Current Affairs - Business

Rapido, a ride-hailing startup, raised $120 million in fresh funding led by WestBridge Capital in 2023, reaching a $1 billion valuation and achieving unicorn status. This milestone makes Rapido the third startup to join the unicorn club in 2023, following Krutrim and Perfios. The significant investment highlights the renewed activity and growth in the Indian startup ecosystem, particularly after a period of funding slowdown.

The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty addressed violations related to policyholders' interests and outsourcing irregularities, each accounting for Rs 1 crore. The violations were found during an inspection covering the financial years 2017-18 to 2019-20. IRDAI has also issued directives to ensure compliance, requiring HDFC Life to submit an action plan and review outsourcing contracts.

Aditya Birla Group, under the leadership of Chairman Mr Kumar Mangalam Birla, announced the launch of its jewellery retail business named 'Indriya' on July 30. This move marks the Group's entry into the Indian jewellery market, leveraging its strong brand equity and market insights. Indriya aims to become one of the top three jewellery retailers in India over the next five years, with a significant investment of Rs 5,000 Cr. The brand's name and insignia are inspired by India's cultural heritage and symbolize beauty, grace, and empowerment.

UltraTech Cement, part of the Aditya Birla Group, is acquiring a 32.72% stake in India Cements for ₹3,945 crore. This acquisition, which includes an open offer to shareholders at ₹390 per share, will strengthen UltraTech’s position in the Southern markets and support its goal of surpassing 200 MTPA in total cement capacity. This strategic move follows an earlier investment in India Cements and aligns with UltraTech's broader strategy to expand its footprint in the cement industry.

The National Small Industries Corporation (NSIC) partnered with Drone Destination to establish a drone training centre at NSIC in New Delhi. This initiative aims to focus on skill development, employment generation, and empowering the drone ecosystem, offering training in various aspects of drone technology and operations.