Mumbai’s Freight Tiger raises $6.5 million, OYO CEO’s firm invests too
Mumbai-based digital freight network Freight Tiger has raised $6.5 million led by Florintree Infra. The funding also saw participation from OYO CEO Ritesh Agarwal’s Aroa Ventures, and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust. Freight Tiger reportedly has over 300 shippers and 4,000 transport companies on its platform.
Government cuts import taxes on edible oils to reduce prices, shares revised list
In order to reduce edible oil prices, the Centre has reduced the standard rate of duty on crude palm oil, crude soybean oil and crude sunflower oil to 2.5%. Standard rate of duty on refined palm, soybean and sunflower oils has been reduced to 32.5%. Direct value of benefits expected to be passed on to the consumers is ₹4,600 crore.
India asks Elon Musk’s Tesla to start local assembly before expecting tax cuts: Reports
India’s Ministry of Heavy Industries has reportedly told Elon Musk-led Tesla that the government cannot favour a reduction in import duties based only on an “intent to invest” as it’ll be unfair to existing players. The ministry told Tesla to first begin local assembly operations of its electric cars in India and thereafter scale it to full-fledged manufacturing, reports said.
Amagi raises $100 mn in funding from Accel, Premji Invest, others
Media technology company Amagi announced that it has raised over $100 million in funding from Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest. As part of the deal, Emerald Media (an investment platform backed by KKR) and Mayfield Fund have exited the company. Amagi, which provides cloud broadcast and targeted advertising software, has raised $150 million funding to date.
Indian start-ups raise $317 million in second week of Sept: Report
Indian startups raised a total of $317 million across 37 deals in venture funding in the second week of September. Comparatively, total venture funding into Indian startups stood at $82 million in the previous week. Key deals of the week included logistics unicorn Delhivery’s $76.4 million fundraise and study-abroad platform Leap’s $55 million Series C round of funding.