Thursday, January 22, 2026
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Invesco in discussion to invest in Swiggy

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Swiggy is nearing the completion of a fresh fundraising round of $500-600 million, headed by US asset management Invesco, according to three sources familiar with the matter. The process is expected to boost the online food delivery company’s worth to as much as $10 billion, more than doubling the estimate given to the seven-year-old business just a few months ago. Swiggy will go public later this year after edtech startup Byju’s and finance behemoth Paytm and will rank among India’s most valuable privately held firms if the acquisition closes.

Swiggy’s fresh funding comes soon after arch-rival Zomato’s successful IPO and is being viewed as a re-rating exercise for the Bengaluru firm, currently valued at $5.5 billion.

According to the sources cited above, Invesco is expected to invest $150-200 million. The rest of the capital comes from existing Swiggy investors such as Falcon Edge, SoftBank Vision Fund, and Prosus (previously Naspers).

Other balanced funds (which invest in both public and private markets), such as Fidelity, T Rowe Price, and Ballie Gifford, have been banking on huge Indian internet startups, especially in the last year, as a slew of local ventures have lined up to tap the capital markets.

“As a direct competitor to Zomato NSE 5.16 % and being neck-and-neck in terms of market share, Swiggy is looking undervalued,” said another source. 

Zomato’s stock closed at Rs 143.55 on Monday, up around 5% on the BSE, with a market capitalization of around $15.16 billion (Rs 1.12 lakh crore).

Until press time Monday, emails were sent to Swiggy CEO Sriharsha Majety, and an Invesco spokesperson had not responded.

“We are going to go aggressive not just on discounting but also on our own investments in non-food and food. That was the plan, and that will be the plan,” Majety said.

IndusInd Bank associates with Vistara

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IndusInd Bank, a private lender, announced on Monday that it would introduce a co-branded credit card with full-service airline Vistara.

According to a statement from the bank, the Club Vistara IndusInd Bank Explorer credit card is designed to meet the needs of customers who prefer to be on the go.

“It provides the cardholder with a complimentary gold class membership to Club Vistara (CV), the frequent flyer programme of the airline under which, they can earn points on every flight. Cardholders can even redeem their earned CV points to avail award flights,” it said.

The card also comes with many other travel and lifestyle benefits, such as complimentary access to over 600 airport lounges worldwide, zero foreign currency mark-up, milestone rewards, and dining and entertainment-related rewards.

Soumitra Sen, head (consumer bank), IndusInd Bank, said, “With the world gradually opening up, Indians and especially millennials will look to travel for both business and pleasure. They seek a solution that offers them a combination of seamless consumer experience, best-in-class rewards, as well as world-class safety standards. This all-new card proposition fulfils each of those requirements, thereby providing customers with a hassle-free travel experience.”

According to Vistara’s chief commercial officer, Vinod Kannan, the airline hopes that passengers will see the Club Vistara IndusInd Bank Explorer Credit Card as a wonderful value and make use of its benefits while travelling.

Tupperware to start 1,000 retail stores

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Tupperware, a popular kitchenware brand, has devised aggressive expansion plans that include opening 1,000 retail outlets across the country over the next five years and boosting sales through a digital platform. Tupperware India Managing Director Deepak Chhabra recently announced the opening of the company’s 100th retail store in Chennai, with the Southern zone accounting for 35% of sales. “We are planning to open about 130 stores this year. We have inaugurated 100 stores, and as we speak, we should have opened two more, so 102 stores will be there right now. We intend to take it to 130 stores by the end of this year”, he told PTI.

He further said that the stores would be run on a “franchise” model and sell the brand’s most popular items.

“As an immediate expansion plan, we plan to open another 130 stores taking the overall number of stores in the country to over 250 by December next year (2022),” he said. “Over the next five years, our plan is to have 1,000 stores across the country, and major expansion would be in the South and West.”

In response to a query, he said that the South and West contributed 35% each to the company’s sales. The company’s business strategy included 80% direct selling, 12% retail, and 8% online mode.

“With the aggressive expansion plan, he said the current share of 80% contributed from the direct selling business would come down to 65% while business generated from retail stores would increase to 35% (from the existing 12%) and remaining from online (10%). In two-three years, about 65% of the business will be from direct selling, 35% from stores, and 10% through online”, he said.

Regarding the impact of the Covid-19 pandemic, Chhabra said that, like any other industry, the company experienced a surge in demand for its products because of the “work from home” trend.

“Pandemic has been a silver lining for us in terms of business because the consumption of these products was higher largely because everybody was at home and without any help from maids, people started cooking from home, and everybody was conscious about health and safety,” he noted.

He said the company has a world-class plant in Dehradun, Uttarakhand, that serves the domestic market and shipping to over 35 countries.

“The plant has an installed capacity, which is much more than what we sell in the country. We do export to many countries across the globe to our own Tupperware companies there. We actually export to about 35 countries”, the MD said.

Exports have remained stable, even increasing in the last two years. Tupperware has done well as a result of rising demand.

