The News Scroll 22 May 2017  Last Updated at 2:23 pm

FlexiLoans acquires supply chain financing firm CreditPeriod

The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said

Mumbai, May 22 Digital lending platform FlexiLoans.Com today said it has acquired Mumbai-based supply chain financing platform, CreditPeriod.Com for an undisclosed sum to strengthen its supply chain financing vertical.

CreditPeriod.Com enables SME buyers to procure goods and services on credit while ensuring the sellers get their money upfront.

"The CreditPeriod.Com acquisition strengthens our position to serve the deeply underserved supply chain market for the SME eco-system," Deepak Jain, co-founder at FlexiLoans.Com said.

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Ummeed Housing Finance raises $5.6m led by LOK

Delhi-based affordable housing finance company, Ummeed Housing Finance today announced it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund (Lok's third fund) and Duane Park.

The fun raising comes on the heels of the first institutional funding of USD 3.5 million raised from Lok and Duane Park in October, 2016, the company said in a statement.

The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said.

Founded in January 2016 Ummeed now has three branches in Delhi, chandigarh and jaipur and has close to Rs 20 crores assets under management (AUM), it said.

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Uber revamps mobile application for global & Indian markets

Ride hailing aggregator Uber today rolled out a newly designed and re-engineered mobile, across android and iOS platforms.

The company said this would facilitate faster and more personalised experience.

"The newly designed rider app is unique as we rebuilt it from ground up to deliver a much faster and improved interface for ride," Apurva Dalal, Head of Engineering, Uber India, said.

Mumbai, May 22 Digital lending platform FlexiLoans.Com today said it has acquired Mumbai-based supply chain financing platform, CreditPeriod.Com for an undisclosed sum to strengthen its supply chain financing vertical.

CreditPeriod.Com enables SME buyers to procure goods and services on credit while ensuring the sellers get their money upfront.

"The CreditPeriod.Com acquisition strengthens our position to serve the deeply underserved supply chain market for the SME eco-system," Deepak Jain, co-founder at FlexiLoans.Com said.

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Ummeed Housing Finance raises $5.6m led by Lok

Delhi-based affordable housing finance company, Ummeed Housing Finance today announced it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund (Lok's third fund) and Duane Park.

The fun raising comes on the heels of the first institutional funding of USD 3.5 million raised from Lok and Duane Park in October, 2016, the company said in a statement.

The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said.

Founded in January 2016 Ummeed now has three branches in Delhi, Chandigarh and Jaipur and has close to Rs 20 crores assets under management (AUM), it said.

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Uber revamps mobile application for global & Indian markets

Ride hailing aggregator Uber today rolled out a newly designed and re-engineered mobile, across android and iOS platforms.

The company said this would facilitate faster and more personalised experience.

"The newly designed rider app is unique as we rebuilt it from ground up to deliver a much faster and improved interface for ride," Apurva Dalal, Head of Engineering, Uber India, said.

New Delhi, May 22 Logistic firm North Eastern Carrying Corporation (NECC) is looking to expand its existing 1.5 mn sqft warehousing capabilities over the next two years across 50 major Indian cities.

NECC is an integrated logistics solutions provider with presence across India and Nepal also having an established operational set up in Bhutan and Bangladesh.

"It plans to expand its footprint from the current 1.5 mn sqft across 50 major cities over two years throughout India with its asset light approach. The warehousing and distribution segment is to be headed by Ramesh Krishnan, an industry veteran," NECC said in a regulatory filing.

The company is gearing up its overall capabilities with a special focus towards warehousing given the opportunity it expects to unfold in this segment post GST roll out.

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Red FM gets 23 awards at India Radio Forum *Radio network 93.5 Red FM has bagged 23 awards across various categories at the India Radio Forum (IRF), including the popular RJ of the year.

The awards won included the Best Radio Network award, Popular RJ of the year and People's Choice award, Red FM said in a statement today.

IRF is a one-day annual event that celebrates the best creative work in the Indian radio industry.

"Red FM has always been receiving tremendous support from both the listeners and the advertising community, which makes it a leading brand in the country," RED FM COO Nisha Narayanan said.

Mumbai, May 22 Tata Power today said its total generation through all its subsidiaries stood at 52,512 million units (MU) in fiscal 2016-17 as against 47,347 million units in FY16.

The company also reported capacity increase by 16 per cent in FY17 as compared to FY16.

Currently, the company has an installed generation capacity of 10,613 MW from various fuel sources such as thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery.

