Infocomm is the world’s biggest startup with an investment of over Rs 150k Cr which would offer broadband speeds up to 80 times faster than current offerings at affordable rates. He has previously said that Jio would offer data and voice services at half or less than half the current market rates. The offerings would include instant messaging, live TV, movies-on-demand, news, streaming music and a digital payments platform.
ONGC has unveiled a Rs 34k Cr investment plan to develop its KG Basin fields delayed for years. This is the first major investment announced by an oil firm 2 weeks after the government decided on a policy that almost doubles the prices for gas from difficult reservoirs. The project will help boost ONGC’s revenue by $1.89 Bn and profit by $585 Mn in 2020-21.
Taxi aggregator Uber plans to invest $500 Mn in India by June. The Uber executive said that the plan is to spend each dollar more efficiently than our competitors, and invest in building a team, technology solutions that are India-focussed and quality. According to industry experts, Ola has a 15-20 % lead on Uber.
Ola plans to invest Rs 200 Cr in enabling CNG vehicle adoption in Delhi-NCR over the next 6 months. The company said its current CNG fleet in Delhi-NCR is over 26,000 cabs, and it plans to continue more programmes to help drivers switch to CNG vehicles, and aims to add another 2,000 CNG cars across its micro, mini and prime categories.
Cisco Systems will invest over $100 Mn in India to support the country’s ambitious plan to connect thousands of its villages to the internet and create jobs, Executive Chairman John Chambers said on Friday. PM Modi has launched a series of initiatives under the ‘Digital India,’ ‘Skill India,’ and ‘Startup India’ schemes to connect millions of Indians to the Internet, create more tech jobs and move more services online. Cisco will invest $40 Mn of the total planned investment into funding early and mid-stage startups.
Japan’s Hitachi Group has set up an ATM manufacturing firm in India with an investment of Rs 100 Cr to cash in on the growing number of banking users in the country. Hitachi-Omron Terminal Solutions, which is globally developing the group’s cash recycling ATM business, has set up Hitachi Terminal Solutions India in Bengaluru for manufacturing ATMs in the country. The company will commence production in June and produce 1,500 ATMs per month by end of 2016, Hitachi said in a statement.
Mahindra & Mahindra Ltd plans to invest 100 Bn rupees over 3 fiscal years ending March 2018. Mahindra will invest 75 Bn rupees of the total in auto, tractor and related businesses while the remaining will be used for possible acquisitions.
Uber has signed an MoU with the Haryana Government, according to which the cab hailing app will invest Rs 120 crore in the state. The investment will be made in the services including peer-to-peer transportation using private vehicles where the driver is reasonably compensated for expenses, tolls and other related costs. The company says that this will help to create a real alternative to car ownership and make the state smarter.
Supertech announced an investment of Rs 5,706 Cr over 7 years to develop affordable housing and township projects in Haryana and generate 5,000 employment opportunities. The company has signed a MoU with the Haryana government in this regard at investors meet ‘Happening Haryana Global Summit 2016’.