Sonata Finance is expected to be acquired by Kotak Mahindra for ₹537 crore.

The Reserve Bank of India (RBI) has given Kotak Mahindra Bank permission to acquire Sonata Finance, a microlender, for a sum of Rs 537 crore. The RBI has allowed Kotak to make Sonata its business correspondent subsidiary, making it a wholly-owned subsidiary of the bank. Through the acquisition, Kotak will be able to further establish itself in northern India's semi-urban and rural areas. Sonata has Rs 1,903 crore . In a notification to the exchanges, Kotak Mahindra Bank stated that Sonata will become a fully owned subsidiary of the bank upon the completion of the deal (subject to obtaining other necessary approvals).   Subject to the necessary clearances, including the RBI's, the bank had entered into share-purchase agreements with the shareholders of Sonata Finance, an NBFC-MFI, in February with the aim of purchasing a 100% stake for ~537 crore.   In a notification to the exchanges, Kotak Mahindra Bank stated that Sonata will become a fully owned subsidiary of the bank upon the completion of the deal (subject to obtaining other necessary approvals). Subject to the necessary clearances, including the RBI's, the bank had entered into share-purchase agreements with the shareholders of Sonata Finance, an NBFC-MFI, in February with the aim of purchasing a 100% stake for ~537 crore.

Sobek Auto to be acquired by CarTrade Tech for ₹537 crore

CarTrade Tech, an online vehicle classifieds platform, announced on Monday that it has signed an agreement to buy Sobek Auto India for a reported ₹537 crore. Sobek operates an online classifieds company in addition to an automotive digital platform.   CarTrade Tech announced in a regulatory filing that the business has engaged into a share purchase agreement to purchase a 100% ownership in Sobek from OLX India BV, subject to the fulfilment of certain requirements.   According to the company, the acquisition is a step towards its strategic goals of making investments that will complement CarTrade Tech's current commercial operations.   On June 30, 2023, Sobek purchased the online classifieds company from OLX India in accordance with the terms and conditions specified in the business transfer agreement.    

The Adani Group buys the bulk of IANS News Agency

Adani Group announced on last Friday that it has purchased a 50.50 percent ownership in news agency IANS India Private Limited through its fully owned subsidiary, AMG Media Networks Limited (AMNL). According to the Share Purchase Agreement dated December 15, 2023, this majority stake is made up of Equity Shares (Category I shares with voting rights) and Equity Shares (Category II shares without voting rights) of IANS India Private Limited (IANS), each, the company announced through an exchange filing. Adani first entered the media industry in March of last year when it bought Quintillion Business Media, the company behind the digital news platform BQ Prime for business and finance. After that, in December, it acquired over 65% of the broadcaster NDTV. According to the petition, AMNL would have complete operational and managerial control over IANS, and it will also have the authority to name all of the organization's directors.   IANS is currently an AMNL subsidiary as a result of the aforementioned acquisition." Adani, a first-generation businessman, began his career as a commodities trader in 1988 before growing his company to become the biggest private infrastructure player in India, owning 13 ports and 8 airports. Its operations have expanded over time to include the production of coal, energy distribution, data centers, and, more recently, cement and copper. In order to establish a private network, it even placed a bid and won the 5G telecom spectrum.

