Page 5 - WEEK (7 JUNE)

YEAR-2021
SBI invests in Bengaluru-based fintech start-up
Cashfree
State Bank of India (SBI) is the latest company to pump in money in Bengaluru-
based startup Cashfree. The investment comes months after Cashfree raised $35
million in November 2020 in Series B funding from Apis Growth Fund II and Y
Combinator. The companies valued Cashfree at $200 million. Neither SBI nor
Cashfree has disclosed the amount invested in the homegrown startup.
Some of the leading platforms like Nykaa, Delhivery, Zomato, CRED, Acko and
Shell use Cashfree's payment processing platform for payments and e-
marketplace settlements. It also counts Xiaomi, Tencent, Zoomcar, Club
Factory, Google-backed Dunzo as well as donation platforms like Ketto and
Milaap amongst its customers.
Cashfree, which is a digital payments firm, said the company is "excited" about
the partnership with SBI, which is the country's trusted public lender.
SOURCE@BUSINESSTODAY
Paytm loss narrows to Rs 1,704 crore in
2020-21
NEW DELHI: Digital payments firm
Paytm has reported narrowing of
consolidated loss to Rs 1,704 crore
for 2020-21, according to the
company's annual report.
It had posted Rs 2,943.32 crore loss
in financial year 2019-20.
When contacted, a Paytm
spokesperson said:
"Despite a significant disruption in
the business of our merchant partners due to the ongoing pandemic especially
in the first half of the year, we have had a minimal impact on revenues, due to
strong recovery in the second half of the year."
This is the second consecutive fiscal year when the company has reported
narrowing of loss.The total revenue of the company declined about 10 per cent
to Rs 3,186 crore in 2020-21 compared to Rs 3,540.77 crore in the previous year.
"Covid-19 continues to spread across the globe and India. This has an impact
on all local and global economic activities. Government of India has taken a
series of measures to contain the spread of virus and limit economic impact on
corporations and individuals.
"The company has considered the possible effects that may result from
Covid-19, on the carrying amount of the receivables, investments, goodwill etc,"
the report said.
SOURCE@TIMESOFINDIA
JUNE
G7 nations reach historic deal to tax world`s biggest
multinational companies
A group of the world`s richest
nations reached a landmark deal
on Saturday (June 5) to close
cross-border tax loopholes used by
some of the world`s biggest
companies.
The Group of Seven said it would
back a minimum global
corporation tax rate of at least
15%, and put in place measures to ensure taxes were paid in the countries
where businesses operate."After years of discussion, G7 finance ministers
have reached a historic agreement to reform the global tax system to
make it fit for the global digital age," British finance minister Rishi Sunak
told reporters.
The accord, which could form the basis of a global pact next month, is
aimed at ending a decades-long "race to the bottom" in which countries
have competed to attract corporate giants with ultra-low tax rates and
exemptions.
That has in turn cost their public coffers hundreds of billions of dollars -
a shortfall they now need to recoup all the more urgently to pay for the
huge cost of propping up economies ravaged by the coronavirus crisis.
Ministers met face-to-face in London for the first time since the start of
the COVID-19 pandemic.
SOURCE@ZEENEWS.INDIA
Mukesh Ambani says Reliance now has strong
balance sheet to support growth
Reliance Industries Ltd now has a strong balance sheet with high liquidity that
will support growth plans for its three hyper-growth engines, Jio, Retail and Oil-
to-Chemicals, according to the firm's chairman and managing director Mukesh
Ambani.
In the company's latest annual report released on Wednesday, he said the
company sold minority stakes in Jio Platforms -- the unit that houses its
telecom and digital business -- and retail arm for almost Rs 2 lakh crore and
raised another Rs 53,124 crore through rights issue.
"We now have a strong balance sheet with high liquidity that will support
growth plans for our three hyper-growth engines -- Jio, Retail and O2C," he
said.
During 2020-21, Reliance completed India's largest ever rights issue of Rs
53,124 crore (oversubscribed by 1.59 times), which was also the largest in the
world by a non-financial institution in the last 10 years.
SOURCE@TIMESOFINDIA