CarDekho closes $70 mn funding round from top investors in China, Europe #Sukumarbalakrishnan

CarDekho, an auto-tech company, has raised US$ 70 million in a Series D round, led by Ping An's Global Voyager Fund, which has made its maiden investment in India with this deal. Sunley House Capital Management, a subsidiary of global private equity firm Advent International, and existing investors - Sequoia India and Hillhouse, were other investors. CarDekho has secured a cumulative funding of more than US$ 250 million, including the latest round, till date.

Ping An, which is based in China and is one of the world's largest financial services companies, holds majority stake in Autohome, which is the China's largest auto portal. Sequoia India is one of the early investors in CarDekho, having led the Series A round in 2013.

The company said that these funds will be used to strengthen its transaction businesses and expand its international footprint. CarDekho recently started its operations in the second country in Southeast Asia by acquiring the Philippines operations of Carmudi. The first was Indonesia, where it started operations in 2016 under the brand name OTO.com, which has since become the number one new auto portal in the country.

The company claims all car and motorcycle manufacturers engage with CarDekho and that it accounts for 15-30 per cent of some of its partners' sales. CarDekho also works actively with over 4,000 new auto dealerships and 3,000 used car dealers across India, influencing more than 42 per cent of the retail sales happening through their counters.

In addition, the company also works in collaboration with more than 10 financial institutions and 18 insurance companies across the country to facilitate used-car financing and insurance to provide a seamless experience for both buyers and sellers.

The company recently announced its H1 results for 2019-20. The overall revenue of the company achieved a YoY growth of 92 per cent over the first half of the last fiscal year and stood at US$ 28 million. The company's new auto business segment posted a significant growth at 30 per cent amidst the slowdown in new auto sales across India. Its insurance and warranty business grew 525 per cent. The used-car and financial services businesses grew by 120 per cent and 135 per cent, respectively.

"With the latest fundraise, we will continue to strengthen our domestic and international businesses and will aggressively work towards becoming the largest personal mobility ecosystem in the country," said Mr Amit Jain, CEO and co-founder, CarDekho.

"Auto services are a core component of Ping An's 'finance + ecosystem' strategy, reflected in our majority shareholding in Autohome in China. We have been extremely impressed with the business CarDekho has built in India, particularly its success in developing different types of financial services offerings to address car buyers' needs," said Mr Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. "The Global Voyager Fund’s stake in CarDekho represents Ping An's first venture investment in India, and we are delighted to partner with an organisation of CarDekho's caliber."

The RainMaker Group acted as the sole financial advisor to the company.

CSIR signs MoU with KVIC on promotion of honey production Khadi outlets to also display CSIR products #Sukumarbalakrishnan

The Council of Scientific & Industrial Research (CSIR) has entered into a Memorandum of Understanding (MoU) with the Khadi and Village Industries Commission (KVIC) to leverage the expertise available in CSIR with the effort of KVIC for promotion of honey production and also to enable wider outreach of the CSIR technologies and products. The MoU will help formalize the working relationship between the two organizations in areas such as honey testing, promotion of Honey Mission alongside the CSIR Aroma Mission and the proposed CSIR Floriculture Mission. It will also explore enlisting of CSIR licensees in the KVIC network, display of CSIR technology products at important KVIC outlets such that CSIR products can reach to wider audience.

The MoU was signed by Dr. Shekhar C. Mande, Secretary, Department for Scientific & Industrial Research and Director General, CSIR and Shri Vinai Kumar Saxena, Chairman, KVIC here yesterday.

CSIR has over the years, been pursuing R&D in various sectors and has developed a portfolio of processes, technologies and products in these sectors. In the agriculture and nutrition sector, the focus has been in development of technologies and products pertaining to medicinal and aromatic plants, floriculture and food processing.

Amongst its various activities aimed at the development of Khadi and other village industries in rural areas, the KVIC is implementing Honey Mission for introducing and popularizing modern beekeeping in the rural areas.

Setting up of Jute Manufacturing Unit to promote Jute #Sukumarbalakrishnan

The government is trying to promote jute manufacturing units by 100% mandatory packaging of food grains procured by State Procurement Agencies/FCI in jute bags.