"We are constantly growing, evolving, and evaluating suitable options to spread our footprint in different geographies in a sustainable way," its Chief Operating Officer and ED Ashok Sethi said.

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Hicare partners FlipKart to sell Blueair air purifiers

Commercial pest control firm Hicare Services today said it has partnered with FlipKart to promote and sell its air purifiers 'Blueair' online nationally.

The partnership with FlipKart will enable Hicare to leverage their strengths, investments and innovations in technology to reach out to wider set of consumers across India, the company said.

"Through this association we will be able to provide customers the world's most advanced air purifier, Blueair, from Sweden with Hicare's direct to home hassle free service," Hicare Services COO Joydeep Sarkar said.

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OYO opens its first Townhouse in Bengaluru

Hospitality company OYO today said it has opened its mid-market offering OYO Townhouse in Bengaluru.

After its Townhouse in the Garden City, OYO is planning to establish 25 Townhouse properties in and around Bengaluru, the company said in a release issued here.

Priced at Rs 2,500 and upwards, Townhouse provides a unique hospitality experience in the heart of popular neighbourhoods. By the end of year 2017, OYO will establish 25 Townhouse properties in and around Bengaluru.

OYO entered Karnataka in September 2014, and today partners 500 hotels with over 6,000 rooms in the standardised budget segment.

Mumbai, May 22 Governor of Central Bank of Mauritius Rameswurlall Basant Roi today said BSE's international exchange at GIFT City in Gujarat can provide a low cost platform for issuers in Africa to raise capital.

Roi, who visited India International Exchange (India INX) here, said the platform can provide a "hosted model stock exchanges to many African countries who do not have their own stock exchange at a small cost".

India INX, an arm of top domestic bourse BSE, began operations in January this year at Gujarat International Finance Tec (GIFT) city -- the country's first International financial services centre (IFSC).

-------------------------------------------------------------- Vadivarhe Specialty Chemicals IPO hits markets

Vadivarhe Specialty Chemicals today hit the capital markets to raise Rs 14.46 crore.

The public issue, which closes on May 25, comprises 34.44 lakh equity shares of face value of Rs 10 each for cash at a price of Rs 42.00 per equity share including a fresh issue of 6.89 lakh shares aggregating Rs 2.89 crore, the company said in a statement.

Besides, the issue includes offer for sale of 27.55 lakh shares by the promoters.

The company's shares will be listed on NSE Emerge Platform for SME IPOs.

______________________________________________________________ Carnival Cinemas launches movie subscription-based service

Multiplex chain Carnival Cinemas today said it has launched a movie subscription based service 'MoviEcard', which will allow customers to watch unlimited new releases in its screens across 60 select cities across the country.

Priced at Rs 149 for 30 days, customers can watch the movies between Monday to Thursday, it said in a statement.

"Over the years we have noticed that while people would like to enjoy a great film at the nearest cinema theatre, the regular ticket prices have always acted as a deterrent. Our endeavour with this MoviEcard is to break the entry barrier and allow all our patrons to enjoy as many movies as they wish to watch at the cost of one movie ticket," it said.

Mumbai, May 22 Bathroom products manufacturer Roca Bathroom Products today said it has acquired a plastics factory in Tamil Nadu.

"The acquisition will increase the capacity of manufacturing plastic toilet seat covers and polymer cisterns by one million pieces annually, taking total production capacity of Roca India to 4 million plastic pieces," the company said in a statement here.

The company's brands include Armani Roca, Laufen, Roca, Johnson Suisse, Parryware and Johnson Pedder.

"To grow aggressively in India through our power brands, Roca and Parryware, we have acquired this new facility. It will also help us to export our products to Roca group in countries like Australia, Turkey, Bulgaria, Malaysia and China," Managing Director K E Ranganathan said.

"The new factory's capacity will help meet the company's future growth plans. Currently, exports constitute 5 per cent of the total sales, which we expect to double with this acquisition," Ranganathan added.

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ICICI Bank today announced winners for its mobile application development challenge.

Entries from Bengaluru (Rupam Das and Bayesian Conspiracy) accounted for two of top three honours, while the third was from Pune (Headfitted Solutions), the top private lender said in a statement.

There were 3,400 participants in the contest, which had the bank offering 250 APIs on the cloud for prototype development, it said.

Over 40 per cent of the entries were from non-metro cities and the total prize money was Rs 22.5 lakh.

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Federal Bank launches new trading platform

South-based private lender Federal Bank today launched a new trading platform for customers designed to give users full control over their investments and taking research-led decisions.

The platform, christened `selfie', is designed and managed by Geojit, the bank said in a statement here.

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