Tata Digital Acquires Majority Stake in Bigbasket
Tata Digital, a 100 per cent subsidiary of Tata Sons Private Limited has acquired a majority 64 percent stake in Bigbasket, India’s largest e-commerce player in the food and grocery segment. The Bengaluru-based company has received a primary capital infusion of $200 million at a post-money valuation of $2 billion.
E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India’s rising consumption and digital penetration. The current pandemic has further accelerated its adoption as consumers seek the convenience of ordering groceries delivered safely at home.
JK Group Announces JK CARES Program
Delhi based industrial conglomerate JK Group has announced its initiative ‘JK CARES’, (Covid Assistance, Relief & Support) – a comprehensive Covid 19 relief package for the dependent family of deceased employee across the organization.
Under this relief initiative, the company will support the bereaved families on three fronts – financial support for the family by way of continuance of salary, education support for children and medical insurance for the family. The aim is to provide support to the affected families, in case of any casualty(ies) of the employee(s), due to Covid between April 2020 and until March 2022, thus covering both the waves of Covid 19.
ICICI Bank Links UPI ID Facility to its ‘Pockets’ Digital Wallet
ICICI Bank has launched a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets,’ marking a departure from the current practice that demands such IDs be linked with a savings bank account. New users, including those who are not customers of ICICI Bank, can now instantly get a UPI ID, which is automatically linked to ‘Pockets’. Further, customers who already have a UPI ID, will get a new ID when they log on to the ‘Pockets’ app. This initiative enables users to undertake small value everyday transactions directly from their ‘Pockets’ wallet using UPI in a safe and secure manner.
It helps them to streamline the number of transactions being undertaken daily from their savings account and thus de-clutter their savings account statement of multiple entries. ICICI Bank is the first in the industry to enable customers to make UPI transactions from their wallet balance instead of their savings account.