Union Budget 2024: India's Green Energy Transition Needs to Be Accelerated

As the Union Finance Minister prepares to present the Union Budget 2024, expectations are high that it will accelerate India’s transition to a low-carbon, climate resilient economy. India aims to meet its ambitious renewable energy targets and carbon emissions reduction goals in line with its Nationally Determined Contributions under the Paris Agreement. Experts believe the budgetary allocations and policy measures could catalyse green investments, create green jobs, and put India firmly on the path to a greener future. Aiming to reach 500 GW of renewable energy capacity by 2030, India has made a commitment under the Paris Agreement. There has been a great deal of advancement, with renewable energy capacity expected to surpass 170 GW by 2023. However, more needs to be done to accelerate the pace of growth. The Ministry of New and Renewable Energy estimates that achieving the 2030 target will require investments of around USD 500 billion. Much of that has to be done through private sector participation, and the budget can help by providing viability gap funding and low-cost financing through a dedicated green fund. Tax holidays (though an anathema to the present policy discourse), exemptions on capital equipment imports and reductions in GST rates would help lowerIn order to handle intermittent supply, smart grids will need to upgrade their transmission infrastructure, which will cost money. To become commercially viable, emerging industries like offshore wind and green hydrogen would require additional policy support.  

UNESCO and SFLC.in collaborate to release a guide on online gender-based violence.

A handbook on how to handle online gender-based violence has been released by UNESCO in collaboration with SFLC.in, a legal not-for-profit organization based in Delhi. The guide, titled "How To Defend Your Online Spaces Against Online Gender-Based Violence," will assist in identifying the many forms of online abuse that occur and walk the user through their options for addressing this type of violence.  The guide is accessible in Malayalam, Hindi, Marathi, and English. Downloads for it are available on the SFLC.in website.The legal not-for-profit organization SFLC.in, situated in Delhi, has released a guide on handling online gender-based violence (OGBV) in collaboration with UNESCO. Users of online spaces are the target audience for the guide, "How To Defend Your Online Spaces Against Online Gender-Based Violence. " The guide assists in recognizing the different forms of online abuse that occur and walks the user through the resources that may be available to them in order to stop this kind of violence. The guide is accessible in Malayalam, Hindi, Marathi, and English. Downloads for it are available on the SFLC.in website.In addition, SFLC.in arranged a learning call (webinar) to address the prevalence of OGBV and self-defense measures that women can take in conjunction with the release of this guide. Emma Gibson, the Chief Executive Women Leading AI, Mahima Kaul, the Head of Public Policy, APAC at Bumble, and Bishakha Dutta, the Co-Founder and Executive Director at Point of View, participated in a panel discussion on the subject of OGBV during the learning call. The panel was moderated by Prasanth Sugathan, the Legal Director of SFLC.in.Due to the common misconception that online space is less real or tangible than the physical world, Indian courts often treat cases of online violence against women as less serious than physical violence, according to a recent study on the subject that was based on an analysis of 94 court cases."Online Gender-Based Violence emerges as a formidable threat, casting a dark shadow on the active participation of women and marginalized communities in the digital realm," stated Radhika Jhalani, Legal Counsel of SFLC.in, speaking on the occasion. The internet has been praised as a wonderful equalizer, but when it comes to giving a free and open place, its promise is betrayed when women come across hate speech online. Unfortunately, a lot of people lack the comprehension necessary to identify violent acts or pursue justice. The extensive guide on SFLC.in, which is available in a number of languages, aims to empower users by illuminating the various manifestations of gender-based violence. The guide provides users with the necessary knowledge to identify and address these difficulties through easily understood language and visuals. Our unwavering conviction in a just, transparent, and feministThe educational resource from UNESCO and SFLC.in is intended to assist users in recognizing and comprehending what constitutes online gender violence (OGBV) as well as guiding them via available resources. The guide addresses the following offenses: voyeurism, hate speech, identity theft, non-consensual distribution of private and intimate images or videos, doxing, morphing (including deepfakes), online sextortion or exploitation, cyberstalking, cyberflashing, cyberstalking, and offenses targeting minors.  