HDFC plans to expand its rural reach

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HDFC Bank, a private lender, plans to double its presence to two lakh villages in the next 18-24 months, covering a third of India’s villages. Currently, the bank serves a total of 1 lakh villages. The bank intends to expand its branch network and business correspondents, facilitators, and digital outreach platforms.

“India’s rural and semi-urban markets are under-served in credit extension,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank. “They present sustainable long-term growth opportunities for the Indian banking system. Going forward, we dream of making ourselves accessible in every pin code.” 

HDFC Bank intends to hire 2,500 workers over the next six months as part of this business plan. The private lender now has over 550 districts where its products and services are available to micro and medium businesses. Its rural banking services are currently available in 1 lakh Indian villages, with plans to expand to 2 lakh by the end of the year.

“Our digital initiatives will play a big role in deepening our penetration in the remotest corners of India and help us extend credit to those who have remained financially excluded despite the progress of our nation,” Shukla added. 

In unbanked and under-banked areas, the bank already offers personalized loan products such as pre-and post-harvest crop loans, two-wheeler and vehicle loans, gold jewellery loans, and other customized loan products. It added that it will now tailor its services to the rapidly changing rural ecosystem.

“The Government of India through a variety of schemes is transforming rural economics. We believe in following the direction, as a responsible leader in the banking and financial services space, by making best-in-class banking products and services accessible to all sections of the society,” Shukla added. 

Kalpathi AGS Group-owned Veranda purchased Edureka

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Veranda Learning Solutions, part of the Kalpathi AGS Group, has acquired Edureka, a live-instructor-led learning and training platform for the IT industry, for Rs 245 crore. The price paid as consideration has not been revealed.

In a statement, Veranda said it plans to spend roughly $100 million on acquisitions over the next six months to “take advantage of the opportunities emerging in the edtech area.”

“Veranda is in active discussion with multiple targets for acquisition to create a multi-modal platform that spans test prep, upskilling and supplemental education. With the current acquisition we are poised to expand our footprint in Europe and the North American markets as well,” Kalpathi Suresh, executive chairman, Veranda Learning Solutions, said. 

Edureka is the company’s second buyout since its start in December 2020. Veranda has bought Chennai Race Coaching Institute, a banker’s, SSC, and PSC exam prep institution.

Edureka joins with top Indian institutes like IITs, NITs, and renowned international universities like Purdue to offer training in cloud computing, DevOps, AI/ML, data science, web development, cybersecurity and other emerging technologies in addition to its library of training resources.

It currently has over one lakh students enrolled who are instructed by a team of over 500 instructors who offer over 300 different courses.

Bharti Airtel collaborates with Tejas Networks

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On Thursday, Tejas Networks, a domestic telecom equipment manufacturer, announced that Bharti Airtel has chosen to expand the telecom operator’s optical network capacity in significant metropolitan markets. Tejas Networks’ stock jumped 5% to ₹415 per share on the BSE in early deals.

Tejas will supply, install, and support its optical transmission network (OTN) to expand Airtel’s optical network to the edge, supporting 5G backhaul, B2B services, and broadband applications.

“Airtel has been making significant investments in expanding its metro network capacity as part of its 5G readiness and for catering to increased bandwidth consumption by fixed-line and enterprise customers. We are delighted to partner with Tejas in this key network intervention that will enable us to deliver a world-class experience to our customers,” Bharti Airtel chief technology officer Randeep Sekhon said in the statement. In early trades, Bharti Airtel shares were trading with marginal gains.

“We are delighted to expand our decade-long partnership with Airtel, which has established itself as one of the premier telecom service providers in the world. Under this new contract, we will provide our multi-terabit TJ1600 DWDM/OTN products to augment Airtel’s metro network capacity right up the network edge,” Tejas Networks MD and CEO Sanjay Nayak said.

Tejas Networks is a high-performance networking company that designs, develops, and distributes solutions to telecommunications service providers, internet service providers, utilities, defence, and government institutions in more than 75 countries.

Novvy introduces buy-to-let in MWC Chennai

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UK-India PropTech startup Novvy.com, a global integrated real estate purchasing and investing platform, announced a strategic real estate investment product with India’s Mahindra World City in Chennai to offer “Buy-to-Let” assets for buyers in India and Indians overseas.

Novyy will fully manage a block of 100 apartments within the Mahindra World City complex on behalf of the buyers – similar apartments nearby presently fetch over 6% per year in rental yields.

Speaking on the launch of Mahindra World City’s “Buy-to-Let” segment, Founder and CEO of Novyy Technologies, Ashish Saraff, said, “We chose Mahindra World City as our first Buy-to-Let product in India for its price point and the natural rental market that the region offers. Over 65 corporates are employing over 80,000 people in the vicinity, and supply outpaces demand. In addition, rental yields in Indian metros are now capped at 3%, whereas rental returns in such regions are much higher”.

