business news

In a significant move indicative of cross-sector investment dynamics, Rakesh Gangwal, the prominent figure behind India's leading airline, Indigo Airlines, has injected ₹165 crore into Zetwerk, a burgeoning unicorn startup. Zetwerk, celebrated for its prowess in the manufacturing sector, disclosed this strategic investment on Thursday, marking the final leg of its ongoing funding round. The infusion from Gangwal has stamped the company with a formidable valuation of ₹23,157 crore, highlighting the confidence of investors in its trajectory.

In response to recent regulatory constraints imposed by the Reserve Bank of India (RBI) on IIFL Finance, shareholder Fairfax India has stepped in to provide significant liquidity support. The move comes shortly after the RBI barred IIFL Finance from disbursing gold loans, citing supervisory concerns.

In a significant development for the aviation industry, the Directorate General of Civil Aviation (DGCA) has awarded the Air Operator's Certificate (AOC) to the newly established airline, Fly91. Co-founded by Manoj Chako, a former senior executive of Kingfisher Airlines, the airline, operating under the brand name FLY91, is poised to make its mark in the Indian aviation sector.

Vijay Shekhar Sharma, the founder of Paytm, India's leading digital payment platform, has made his first public statements since the Reserve Bank of India (RBI) took action against Paytm Payments Bank. Speaking at a financial technology conference in Tokyo, Sharma expressed confidence in overcoming regulatory setbacks and staging a comeback.

In a dramatic turn of events, William C. Morton, founder of a small Florida hedge fund, is facing potential jail time for his alleged role in the disappearance of $533 million connected to Indian tech firm Think & Learn Pvt, now famously known as Byju's.

India's economic outlook for 2024 has received a positive boost, with a Moody's report forecasting a notable increase in GDP growth from 6.1% to 6.8%. The report highlights the country's robust economic performance, particularly in the wake of strong data recorded in the December 2023 quarter.

New Delhi, March 5, 2024 - Following Google's decision to delist 10 Indian app developers from its Play Store for non-compliance with payments policy, a significant number of apps have been relisted after developers adhered to Google's guidelines. As of Monday morning, nine out of the ten affected developers had some of their apps restored on the Play Store, marking a partial resolution to the issue.

Sam Altman, the CEO of OpenAI, has recently seen his net worth surpass the $2 billion mark, but surprisingly, his artificial intelligence company has little to do with his wealth accumulation.

The Reserve Bank of India (RBI) has unveiled a significant drop in the circulation of ₹2000 denomination banknotes since their withdrawal announcement on May 19, 2023. According to recent data released by the central bank, the total value of ₹2000 banknotes in circulation has dwindled from ₹3.56 lakh crore to a mere ₹8,470 crore by February 29, 2024, marking a substantial decrease.

Hyderabad, India: A recent development has unfolded in the saga surrounding the discovery of a worm in a Cadbury chocolate packet, stirring renewed attention to food safety concerns. Around two weeks ago, a social media post detailing the unsettling find of a worm inside a Cadbury chocolate packet went viral, sparking widespread reactions and prompting assurances from authorities.