A program for mass export development is launched by the India SME Forum. IndiaXports

India's first mass export development program, called "IndiaXports," was introduced during the Regional MSME Exports Summit by the non-profit India SME Forum, which serv es small and medium-sized enterprises."The launch of IndiaXports marks a transformative milestone in our pursuit to elevate this contribution and empower MSMEs." "The percentage of MSMEs' exports saw an upward trajectory, rising from 43.59% in FY22 to 45.03% in FY23," he continued. According to Vinod Kumar, President of the India SME Forum, "At the same time, the strong growth in the number of registered MSMEs, now totaling 3.16 crore, has contributed significantly to an impressive employment record of 15.5 crore as of December, 2023."At the Regional MSME Exports Summit, the India SME Forum (ISF), the country's non-governmental, nonprofit organization for small and medium-sized enterprises, announced the launch of IndiaXports, the country's first mass export development initiative. The program, which was unveiled in November 2023 by Santosh Sarangi, IAS, Director General of Foreign Trade, and Narayan Rane, Union Minister of MSME, will enable 200,000 first-time exporters to reach international markets. Through training, the initiative will assist MSME exporters in maximizing the export potential of their products. It will also help them with business fundamentals including identifying new export markets, comprehending phytosanitary regulations, acquiring global certifications, and fulfilling quality requirements specific to MSME goods.Vinod Kumar, President of the India SME Forum, stated during his speech at the summit that MSMEs presently account for roughly 50% of exports and one third of India's GDP. Launching IndiaXports is a revolutionary step in our quest to elevate this contribution and empower MSMEs. "The proportion of MSMEs' exports saw an upward trajectory, rising from 43.59 percent in FY22 to 45.03 percent in FY23," he continued. Parallel to this, there has been a notable increase in the number of MSMEs that have registered, reaching 3.16 crore as of December 2023, which has greatly boosted employment at 15.5 crore.Experts at the summit suggested assessing profitable export markets using factors like economic development, demographics, trade agreements, and policy changes in order to allay the worries of MSMEs. Giants in e-commerce like Amazon and Alibaba are important because they draw attention to the necessity of encouraging government regulations. According to Grégory Goba-Blé, MD of UPS - India, "Partnerships and collaborations are essential to any business." The goal of the collaboration between UPS, the India SME Forum, and the Ministry of MSME is to help MSMEs reach new heights of development and expand their export market potential. In order for MSMEs to overcome obstacles and substantially contribute to India's ambitions for global commerce, this concentrated effort aims to provide complete know-how to negotiate the needs of cross-border trade."One of UPS's top priorities is supporting women and advancing their contribution to trade," stated Christina Struller, vice president of corporate affairs at UPS. With the Women Exporters Program, we're dedicated to assisting the expansion of women-owned enterprises in collaboration with the Ministry of MSME and the India SME Forum. Our mission is to provide women-owned companies with the tools and information they need to expand internationally. The economy benefits when we assist women in achieving success.Two survey papers, "Navigating Global Markets: Unveiling the Potential of a $300 Billion Opportunity in Exports" and "Festive E-Commerce Trends Empowering MSME Trends in India," were also released during the conference. They highlighted the following important recommendations: Incentives to register on Udyam and data mapping of MSME exports using departments already in place are two examples of developing a mechanism to precisely track MSME exports. Increased exports via e-commerce, a 50% payment variation clause, an annual financial reconciliation process, no import duties on returns or rejects, and the establishment of a dedicated green channel with unique customs codes for quicker and more efficient customs clearance are just a few of the initiatives being considered. ● Establishing an all-in-one information portal channel for exporters with extensive resources, an easy-to-use interface, current information, and assistance and support at 3Prominent attendees at the summit included over 200 MSMEs, government representatives, industry experts, and Rahul Ahluwalia, Founding Director, Foundation for Economic Development; Manasvi Srivastava, Partner, International Trade & Indirect Taxes, KPMG; and Sunil Jha, Zonal Head Transaction Banking, ICICI Bank.  