“Traditionally, we mostly don’t invest outside the city where we live. And investment properties have a binary rental outcome – 0 or 1. Novyy Buy-to-Let solves both these problems. Indians can now invest anywhere in India, never be on 0 rental earnings and remain stress-free. It’s just like investing in Mutual Funds without the volatility of stock markets – Invest, Sit Back and Relax.” he further added.

In Chengalpattu, Chennai, Mahindra World City is developed by Mahindra Lifespace Developers Ltd., the Mahindra Group’s real estate development wing worth $19.4 billion. The property is surrounded by vast green spaces, a tranquil view of the lake, and a refreshing breeze, making it ideal for families to live and relax.

Vimalendra Singh, Chief Sales Officer of Mahindra Lifespaces, said, “At Mahindra Lifespaces, we believe there is significant scope to reshape the value proposition in residential real estate in India. Novyy’s ‘Buy-To-Let’ proposition is strategically aligned to our ‘Mahindra Happinest’ offerings and could be beneficial for domestic and NRI investors alike.”

Zee confirms merger with Sony

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The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board of Directors considered financial factors and the strategic value that the partner brings to the table.

The Board concluded that the merger would benefit all shareholders and stakeholders. The merger is in accordance with ZEEL’s strategy to become a premier media and entertainment company in South Asia, with stronger growth and profitability.

“The Board of Directors of ZEEL at its meeting held on September 22, 2021, has approved the execution of a non-binding term sheet (“Termsheet”) with Sony Pictures Networks India Private Limited (“Sony India”), in relation to a potential transaction involving a composite scheme of arrangement for the merger of the Company and Sony India and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger,” ZEE said.

The ZEEL Board of Directors has granted the company’s management approval to begin the mandatory due diligence procedure. Sony Pictures Entertainment, SPNI’s parent firm, will own the majority of the merged entity. It will also infuse USD 1.575 billion after closing; for use and to pursue other expansion opportunities.

The indicated merger ratio would have been 61.25% in favour of ZEEL based on the current projected equity values of ZEEL and SPNI. However, with the USD 1.575 billion infusions, the resulting merger ratio is estimated to be 47.07 % held by ZEEL shareholders and 52.93 % by SPNI shareholders.

ZEEL and SPNI have agreed to combine their linear networks, digital assets, production operations, and program libraries under a non-binding term sheet.

ZEEL and SPNI will conduct mutual diligence and reach a definitive agreement throughout the 90-day timeframe specified in the term sheet.

According to the company, Punit Goenka will serve as MD and CEO of the combined firm for the next five years. The merged entity will be a publicly listed Company in India.

Zip makes a $50 mn investment in India

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Zip Co Ltd, an Australian buy-now-pay-later company, announced on Wednesday that it has agreed to invest $50 million in a minority stake in Indian competitor ZestMoney as part of its global expansion aspirations.

The investment comes when the BNPL sector grows in popularity, with customers paying in installments without interest for online purchases, as the COVID-19 pandemic has encouraged young shoppers to seek more accessible credit.

Zip, Australia’s second-largest BNPL, is increasing its footprint in the rapidly developing sector, having acquired companies in Europe and the Middle East last year.

With its investment in Bengaluru, India-based fintech ZestMoney enters a market with an ample young demographic migrating toward cashless payments and has a lot of room for growth in the BNPL and e-commerce space.

“With deep partnerships with online and offline merchants and lending partners, ZestMoney is poised to accelerate growth as the market develops,” Zip Chief Executive Officer Larry Diamond said.

Zip said it had reached an agreement with ZestMoney to gradually grow its stake in the company.

Established players in the BNPL field have been experimenting with novel business areas to support expansion, with Australian BNPL behemoth Afterpay receiving a $29 billion deal from Square Inc and PayPal acquiring a Japanese company for $2.7 billion.

HCL and MKS Instruments agreed to partner for Digital, Cloud Services

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HCL Technologies has signed a five-year digital transformation agreement with US-based MKS Instruments to increase performance, efficiency, and speed to market. HCL said in a regulatory filing to the stock exchanges that it will assist MKS Instruments’ digital and cloud-enabled transformation through AI/ML-led automation, increased user experience with end-to-end Infrastructure services, digital workplace services, and IT transformation.

“We are excited to partner with MKS to deliver a technology-driven approach to fulfill its business goals and digital transformation roadmap,” Ajay Bahl, Executive Vice President, HCL Technologies, said.

MKS Instruments comes up with Instruments, systems, subsystems, and solutions for sophisticated manufacturing processes. 

Employees at MKS Instruments in nearly 60 countries will benefit from HCL’s huge network of global delivery centres and a broad range of technological solutions, including cutting-edge AI and automation frameworks and tools.

HCL Technologies signed a strategic relationship with Hancom Inc last week, on September 15, to exchange sophisticated software technology solutions and expand into the South Korean and Taiwanese markets.

In a flat market, HCL Tech shares were trading higher by 1% at Rs 1288 at 10:50 a.m. So far, the stock has traded at a low of Rs 1,276 and a high of Rs 1,315 intraday.