Logistics company Rivigo has received funding worth USD 75 million (about Rs 500 crore) from an affiliate of private equity firm, Warburg Pincus for a minority stake.
This is the fourth and largest round of capital raised by the company, with previous capital coming from a number of investors including SAIF Partners and Singapore Post, Rivigo said in a statement.
Headquartered in Gurgaon, Rivigo was founded in 2014 by IIT-Kanpur alumni Deepak Garg. Its 'relay' operating model claims to reduce transit time of trucks by 50-70 per cent compared to typical truck operators.
The company currently owns and operates over 2,000 trucks and has a pan India network across 150 locations.
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Juniper appoints Dinesh Verma as India & SAARC MD * Juniper Networks today said it has appointed Dinesh Verma as the Managing Director of its India and SAARC operations, effective immediately.
With responsibility over all Go-to- Market (GTM) operations in region, Verma will be tasked with driving consistent high-impact growth for Juniper across the region, the company said in a statement.
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Wipro launches Open Banking API platform * IT firm Wipro today said launched its Open Banking API (Application Programming Interface) platform, a move that will enable banks and financial institutions to create new forms of distribution channels and servicing capabilities.
It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models, Wipro said in a statement.
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Manali Petrochemicals Q2 net at Rs 10.38 Cr
Chennai: Manali Petrochemicals has recorded a standalone net profit of Rs 10.38 crore for the April-September quarter against a net profit of Rs 16.56 crore during corresponding quarter of previous fiscal.
"The company has identified manufacturing of petrochemicals and trading in Chemicals as Business segments from the quarter ending June 30, 2016. Accordingly, presenting of comparative figures for the previous periods are not applicable", the city based company said in BSE.
Total income from operations for the quarter ending September 30, 2016, was at Rs 153.87 crore, while it was Rs 187.24 crore registered during corresponding quarter of last year.
Meanwhile, the company said its UK subsidiary AMCHEM Speciality Chemicals, acquired one hundred per cent equity shares of Notedome Ltd, which has become stepdown subsidiary of the company from October one, 2016.
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