Imran Khans party in Pakistan loses its cricket bat electoral symbol

The Imran Khan-led PTI Takes Away "Cricket Bat" Symbol When SC Says Internal Polls Are "Null and Void"The Pakistan Tehreek-e-Insaf (PTI) intra-party elections were declared unlawful by the Supreme Court of Pakistan late on Saturday night, according to PTI. It ended the contentious discussion over the selection of the famous electoral symbol by stripping the party of the "bat" as an election symbol. The verdict of a two-member bench of the Peshawar High Court (PHC) on Wednesday, which confirmed the PTI party's elections and reinstated the cricket bat as its electoral symbol, was challenged by the Election Commission of Pakistan (ECP).A three-judge panel made up of Chief Justice Qazi Faez Isa, Justice Muhammad Ali Mazhar, and Justice Musarrat Hilali heard the ECP's petition and then reserved their decision, which was made public late on Saturday night.In a ruling that was read aloud by the chief justice, the highest court declared that it would "set aside the PHC judgement and restore the ECP judgement," which had declared the PTI's intra-party elections null and void and removed the party's 'bat' insignia. The controversy around the election symbol started on December 22, when the ECP rejected surveys conducted within the party, depriving the party of its electoral emblem for the February 8 election.The Peshawar High Court, which received a petition from the party, suspended the ECP ruling on December 26 with an interim order.On January 3, the high court overturned the order when the election administration challenged the verdict. The PHC further declared that a two-judge bench will hear arguments over the PTI bat emblem. The ECP challenged the tribunal's ruling before the Supreme Court, but the two-member panel decided to reinstate the "bat" as a PTI insignia.The PTI has traditionally used a bat as its insignia, and it is said that stripping the party of this iconic image would require its candidates to run on different signs, which would confuse party members in rural areas on election day.In addition, the PTI would not be able to claim reserved seats in the national and provincial legislatures, which are split into parties according to the proportion of seats won in elections, if they did not have a single emblem. Barrister Khan has expressed concern that the PTI would suffer a significant loss if these seats in the national and provincial assemblies were lost in the absence of a party insignia. PTI's Ali Zafar responded to the Supreme Court's ruling by saying that, although history will decide the outcome, the PTI candidate would have to run without a common symbol right away."The symbol has been removed by the court, but the party remains a registered entity." All of our candidates would run as independents in accordance with our policy, he was cited by PTI in its story. PTI chairman Barrister Gohar Khan claimed that the political rights of the PTI and its supporters had been violated and expressed shock at the decision.   

Mars Wrigley India appoints Nikhil Rao as CMO

Mars Wrigley India, the chocolate and confectionery arm of Mars Incorporated in India, has announced the appointment of Nikhil Rao as its new Chief Marketing Officer (CMO) today.Nikhil will supervise the end-to-end implementation of Mars Wrigley's portfolio strategy in India, drive strategic initiatives, and set the marketing vision in this important leadership role. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office.Buyofuel, a prominent participant in the biofuel sector, has announced the introduction of "BuyoTrace," a state-of-the-art function incorporated into its online marketplace for green fuel.The goal of BuyoTrace is to give customers peace of mind about the sustainability and caliber of the biofuels they purchase on the website. In addition to serving consumer interests, this transparency is consistent with Buyofuel's mission to further environmental goals worldwide.Rao will supervise the end-to-end implementation of the business's portfolio strategy in India, drive strategic initiatives, and set the marketing vision, according to the company. He will report to Tamer Kadry, the country general manager of Mars Wrigley India, and be stationed in the company's Gurgaon office. "Our continuous goal has been to drive relevance, be consumer-focused, and agile as our India business grows." In order for Mars Wrigley India to stay innovative in the face of fresh, fierce competition and constantly changing consumer preferences, Nikhil will be essential. Our long-term growth ambitions for India will be shaped and carried out in large part by his breadth of expertise and experience, according to a statement from Kadry.  

The King Farmers Cohort initiative is launched by BioPrime AgriSolutions.

