Current Affairs - Business

Swiggy introduced the 'Snacc' app on January 7, 2025, offering 15-minute delivery of snacks, beverages, and meals in select Bengaluru areas. This new initiative aims to capture a share of the rapidly growing quick-commerce sector, competing with services like Zomato's Blinkit, Zepto Cafe, and Magicpin’s ‘magicNOW’. Unlike Swiggy's existing feature, Bolt, 'Snacc' operates as a standalone app with centralized locations to ensure fast delivery. The move intensifies competition in the quick-commerce industry, highlighting the growing demand for rapid food delivery services.

Microsoft has announced a significant $3 billion investment to boost AI and cloud infrastructure in India, a move aligned with the Prime Minister's vision for a developed India by 2047. This initiative focuses on multiple areas, including skilling 10 million Indians in AI by 2030, fostering innovation through partnerships that support 5,000 startups, and expanding data centre capabilities. The investment will enhance India's technological landscape, with a new data centre region set to be operational by 2026. Microsoft's commitment highlights India's growing importance as a hub for global technology innovation and AI development.

Suzuki Motor Corporation has acquired a 26% stake in NDDB Mirda Ltd, a bio-gas venture developed by the National Dairy Development Board (NDDB). This strategic investment aligns with Suzuki's goals to utilize Compressed Bio-Gas (CBG) for improving the performance and longevity of vehicles. The partnership also reflects Suzuki’s commitment to sustainability by investing in alternative fuel sources. Furthermore, Suzuki has the provision to gradually increase its stake to 49%, showcasing its long-term dedication to this environmentally friendly initiative.

HDFC Bank has been granted approval by the Reserve Bank of India (RBI) to acquire up to a 9.5% stake in Kotak Mahindra Bank and other banks through its group entities. This strategic move follows the merger of HDFC Bank with its parent company, HDFC, in July 2023, which expanded its financial portfolio. The approval is valid until January 2, 2026, and aligns with HDFC Bank’s efforts to diversify investments and build stronger partnerships in the financial sector. This initiative also complements the bank's focus on enhancing deposits and managing its loan-to-deposit ratio.

BharatPe, a leading fintech company, plans to sell 25% of its 49% stake in Unity Small Finance Bank as part of its strategy to comply with RBI regulations. This stake sale aims to raise approximately $800 million (Rs 6,500 crore) and will help BharatPe align with the requirement to reduce its stake to 10% by 2029. The appointment of Rothschild & Co underscores the significance of this move, which is expected to contribute to the bank's financial growth and regulatory compliance while enhancing BharatPe’s strategic focus.