Business

Indian HealthifyMe app raises $75 M funding from Khosla Ventures, LeapFrog


HealthifyMe, an AI-enabled health and fitness app from India, has netted $75 million in a Series C funding round led by LeapFrog and Khosla Ventures. The investing round was also joined by HealthQuad, Unilever Ventures, Elm of the Saudi Arabia Public Investment Fund, as well as repeat investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.  The company has so...

J&J exploring putting talc liabilities into bankruptcy: Report


New York: Johnson & Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, Reuters reported, citing people familiar with the matter. During settlement discussions, one of the healthcare conglomerate’s attorneys has told plaintiffs’ lawyers that J&J could pursue the bankruptcy...

Byju’s buys US-based Epic for $500 mn, to invest $1 bn in US


Bengaluru: Leading online learning platform Byju's has acquired Epic, the world's leading digital reading platform for kids 12 and under, for $500 million. The big acquisition comes on the heels of it buying the Aakash Institute for nearly $1 billion earlier this year. The Epic deal was backed by General Atlantic, Sequoia Capital, the Chan-Zuckerberg...

Govt seeks Parliament nod for Rs 1.87 lakh cr additional spending


New Delhi: The government has sought the Parliament's approval for an additional spending of Rs 1.87 lakh crore to meet its expenditure commitments made under various Covid relief measures and to provide higher allocation for the health sector. Finance Minister Nirmala Sitharaman presented the first batch of supplementary demands for grants in the Lok Sabha...

Indian investors scaling up exposure in ETFs in US markets


New Delhi: Indian investors, especially millennials, are increasingly scaling up their participation in the US markets for portfolio diversification, the UK-headquartered financial services firm Winvesta has said in its latest report. The Winvesta Investor Pulse Report' June 2021 is based on aggregated data from retail investors across India who invest in fractional shares of the...

FedEx invests $100 Million in Indian startup Delhivery


IPO-bound Delhivery is all set to receive a $100 million investment from American giant, FedEx Express. The Indian startup, the American company has agreed to make a joint investment in Delhivery. Delhivery had previously raised about $277 million funding from a group of investors. The partnership between FedEx Express, which is a subsidiary of FedEx Corporation, and Indian startup company Delhivery will...

Flipkart raises $3.6 bn, valuation surges to $37.6 bn


Bengaluru: Flipkart Group has raised $3.6 billion in funding as it continues to grow and advance the digital commerce ecosystem in India. The investment values the group at $37.6 billion post-money. The fundraise demonstrated significant interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart, said a company statement. This round of...

US budget deficit soars to $2.24 trillion


  Washington: The US budget deficit soared to $2.24 trillion during the first nine months of fiscal year 2021, which ends on September 30, the US Treasury Department said. Federal revenue for the nine-month period ending in June rose to 3.05 trillion dollars, while total outlays rose to 5.29 trillion dollars, driven by payments for jobless...

S&P retains India’s lowest credit rating


New Delhi: S&P Global Ratings has affirmed its lowest investment-grade sovereign rating (BBB-) for India with stable outlook, holding that the country’s recovery will gain pace through the second half of the fiscal year 2021-22 (FY22) and into the following year, helping stabilize its overall credit profile. “The stable outlook reflects our expectation that India’s...