With the introduction of its "King Farmers Cohort" program, BioPrime AgriSolutions, a top biotechnology business that specializes in creating innovative agri-biologicals, is transforming farmer empowerment.By equipping farmers with specialized information and skills specific to their crops and areas, this project helps them thrive in the dynamic agricultural landscape. In order to guarantee that they receive thorough business and technical assistance throughout the full crop cycle, cohort participants will benefit from a combination of specialized technical training sessions, mentorships, one-on-one assistance, and group farm visits.Beyond only maximizing output, the King Farmers Cohort promotes a holistic approach to farming that prioritizes important areas such as increasing profitability, managing soil health, and adopting climate-resilient methods.The "King Farmers Cohort" program was launched by famous biotechnology company BioPrime AgriSolutions, which specializes in advanced agri-biologicals. The program's goal is to give farmers access to crop- and region-specific knowledge so they may prosper in the ever-changing agricultural landscape. The "King Farmers Cohort" program, according to BioPrime AgriSolutions, stresses a holistic approach to agriculture, concentrating on crucial elements including soil health management, climate-resilient practices, and profitability enhancement. In order to address the unique needs of farmers and provide them with the tools they need to adapt to changing climates and enhance soil health, which is crucial for sustainable success, the company intends to hold four specialized technical training sessions with eminent researchers and innovators as the instructors.Beyond the classroom, the curriculum includes field trips and harvest days in certain farmer fields to give participants real-world experience, motivation, and networking opportunities. This method promotes peer-to-peer learning, allowing participants to share best practices derived from practical experiences and work together to address shared difficulties. BioPrime AgriSolutions promotes a helpful environment that is conducive to problem-solving by highlighting the need of learning from peers with a variety of skills.In order to honor exceptional accomplishments in productivity, financial gain, and environmental responsibility, BioPrime AgriSolutions intends to host a farewell celebration for each cohort. By recognizing their accomplishments and encouraging them to reach their full potential, the company hopes to inspire farmers.The program's emphasis on sustainability and farmer empowerment was emphasized by Dr. Renuka Diwan, Co-Founder & CEO of BioPrime AgriSolutions, who said, "Empowering farmers isn't just about higher yields; it's also about equipping them to be sustainable." In this evolving environment, the King Farmers Cohort serves as a catalyst by combining resources and offering assistance to farmers in the path towards a sustainable and profitable future. With the "King Farmers Cohort" program, BioPrime AgriSolutions has set high goals: by 2024, the company wants to create 20 cohorts spanning 10 crops, 10 regions, and 3 states. Through this project, the corporation hopes to affect 10,000 acres of land and more than 1,000 farmers. Furthermore, BioPrime AgriSolutions is inviting additional businesses and academic institutions to collaborate with leading scientists in order to support the program's success.In Maharashtra, the first cohort was introduced with an emphasis on onions and included 40 farmers who farmed more than 1000 acres. To increase the program's impact and reach, future cohorts will concentrate on a variety of crops, including potatoes, pomegranates, chilies, tomatoes, soybeans, and grapes, among others.  

The Udhyam Learning Foundation honors one hundred young businesspeople.

Sarvo Udhyam’ in conjunction with Udhyam Learning Foundation inaugurated its National Alumni Community on January 11, on the eve of National Youth Day to commemorate the spirit and achievements of the 100 young entrepreneurs who graduated from Udhyam’s Youth Business Projects.Sarvo Udhyam’ strives to provide a structured forum for peer sharing, knowledge exchange, mentorship, and collaborative growth opportunities.January 12, 2024, New Delhi: On National Youth Day, "Sarvo Udhyam" and the Udhyam Learning Foundation celebrated by launching the National Alumni Community at The Grand Orion in New Delhi. The occasion celebrated the achievements of 100 young entrepreneurs who completed Udhyam's Youth Business Projects, together producing over INR 4 crores in business within just over two years. Seeing the enormous potential of India's youth—more than 600 million people under the age of 25—the event included Udhyam Youth Business Projects Initiative graduates. During a panel discussion, successful startup founders such as Sairee Chahal, the founder of Sheros, and Mr. Brijesh Aggarwal, co-founder and director of IndiaMART, presented their perspectives and talked about the difficulties experienced by aspiring business owners."We are happy to cultivate a dynamic community wherein the flourishing of the entrepreneurial spirit of the youth takes center stage," stated Mekin Maheshwari, CEO and Founder of Udhyam Learning Foundation. Our goal is to empower young people by giving them the information and skills necessary to succeed in entrepreneurship, as well as by creating an atmosphere that will enable them to easily apply what they have learned to take meaningful action. "Sarvo-Udhyam" is a community where the entrepreneurial mindset is realized rather than merely an alumni chapter.Prominent entrepreneurs promised these new companies their quick support during the event. Among the initiatives were free India Mart subscriptions, accounting software, and legal and compliance advice from Mr. Brijesh Aggarwal. Rajeev Talreja also promised to provide the young group a complimentary three-day business course. Across a wide range of industries, including software services, apparel, food, electronics, marketing, cosmetics, education, and the arts, these entrepreneurs have built profitable companies that have employed several people and brought in over INR 4 crores in revenue.  