The production of jute goods over the last few years by the jute mills has remained consistent. During the year 2017-18 and 2018-19, approximately 1,200 Thousand MT of raw jute per year was consumed by the mills to meet the demand of jute products, the details of which are as under:

mber of measures have been taken by the Government to modernise the jute mills established in the country, the details of which are as follows:

I. The Government has implemented Incentive Scheme for Acquisition of Plants and Machinery (ISAPM) to facilitate modernization in existing and new jute mills and for up-gradation of technology in existing jute mills. An incentive of 20% of the cost of machinery for jute mill and 30% for Jute Diversified Products (JDP) - MSME units is considered for reimbursement under the scheme, subject to a maximum of Rs 2.50 crore (US$ 0.36 million) per unit. Under this scheme, a subsidy amounting to Rs 49.71 crore (US$ 7.11 million) has been disbursed to Jute mills and JDP units during the period 2014-15 to 2018-19.



II. A Scheme for Research and Development for the textile industry including jute with a total outlay of Rs 80.00 crore (US$ 11.45 million) has been launched in 2015 by the Government for promotion of Research & Development, technology transfer and dissemination activities in textile sector including jute.

This information was given by the Union Minister of Textiles, Ms Smriti Zubin Irani, in written reply in the Rajya Sabha on 5th December.

More than 180 contracts valued over Rs 1,96,000 crore (US$ 28.04 billion) signed with Indian Defence Industry since 2014 #Sukumarbalakrishnan

The Ministry of Defence has signed more than 180 contracts valued at over Rs 1,96,000 crore (US$ 28.04 billion) with the Indian Industry since 2014 while a few are in the pipeline to be signed in near future.

A contract for manufacture of Frigates under Project P 17A was signed in February 2015 with Mazagon Dockyards Limited (MDL), Mumbai valued at Rs 45,000 crore (US$ 6.44 billion) while 02 Frigates under Project P1135.6 are slated to be manufactured by Goa Shipyard Limited (GSL) under a contract signed in Oct 2018 valued at Rs 14,100 crore (US$ 2.02 billion). Further, contracts for manufacture of 41 Advanced Light Helicopters for Indian Air Force (IAF) and 32 ALH for Indian Navy (IN) have been signed with Hindustan Aeronautics Limited (HAL) in March 2017 and Dec 2017 with a combined value of Rs 14,100 crore (US$ 2.02 billion). This is in addition to procurement of 14 Dornier 228 aircrafts from M/s HAL valued at Rs. 1100 crore (US$ 157.39 million) through a contract signed in February 2015.

Seven Squadrons of Akash Missile System are being procured from BEL through a contract of October 2019 valued at Rs 6,300 crore (US$ 901.42 million) as also the Integrated Advanced Command and Control System (IACCS) Nodes valuing Rs 7,900 crore (US$ 1.13 billion). OFB has been tasked to supply 464 T-90S/SK tanks worth Rs 19,100 crore (US$ 2.73 billion) for which indent has been placed on it by the Ministry as recently as November 2019. Also 100 Nos. of 155x52mm cal Self-Propelled Guns are being procured under the 'Make in India' initiative of the government from M/s L&T valued at Rs 4,300 crore (US$ 615.25 million). Also Contract for Modernization of Airfield Infrastructure (MAFI) to be executed through Indian vendors is under final stages of contracting.

Further, Services have also placed a number of contracts on the Private Sector vendors like Titagarh Wagons Ltd, Force Motors Pvt Ltd, Tata Power SED, Tech Mahindra Ltd, Tata Motor Ltd, Ashok Leyland Ltd, Bharat Forge Ltd, MKU Ltd, SMPP Delhi, Alpha Design for items like 1000 Tons Fuel Barges, Light Strike Vehicles, Portable Diver Detection Sonar (PDDS), RFID based SMART Card, 6x6 and 8x8 High Mobility Vehicle with Material Handling Crane, Dual Technology Mine Detector, Ballistic Helmet, Bullet Proof Jacket (BPJ) and Integrated Gunnery.

Three of the cases viz. P-75(I) Submarines, Naval Utility Helicopters (NUH) and 114 Fighter Jets for IAF, shown as stuck in the long-winded procedures are the cases which are being progressed under SP Model (a procurement procedure, which in itself has been promulgated in May 2017 as part of DPP-2016). However, even the cases under SP model have been processed expeditiously as evident from the fact that the responses to EOIs (Expression of Interest) have been received in respect of P-75(I) and NUH cases and are under final stages of selection while SQRs are being finalized in respect of 114 Fighter Aircrafts case.

In addition, under Make-II, 44 projects have been given approval. Under Innovations for Defence Excellence (iDEX). Forty plus startups are working in new technology-related products. Make-II and iDEX reflect new level of active engagement with industry where not only manufacturing but technology development for defence is being taken up.

