Latest news with #ForeignExchangeandForeignTradeAct
Time of India
4 hours ago
- Business
- Time of India
Cred's down round; Blinkit's food safety woes
Cred's down round; Blinkit's food safety woes Want this newsletter delivered to your inbox? Also in the letter: Cred secures $72 million from GIC, other existing investors at lower valuation of $3.5 billion Deal details: The entire round was raised as primary capital. This marks a drop from Cred's earlier $6.4 billion valuation in 2022. As per filings reviewed by ET, Lathe Investment, a wholly-owned subsidiary of Singapore's sovereign fund GIC, led the round with Rs 354 crore. RTP Global invested Rs 74 crore, Sofina Ventures put Rs 25.8 crore, and Kunal Shah's family office, QED Innovation Labs, contributed Rs 162 crore. Also Read: Nexus Venture to invest Rs 125 crore in Rapido ahead of food delivery launch Driving the news: Deal details: Rapido will charge commissions ranging from 8% to 15%. These rates are well below the 16% to 30% typically charged by Swiggy and Zomato, based on terms agreed with the National Restaurants Association of India (NRAI). Orders below Rs 400 will attract a fixed Rs 25 fee, while those above will be charged Rs 50. Deep tech startup Vecmocon Tech raises $18 million: Micro-drama OTT platform Flick TV raises $2.3 million: Maharashtra FDA suspends food licence of Blinkit dark store in Pune What happened: Tell me more: Food items placed directly on the floor No pest control audit certificate Workers in the food handling areas without protective caps Food products stored on dusty racks Cold storage facility lacking a calibration certificate On alert: Multiple packaged food brands have flagged poor hygiene and upkeep across some dark stores. Authorities are now increasing scrutiny of such facilities, with FSSAI launching surprise audits across metro cities and tier-2 markets. What else: Zepto Daily Pass (a subscription offering discounts and free delivery) is automatically added to carts, while free delivery coupons must be applied manually. Customers are charged goods and services tax (GST) on the rain fee, which was meant to incentivise delivery partners, prompting backlash on social media. Kaynes Semicon, L&T Semiconductor Technologies to acquire Fujitsu General's OSAT business Deal details: Fujitsu is transferring its power module production facilities to Kaynes. Kaynes, which already manufactures for LTSCT, will produce these modules LTSCT's behalf. The transaction is expected to close on June 23, subject to regulatory approval under Japan's Foreign Exchange and Foreign Trade Act. Why now: Other Top Stories By Our Reporters Situation involving Wolfspeed will have no impact on India OSAT: Renesas Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission: Krutrim announces agentic AI assistant 'Kruti', to launch on June 12: Global Picks We Are Reading Happy Tuesday! Cred announced a fresh funding round, but at a lower valuation. This and more in today's ETtech Morning Dispatch.■ Kaynes, L&T Semicon's new deal■ Renesas on Wolfspeed impact■ Swiggy, Eternal suffer on the boursesFintech major Cred has raised Rs 617 crore ($72 million) in a fresh funding round at a reduced valuation of $3.5 billion. ET first reported about Cred's valuation cut on April Venture Partners will invest Rs 125 crore (around $15 million) in mobility unicorn Rapido as a part of a larger round from last year that valued the company at $1.1 billion , according to a filing with the Registrar of Companies (RoC).The funding comes just ahead of Rapido's entry into food delivery , with a Bengaluru pilot set to launch later this month or early July. Rapido has finalised partnership terms with restaurants, offering commissions significantly lower than those of Swiggy and tech startup Vecmocon Technologies has raised $18 million in a funding round led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and Aavishkaar Capital. The latest raise includes $8 million in fresh capital, and builds on the $10 million raised in November 2024. That earlier round was also led by EIF, alongside Blume Ventures and British International Investment (BII).Micro-drama OTT platform Flick TV has raised $2.3 million in seed funding led by Stellaris Venture Partners. The startup is looking to capture India's growing appetite for short-form, mobile-first video content in Food and Drug Administration (FDA) has suspended the food licence of quick commerce platform Blinkit at its Balewadi store in Pune for non-compliance with food safety June 5, the Maharashtra FDA officials inspected a Blinkit facility near Mitcon College in Balewadi and found it operating without a licence from the Food Safety and Standards Authority of India (FSSAI) for production, distribution or sale of food inspection also uncovered several food safety violations, including:This comes a week after Zepto's facility in Dharavi had its food business licence suspended for similar is also facing mounting criticism online over its use of alleged dark patterns. Two common user complaints:Mysuru-based Kaynes Semicon and Bengaluru-based L&T Semiconductor Technologies (LTSCT) are acquiring the outsourced semiconductor assembly and test (OSAT) power modules business of Japan's Fujitsu General for Rs. 118.34 Panicker, chief executive, Kaynes Semicon, told us, 'The new OSAT facility being set up in Sanand, Gujarat, is launching its operations with a focus on the global power device packaging market.'This move is backed by two major developments: a multi-million-dollar, high-volume service agreement with its customer Alpha and Omega Semiconductor (AOS) and the acquisition of three power packaging lines from Fujitsu Electronics Limited, Japan, he explained.| Japanese chipmaker Renesas has stated that the situation involving Wolfspeed will have "no impact" on its OSAT project in India . Reports of a potential bankruptcy filing by the US-based silicon carbide (SiC) wafer maker have been sending shockwaves through the global semiconductor industry, with experts suggesting that it could affect Murugappa group-owned CG Power's forthcoming outsourced semiconductor assembly and test facility (OSAT) in of Zomato's parent company, Eternal, and its rival, Swiggy, fell by as much as 2.5% and 4% on Monday following an ET report stating that Rapido plans to launch its food delivery services this month, offering significantly lower commissions to restaurants compared to the two major Aggarwal's artificial intelligence (AI) company Krutrim on Monday announced its agentic assistant 'Kruti' , months after the founder first teased the chatbot. In a post on X, Krutrim said Kruti, India's first agentic AI assistant, "listens, adapts and acts proactively, purposefully and in your language".■ Sam Altman's eyeball-scanning digital ID project to launch in UK ( FT ■ Inside the race to find GPS alternatives ( MIT Technology Review ■ Silicon Valley led the quest for driverless cars. But Chinese robotaxis are catching up fast ( Rest of World