ETtech Deals Digest: This week, startup funding dropped 70% to $102 million.

In the second week of 2024, investments in startups fell by around 70% year over year to a total of $102.1 million across 26 different agreements, indicating that the funding crunch was not going away. According to data from Tracxn, companies in seed, early, and late stages raised around $288 million between January 6 and January 12, 2023.At roughly $49 million, or 48% of the total deal value, the early stage saw the largest amount of capital raised throughout the week. $35.2 million in late-stage finance, representing 35% of the total, came next.Funding increased sequentially in the most recent week, rising more than three times in volume and nearly three times in value terms. These cutting-edge businesses closed eight deals for $35.8 million last week.The latest numbers come after a busy spell of dealmaking in December, which came as a twist at the end of 2023 – one of the weakest years for venture capital activity in the country.The financial shortage persisted as evidenced by the fact that, in the second week of 2024, investments in startups plummeted by over 70% year over year to a total of $102.1 million across 26 separate agreements. Tracxn data indicates that between January 6 and January 12, 2023, companies in seed, early, and late stages raised approximately $288 million.In the second week of 2024, investments in startups fell by around 70% year over year to a total of $102.1 million across 26 different agreements, indicating that the funding crunch was not going away. According to data from Tracxn, companies in seed, early, and late stages raised over $288 million between January 6 and January 12, 2023.  

Innovation Week is organized by DPIIT to commemorate Startup Indias eight years.

January 12, New Delhi [India], (ANI): This week's "Startup India Innovation Week 2024," which is commemorating eight years of the Startup India initiative, kicked out with an Ask Me Anything (AMA) session including ecosystem enablers.To honor India's entrepreneurial spirit, eight virtual Ask Me Anything (AMA) live sessions with pertinent stakeholders are scheduled for January 10–17.During the Ask Me Anything session, which was centered around "Opportunities for Budding Startups through Incubators," entrepreneurs and startups gained knowledge about the several seed funding sources that are accessible. Important advice on the various phases of the startup process, from the first spark of an idea to ultimately going public, was also given throughout the discussion. The event was broadcast live on Startup India's social media platforms.The topic of discussion in the inaugural MAARG Mentorship Series session for aspiring business owners was "From Idea to Execution: Building a Solid Business Plan." Through the use of case studies that portrayed difficult situations, the facilitators engaged the participants and provided insights into the process of turning entrepreneurial ideas into a well-structured company plan. The MY Bharat portal for prospective businesses also aired the discussion.Additionally, Startup India's premier accelerator program, "Startup Shala," was introduced to provide comprehensive support to entrepreneurs during their scale-up phase. The initiative is a three-month accelerator program designed to give early-stage entrepreneurs access to the resources, networks, capital, and advice they need to grow. Every program cohort will concentrate on a different industry, with the clean technology industry being the first. On January 10, 2024, the Startup India portal opened for applicants.