Discover the top business headlines that are trending across the world today!
To reinforce their stances within the evolving global chip supply chain, and amid US-China tensions, India and Singapore have collaborated to strengthen their partnership in semiconductors and digital technology. According to the Indian government statement on Thursday, during the PM’s two-day visit to Singapore, the two nations have endorsed agreements to foster talent in chip design and manufacturing to promote Singaporean tech investments in India. Additionally, both countries will increase cooperation in areas like cybersecurity, 5G networks, supercomputing, and artificial intelligence. Following announcements of $15 billion investments in chip manufacturing plants earlier this year, the Modi government has launched a $21 billion initiative to bolster semiconductor capabilities nationwide. Singapore’s prowess in developing memory chips and logic processors, which are mostly used in automobiles and EVs, could serve a key role in boosting the growth of India’s chip industry.
According to a report by The Economic Times, Mobility startup Rapido’s long-standing backer WestBridge Capital led a funding round through which the startup has acquired $200 million, boosting its valuation to $1.1 billion, resulting in its earning unicorn status. The CEO of Rapido, Aravind Sanka has stated that the funding will be used to scale up their recently launched four-wheeler taxi services, in direct competition with its challengers, Ola and Uber. Besides new investors like Think Investments and New York-based Invus Opportunities, existing investors like Nexus Venture Partners, supported by Swiggy, have also participated in the funding round.
Additionally, Rapido is entering the rapidly growing quick commerce market, utilizing its two-wheeler fleet for hyperlocal deliveries.
Gearing up for its forthcoming flagship event, The Big Billion Days Sales (TBBD), Indian e-commerce titan Flipkartrt has launched eleven latest fulfillment centers in nine cities to manage the expected extra surge of demand during the festive season. This initiative is part of the expansion that e-commerce and quick commerce firms are undergoing intending to fortify their supply chain infrastructure before the holidays. With the addition of these eleven new fulfillment centers, Flipkart is now operating a total of eighty-three fulfillment centers in the country. The company has also noted that the launch of these new fulfillment centers will generate more than 100,000 job opportunities across the country with roles including warehouse associates, delivery drivers, inventory managers, logistics coordinators, and Kirana partners.
To bolster its market position amidst competitors like Hindustan Unilever, Adani Wilmar, Coca-Cola, and ITC, according to The Economic Times, Mukesh Ambani’s Reliance Industries is looking forward to investing up to Rs 3,900 crore in its fast-moving consumer goods (FMCG) division. During a specially held general meeting on July 24, 2024, the board of Reliance Consumer Products (RCPL), with one accord, approved notable resolutions to raise funds for “business operations”. Including brands like Smart Bazaar, Reliance’s FMCG division is part of its wider retail profile which also covers services and products in electronics, connectivity, and fashion. The expansion is in line with Reliance’s primary aim to double its value by 2027 when the company will celebrate its 50th anniversary. This goal was highlighted by Mukesh Ambani at the annual general meeting held on August 31st, 2024.
