Daily Roundup (November 15, 2021)

Policybazaar debuted at over 17pc premium over the issue price

The initial public offering (IPO) of PB Fintech, the parent company of Policybazaar and Paisabazaar, listed on the stock exchanges on Monday with a gain of 17%. Policybazaar had timed its IPO at Rs 980 per share and debuted at Rs 1,150 and continued to hover around that range. The company’s current market capitalization stands at Rs 52,647 crore.

Credlix enters the EXIM financial space with the acquisition of NuPhi

Credlix, the digital supply chain finance platform from Moglix, has entered the EXIM finance space with the acquisition of NuPhi. The acquisition comes shortly after Moglix’s entry into the Middle East region. As Moglix continues to expand globally, it is focused on strengthening its supply chain financing solutions to allow manufacturers easy access to cash flow for their growth. Moglix works with suppliers and manufacturers in more than 120 countries.

Knocksense raises $150K in bridge round from We Founder Circle, Appyhigh and others

Knocksense, a Lucknow-based local content production platform, on Monday raised $150,000 in its round from We founders, Appyhigh (lead investor), Mumbai Angels Network and angel investors from LetsVenture. Founded by Vibhore Mayank, an alumnus of Whistling Woods, and Varul Mayank, an alumnus of Amity University, the startup recently launched its flagship product KnockOFF, which helps connect local brands/freelancers with consumers, thereby creating a content-driven a community that allows city-level transactions.

India has the potential to become the fashion hub of the world: Goyal

With the country’s fast-growing fashion industry, India has the potential to become the fashion hub of the world, Union Minister Piyush Goyal said. The minister said that the spirit of self-reliance can be channelized by helping weavers and artisans to get their dues. He was addressing the convocation ceremony at NIFT, Delhi on Friday.

Future Retail’s independent directors say Amazon’s internal emails show it misled the CCI

The independent directors of Future Retail Ltd have sent another letter to the Competition Commission of India (CCI), citing Amazon’s internal communications, to establish their conflicting statements to the courts and the antitrust authority and have sought cancellation of the approval of the deal between Amazon and Future Coupons. They accused Amazon of providing “completely contrary information” that was “contradictory” to Amazon’s internal communications regarding the US giant’s 2019 investment in FRL’s promoter company.