Forex reserves hit a new high of $451 billion as of Dec 3: RBI governor #Sukumarbalakrishnan

As of 3rd December 2019, Foreign exchange reserves continued the upward journey growing to a new high of US$ 451.7 billion, Reserve Bank governor Mr Shaktikanta Das said on Thursday.

The governor added that since beginning of the current financial year, the forex kitty has gained by US$ 38.8 billion as of December 3 which is the largest in recent year.

In the week ending on 22nd November 2019, the total reserves rose by US$ 347 million to reach US$ 448.596 billion, as per the last reported number by the RBI.

For last few months the reserves have been continuously surging to new highs every week and crossed the US$ 450 billion mark for the first time.

Cabinet approves pact with Germany on Railways #Railways #Cabinet #Sukumarbalakrishnan

The Union Cabinet chaired by the Prime Minister Narendra Modi was apprised of the Joint Declaration of Intent (JDI) between India and Germany regarding cooperation on strategic projects in the field of Railways. The Joint Declaration of Intent was signed last month.

Benefits:

Joint Declaration of Intent (JDI) with the Federal Ministry for Economic Affairs and Energy of the Federal Republic of Germany will provide a platform to Indian Railways to interact and share the latest developments and knowledge in the field of Railways. The Joint Declaration of Intent (JDI) will facilitate exchange of information expert meetings, seminars, technical visits and implementation of jointly agreed cooperation projects.

Background:

Ministry of Railways have signed Memorandums of Understanding/ Memorandums of Cooperation/ Administrative Arrangements/ Joint Declarations of Intent for technical cooperation in the rail sector with various foreign Governments and National Railways in respect of identified areas of cooperation, which inter alia, include high speed rail, speed raising of existing routes, development of world class stations, heavy haul operations and modernization of rail infrastructure etc.

The MoUs/ MoCs/ AAs/ JDIs facilitate exchange of technical experts, reports and technical documents, training and seminars/ workshops focusing on specific technology areas and other interactions for knowledge sharing.

1303 Cold Storages with total capacity of over 45 lakh MT established in country since 2015

1303 cold storages with a total capacity of 45,62,860 Metric Tonnes (MT) have been established in the country under the schemes under Ministry of Food Processing Industries and Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW) from 2015-16 to 2019-20 (as on 31.10.2019). This information was given by the Minister of State for Food Processing Industries Sh. Rameswar Teliin in a written reply in the Lok Sabha today.
Ministry of Food Processing Industries (MoFPI) is implementing Pradhan Mantri Kisan Sampada Yojana (PMKSY), which comprises of component schemes namely (i) Integrated Cold Chain and Value Addition Infrastructure, (ii) Mega Food Park, (iii) Creation of Backward & Forward Linkages, (iv)Creation / Expansion of Food Processing and Preservation Capacities (v) Agro processing Cluster and (vi) Operation Greens. Cold storages are established as a part of these schemes. The prospective entrepreneurs may apply against the Expression of Interest as and when floated by this Ministry.

Cold storages are also established through the schemes of Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW) namely (i) Mission for Integrated Development of Horticulture (MIDH) for development of Horticulture in the country and (ii) Capital Investment Subsidy for Construction/ Expansion / Modernization of Cold Storages and Storages for Horticulture Products of National Horticulture Board.

L&T bags orders worth Rs 2,500 crore for its Transmission and Distribution and Transportation business #Business #Sukumarbalakrishnan

L&T Construction, an arm of L&T has bagged orders for its Transmission and Distribution and Transportation Infrastructure business.

According to L&T, these deals range from Rs 1,000-2,500 crore (US$ 143-358 million). The company has bagged a contract to provide off-grid DC solar photovoltaic water pumping systems with standalone lighting systems for farmers in the Aurangabad, Nashik and Pune revenue divisions in the power transmission segment, said the company. These systems will have segment for mobile charging, transfer of automated meter reading and water discharge reading data, it added.

The company has won an order in the United Arab Emirates for the design, supply and construction of a 132kV Substation project with connected 132kV cabling works from one of the government utilities.

The company secured an add-on order in its transportation infrastructure business from an existing client in Qatar for an Expressway. Moreover, many other add-on orders have been received by some existing projects in the Water and Effluent Treatment (WET) and Metallurgical and Material Handling (MMH) businesses, the company said.

