Seven public sector oil companies—Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd, Gail India Ltd, Oil India Ltd, Engineers India Ltd and Oil and Natural Gas Corp Ltd—are coming together to launch a INR 100 crore start-up fund shortly. All the seven companies will be pitching Rs.10-20 crore each to create the fund. The fund will be used to foster, nurture and incubate new ideas related to the oil and gas sector.
Diversified technology company Directi plans to spend $110 million in four newer ventures and is looking to buy a 1 lakh square feet building in central Bengaluru to accommodate its expansion. The company plans to invest $110 million in Flock, Zeta, Radix and Ringo in the current year and the next. In 2015-16, it invested $32 million in Radix, $4 million in Zeta and $7 million in Flock. Zeta will receive an additional $25 million, Flock will get $$23 million, Ringo $44 million and Radix $18 million.
Online classifieds portal Quikr India Pvt Ltd has acquired on-demand home beauty service provider StayGlad (Glow Prime Technologies Pvt Ltd) for an undisclosed amount, after StayGlad failed to attract new investors, consequently running out of cash. The deal with Quikr, mostly in stock, has valued the company at less than INR 50 crore.
Calcutta Angels Network (CAN) has picked up a 10% stake in a Kolkata-based online study platform Zeroinfy for an undisclosed amount. The funding will be utilized expand team as well as further enhance technology. Part of the money will be used to acquire customer and faculty.
Naspers-owned online payments service provider PayU has agreed to buy smaller Mumbai based rival Citrus Pay for $130 million (Rs 865 crore). The agreement enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers