BUSINESS
Zoho logs over 65% CAGR upmarket growth in India
The Chennai-headquartered firm announced investments across its entire portfolio to accelerate upmarket momentum, following an impressive three-year period. Notably, the mid-market and enterprise segment now accounts for more than 50 per cent of Zoho's ARR in India.
India seen as major beneficiary as supply chains migrate from China
"We see India, Mexico and Southeast Asia as best positioned for this transition. India and Mexico are two economies that stand to benefit from increasingly local supply chains," Morgan Stanley said in a report. Morgan Stanley economists have written extensively on the economic and industrial benefits that are beginning to accrue in economies where supply chains are migrating.
Everest Fleet raises $20 mn led by Uber, to boost ride sharing market
Mumbai-headquartered Everest fleet operates in the shared mobility space in the country and is an existing partner to Uber and Ola. The company said that fresh funds will enable it to expand its operations and grow the overall supply pool available for the ride-sharing industry, where demand continues to outstrip vehicle supply.
RBI rejects Akash Suri's appointment as CEO of JC Flowers Yes Bank ARC
Suri, before being appointed as CEO of the JC Flowers ARC, was the group president and national head of Yes Bank's asset reconstruction business. In July 2022, Yes Bank entered into a partnership with New York based JC Flowers to form an ARC for the sale of identified stressed loans of the bank.
'No tearing hurry': SAT stays IRDAI's order against Sahara India Life
Staying the IRDAI's June 2 order transferring the life insurance business of Sahara India Life to SBI Life, the Securities Appellate Tribunal (SAT) said: "... we find it strange that such steps have been taken after a gap of 5 years and that too without granting an opportunity of hearing."
Curb malpractices like 'dark pattern' during online shopping, e-commerce entities told
According to sources aware of the developments, the Department of Consumer Affairs called the meeting with leading e-commerce platforms to discuss the menace of "dark pattern" often seen during online transactions by customers."Dark pattern" refers to misleading offers which are given to consumers during online shopping, that tend to trap them into fraudulent or loss-making deals.
SEBI to auction 61 plots of Saradha Group to return money to investors
A notification on this count was issued by the Securities & Exchange Board of India (SEBI) on Monday, a copy of which is available with IANS. As per the notification, the market regulator is arranging for the auction following a direction of the one- man committee of Justice SP Talukdar.
Air India suspends two pilots for allowing unauthorised woman into cockpit
The decision came after the airline received a complaint from the cabin crew, who raised concerns about the violation of cockpit regulations. In response to the incident, the Directorate General of Civil Aviation (DGCA) stated that they are aware of the issue, and appropriate measures are being implemented in accordance with established procedures.
India will be among fastest growing economies in 2023: RBI Governor
"We expect real GDP to grow by 6.5 per cent during 2023-24. In all likelihood, India will remain among the fastest growing large economies in 2023," the RBI Governor said while delivering the opening plenary address at the Summer Meetings organised by Central Banking in London.
China makes surprise rate cut to shore up sputtering growth
The amount of lending affected is small, but the move is significant as it signals that the PBOC is likely to cut several other key interest rates later this month, analysts say. The rate cut reveals "growing concerns among policymakers" about the health of China's recovery, Capital Economics analysts said on Tuesday, CNN reported.
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