Strong Customer Outreach by Public Sector Banks (PSBs) - Rs 4.91 lakh crore disbursed in October and November 2019 #PublicSectorBanks #Sukumarbalakrishnan

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, had announced in September the launch of Customer Outreach Initiative by Public Sector Banks (PSBs) to improve credit delivery and support the needs of the economy, with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising prudential lending. Customer Outreach in October 2019 resulted in total credit disbursement of Rs 2.52 lakh crore (US$ 36.06 billion).

Total Customer Outreach progress in November: The strong outreach effort of PSBs has continued in November as well, with disbursement of Rs 2.39 lakh crore (US$ 34.20 billion) to MSMEs, NBFCs, corporates, retail and agriculture sector borrowers. This has raised the total disbursement by PSBs to these sectors since the launch of the Customer Outreach in October to Rs 4.91 lakh crore (US$ 70.25 billion).

To boost the MSME sector, out of the total, PSBs have disbursed Rs 35,775 crore (US$ 5.12 billion) in November, raising the total Customer Outreach credit disbursed to MSMEs to Rs 72,985 crore (US$ 10.44 billion).

For NBFCs, out of the total, PSBs have disbursed Rs 25,525 crore (US$ 3.65 billion) in November, increasing sharply from Rs 19,628 crore (US$ 2.81 billion) in October, raising the total Customer Outreach credit disbursed to NBFCs to Rs 45,153 crore (US$ 6.46 billion). Total support sanctioned by PSBs in the form of credit to (including co-origination and on-lending) and pool buyouts from NBFCs since the IL&FS default in September 2018 till November 2019 has risen to Rs 4.23 lakh crore (US$ 60.52 billion), including pool-buyouts of Rs 1.24 lakh crore (US$ 17.14 billion).

FMCG sales on e-commerce sites to touch US$ 4 billion by 2022: Nielsen #FMCG #E-Commerce #Sukumarbalakrishnan

The sales of fast-moving consumer goods (FMCG) on the e-commerce sites are expected to reach US$ 4 billion by 2022, contributing 5 per cent to overall sales of packaged consumer goods sold in India, according to Nielsen, a market researcher.

Presently, e-commerce contributes 2 per cent or around US$ 1.2 billion to the overall sales of FMCG.

The rise in contribution of e-commerce to sales is because of growing smartphone penetration, increased data consumption, and the attempts by large companies to make their products available online.

Nielsen compared the two sales channel and noted that the contribution of modern trade to FMCG sales will reach 10 per cent by 2022, witnessing a growth from current 9 per cent whereas during the same period the share of traditional trade is will decrease to 85 per cent from the current 89 per cent.

The sales of FMCG products on the internet by various companies such as Hindustan Unilever, Dabur India Ltd, Nestle India, Godrej Consumer Products Ltd., among others has led the research company to start tracking the sales.

"India's FMCG industry is now making its presence felt in the e-comm channel - appealing to consumers' need for convenience, and in sync with increasing smartphone and internet penetration," said Mr Prasun Basu, South Asia Zone President, Nielsen Global Connect. "Nielsen India has launched a specific E-Trak index that will now measure FMCG consumer offtake in the e-comm space to give a complete picture of the changing marketplace", he said. The manufacturers and marketers can get data, information and insights with the help of E-Trax index and can further used it to enhance their e-commerce channel sales strategy.

As of now, Nielsen will track sales of 11 FMCG categories online in the top metros consisting of refined oils, biscuits, packaged atta, vermicelli and noodles, spices, iodised salt, salty snacks, washing powder, packaged tea, toothpaste and utensil cleaners.

In its initial research on the market, the company noticed that online shoppers in the country's top metros were showing higher cases of online shopping making 6 per cent of all FMCG purchases through e-commerce. Among these, the biggest contributor is foods contributing 44 per cent, followed by personal care (40 per cent) and household care (13 per cent).

Mr Mohit Malhotra, chief executive officer at New-Delhi based Dabur India Ltd said that e-commerce posted a growth of greater than 63 per cent, taking its overall contribution to sales to 2.2 per cent for the maker of Vatika hair oil and Real Juices. Earlier this year, the company also launched a range of children's hair care products which is available online only.

Last year, Nestle India the local arm of Swiss packaged goods company, first rolled out its breakfast cereals online. The popular brand Maggi was reintroduced on Snapdeal in 2015 when the crisis-hit brand made a comeback.

Though, Nielsen said that e-commerce is currently being used as an additional channel and not cannibalising other channels. "All channels continue to grow, buying behaviour differs across channels," the report added.