Time of India
11 hours ago
- Automotive
- Time of India
Kaynes Semicon, L&T arm to acquire Fujitsu General's power modules business
Kaynes Semicon and L&T Semiconductor Technologies (LTSCT) are acquiring Japanese Fujitsu General 's power modules business for Rs 118.34 crore. Fujitsu will transfer the business to Larsen & Toubro's fabless chip company and related production facilities to Kaynes, which will in turn manufacture these products for LTSCT, the companies said. The transaction is expected to close on June 23, pending regulatory clearance under Japan's Foreign Exchange and Foreign Trade Act. 'The new OSAT facility being setup in Sanand, Gujarat, is launching its operations with a focus on the global power device packaging market,' Raghu Panicker, chief executive of Kaynes Semicon, told ET. Mysuru-based Kaynes is one of the production contractors for LTSCT. The LTSCT specialises in semiconductor product development, manufacturing, and sales. Kaynes is one of the four companies under the India Semiconductor Mission 1.0 building OSATs in the country. Live Events The deal is part of Fujitsu's strategy to streamline operations within its tech solution business and reinforce its overall business foundation. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Panicker said the deal is supported by two major initiatives: a multi-million-dollar, high-volume service agreement with its customer Alpha and Omega Semiconductor (AOS) and the acquisition of three power packaging lines from Fujitsu Electronics Ltd Japan. 'The partnership with AOS will cover core power devices like IGBTs, power modules and MOSFETs with volumes projected to reach nearly 670 million units annually, while the Fujitsu technology provides immediate capability for high-reliability automotive and industrial-grade power modules, adding a production capacity of approximately 0.6 million units per month,' he said. These moves position the company as a significant new player in the power electronics supply chain , Panicker said. By combining a foundational, high-volume customer with advanced packaging technology and immediate production capacity, the company is poised to meet the surging global demand for power semiconductors driven by the electric vehicles , renewable energy , and industrial automation sectors, he said. This establishes a vital new capability in India's domestic semiconductor ecosystem and addresses the global need for a more resilient and diverse manufacturing footprint for power devices. L&T has invested more than $300 million to create LTSCT. Fujitsu General, in a regulatory filing on Monday, announced the divestiture of its power module business operated by its consolidated subsidiary, Fujitsu General Electronics (FGEL). This transaction is expected to result in the recording of an extraordinary gain of approximately 2 billion yen (about $13.8 million) from the business transfer in the April-June 2025 quarter, it said. Reasons for the Divestiture FGEL's tech solutions division is involved in the development, manufacturing, and sale of electronic devices, as well as the manufacturing of information and communication equipment. The divestiture of the power module business is part of a broader portfolio transformation within the electronic device business, aimed at strengthening the Fujitsu General Group's business foundation, it said.
Business Upturn
21 hours ago
- Business
- Business Upturn
Fujitsu General to sell power modules business to L&T Semiconductor for 2 billion yen
By Aditya Bhagchandani Published on June 9, 2025, 14:09 IST Fujitsu General Ltd. has announced the transfer of its power modules business, operated under its consolidated subsidiary Fujitsu General Electronics Ltd. (FGEL), to India-based L&T Semiconductor Technologies Ltd. for approximately 2 billion yen. This strategic move is part of Fujitsu General's broader portfolio transformation within its electronic device segment. In a board meeting held on June 9, 2025, the company approved the business transfer agreement, which also includes the handover of associated production facilities to Kaynes Semicon Private Limited, one of L&T Semiconductor's contract manufacturers. The business transfer is scheduled to be completed by June 23, 2025, pending regulatory approvals under Japan's Foreign Exchange and Foreign Trade Act. Extraordinary gain in Q1 FY26 The company has projected that it will record an extraordinary gain of about 2 billion yen in the first quarter of the fiscal year ending March 2026 due to this transfer. The sale aligns with Fujitsu General's intent to streamline its Tech Solution Business and reinforce the group's overall business foundations. Details of the entities involved: Fujitsu General Electronics Ltd. (FGEL) : Based in Iwate, Japan, FGEL specializes in the development and manufacture of electronic devices and communication equipment. L&T Semiconductor Technologies Ltd. (LTSCT) : A wholly owned subsidiary of Larsen & Toubro Ltd., headquartered in Bengaluru, India, focusing on semiconductor product development and sales. Kaynes Semicon Private Ltd.: A contract manufacturer based in Mysore, India, and a subsidiary of Kaynes Technology India Ltd. Both LTSCT and Kaynes Semicon have no prior capital, personnel, or business relationships with Fujitsu General Ltd., and are not considered related parties. This transaction signals increased cross-border collaboration in the semiconductor sector and marks a strategic India-Japan industrial linkage. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Nikkei Asia
6 days ago
- Business
- Nikkei Asia
Taiwan's Yageo set to clear regulatory hurdle in bid for Japan's Shibaura
TOKYO -- Taiwanese electronic parts supplier Yageo's bid to take over Japanese peer Shibaura Electronics is expected to win a key regulatory approval from Japan's government, experts say. Yageo on Monday refiled for approval of the purchase under the Foreign Exchange and Foreign Trade Act. This follows the withdrawal of the filing in March at the request of the Ministry of Economy, Trade and Industry.
